now, this is especially acute for deliveries. the u.s., listen, we're already seeing people work two jobs and that's going from 4 million to 5 million since march of 2020 now. i got to be honest with you, i never understood why the united states government would hurt a job creation, union or not, it just seems nuts to me. people want to work, they want to work and live where they want. i just don't get it. so i think this is going to backfire. sadly people that work these gigs need them and they're in trouble and i go the a feeling things aren't going to get better and if you need two jobs, go get it and don't feel pressured to join a union. liz, the markets started coming down before this show so you've got another donny brook on your hands. liz: yeah, right in the center is first republic, charles. breaking news and there's serious concern on wall street at this hour that first republic

bank is getting perilous reigns leading close to collapse -- perilously close to collapse. shares down 28% eight minutes ago and stocks were halted for the tenth time and unbelievable unstable session for the california bank regional shortly after the opening trade, a strange of trading halts began, seven of the ten before noon easternment right mow shares down $2.32 to $5.78 barely off the all-time low hit this morning, $4.77. the stock endured an absolutely brutal selloff yesterday of 49% after quarterly earnings revealed depositors yanked a stunning $100 billion from the accounts during the march bank panic and coming up, we'll watch the stock throughout the hour and baron's financial reporter carlton english has breaking news on how slim the chances are that a white knight, whether it's the big banks or big government will rescue first

republic. we're watching it right now. considering those worries and a vote on the debt ceiling is expected to happen in this hour, the markets find themselves in the red. dow jones industrials down 238 points, s&p lower by 18 points and russell 2,000 down 16. so you've had the nasdaq actually in the green for much of the session and microsoft providing much of the nasdaq's lift and shares topping nasdaq and dow on a revenue beat and it's azure cloud computing segment and sales jumped 27% and that's the lowest quarterly growth ever. investors don't seem to mind. the stock hit $299 earlier and pulled back a bit at $295 at the moment because the united kingdom antitrust regulator announced it would block microsoft $69 billion takeover of video game giant and m

mississippi and activision made commitments to ensure choice for all consoles. activision down 11.5% and when we say all consoles, that includes sony's play station, which has a huge lock globally when it comes to consoles for gamers. right now sony shares up and making it known they don't like the merger and microsoft promise it had would not harm competition. activism blizzard moving in the opposite direction and european commission weighing in and federal trade commission commenting and that comes in august. shares have blown away skeptics 75% year to date and bump coming

after mark subbinger berg retreated from the retreat from the meta verse and said this would be the year of efficiency as in putting my outfit on my avatar in a mixlated puffer coan the back burner. no more talk of the meta verse at the moment. what's on the front of the borner? a congressional vote this -- burner, congressional vote that wall street is watching and the house debating the debt ceiling bill ahead of potential vote on the 11th hour proposal that was reached last night to lift the debt ceiling as the nation barrels toward a potential june default on its debt obstructing cerumenly indications. something that's -- obligations and has never happened and could cause market mayhem and live to fox hill and chad pergham

waiting on the vote. >> house speaker kevin mccarthy is confident he has the votes to pass the bill. that came after gop altered the bill to appeal so conservatives and farm state members. >> we'll be ready to move as early as today. i wouldn't tune out but we want president biden to get engage in the process. >> vote is expected to be close and corn state members insisted on last minute changes to the bill overnight and they wanted to protect tax credits for ethanal vote and requirements for food and health aid.

>> in the midnight seyens that the republicans con -- seance in the midnight hour that the republicans conducted, the extreme right wing to the extreme right wing and basically some of my republican colleagues had an objection that the bill didn't screw people fast enough. >> south carolina representative nancy mace is now a yay. she was a no last night but tim berchet of tennessee remain as nay. >> growing over $1.5 trillion and will the $34 trillion. >> that is a lot of defense? a lot is entitlement? >> yeah, defense every day. when the pentagon loses over $1 billion a year unaccounted for and they let it go. >> it's about the math. the gop is down one member who is absent and gop absence makes it harder to pass the bill.

victoria spartz of indiana remains undecided and george santos is a yes and if the bill passes and then turns to president biden. liz. liz: was that a republican you interviewed ripping the pentagon for losing money? >> yep, republican tim berchet. he was a hard no last night and reiterate that had today and he's concerned about the cuts and the fact there's a rate of growth that continues to go up. liz: of course, at some point we're going to hit some type of ceiling. we're joined by teddy win weisbg and jc w. you hear what chat talked about and we're in the middle of earning season, is there any kind of market scale or movement where we're starting to see some degradation or build up for say the s&p 500? >> yeah, s&p in a range for

almost an entire year and in other countries we've been making all time highs in the united kingdom, france, denmark. looking at japan pricing local currency and new all time high. ultimately the s&p 500 also breaks out to new highs maybe 4200 is what we see is we need stocks broadening more expansion and you want to level, 420 is a good one. liz: the breath of the market is decidedly positive or getting more positive 1? >> has been getting more positive. since june fewer stocks are going down and we've seen that since june but we've been -- at the index level, remember 26% of s&p is technology. 14% of technology is healthcare. healthcare and tech 40% of one entire index. so if the s&p breaks, those

sectors are the areas we want to watch to take it higher. to the downside, if financials start taking out last summer's lows, that's a big problem. to the upside, healthcare and tech, those are big level ifs you start seeing financials taking out their summer lows, that probably means that there's more pressure coming. >> we should probably cycle through some of those boards of the financials and other names you've talked about and, teddy, looking at land cape for the moment, what are you seeing and we'll get to facebook meta in a minute because they're let's call it 42 minutes away, 52 minutes away from reporting numbers. >> i this seems no what ther what you do, you might be wrong. two decent days or a week and everything reverses and the bottom line is as jc just pointed out, basically the s&p is going nowhere in 12 month sos

we're just kind of running in place. very frustrating and difficult and not to beat the treasury dead horse to death, now unlike previous range bound markets, investors do have a viable alternative, which are the short term treasuries where they can get 5% for their money, no risk and can sit on the sidelines. so that's certainly a positivity but this is a very, very difficult environment and sometimes the best thing to do when you don't know what to do, liz, is simply to do nothing, and i think that's the kind of market we're in. in particular, right smack dab in the middle of first quarter earnings and haven't been all that bad and especially last night with some of the big tech earnings -- liz: sure, microsoft and google. >> yep, and meta after the close. i mean, normally this would have set the market on fire and the market needs the tech sector to

do better. quite frankly today's action is frustrating and disappointing and underlines the fact we're in a trading range with not a lot of direction and simply too many urn knowns including the debt ceiling and turns out to be another resolve in the eleventh hour and up till that point, they'll make us all crazy. liz: i do need to look back at first republic. it was halted and now had resumed trading and halting around 11% and at 33% and looking a the 11 and trying to count them as quickly as they come but 11 pauses in trading for first republic bank right now. ticker symbol frc. low of the session $4.77. and we are at $5.42 up -- frc is not a nasdaq stock. it is very close if not at

bottom of s&p. i should check that right now. it's a drag for the indexes and certainly the psychology of it. nasdaq high around 186-6789 we're up now just -- 186. we're up 45, or 46 points now. >> let's set the story straight, first republic market cap might as well be zero and has no impact on the overall indexes, you know, liz: just strike that ling a billion right now. lowest in history. >> might as well be the same in a scheme of things and microsoft, a $2 trillion market cap up p .5% and that's $-- 7.5% and that's $140 billion ever night. that's first republic, that's a billion. who cares. as long as the market doesn't care. right now with continuing to price in that this is all contained and these are little stocks going away and who cares so that's what i would be looking at and market cap and technology, i'm very impressed by that. microsoft is the second largest componented aing -- componented

aing 140 billion overnight. liz: would you buy it here at this technical level? >> yeah, you can own microsoft and app and will they're making new highs and that's the leadership and rotation into large caps and tech will get us therement if the s&p 500 breaks out, it's got to be tech taking it there. healthcare but definitely tech and a very impressed if microsoft is above that 300 level, that's, you know, that's a big one right there. that's a big move. move.liz: now a big one on techd that's meta, teddy. you've been a fan and it was up year to date and had a horrific year last year. we look at what's expected and estimate is $3.02 per share and revenue 27.9 billion and that's -- estimates 27.6 billion a year ago and 27.9 billion a year ago. if this is their year of efficiency, what are the

headlines as catalyst? >> that's a good question, liz. we went from a great performing stock to a near death experience and sort of back again. just shows us that there's life after death in this stock market but we'll have to see because, you know, the last round of layoffs that meta announced, which were just a week or so ago, previously the stock had rally on those kind of announcements and last week the stock was selling off and up 220 level and stock hads a dramatic move from the trading lows just under 90 not too many months ago so it's due for a rest. but, you know, i kind of think maybe for at least the moment it's lost it is mojo. clearly i think we'll get more cost save saving announcements and pleasant surprises on the upside and the stock, i think if it's a pleasant surprise, will react accordingly noodle rod in

a positive way. liz: all the big, gigantic companies have a dollar footprint that matters to them. the dollar peeked last year. really quickly, jc. what does it mean? >> yeah, and the september dollar peaked what's going on. europe up 50% since the end of september, liz. monster moves in gold and silver obviously, bitcoin up a 50% and alternatives to just the s&p 50 and i would encourage investors to recognize that the world does not revolve around a 500 stock index and there's a lot more to be going on and dollar breaks down and favorable for all those things. need a dollar break down. liz: jc and teddy, the man who revolutionized the world of online education. kahn academy founder and his nonprofit involved with silicon valley latest obsession, artificial intelligence. how are they using chatgpt to boost gpas? sal kahn joining us live next.

closing bell 45 minutes away. we're keeping our very close eye on first republic shares, down 30% at the moment. and, yes, shares halted again. oh my goodness. shares halted for a twelfth time. you've got to stay with us. we're following this and baron's carlton english coming up with news. she's been working the phones. ♪ your record label is taking off. but so is your sound engineer.

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earnings release and investors are eager to see whether the facebook parent announces any new ai initiatives and microsoft and google leapt out in front to embrace artificial intelligence. arguably microsoft is in the lead having invested billions in open ai, the nonprofit behind chatgpt. lrm, large language model answers anything you ask. had it been around when schools around the nation were schouterred during the covid -- shuddered during the covid lockdowns, things might have been different. how? a stanford study shows learning loss during the pandemic when kids didn't have class and couldn't consult with teachers could cost children an average of $70,000 in earnings over their lifetimes. enter khan academy and ready to use ai to mitigate that educational damage, free online learning platform launched its newest tool called khan mingo

using chatgpt 4ai technology to help students and teachers. sal khan is the man that disrupted online education and tutoring when he founded khan academy in 2008 and joining us from mountain view, california. sal, great to have you back on the show. when people hear students and chatgpt together in the sentence they automatically think cheating. how do they view khan mingle. how what what does it do? >> yeah, last summer they reached out ask said we're about to train our next generation model at the time was gpt4 and we think it's going to be exciting but cause pause because it's so good and wanted to launch with social positive youth cases especially with organizations that folks trust and they reached out to us. immediately we saw the technology and under nda for six months and said this could be a game changer. khan academy has aspired to be

the tutor for the teacher and student and we saw this next generation generative ai could emulate what a great tutor would do, what aggrated teaching assistant would do. when chatgpt came out i slacked leadership at open ai and said i didn't think we were launching till 2023. they said we haven't launched anything fundamentally new but put a chat interface on gpt3.5, which was a previous generation and immediately it caused a lot of waves in every industry but especially in education. folks realized they could write good essays, et cetera. that doubled on our efforts to say, look, chatgpt can be used to cheat and do student's homework, but there's also a lot of very positive things you can do, especially when you go to the next generation of gpt4. we doubled on our efforts to say can we create a version that's usable in classrooms and schools so it's not chatgpt but using same underlying large language model as gpt4 --

liz: let me jump in. can you give me example if i'm having trouble with algebra equation and put that equation in, what then will happen? what does it do for me? >> yeah, so khan migo and go on and say tell me the answer and it has the context of everything you're doing on kham academy and tell me the answer, it says i'm your tutor, i'm not giving you the answer. what do you think is the next step. if you got it right, it would say good job but wrong it would ask you how got that answer and exactly what you'd expect a good tutor to do. that's observable by teachers and parents and second artificial intelligence that's monitoring the first artificial intelligence to see if the conversation goes awry and actively notified parents and teachers and allows you to do things that would have been science fiction and talk to literary characters and a student at khan world school and

talked to jay gatsby and why he was looking at the green light and what's the literary of that. liz: that's sofas nating and i have questions about ray bradbury's stories. anyone can pay $20 a month if not with khan academy. thank you for continuing to disrupt education in a good way. >> thanks for having me. liz: sal khan of khan academy. the third downgrade of tesla since the april 19th earnings report and seventh since february and the stock fallen below a key retracement level and who turned bearish on tesla and why. closing bell 36 minutes away and dow has now turned negative for the month of april. meet the future. a chef. a designer. and, ooh, an engineer. all learning to save and spend their money with chase.

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liz: a loss of 269 points in the paints is the low of the session for the dow and we're down 255 so just off that at the moment. s&p doesn't look that much better and it's down 17 points, low of the session a loss of about 20. disney strikes back. minutes after florida governor ron desantis' newly formed tourist board voted to full fio ifs held agreement with disney and allows the entertainment giant to allow other things create the own theme park, design, expansion and construction, disney pushed the

lawsuit button and shortly before noon, desantis' oversight board declared disney's reedy creek null and void and it would violate zoning and governorring laws and disney began when it spoke out against an education bill barring teaching elementary children about gender identity the suit hit the wires minutes after the nullification of that contract alleges that governor desantis waged a "relentless campaign to weaponnize government power in order to punish disney over its political views and its first amendment right". earlier disney was in the green. right now it's down about 1%. tesla shares falling 3.5% after the stock was hit by the seventh downgrade in two months. jeffries knocking the ev maker

down from hold to buy and cut the price target to $185 from $230 and below that right now and at 155. jeffries citing the negative impact tesla's aggressive price cuts could have on profitability. tesla lost 13% since the earnings report last week where ceo elon musk said he'd continue to sacrifice margins for sales volume. chipotle hitting all time high earlier today. it is powering higher by 13.13% to $2,017 a share after topping first quarter sales in estimates and fueled by robust same store sales growth and the menu prices climbed roughly 10% but a year earlier -- from a year earlier but chipotle says we're done for now and no more price hikes ahead. bitcoin rising to $29,000 and call it $29,060 as the selloff

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liz: important question here, how is it that a $950 cancer test at the heart of three-way knife fight. wouldn't you think this is a good thing? illumina $7.1 billion of test getter grail has bio-tech in the cross hairs of regulators internationally and activist investor carl icahn. federal trade commission and european commission made it clear they want illumina to divest grail while icon is aiming directly at ceo francis

disuza for the 2022 compensation and grail deal. investors are pushing back too on illumina and stock down about 3.5% and first quarter report revealed a profit beat and revenue dropped 11% year over year. let's get the story. joining me is ceo francis desuza of illumina. how big is your knife compared to kchan and the -- icahn and the regulators. >> it's a cancer test that's on the market and been out and done 85,000 tests out there and can help somebody know if they have one of 50 types of cancer. this is a test we're keen to make more broadly available around the world, and that's what we're trying to get done. we have to get through the regulators and deal with the proxy fight. liz: okay, the issues that the regulators have, what's their problem with it? give context. grail was developed and created at illumina and then you spun it

off. then you went to buy it back. what is their issue with something that you created in the first place? >> it's a great question. so what the regulators are looking at is saying, look, illumina has a popular position in the sequencing market and the grail market is an adjacent market and it's a vertical acquisition and not in the space we're in and looking to see if they can challenge a vertical transaction and that's what this is all about, which is it's not a company that's in our space at all, it doesn't change the competition in our space at all. they're looking to create precedent around a vertical transaction. liz: $950 for a test showing up 50 different types of cancers if they're present. it's also important to note that we can only really test currently for a small number of cancers like colorectal or breast cancer. so what other cancers does this one hunt out and find? >> that's so exciting about this test. as you said, today, there's only

tests for five types of cancer and yet some of the deadliest types of cancer like pancreatic cancer or ovarian cancer don't really have any cancer screen. if you take a step back, cancer kills 10 million people a year. about 600,000 in the u.s. alone. we also know that if you can catch a cancer early, then your chances of survival are higher. even some of the deadliest cancers in the world. liz: like pancreatic. >> yes, catching it in stage 1, were chances of survival are higher than catching it in stage 4. the challenge is it doesn't really have symptoms till stage 4 and typically you don't find it till stage 4 and at that point, you can have only a few months left to live. if we can catch the cancers early when an intervention could be helpful, that could be life changing. liz: insurance companies hate to pay for anything especially if there's not symptoms. are they paying part of it or covering part of $950? >> some are starting to. health insurance companies and life insurance company john hancock that's offering this

test now to some of its policyholders. i'll tell you from a employer perspective, what we're seeing is self-insured employers looking at this test. we've roll it had out at illumina and one of the few times as a ceo you get to roll out a test that benefit and employees love. we've had people stand up and talk about the fact they've done the test and able to find -- one person found early stage pancreatic cancer and was treated and is well and a man talked about finding early stage breast cancer, which men don't screen for and he was saying how it could have be a potentially tragic outcome. liz: we've had beyonce's father who is big on breast cancer screening for men because he had it and he's been on my podcast so i know all about that. this to me is a win win except bring in carl icahn. he hates the fact you paid what you paid for it. he says you overpaid and were left at the table holding the bag, and he also does not appreciate what your

compensation .s it has jumped meaningfully from 2021 to last year, 2022. i think we have the numbers. it was 14.3 million in '21 and now it's doubled last year to 26.8 million. this as the market cap of the stock has gone down from 75 billion to 33 billion. what do you say to that and how do you defend against that? >> both parts and first the value of the asset and talked about how much was, you know, it took to buy the asset and the multi-cancer early detection strening space is a $-- screening space is a $44 billion market and providing screening for anyone over 45 years old. liz: talking about you and your compensation. >> but the price to acquire grail and only test in $44 billion market and no other test with compensation to grail and significant ip position and 230 patents around its technology and 170 170 patents pending and only test in the

market targeting a $44 billion market and really protected position. that's why this test is so valuable. we have the opportunity at illumina to significantly accelerate the ramp of grail and in the first 12 months, grail delivered $55 million of revenue. that's the first -- the fastest 12 month ram for revenue of any cancer screening test in history, and it's on track to double that. liz: you believe it'll be proven correct it was worth it? >> we can accelerate that ramp and the grail has programs to roll out in the u.s. and uk till 2030. we operate in 150 countries and i have talked personally to ministers of health 25 expressed interest to rolling out in europe, asia, in the middle east so we can accelerate this test and create significant shareholder value in doing this. liz: what about carl icahn's accusation about -- well, yes. obviously what we articulated regarding your compensation that he says is excessive but also the board and the compensation committee?

he wants three of his people on the board. you said one. would you go for two? just to get this over with? >> in fact, we are looking at bringing additional members onto the board, and we've talked about the profile. liz: his people? >> we want to talk about what the company needs going forward and we create a five year strategic plan and look at skills to bring on to the board to achieve where the company needs to go. as a company, we're becoming more clinically oriented and q1 which you reported on, our consumeables revenue hit a 50% from the clinical market from the fester time and fastest growing part of the market. we look forward and identify two specific profiles we'red aing to the board overtime. one is a public company ceo with healthcare experience, ideally mother and fathering experience in a -- manufacturing experience in a growth environment and one profile and second pro file to the board is a public company cfo with wall street experience in healthcare in a growth environment.

liz: i guess he'd argue those are his people. >> those are profiles we're looking for and we share that had with him. liz: he said what? >> he was insistent on bringing his people to the board and shared with his proxy and met with his two employees and one ex-emplemployees and didn't feel they had the right experience to take us to where we want to go. we've got a dialogue going and offered to have him meet with the -- we started this process with external recruiting firm. 50-candidate profiles for the ceo role, 35 for the cfo role and narrowed down to finalist and offered to have him meet with the candidates as well. liz: francis, we are following this story because the regulatory issue on grail, this is pretty interesting to see, and i know you want to hold onto it. let's continue to watch it and, you know, their complaint we shall see, but i think it's a time where you want the people who developed it to hold onto it. i mean, what do i know about

regulation except that they've been focusing on crazy stuff and instead, you know, they could be looking at things that really do matter to a lot of people and know that there are people on wall street that feel the same way so we'll be watching it. thank you very much. >> thank you, we're commit to having this resolved as quickly as possible in the best interest of the shar shareholders. his: would you take -- liz: would you take less compensation to make icahn happy? >> they look at the market and puts together the compensation package and makes sure it's tied to the right metrics so they're the ones that decide that. liz: thank you for coming. >> thank you. liz: first republic is trying to staunch the bleeding and it is bleeding. right now down 31%. yesterday it was down more than 40%. stands at $5.58. another regional bank actually has green running through its vains at this hour. we're going to show you which one it is and talk about prospects for first republic in

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wall street at this hour. first republic falling right now 30% at the moment to $5.67. very, very sketchy right now as far as how it is going to stand on its own two feet here. it has been halted 16 times during this session alone. you see, total opposite story over at pac west. that bank is surging 7.8% after it said its deposits during the quart saw outflow of 17% have now stabilized. they have seen a small inflow last couple weeks. as we continue to watch what is going on with first republic. what is next for this company? "barron's roundtable" pannest and reporter carlton english. has been working the phones and what is the latest you can tell us? >> how does first republic make it through the week. there are reports looking to sell bonds, to what terms? banks already rescued them. talking to regulators. there doesn't seem to be a

coordinated effort to get this bank on the right track at this point. liz: yet there was a coordinated effort in mid-march after silicon valley bank collapsed. then signature bank collapsed. first republic looked like obviously walking on stilts starting to splinter. you had jamie dimon leading the crew. bank of america, wells tagger, 11 banks getting together trying to add or rescue, bolster there and they put in $30 billion worth of deposits to first republic, 30 billion? this company, the market cap at this moment is 1.3 billion. its record low. are they going to get together to try and save first republic a 1 billion-dollar market cap bank? >> i don't see how they can without terms made ridiculously attractive for them to do so. remember the banks have a fiduciary responsibility to their shareholders. hey we tried to do the right

thing. you can't throw good money after bad in this situation. the only way this could happen if the government gives some sort of a backstop to the banks that try to do the right thing or if you have some warrants that are offered, sweetheart deal warren buffett got with the financial crisis with bank of america. that is dill lit five to the existing first republic shareholders. there are no good options here. liz: this stock is crashing, i use that word very rarely especially on a business network because people get very upset, and nervous understandably. it was down dramatically yesterday, today, together you're looking at 50, 60% clip here. what is next? you said can it last the week? >> the thing that we know is the deposit outflows we had in the first quarter. some 100 billion. even when you factor in the 30 billion that went in. i'm talking to people saying they're still pulling deposits from this bank. >> got a live camera outside of

it. we were looking at it earlier. this is the one in san francisco. they had security there. they had some police standing by. looks like it is calm at the moment. this is the live picture on the heart of san francisco where first republic is based. a lot of people pulled 100 billion during the quarter, pulled their deposits. >> when you get the type of earnings report on monday. those stayed that kept some assets with the bank are probably second-guessing that decision at the time when you look what is going on with the stock. liz: it is great to see you under very tough circumstances for what i will say are fine people at first republic, especially the rank-and-file. i dealt with them. very good quality. there is a branch across the street from us here in new york city. >> it was known as a very service oriented bank. liz: they are. >> they go above and beyond their clients. that business model worked well in the low interest rate environment.

with rates rising rapidly, doesn't appear to be working. >> when the facts changed the company did not change. thank you. >> thank you. liz: closing bell in three minutes, dow off session lows. turn the back again for the month of april, still we're down 194 points. s&p down 11. russell down 14. joining me now u.s. bank wealth management investment strategist tom hand lon. tom, how is your day? we have a real problem with first republic. we're waiting on debt ceiling vote in the house. what does a man like you, with all the assets under management do on a day like had? >> liz, thank you for having us on. we're just trying to keep our eyes on the ball for our clients to meet their objectivity. we're trying to share with people what they by about stock and bond markets. we have defensive outlook. we're in the same place right now. we recommend clients have a little bit less in stocks, a

little more in utilities, other cash flowing instruments as we wait this out. liz: when you say cash flow instruments, that is not stocks, right? instruments are different, are they not? what are you talking about? >> i say cash flow, dividend yielding stocks, like utilities, other physical infrastructure stocks. we also like we're seeing in credit markets owning bonds that pay interest rates, investment grade corporate bond market attractive to us, 5% yield. that is a reasonable yield to get where in terms of the economy may or may not be going this year. liz: treasurys yielding depending on duration 5% there. are you putting money there? >> we have a blend between treasuries corporate bonds. investment grade bonds or treasurys or u.s. corporations, fundamentals of companies are still pretty good to be able to pay those bonds back. we think there is value to be had there. liz: tom, we've got 40 seconds before the bell rings, we are one week away from knowing exactly what the fed is going to

do at its may meeting regarding interest rates, expected 25 basis points, then what, do you expect a pause after that? >> we expect 25 basis point. look to see what the data unfolds. we hope they hold at that level throughout the rest of the year but we'll see what the data says after that. liz: tom hanlin, thank you very much. we appreciate it. we're looking at the dow, s&p, nasdaq in the red. we're moments away from meta reporting earnings. as we close it i will take one last look at first republic shares off the lows of the session, look to close down 29%. $5.70. [closing bell rings] that will do it for the claman "countdown." we'll see you back here tomorrow. larry kudlow and his team are next. larry: hello, folks, welcome to "kudlow," i'm larry kudlow.