other cabins, the spa, you got the gym, the elevator, everything else just going unused just sitting there. the yacht has been available for charter for a million dollars a week which might not be a bad deal again considering those amenities but here is the thing. no one is using it right? there have been some inquiries to actually purchase it but no one knows who the legal owner is it can't be established and i think there was a lot of haste at the start of the invasion including seizing private property from folks without due diligence even if you're russian and in america typically you'd have to have due diligence and somewhere it's fiddling his somewhere thinking about wow, they haven't learned. liz? liz: are you going all masterpiece theatre on us? charles: [laughter] you're rubbing off on me, what can i say? liz: [laughter] yeah, i was that person obsessed

thank you very much. i like the nero discussion, too much spending here. let's take a look at stocks right now actually mixed but the dow is well off its lows of the session. it's not exactly a full-throated rally. the s&p is up 18 points, the nasdaq up 122. we'll call the russel just slightly higher. the dow for most of the session is wilting but right now it's down 55 points low of the session loss of 208 and after popping 408 points yesterday it's kind of interesting to see that the dow had been dropping and then now is trying to come back. the blue chips though actually should be higher simply on walmart's earnings report but shares of walmart, which touched $154 and change earlier have lost much of their earlier bump, even though the company beat first quarter results, thanks to a very strong grocery segment, and walmart also raised its annual sales and profit targets. right now shares are trading up about 1% now, to $151 and change we've got a downgrade by truist

of proctor and gamble that might have something to do with the moderating of the enthusiasm over walmart. we've got proctor and gamble the big laggard on the blue chip s down 2%. truist analysts kick their rating on the consumer staples giant from a buy down to a hold warning increasingly frugal customers are trading down to cheaper alternatives, which you would think be walmart, but that trend may last a couple of quarters. no denying though the broader market has been lifted by optimism, republicans and democrats might hash out that agreement to raise the debt ceiling before june 1 when the u.s. runs out of money to pay its outstanding bills, including social security and veteran's benefits. so look at the s&p right now. this is the one week picture, so week-to-date it looks pretty darn good, up just under one full percentage point but in just a moment you need to hear what warning jpmorgan ceo jamie dimon issued about the debt ceiling, when our grady trimble caught up with him in d.c. as he

headed out of a meeting with treasury secretary janet yellen and senate leader chuck schumer. you're going to hear that in a second and in the meantime, look how resilient the nasdaq is at the moment. we do have it up 125 points that's intraday. stretch it out week-to-date and the tech-heavy index has inflated by 2.5% on track to close at its highest level you've gotta go all the way back to august, last august, right? as investors watch their tech muscle higher and then you've got the blue chips whitherring let's head to the floor show and our new york stock exchange trader john corpina in the thick of the action. what do you make in the final hour of trade where we see the dow is off the lows here >> liz, still a lot of volatility that we're seeing in the market, recent trading activity clearly have seen it to the upside but today, we're see ing a lot of intraday back and forth dictated by a few things. one is the headlines we continue to watch about the debt ceiling, how that's going to play out and there's two components to it. one is the political jockeying

back and forth between the two parties and whose going to come out as the victor in this and the other part of it is like the actual psychological feelings of what happens if in case we pass this deadline. i think we're watching this obviously very closely and every piece of information is dictating our markets. then we'll continue from there. we talk about fed and what's the fed going to continue to do with interest rates. that's weighing on our market. we're going to hear from fed chairman powell -- liz: tomorrow. >> in a panel tomorrow, with be rnanke sitting on that too. i don't think they get down deep into the weeds but there should be key points that come out of it that might give us an indication as to what the fed is thinking in june. right now we're back and fourth what's going to happen in june. there's a lot of headwinds and as the fed has said they remain data depend dependent and look across spectrums to using that information. right now the fed does not have to make any moves at this point. pausing might not be the option at this point from what we're

seeing as these indications now, so that'll clearly have an impact on our markets but we've got through earnings season. i think the expectations for that, the bar wasn't really set high. the outlook moving forward everyone's focusing on, interest rates and debt ceiling, so we're in this kind of holding pattern right now which is okay, right? we can't have tons of activity up and down. liz: except, john, one thing that isn't in a holding pattern unless you call a gain holding pattern is big tech. you're looking at big technology intel is the leader on the dow jones industrials right now, apple is moving higher. these are the nasdaq winners. if we can put a big tech you will see that everyone from heck , ibm is in the positive here. we've got google up 1.25%, cisco which came out with earnings up a quarter of a percent as we said apple up 1%, so right now, that seems to be the trade. do you see that stretching out and continuing? >> i don't think it's going to continue much longer. i mean this sector, yes is the favorite kid now, but this was in such a long term holding pattern for a while.

we saw a lot of pressure so it seems like it's cyclical coming back. i think as we've gotten through earnings season, this has been more of the major focus. not seeing too much of an impact from the recent headlines, that have affected other sectors so i think for now, it's getting a nice boost to it, but i don't think it stays at these levels for much longer. i think we'll start to see some cyclicals and change it around. liz: john corpina from the new york stock exchange. when you look at the gains for the nasdaq and the s&p and now the russel turned positive here, they show real resilience because we got two fed jump scares today that would normally tank a market that's been so hoping that the federal reserve will pause its rate hike cycle in june. right after weekly jobless claims data came in, what they did was it fell more than expected, by 22000 meaning fewer people joined the unemployment lines, because they got jobs, dallas fed president and voting member laurie logan told the breakfast crowd in austin, " the data in the coming weeks

could yet show it is appropriate to skip a meeting, as of today though, we are not there yet." okay, that's definitive. then in an interview with the f t, st. louis fed president james bullard backed logan up saying he would keep an open mind going into the june policy meeting but suggested he's inclined to "back another rate rise." kevin mohn says the impact from the fed hikes has broken already key areas of the market. namely the banks and they better not raise again, or else what, kevin? >> i believe in all likelihood if they continue to raise rates, even by just one more 25 basis point hike in june, they are going to push this economy into a deeper and more protracted recession than would have otherwise occurred on its own. we're seeing inflation starting to moderate. the fed funds target rate is now within their terminal rate of 5.1% within a range of 5-5.25%. they don't need to do more. they need to sit back and assess

the overall damage they've done to the u.s. economy, which in the next two quarters we're going to find out is rather significant. liz: so if i were either laurie logan or james bullard i would listen to you and say i don't know why he keeps pushing that we are somehow going to pause. they've been very clear. powell has been pretty darn clear, and if you look at the fed funds futures for the june meeting, the next meeting, suddenly, you start to see that there's a 64% chance of unchange , that be the pause, but now, we have a 35.6% odds of the 25 basis point hike again. just so you understand, the 64% had just been in the 90s recently so now, the markets betting there might be a move. there you go, 91.5%. that's what it was as of may 5 and now you can see it's certainly changed. >> i also remember back in the beginning of 2022, the fed told us there might be between 50 and 75 basis points in rate hikes. we had 475 basis points rate hikes.

they told us inflation was transitory. turned out that wasn't the case. they told us in may of last year they weren't even considering a rate hike above 50 basis points then we had four consecutive rate hikes of 75 basis points. how much credence do we need to give to the rhetoric now if in fact previously, that rhetoric didn't prove to be correct. liz: let's talk about things that you say have been broken. >> yes. liz: i'm assuming you're talking about the regional banks. our grady trimble caught up with jamie dimon of jpmorgan chase. he of course fresh off a couple of weeks ago scooping up first republic, a smaller bank that was in trouble. here is what he said to grady about the debt ceiling, but there's more: reporter: did default come up and what was your message to the leader? >> what would it do to the banking system? >> actual default be a disaster and this has been said consistently over and over. reporter: so are you optimistic about a deal? >> let them worry about that. liz: so he had just left the meeting with the treasury

secretary janet yellen and chuck schumer, senate leadership, and you know he was talking about the banking system. >> without a doubt. liz: how much more broken do you think it could get in another quarter point hike would come? >> oh, certainly could add even move stress to a regional banking system that's already under a lot of stress, but, remember, liz, since 1960, congress has acted 78 times now to raise the debt limit, extend its maturity or change -- liz: so it's going to happen. >> it's going to happen. it's just a matter of time and what the ultimate negotiated terms are so jamie is right. that's not something to be concerned with. what we need to look to is the federal reserve and if in fact they stop. liz: i know a lot of business journalists genuflect to king jamie, but i will say this. >> yes. liz: he had said less regulation is the answer, so when he made that comment, this is what when you talk about people who really are important in the market. the voice of jeremy siegal who

was just here the other day saying it's really really important to make sure that the fed stops rate hikes, neil cavuto asked him today, what would you make of what jamie just said. listen. >> it seems like the fed wants to destroy the small and mid- size bank, and help the big bank, and yeah, maybe jamie dimon would like that. i mean, the big banks have gotten deposits at the cost of the small banks. liz: yeah, he went on to basically say jamie dimon's talking his book. of course he says not enough regulation, because he's only getting bigger. so what's the trade here? would you buy the big financials , the little guys, or something entirely different? >> i think there is an argument that could be made for both. i think there's going to be more m & a activity. i think the large money center banks will continue to swoop in and buy some of these smaller cap regional banks overtime. liz: which by the way some are up pretty decently today like pacific west, pacwest, while other regionals are in the red, so we split the charts. >> yes. liz: because you don't want to

confuse people. some do well on a certain day and another day they aren't doing well. >> absolutely and we did the research at smart trust and what we found is that during periods of economic declines when interest rates start to decline, financials is one of the best performing sectors. only eclipsed by consumer staples, healthcare, and information technology, so perhaps those are the four sectors that investors should start to look at over the next two years when rates start to decline as opposed to increase. liz: okay, well we don't know when that is going to happen. kevin, thank you very much. >> my pleasure. liz: much appreciated i'm glad you mentioned healthcare. pharma stocks are supposed to be recession proof not that we're in a recession yet, but if you're bumping up against it why have so many struggled to breakeven this year? the new ceo of generic drug player teva pharmaceuticals is determined to turn that trend and his stock around but what is his plan to profit off teva's innovative drug pipeline just as the u.s. government pushes to cut drug prices? closing bell ringing in 48

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liz: all right, now the dow is down only 16 points. now that a house vote to raise the debt ceiling could come as soon as next week, the administration is expected to turn its attention back to the issue that sparked the debt debate in the very first place. that be the budget. democrats have a number of spending agendas on the bill including a proposal to save billions by lowering drug prices , but lower prescription costs could be a problem for a company like teva pharmaceuticals where the number one priority of the

generic drugmaker right now is growth. ceo richard francis just finished laying out his pivot to growth strategy and he's joining us live now from the new york stock exchange. great to have you, richard. investors appear to like your message. the stock is up just under 2% here. maybe they like it because your strategy involves altering, in a way, what you've always been known for , and that's a generic drug leader. how are you going to scale back on generics? >> firstly, thank you for having me on. the message was well-received and i think because the strategy is a clear strategy and it delve s into our history so although people know us predominantly as a global leader in generics we do have a deep history in innovation and we're reassure vaccinated ening that part of our company again because we have a great innovative pipeline and portfolio, and the strategy is really linked on four key pillar s, that i think are going to drive growth on the top line and growth on the bottom line as

well, which we're excited about and i think a big part of that is growing our innovative business and accelerating our pipeline, which got a lot of attention today, actually, when we were talking to investors we had a lot of questions around our pipeline, our long-acting ol nazaprine a new treatment for schizophrenia and a hot topic in our industry because of some of the activity around that. then when we talk ability our generics which you mentioned, we see still opportunity in our generics business. we're a global leader and what we want to do with our generics business is actually make it more sustainable and perform more consistently and so our strategy around our generics is to turn it into from the biggest to a powerhouse and so that's sort of the pillars of our strategy, liz, as we laid out today. liz: well, when you can charge more for a fresh drug, or a new therapy, that is going to help your bottom line, but you're

making this pivot just as and i suppose not just as because every administration goes on and on about cutting the price of prescription drugs, but you've got the president's budget that he has put forth just a couple of months ago, and he wants medicare to be able to negotiate prices for more drugs and bring these negotiations about more quickly after a drug has actually launched. that, i would imagine, means less profit for you guys if they are going to be able to negotiate for so many medicare patients. >> well, i think what this touches upon is the big issue of access to medicines and making sure patients have access to affordable medicines and i think that's very dear to the heart in teva. as a large generic manufacturer, we supply hundreds, thousands and thousands of doseages everyday to american citizens, to ensure they have access to low cost medicines so i think from an access point of view, you know, we are very much in

the forefront of that with our generics business. i think on our innovative side, it's about making sure we can bring treatments to the market where there's a huge unmet medical need where patients are still suffering from diseases like tardive diskin ease yeah, huntingtons disease, and make a real difference to their lives and because teva has that balance in our company of generics business, global generics business and innovative business that's emerging and fast-growing i think we can help bring access and bring new treatments to the market which i think overall benefits most healthcare systems around the world in particularly the u.s.. liz: i get that, but the lobbyists for your industry is coming out and saying that if there were this ability to cut prices, which is what the president, what the administration would like, and they say that in this new budget it would cut 200 billion, you know, basically over a decade, and let people afford these drugs in a better, more appreciative way, that this will

crimp r & d spending, right? research and development. this is the cry constantly on behalf of the pharmaceutical industry. is there a way, richard, to cut prices, but not hurt r & d and if so, how do you do that? >> well, i think that's a very tough question. i think obviously, in our industry, we have way more failures than we have successes, and the failure rate of all of the product the we start in pre- clinical and move into the clinic the failure rate is extremely high and that makes an incredibly costly business to develop successful treatments and so part of the ability to make the economics work and allowed to have such a high failure rate is that we can generate some income to pay for those failures, so i think it creates some challenging economics. there's no question about that, liz, and i think, you know, for me, to understand what it really means going forward, i think the whole industry is

trying to fully assess what that could mean but obviously it is an expensive business to bring drugs to the market and with a high failure rate and so -- liz: but other countries are charged less. that's the issue and on top of it, we have a cancer drug shortage right now in the generic world. can you touch upon that really quickly, because we have a lot of viewers who are very close to people who may have cancer. tell me exactly where that stands and are you ramping up production? >> so where we have capacity and obviously with a particular therapy you're talking about where we have capacity we'll always look to make sure we can supply our medicines, so i think our commitment always has been to make sure we have access to medicines for the patients and the people who need it and i think when it comes to oncology, that's critically important because these are often life saving medicines so i think for us it's about making sure we do have sustainable supply, something that we're very much committed to but we don't supply every single drug, every generic drug in the united states, and

where we do we have a commitment to make sure we can supply that, and i can reassure your viewers that that is the case. liz: richard, thank you. thank you very much. we appreciate it on this day where teva has announced a pivot to growth. teva's investor day we'll take it to netflix's presentation day to advertisers, the stock is streaming in gains at this hour, after it released user numbers for its new ad-supported tier. it's cheaper but you've got to sit through the ads. the details on that, next. closing bell 37 minutes away. for a second there, the dow was down only what, seven points. right now, down 19 but let's see if it'll punch into the green. stay tune we're coming right back.

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liz: fox business alert we want you to see the bond yields right now. they are speaking at this hour, on interest rate, well, the fact that what we already told you, not interest rate worries but that the concern, the fed is going to tighten another 25 basis points at the next meeting in june. two year treasury yield has soared above 4.25% a one month high and it's up about 24 basis points this week alone, and if you look at the 10-year, the 10- year is topping 3.6%. that's the highest since march 10 for the 10-year yield. wait, do i have that right, guys

10-year is at, okay can we see the 10-year? oh, we don't have it. okay, well let me just tell you the 10-year at the moment is at 3.65%. netflix topping the nasdaq at this moment. look at this gain. nearly 10% higher after the streamer revealed a big number during its upfront presentation yesterday. netflix's ad-supported tier just launched six months ago already has 5 million monthly active users. evercore isi mark mahaney said the figure likely equals two to 3 million subscription accounts. that compares to netflix's 232.5 million global subscriptions, but the ad tier costs 6.99 a month in the u.s. versus the standard plans price of $15.49 a month. netflix said that more than a quarter of new netflix sign-ups are choosing that ad plan and perhaps the churn meaning people who quit after their favorite show is over, may be lower so

the stock is definitely higher. investors are doing a double take on take two interactive shares. the stock is up 12 and one-third percent and on track for its highest close in more than a year following its fourth quarter results. take two reported its bookings during the most recent quarter rose 65% to $1.39 billion. the video game publisher forecast a weaker than expected outlook for the current fiscal year but said it expects new video game titles will drive growth going forward. gold miners losing a bit of luster at this hour, as hopes of a debt deal and hawkish fed comments reduce gold's appeal as a safe haven asset. we've got barret gold down 3.6%, newmont mining down 3.8%. online vehicle seller co-part hitting the gas after reporting a top and bottom line beat for the quarter. shares are surging 6.8% and they are getting very close to the top of the s&p leaderboard notching a record intraday high.

the stock right now at $87.65 the company behind online car auctions featured used wholesale and reparable vehicles, and said it benefited from growth in u.s. insurance volumes and service revenue. nice move there. shoplifting is crushing some of the biggest names in the business, so did you notice the brand new flagship whole foods in downtown san francisco forced to close a year after it had opened because thieves hit the location constantly putting employees and customers in danger. yesterday, target put a finer point on it warning that shrink, the industry's term for inventory that enters a store or warehouse but leaves without being accounted for , that's called shoplifting, would hurt its profitability by more than $500 million compared with last year, and walmart ceo today said inventory shrink has been a very challenging issue for all of retail, and those are just the big guys. what about the smaller businesses? jeff flock is live at a 7-eleven

in philadelphia. jeff? reporter: not to minimize, liz, the losses by walmart and home depot and the rest but what if you've only got one 7-eleven franchise and you have all these folks stealing your stuff? i'd love to get the voices of the people who this is impacting vincent emmanuel is one of those how do you survive out there? >> the problem is that we have a family to feed just like everybody else. every dollar is a dollar for us too. the problem is that i have three daughters have all been to medical school and all that stuff and with that kind of bill very recently it's almost like impossible, you say hail mary before you come to work everyday and you know what? there's nothing wrong with saying something like that but everyday we're scared to death about operating this store. we don't know what to expect the following day and that's what goes on. liz: liz take a look at the numbers. some people blame the lack of prosecution so up to this date in 2023, there are over 5,000

incidents of retail theft in philadelphia. there are 131 arrests. that seems incredible. >> and the problem is that the district attorney don't think that this is really a big deal. those days of somebody stealing the candy bar and maybe a pack of cookies are gone. these people -- liz: love that if they only took that much. >> that's exactly right but these days they come with big shopping bags and just throw everything in there, and these days in philadelphia, you're not allowed to have plastic bags so now what happens? they bring their own bags and you ask like whose bag is that, we throw everything in and walk out and you know what? it just really is like the city is under siege. that's exactly what's going on here. liz: and liz, this is a typical 7-eleven. maybe victor, you can see it. you don't have a big, you know, this is not like walmart that has, makes all this money. you don't have a lot of volume here. they don't prosecute unless they have stolen $500 worth.

i don't know if i could grab $500 worth of merchandise. >> well the problem is that the district attorney do not think that this is a life threatening time but the problem is everyday people like us struggle to make it go through and make it happen and that makes it very difficult for us. reporter: 43 years in business in philadelphia, mr. emmanuel, like you said put a couple daughters through medical school , another one got her mba. he is the american dream. liz: absolutely. reporter: and he's from india. liz: look at that. he's trying to do the right thing. trying to just make a living, and these nefarious people, horrible. absolutely horrible. see this really gets, i think, me and our viewers upset, jeff, but it's an important story. thank you for bringing it to it. reporter: i agree. liz: boot barn. this stock is actually been suffering, but just as the country apparel retailer is forecasting softness in the

current quarter, what about the yellowstone effect? cowboy chic coming back ceo jim conroy is next to talk about earnings outlook for the year which barrons says could be absolutely fantastic from western wear to menswear my guest on this week on my everyone talks to liz podcast i love this story. he's such a trailblazer, see him that's chris ricabono, and that commercial they called "chris walking" he couldn't afford actors so he put himself in the commercial because he created the shirt untick it. he and his partner aaron realized most button down shirts looked so bad when you wore them untucked and yet the new casual look is what everybody wants and that's how it was born and started in chris' spare bedroom and has since blossomed into more than 90 stores worldwide. download it. it's a very inspirational story, and speaking of inspirational people, we have sad news to report about a friend of our show sam zelle, real estate

billionaire and chairman of equity group investments has died after complications from a recent illness. look at that smile. sam was the son of polish jewish immigrants. he began his career in real estate while studying at university of michigan and began that could rear by offering to manage a 15 unit apartment building in return for free room and board. through the years, i was so honored to share the stage with sam, where he shared how he ended up with billions in property and retail chains. he called himself the grave dancer, because he made big bets on distopian rested assets. an avid motorcyclist, sam took an annual boys trip, well into his 70s. a joyful person. the great american dream, yes indeed. sam zelle was 81 years old. we'll miss you, sam. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey!

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yes. right. yeah. and i don't think at that time- i think you're the one to tell me that we had the same birthday. yes. it's really unbelievable when you think about it, because it's been, like, really over 20 years that you were my mother and father's banker, you became my banker and now fran is in her third year of college and you're her banker. it's so unbelievable because i'm just 20 years old. [laughing]

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liz: well, look at this. the dow has turned positive, right now it is up about 51 points, low of the session a loss of 208 so for the moment we were all in the green here. dow, s&p, and nasdaq, i just want to check and russel as well okay, investors are bucking off boot barn. shares are falling pretty dramatically right now. 10% after the western wear chain reported a mixed final quarter of its fiscal year 2023. this is the country retailer and it said it faced pressure in its e-commerce business so how would the rodeo retailer take the bull by the horns and turn the year around? joining us in a fox business exclusive is boot barn president and ceo jim conroy. you had this guidance about the current quarter being softer , right? target, tj maxx, walmart, they are different types of chains here, but everybody is suffering in the second quarter. what is going on in this current

quarter? >> well firstly, thank you for having us on the show. liz: sure. >> in terms of your question, there does seem to be a bit of a pullback from the consumer on discretionary spend. fortunately, for us, we have a business model that really focuses on staple commodities necessity-type products, so for us, we think that once the slowdown in the consumer abates our core customer is still pretty healthy, and we're also looking for a lot of growth in top line from just opening up new stores, most of the news of course has been around the slowness in same-store sales growth. liz: you opened 12 new stores in your fourth quarter, and you expect 52 new stores all across the nation? is there, i mean you think about cowboys you think about the south right? but or the yellowstone area which has certainly been what has sparked sort of a resurgence in cowboy chic, among the rest of us. i know the cowboys have been in

existence but tell us about exactly where you see the hottest sales? >> sure. well, when i first got to the company, 10 years ago we had 86 stores in eight states. now we're 352 stores in 44 states, and i personally grew up in new york and didn't necessarily expect that the concept would work in the northeast, but over the last couple of years, we've added states like pennsylvania, ohio, virginia, and new york and new jersey, connecticut, and there's been a couple of really remarkable incites there. one, the stores are outperforming their budget by almost 100% in terms of their sales forecast, and the second piece is our stores on the east coast look every bit as western as the stores in colorado, texas , california, arizona, so we're selling cowboy hats and cowboy boots in the same

proportion in new york and new jersey as we are in denver and phoenix. liz: how much does john dutton have to do with that of course kevin costners character in yellowstone, and when beth dutton, whose my total hero, is she the greatest female character ever written as far as i'm concerned? when she puts on a pair of cowboy boots with the dress it's like okay, i need to do that but how much does that and the spin-off of 1883 and 1923 these shows how much does that drive, or have you seen any increase that you can actually correlate to paramount 's show? >> so we've called out there's probably a bit of a tailwind from either "fashion" or tv shows like yellowstone. the other way to think about it is theres this giant population in the country that doesn't necessarily live in the big cities on the coast that lives our lifestyle, wears our product , and also has an

affinity for the show so i think both the success of yellowstone and the success of boot barn is due to the fact that there's a giant consumer market that's kind of hidden in plain sight across the country. liz: barrons loves you and that's why i said get boot barn on because i was very interested and i've covered justin boots that warren buffett owns at berkshire hathaway and it is a huge business. you're considered a small cap with what about $1.9 billion market cap so they felt that was a real important opportunity here. we'll be watching but year-to-date your stock is still up about 7% so we like to follow it. thanks, jim. >> of course, thank you. thanks for having us on. liz: jim conroy. we are coming right back don't go away and yes, green on the screen for the dow, nasdaq, and s&p and transports too to the upside. lomita feed is 101 years old. when covid hit, we had some challenges.

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based on what i'm hearing from jpmorgan i think they're going to pay something, just based on the fact that they had a long-standing relationship internally. they're running around saying they're sorry, they're sorry and they are investigating every rock to find exactly what, who knew what about jeffrey epsustain internally. who did business with jpmorgan when he got out of jail for the first child abuse or, essentially child rape conviction. that he only went to jail for 13 months, as you know. very controversial. we don't have to go through all that. he was recharged more recently. when he got out of ya'll for several years he was doing business at jpmorgan. his principal banker was jeff staley, ran one of jamie dimon's right hand men. jamie dimon probably most prominent banker in america has been brought into this thing. he is set to give a deposition at the end of may in two civil

suits right by one of the victims, not island, the island where jeffrey epstein had his island? liz: bahamas? >> st. croix wherever it was, virgin island. broughts brought by both entities over jpmorgan's business activities allegations that jpmorgan facilitated money laundering. liz: was that the issue with deutch? >> that was some of it. it has all been settled. what we know about dimon. take it for what it is worth. i known jamie dimon a long time can't imagine he had anything to do with epstein. jpmorgan did an investigation into every email that ever mentioned jeffrey epstein. what i understand five million emails. liz: really? >> did not find one reference of jamie dimon. liz: of course not. >> but they did look. does that mean is happy about how the bank handled itself? no.

internally he has been saying this is a huge mistake. he should have monitored his direct reports -- liz: jeff staley. >> jeff staley. as you know jpmorgan is suing jeff staley as a matter of fact. liz: he is no longer there. >> he is no longer there. >> so that is where it is right now. they didn't find any direct tie, be that as it may he is giving testimony. switch gears a little bit, a story i broke earlier are today. waller isaacson's book on elon musk, the famed author, famed industrialist coming out 12th. december 12th. kind of interesting, that musk, key kleined to comment. speaking with people that spoke with him. what he is saying, describing this as a starship getting off the ground. what he is essentially conceding obviously the final chapter has not been written this is a launching point. this is what he told people for others to write the conclusion of elon musk's career.

why is that? he is still getting into a.i. he just picked the ceo of twitter. tesla has always been a question mark, whether long term viable, right? it is big now. who knows in the future. evs, who knows where they're going. he will admit this is not the final word, far from it. it will be an interesting tome how elon musk, enigmatic figure, biggest business figure in america right now, how he got to this stage and what could be the pitfalls coming at him in the future. i think that's what you're going to see in this book. we should point out we broke the story in 2021 he was talking with musk on doing it. it was on foxbusiness.com. i'm writing another little piece today. on top of that it has taken two years. he had musks's full cooperation on this thing. liz: he recommended it on twitter. >> no strings attached from what i understand.

publication. can't write that. i keep hearing wrap. i keep hearing wrap when i'm on the tv show. who is right about desantis? you will over the place he is running. possibly next-week i've been saying memorial dayish. own on claim claman countdown first. this show is one-stop shopping for everything politics, finance, elon musk, investing. all because of big red. liz: rock on with your bad self. >> what does that mean? liz: a line from a song. >> okay. >> thank you, charlie. good stuff. speaking of elon musk reports say the electric vehicle maker is in talks to build a car factory in india now. he is not the only one look on of at opportunity to invest overseas. our countdown closer said the best opportunities are in far off lands. cliff corso, president cio advisors asset management. which countries, cliff. >> we liked developed markets in

particular. germany, big he can exporters, companies that can benefit from moving supply chains. increasing demand in china like luxury goods sector. japan as well, that is really interesting story. many lost decades in japan but if you look what is going on there, changes in the monetary policy which auger towards perhaps stronger japanese currency, compare that to the u.s., some of the industries in japan were bullish on those two areas in particular. liz: so for people who say, all right, i'm listening to cliff, he likes japan, by an etf, a basket of some of the best in class names of japanese stocks? >> that's not a bad way to play it. if you look at the market caps of some companies within the etf how it is, in essence what is really driving those etf it is not a bad play. though we would look at some

sectors i mentioned a little bit earlier areas in electronics, areas where perhaps they're exporting materials like steel. sectors like that again that would benefit from some of their customers, which would be cross asia including certain areas of china. liz: when you look at the market overall at the moment, seems at least, at this second, the debt ceiling issue has taken a back seat and now once again in the front seat federal reserve, the fed funds futures are showing, cliff, there is now increasing possibility of a rate hike. that would be the 11th in june. because we got a very hot first time jobless claims number this week. we know that the jobs market is still very strong. what are you anticipating and are you looking at some way to insure your client's portfolios ahead of june? >> well, as you point out, there is a hump in that yield curve right in june. what's challenging about that,

look at probabilities embedded very low, we all would expect in terms of default, the challenge with that is, what if they delay? what if they delay until september? that doesn't look like that is going to be the case. which treasury one to play? we're being cautious but again the base expectation is that they will get something done whether you know, whether before june or push that out to december. fed is in a challenging position whether they go more time or don't, good news that -- fed funds. [closing bell rings] cliff cores so 40 billion under management, liked developed europe and japan. dow at closing high up 119 points. we'll see you tomorrow. ♪ larry: hello, folks, welcome to "kudlow," i'm larry kudlow. last night i asked a question