cost $9 billion. he says i've always told people there's nobody that can pick the market on a short-term basis and maybe i made the mistake of not adhering to my own advice in recent years but this is a trade that went back to 2017, 2018, and of course the first quarter this year, and it's not that i'm trying to diss carl icahn, all i'm saying is that, you know, it's time for some humility out there. these masters of the universe, drunkenmiller is afraid of everything but in there bying like crazy, paul tud or jones has been negative for three or four years so maybe we'll all just sit back and try our best. that's all i can say. right, liz? liz: sitting back, and trying my best. right now. i'm sitting back so far, they don't want to take the shot. [laughter] charles: [laughter] straighten up, liz, straighten up. liz: you've got it. thank you, charles have a good weekend. we've got a fox market alert. so much for the moment in the debt ceiling stocks,

republicans announced they press ed the pause button on their negotiations with democrat s in the white house over raising the nations borrowing rate. just look at the intraday charts we'll show them to you here over the major market indices all opening higher but you could see just shortly after 11 a.m. eastern they turned around. they reversed when speaker of the house kevin mccarthy announced gop negotiators had abruptly left their meeting at the white house because the administrations team refused to move on issues and an hour later the white house confirmed "the talks" have been halted. with the president in asia, the full stop comes just a day after the markets soared with optimism on news that the two sides maybe could am could to a deal as early as this weekend. treasury secretary janet yellen says june 1, the u.s. runs out of money to pay its obligations. so we've got the diodone about 81 points after having been up 159. all right speaking of yellen, at almost the exact same moment, fed chair jay powell was saying at a conference the banking

system is strong. regional banks are getting slammed at this hour on a cnn report that yellen told big bank leaders yesterday, more bank mergers may be necessary to stabilize the sector and the turmoil that was triggered by the march collapse of silicon valley banks. so you've got the regional banking etf's kre, and iat down, more than 1% for iat, and the kre just getting hammered down about 2.25. did i not tell you guys weeks ago that the regional bank crisis will have a long vapor trail? that vapor trail is buffeting around the small and bid size bank shares right now. ku see valley national down 5%, go down the list, pacwest which everybody thought oh, it's fine now. maybe it is but the stock is down 4% with western alliance losing 3%, same with west america bancorp, bank of ozarks down just under 3%. it's not like the big financials are floating along. look at all of these names here. we do have red. it's not the worst hit at the moment, but we've got citi,

goldman, jpmorgan, wells fargo, all down. by the way morgan stanley is down 2.25. might be taken outside hit because ceo james gorman said he's going to step away from the big seat in the next 12 months and yes we've got charlie gasparino going to have more on the real story there later in the show. we've got retail wreckage this hour to show you foot locker absolutely horrific right now, it is plunging 27% on an earnings miss and weak guidance. the shoe retailer collateral damage hitting vf corp. hard, shares, this is the sportswear conglomerate which owns vans shoes and timberland, hitting a 12 year low dropping 8% at the moment, adidas down 3.5% of course the european shoe company , you know, those are the ones getting hit hard, under armour is down three and three- quarters percent, nike down 3.6% and aside from the foot locker effect, nike may face more than a $530 million fine for miss classifying thousands of independent contracts. so, on this freaky friday let's

get to the floor show joining me now global x etf cio john mayer. in studio, john what do you interpret from we have the debt ceiling on ice at the moment not to mention the fed coming out saying the banking system is fine but janet yellen is saying oh, wait a minute there may have to be force mergers. >> thanks for having me on, liz and there is a lot going on. first of all it's inconceivable that we'll default on our debt. there's a lot of posturing going on on both sides. a lot of these negotiations come down to the last minute, but it's catastrophic if we default on our debt. liz: we know that, okay tell me something i don't know. >> [laughter] okay so there will be some resolution. i think that it's going to be tied to the budget. the democrats will have to give up a little bit and then the budget is where the big discussions will have on certain cuts that'll be amenable to the republicans. liz: it is a little shocking here because you look at the intraday pictures and exactly around 11:20 a.m. eastern time

is when kevin mccarthy said, you know, we need some wiggle room, we need movement and we don't see movement at the moment. certainly, it doesn't help that the president is at the moment on an important trip in asia, but whose going to be talking if not them? >> well there are negotiators that are talking behind the scenes. liz: but they aren't. those were the negotiators. >> but what happens in these discussions, it really comes down to the wire. so we're not going to default on our debt. i'll give you 95% on that one. liz: are you buying stocks because of that thought? >> what we're buying is of some of the tailwinds. we're looking at the ai story. my company has several ai etf's and that is a real story that is filtering into every different type of company. you started with some of the bigger companies. microsoft and ibm and google so that's happening and a lot of the leadership is happening from the top end, but that is filter ing down and it's being built into other business models

overtime, so -- liz: yeah, could i tell you some are pushing back? we've got the writer's guild strike going on we'll auction about that with a top writer and they don't want to be replaced by ai but yet you say that's what's going to be tech stocks is what i'm hearing? >> yeah you can't completely regulate it. regulators who don't know anything about it put regulation s around it. i think that's pretty in conceivable, so, is it going to takeaway all our jobs? no it's not. it's going to enhance our jobs. i can tell you i use it in some of my writing. is the grammar correct? get me started on a piece of research that i'm writing, and then i morph it and change it and source it, so it's an enhancer. liz: john maier, thank you very much. i wonder what ai would spit out if we asked what's the fed going to do next? we need to get exactly to what fed chair jerome powell said that had treasury yields diving for cover. we can put up the two year, the 10-year, you can see that

they immediately started to fall at a monetary conference in washington d.c. today, when powell stressed that inflation is far-above the fed's objective s. yes, still. i mean, we interpret that as it's still too hot. he did add a tiny touch of dove ishness saying the stresses in the banking sector may slowdown the pace of his interest rate hikes but let's bring in former federal reserve governor robert hellard and interpret the real meeting. give me a sense of what you hear i'm the one whose constantly saying, are you guys not listen ing? they think inflation is still hot. they are going to continue to hike. what do you think? >> well, inflation clearly is still hot. we are running around 5% depending on which variable you're looking at. on the other hand, the other banking problems that you've just been talking about and therefore the fed is probably just a little bit reluctant to step on the brakes too hard, so

as to make not the banking problems even worse then they are already. that's the balancing act that he has to do. liz: i'm looking at the fed funds futures. so this morning, we were all flipping out saying wait a minute, wait a minute. suddenly, there's a 40% chance of another 25 basis points hike, and you compare that to almost zero just a week or two ago, and then, powell starts to speak , and that comes down again at this hour we have just a 16% chance that powell & company will tighten once again, and so i get the sense that especially when you are saying that inflation is still hot, why would he stop when he doesn't want to make the mistake of stopping too early? >> well, he has a very large committee that he has to convince and to bring along, so and the banking issues are significant, as you mentioned

before, so i think he will wait until the last possible moment and then try to form a consensus and i would hope that they would continue to increase the rates, but he may not do so and that's what the market is telling us right now. liz: i'll tell you that i want to read some of these headlines from chair powell. he said that specifically, inflation and i'm going to repeat this again. it's far above the fed objective it poses significant hardship. failure to get inflation down would prolong pain. we are right now with the ppi, the manufacturing index of inflation, at around 5% if i'm correct, and the fed funds rate at the moment is 5-5.25%, so we're kind of not anywhere near the 2% level that he said he would like to get down to. >> yes, and the fed funds rate

is not above the inflation rate and that's what you've got to have in order to really step on the brakes. liz: and lack at wages. sorry we just showed wages. wages are not out pacing inflation. >> you just talked a minute ago about the writer strikes. there are quite a few school districts in the country that are on strike and wages keep going up. i agree with you, the wages are not going up much faster than inflation, but they are setting a floor to the inflation rate and therefore, the fed has to break that momentum and that means lower prices, lower wages, at least lower rate of increase in wages has to be achieved. liz: that's too bad, because you know what? we were looking at corporate profit margins, and they are getting very close to 40-year

highs. these companies are making money hey we're capitolists here, but when do the workers get to participate in this , mr. helle r? >> well, i'm all in favor of the workers getting paid but their productivity has to go up. liz: okay. >> unless the productivity goes up, you don't deserve higher wages. sad as it is. liz: robert heller former federal reserve chair, thank you so much. great to have you. we appreciate it, sir. >> great to see you too. liz: so, the last hollywood writer's strike in 2007 lasted 100 days. now, with the likes of rapper fl av-o-flav and ted lasso joining the picket lines in the last 24 hours how long will the current writer's guild strike last and what will the outcome be for an entertainment industry that has morphed into many different forms over the past 16 years. with billions of dollars on the

line, and investors watching as well, standing by live, the former show-runner on one of the most successful tv series of all-time, law and order svu, warren light is next. he's also a double ga strike captain. closing bell 49 minutes away we have the dow jones industrial losing about 96 points the "clayman countdown" is coming right back. ♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my hearing loss and helped me find the right device calibrated to my unique hearing needs. now i enjoy every moment.

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liz: the writer's guild strike against the hollywood studios is heating up at this hour. it's day 18 of the strike of the wga, which represents 11, 500 screen and television writer s and no talks between the two sides are scheduled after they broke off, but now,

actors are entering the fray. just weeks before their union contract with the studios expire , june 30. yesterday, in los angeles, jason sudekas, the star of the blockbuster hit ted lasso joined the picketers along with rapper and actor flav -o-flav, they have been delaying show productions all across the country, not just in los angeles, in new york shooting of the show "billions" has been halted twice this week alone when members of other unions refused to cross the writer's picket lines. how long will this last? here to make the case for writer s and maybe viewers and shareholders too is warren light, former show-runner of svu and criminal intent and now, wga strike captain here on the east coast. warren? you're announcing the actors joined, you've got a lot of other guilds saying we stand with you. you're looking at a standoff with the alliance of motion picture and television producers right now. the group that represents the

studios. what are the key red line issues >> well to me, just one writer, the three issues i worry about most, streaming residuals, what do we get when a show runs forever on netflix? ai, how is that going to affect us, how are we going to negotiate how ai is used, and the third one is a little stranger to explain but it's the use of mini rooms as a way of writing shows. that's a way of separating writers from production. like we're now parts and productions assembly. liz: so all the logos of the studios right there, on the screen, they are repped by the amtpt and they have not gone back to the table after talks broke off? >> talks broke off may 1 about two hours before midnight, and those three issues i just outlined were issues they never countered on and they know those are the core issues. the ground has shifted o utility from writers and those are the things we're interested in. liz: you talked about writers rooms and i want our viewer toss understand this because it's a hollywood-l.a. story but staffing of writers rooms where

the writers get together and they spitball ideas and put together these scripts. it sounds like the studios want to shrink those rooms and only pay a couple of writers is that correct? >> that's exactly right and they have done it on a show like law and order, 22 episode run, my staff be on payroll for 40 weeks, from before production begins through production, and so you're getting a check every week if you're an entry level writer. that's all shifted. now what they do is write a pilot first episode and say we don't know if it's going to series. let's put together a mini room and that might be four or five, maybe six weeks and instead of the writers guild minimum which used to be sort of a floor is now the ceiling. that's all you get. they say we haven't sold it yet. we haven't decided to air it. you might plot the whole season, break stories for every episode, fewer people breaking more stories more quickly, and then they go away for a few months. you can can't take another job, they might not hire you to go on staff. they may give you an assignment.

liz: doesn't sound fair but we did reach out to the amtpt and we did get this statement and i want to say what they said about the mini rooms. "if writing needs to be done, writers are hired" but these proposals require the employment of writers whether needed for the creative process or not we don't agree with applying a one-size-fits-all solution to shows. would you agree there are writer s like david lynch who really write their own scripts? >> i appreciate the word salad, but there are about four or five guys who can write their whole series but even they admit what happens is their assistants and the script coordinators end up helping out a lot. if you are going to base the whole system on four or five days have done in the last few years, what you will end up with is really no writers who understand how to write and produce shows going forward. it puts too much pressure on a show runner. a lot of show runners don't like that model being forced into smaller staff, and it's making their job almost impossible.

my hours went up every year in the last few years. liz: okay let's talk about the support that you're getting from other guilds and unions, the teamsters have been really supportive in showing solidarity you also have the screen actors guild. not to mention a whole bunch of others, and you've got the actor s showing up in force. tina faye, video of them on the picket line, seth meyers, fran drescher, a bunch of other people are very supportive. residuals matter to them too, but residuals for those of you who don't know, you know, studio s make billions off scripted content and then they syndicate or sell the reruns. give me an example of how the residual structure or financial compensation has changed for someone like you. >> well i'm lucky i was on svu, it's one of the world's most popular shows from a different timetable so that might, it's in syndication so every episode would get a network rerun. that's where the big money is. then it would go to the channel 9 and 11 and every city and then

it would go to cable and then there be dvd's. liz: you got money? >> every time it's a smaller amount but you get money and gets you through the lien periods. what the happens now is you take a show like "manifest" on nbc, went straight to netflix, nobody knew it was the most popular show during covid, a one-time sale, very small amount of money for i guess four years of views on netflix and became the most popular show during covid in the world. billions of minutes and not an extra cents of any of the show writers. liz: you've gotten residual checks for an entire episode that aired and the residual is how much? >> you get the screen envelope the checks come and you never know it's like a scratch off lotto ticket. could be a good number, could be one cents, you know, and there it is. liz: one penny? this is one of your residual checks. for an entire episode of svu? >> yeah, luckily that came in recently now that i'm on strike it was great to get tok help me weather the storm.

liz: thanks for the money but as a business network we look at stocks. since the actual strike began at the beginning of this month, month-to-date, some of these stocks and there are a bunch of others too, but they aren't doing that well. warner brothers discovery, walt disney are down 10% since the start of the month, warner brothers discovery of course warner brothers down 8%, amazon is up 13%, but they got a whole different business. >> amazon we're the least of their problems. liz: paramount down 34% and comcast which of course owns universal down 1.25%. what do you need to have happen for the studios to say all right , we're ready. >> we're already making -- they thought we'll be able to shoot what we have in the bank and we're disrupting shooting because of the teamsters. if we get there ahead of them on call they won't cross our line. that's never happened before. liz: i want to quickly touch on ai. that's anthropology issue. you guys are terrified scripts will start to be written by ai. we've already started to see

people talk about it. i mean the russeau brothers who did avengers actually said they are excited about the prospects of this. you guys are not. >> no. i think first of all, it's basically plagerism. just taking what we've all written, chopping them into a thousand pieces so it's plagerism but also you'll end up with tv and movies like processed food. it's not going to nourism the soul in any way. it's just going to feel like a tv show but it's not going to have soul to it. liz: the ampt said why is this even an issue and here is what the they said about that . the current wga agreement define s a writer to exclude any corporate per viacom cbser of literary material. meaning that only a person can be considered a writer. and then they say ai generated material would not be eligible for writing credit. >> the issue isn't credit. the issue is if you have a staff of nine people instead you go to ai scripts and one guy polishing , you've lost eight jobs which means the health plan will collapse, the pension plan will collapse, and you'll turn

this whole thing basically into -- i'll go with the food metaphor. it's bad fast food not good for anyone and we actually just said we want to negotiate about ai and they said we'll form a committee to discuss it, which sounds like something ai- generated a response generated. liz: last question, why should our viewers care? >> i think if you care about tv and the quality of tv you have to understand everything is being done now. you get better locations, but the writers are getting to a point where they can't make a living so the best talented writers in the world used to come here to write. they are going somewhere else. liz: warren leight, former show runner of the most successful show of all-time law and order s vu, and of course criminal intent. thank you so much. >> thank you. liz: we're coming right back with the dow now down triple digits 103 points on a freaky friday nasdaq down 37 but it's up 2% for the week. stay tuned. sam who make...? ...everyday products...

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total stake in occidental to just under 25%. investors are applying some pressure to applied materials. shares are down about 2.5% at this moment after the chip equipment maker reported better-than-expected second quarter results. despite that beat and strong third quarter forecasting, for earnings and sales, the company warned of weakness in customer spending going forward. in fact, applied materials better-than-expected forecast actually implies year-over-year declines of 10% in earnings and 6% in sales. luxury e-commerce company far fetch looking rather stylish, yeah, up 18% on the wall street fashion show today. shares are surging at the moment after the company posted a narrower than expected loss for the quarter. far fetch also saw an 8.1% jump in revenue from a year ago. shares though are still down about 35% over the past year. perspective. we like to give it to you.

deere & company having a session after reporting a 36% rise in profit on strong sales, and the hike of its net income forecast, so why if you look at the intraday chart here, why did the stock pop at the open to $392 but is now trading down and at 363 bucks and change? well some analysts say increased production levels could translate to an over-supply of the equipment deere makes as executives say the dealer's inventory remains below historic levels so they need to ramp up. inflation also historically weighs on cyclical industries such as farming equipment maker deere. from the corn fields to the sports fields. there is a nationwide shortage of officials at youth cames. according to the national federation of state high school sports an estimated 20% of high school referees quit from 2018 to 2021. the problem of violence and

harassment against sports officials from parents at youth sports they cite that as the reason they are quitting in droves. to jeff flock joining us now from a new jersey town come up with a very unique way to combat this. jeff? reporter: i love it. i'm standing right where the umpire temperature typically stands in little league baseball , behind the catcher behind the plate and if you have been to a little league game you know, liz it's not very far from the umpire to the folks in the stands, the parents and yes, you are absolutely right. they have not been kind to umpires of late. harassment is one thing but take a look at some pictures we have of things that have gotten out of hand in little league baseball. parents confronting umpires over missed calls allegedly, doing everything from a costing them to shouting at them, following them to their cars, starting fights on the field. it is leading to that what you said, as a shortage of folks willing to take it on. so here, in deptford, new jersey

they come up with a plan. if you are guilting of one of those offenses they will ban you for a year unless you agree to become an umpire yourself. volunteer your time, get behind the plate and see what it feels like. don bazufi is the president of the deptford little league. listen. >> when you come here and you're cursing at the umpire and you're disrespecting him, what is that showing your child? >> have you had any incidents since this was put into effect? >> not yet. not yet we haven't. so hopefully we're not going to and this is a deterrent. reporter: so far, so good. yeah, i think it would help anybody to be out there and see just how tough it is to be an umpire. i watch major league games and i see umpires miss calls all the time. it happens. it's part of the game. stands to reason that folks not being paid any money that are volunteering their time, they might miss a call now and again too and maybe you ought to give

them a break. i see something over there. look at this. i'll leave you with this picture , liz. this is classic americana. there's a dad out on the field next door throwing pitches to his kid hoping he's a big star, well, maybe not a big star. liz: you never know. a little mini -- reporter: i guess you don't. it almost hit him. liz: oh, wait the dads pitching, kids hitting. jeff, shame on those parents who fight with the umpires in front of their kids. shame. reporter: i hear you. liz: thank you very much. reporter: i wasn't like that. liz: yeah, because you were in the stands. little beer? reporter: just cheering. liz: thanks, jeff. just kidding. tech marketing and social media maven gary vanerchuck s's holding his celebrity event right now in indianapolis. the event is almost impossible to get into but never fear the "clayman countdown" has your back stage pass to meet him

behind it all. trailblazer in the business world about to give his take on artificial intelligence, social media, and d.c. funding live from vcon, and you're looking at a major trailblazer in men's fashion. my latest everyone talks to liz podcast episode guest chris rick abono founded men's clothing company untuckit when he couldn't find a shirt that looked great untucked but chris had never picked up a sewing needle in his life so how did he launch what is today a major brand with 90 stores worldwide and no experience? little money, and only his apartment as headquarters? you are going to love his story of the peaks and yes hit falls he encountered building untuckit download and listen wherever you get your podcast closing bell 24 minutes away. as i said red on the screen but the nasdaq will be a winner for the week. dow is down though right now 129 points. ♪

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liz: in the war over ai good or ai evil, apple may be about to launch the next just as open ai announced the launch of the chatgpt app, a new "wall street journal" report claims apple workers have now been restricted from using chatgpt and other ai tools due to potentially security breaches of corporate secrets. of course no surprise here, apple's reportedly developing its own chat bot technology but could banning ai and its employees from using it stifle innovation at one of the most innovative tech companies of the 21st century. well, stock right now is flat at the moment but digital innovation is one of the main themes at this years v-con, a mega conference happening right now in indianapolis. the event hosted by legendary entrepreneur gary vaynerchuk, features 190 speakers from damon

john and focuses on innovation as well as the influence pop culture has on our lives as consumers. vaynerchuk chairman joins me now live from the event at lucas oil stadium. this thing is huge, gary v. what do women come there to learn and i would imagine soak up from minds like your own. >> thanks, liz, first of all thanks for having me. hi, everybody at home. at the end of the day i had a long public speaking and i wanted to have my own conference , and we started last year and it was based on relevance and contemporary so people here are soaking up things that are universally true which is perspective matters, mind set matters, practicality matters, merit matters, competition matters and then very contemporary realities so ai, blockchain, how to run a business, you know, project management, ceo life, cfo life, so the coolest business conference is how i most talk about it for the simple form and

we're really proud of it. liz: well, you know, i've been to davos nine times and yours looks a bit more sexy and exciting i must say, but -- >> it's funny you say that because i've done so much traveling the last 20 years and all these conferences, been to davos, a little bit of south by southwest and a little bit of coachella to the pop culture part of it. liz: let's talk about ai and the discussion that you are see ing folks have in the audience but also on stage. is it a trend or is it something for the long-haul? right now any stock that slaps ai into its sort of dna, right now they are down of course but they've really had decent runs, but then you have the fear of it we just talked to the writer's guild, one of the strike captain s and he said ai and bots writing scripts is an issue and they want to make sure they get paid for their own writing. >> look, it's a profound

technology. it had great things and things that people feared. the tractor was an incredibly massive technology when the whole world was working on farms and people were excited about them. people were scared about them, so you know, ai is another thing in the long history of humans advancement that will scare and excite people and over the next decade we'll get clarity. this trademark can copyright things we have to get through and on the flip side technology is technology. nobody cried for 40,000 yellow page salespeople, when google and yahoo came along. things change. liz: yeah. >> so we have to adapt. liz: that's what you do is you adapt. you have launched so many companies that have been sold. resi, of course my favorite for the reservations for restaurants, but your journey, when you go and you launch a company, your montra is make money, don't raise money. so do you sun venture capitolists and how then do you

have the seed money to grow? >> it's a great question. back to your point, a lot of things i say are always contextual. i say don't raise money, when you have a profitable business and a lot of people are raising money because it was cool in the last 50 years and gave up a lot of equity for no reason when they had the cash flow and didn't have any real need other than wanting to buy fancy things which in two or three years later the business was bigger than the equity. on the flip side, there's plenty of times to raise capital if you need a competitive or product market fit and you have too much capital upfront to actually fulfill the completion of that advantage over the marketplace, so i think we have to be contextual and thoughtful. too many people watch the show watch my content, live life and business, think all sizes fit all. in reality you have to be very self-aware and very contextual to the moment, what's going on with the economy today. 36 months ago, money wasn't getting you any interest. today cash is king. things evolve. things flow, and for real

operators, real ceo's, real entrepreneurs your ability to ride the waves instead of letting the waves crash you is the variable of success. liz: gary, i do want to let our viewers know, the few who might not be familiar with you, you immigrated here at a very young age from bellaruse, you were living in a tiny apartment in queens in a studio apartment with eight family members, title 42 just empired with people running for the border. it is a sad situation. what would you like to say about the immigrant spirit and how important it is to have in this country? >> it's very hard to be hungry, there's a lot of generational wealth flowing around america. this country is dominated for a hundred years because it's faced with the hunger and we need to be very careful to make sure that other countries don't lap us and become a place for the hungry because the hungry are what drive everything.

liz: love to hear it thank you so much, gary. good luck at the conference. >> thank you. liz: gary vee, he only has about 80 million followers on instagram, twitter, everywhere, tiktok as well great to see you. who is going to take morgan stanley ceo james gorman's spot now that he announced he's stepping down within the next 12 months? charlie breaks it next, and we have some sad news to report. cleveland browns legend jim brown has died at the age of 87. brown is considered one of the greatest runningbacks of all-time and lead the nfl in rushing yards eight times and rushing touchdowns on five occasions. he won the nfl championship in 1964. as a cleveland browns fan, i am going to miss you, jim.

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liz: we should check on morgan stanley shares. they continue to lose about 2.3%. this after the chairman told shareholders he plans to step down sometime within the next 12 months.

charlie gasparino has been working the phones. charlie, including phones inside morgan stanley. this is a fascinating company. he knew that taking risks in trading would be a problem in a post-financial crisis environment. he made morgan stanley the biggest wealth manager firm in the world. they basically focus on wealth management. now they bought e-trade. and they have a blue chip investment bank. and they downgraded risk and it paid off tremendously. james gorman is going to retire in the next year for all intents and purposes on top. which is rare on wall street.

most of these guys leave because they are down. he now has to pick the next james gorman, the next ceo. there are a lot of names bouncing around. but two i think are the main contenders. andy pick who runs -- excuse me -- ted pick who runs the institutional part of the house. that's trading that involves investment banking. them a guy named andy saperstein. most people think he has a leg up in this battle. he's a smart guy. risk is a big thing. you have the fed essentially

operating in your offices. even firms that deemphasized trading, they still take market risk every day for clients. it's hard to discount saper stein as the frontrunner when you think of his background. james gorman i think was his mentor. running the brokerage division, he was chosen to do that during the financial crisis. if you put that together, people say he has the inside track. i would call james gorman, but he won't tell me, i guarantee. the people i spoke to who speak with james gopherman.

his style is not to be telling people something like this. he will keep it close to the vest. if you are laying odds, you have to lay odds on saperstein to be the next ceo. not even close to a done deal. but for the reasons i laid out, he should be in what they call the pole position. you said james brown was one of the greatest running-backs of all time. i think he was the. liz: that popped you have, and i thought, being a browns fan -- >> he revolutionized that position. he was fast, strong. unless you were sam huff. liz: i am going to start crying. i don't want to get upset.

now we need to show you what the majors are going to do for the week. everybody is clear the nasdaq is the big winner with 3.5 gains for the week. david, it's not just for the week. the nasdaq this week earned 20%. which names do you think will do well? >> we are back in the fang era. it's essentially the largest tech companies out there by market capitalization, microsoft, am, alphabet and meta. those stocks are all tied to the subject of the week, the month, this year, a.i., and will benefit from this industrial

revolution, this technological revolution with a.i. you have been talking about it throughout the show. it impacts writers and almost every industry out there. liz: what else affects every industry is the fed and the debt ceiling talk. the talks have been put on hold. most people believe there will be a deal. but the federal reserve is intent on reaching that 2% inflation rate. are the tech names the wons youe ones you would be piling money into? >> the fed calls it skipping a meeting. inflation has continued to come down. you think within a couple of months we'll have a three handle on cpi. when you look at credit tightening and the banking

issues, they will have a reason for bringing rates down. that's gook for these names. large mega cap companies are based on secular growth, long duration. and as rates come down they tend to do better. they will have even more runway ahead because of the environment we'll be in with the fed and the marketplace. liz: the much-awaited bell closing out the week. green for the week but red for the day. that will do it for us. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. negotiators are putting a big pause on the debt ceiling talks ahead of the weekend. nothing is scheduled ahead o