but there has been universal approval for economic and military aid to that country. here is the real story, folks, i think it's the pga greed. the players got nothing playing golf request until tiger showed up. look off those lows, 200 # grand a year. even now pga players are barely making more than major league soccer. doesn't have the pedigree, doesn't have the longevity, doesn't have the television audience. yeah, it is a shame that saudi arabian money has to shine a light on this, but i will say from the fans' point of view, i think this is a phenomenal deal. when i get a chance to watch all the best play against the best, it is a great sunday afternoon for me. liz claman, over to you. liz: well, money sure does talk, doesn't it, charles? charles: it certainly does. of. liz: thank you very much. fox market alert are, we're seeing this pattern where the dow has for the past couple of days, certainly in this final hour, been lower while you have the s&p and the nasdaq moving

higher along with the russell 2000. let me show you the s&p 500, it is still on the cusp of but not quite ready to exit the bear market. right now it is up about 7 points, the broader index needs to close up 18 points to start a new bull party. now to the dow heat map, the blue chips are being pulled employeer -- lower by a couple of names, most prom prominently merck. merck is getting hit to the tune of 3. the pharma giant, it's a pretty big story, has filed suit against the u.s. government to block medicare drug price negotiation. folks, even though americans pay. maria: for medicines than any other country and the biden administration wants to wring costs down by certainly negotiating on behalf of medicare, the industry claims such a move will, quote, hurt profits and curb new drug development. merck down about $3.38 to 10 is 9 and change. big financials, the leader of the s&p 500, we've got most of the big names in the green here.

jpmorgan chase flat to slightly lower. no doubt we're looking at some of the reasons for that, but we've got bank of america up 2%, citi better by 2.33%, morgan a stanley up nearly 3%, wells up 1.6%. they're getting is some of their underpinning from the regionals. yeah, the smaller banks. the kbw regional bank index hitting an april high, haven't seen that since around april, up nearly 5%. look at the kre. while still at a 26% deficit year to date, the basket of regional names is up 2 -- sorry, i mixed that. the kre is up 4.7%, the kbwb is up 2.5. key corp. lost 17 last month, the cleveland-based bank is erasing a chunk of that, up nearly 4%. we need to check the intraday of bitcoin, the cryptocurrency of record is now up 4%. this is a stunning 24 hours of

trade that we have seen is. yesterday it dropped by $1,000 to $that -- 25,399 3 when the sec filed a lawsuit against binance alleging that its founder illegally diverted customer funds to another trading platform. now, after bitcoin recovered a bit this morning, it did get dunked again. the sec reloaded its lawsuit weapon and aimed at u.s. crypto exchange coinbase alleging it has been operating as an unregistered brokerrer. as shares of coinbase plummet 12.5%, we do have bitcoin now reversing and moving higher. coming up, early bitcoin investor and crypto advocate anthony pompliano getting in "the claman countdown" chair, we're going to ask him if this is the dill shot that -- kill shot that brings down most of the industry. apple shares are moving just

flat. they were lower earlier a day after the iphone maker unveiled its much-awaited reality headset after a very cool rollout. the product getting mocked on twitter for its ski goggle-like design. d.a. davidson cutting the stock from a neutral to a buy saying any good news sprouting from the $3500 product already baked into the stock. but whether it's the red apple or the green bitcoin, this market seems remarkably calm. wall street's fear index down, that means fear has come out of the markets, and we do have it barely at 14. so just as we mark exactly one week until the federal reserve's rate-setting meeting, fox business produce orer chase williams caught up with jpmorgan ceo jamie dimon just minutes ago and asked him if he thinks the federal reserve will hike rates. >> nor do i think it's completely significant if it goes up 25 basis points or not. the toughest job walking backwards.

[laughter] liz: yeah. some of us going backward in heels. let's bring in the floor show, ubs managing director jason katz and lonski group with president john lonski. jason, do we sit here and watch kind of mealy-mouthed trading, straddling the flat line here and there until the federal reserve's big announcement next wednesday? basically. we flew dangerously close to the sun, and we avoided getting incinerated. we had a jobs number that had a little bit for everybody. now we're in this vacuum with respect to earnings and economic numbers, so where is the market going to really trade? i do think there's a growing consensus that this hard landing may not be a foregone conclusion, and as a result, investors are waiting idly but staying invested. liz: i mean, here we are, john, it's june, and this much-ballyhooed and expected recession not yet here, although some would argue that they're feeling certain pockets of it. but where do you see the opportunity especially when you

see the volatility index looking so unbelievably passive at the moment? many. >> yeah, that's what scares me. the vix is the lowest it's been since, i think, february of 2020 prior to covid. i don't know if that's easy to justify. there's still a lot of question marks out there. we've had almost two years where the average wage has lagged with behind the cpi. and, by the way, just prior to that fed meeting, i think that tuesday the 13th, we're to going to get a report on the may cpi, though i think it's going to be fairly good news this time around -- liz: adjusted for inflation. >> again, i'd still be cautious. i'd be careful about increasing my exposure to risk. the vix may be down, but there's another measure of risk, that's the high yield bond spread, and that's still relatively high especially when compared to its long-term relationship with the vix. liz: i don't know if we can pick up a one-week hyg, that, of course, is the etf that has high yield bonds in there, but it had

a massive inflow just over the past week or so. what do you make of that, and what does it mean to a basic equity investor? >> i think it means that people want to lock in yields before they ultimately head lower when we head into what will likely be a mild version. but the operative word is mild, because if it is mild, then you're not going to see a lot of delinquencies and defaults. people are looking to chase a little yield and lock it in before, perhaps -- >> in line with what jason's saying, i've hooked at these default forecasts and the expected default rate goes no higher than maybe 5.76% a year from now. in previous recessions, that default rate would hit double digits, is so maybe there's some truth in what you're saying. but still, i would be ready for a renewed widening of spreads that could offset whatever decline in yields you get in terms of treasuries. liz: when you compare, john, the nasdaq with whatever you want to compare it with, there is quite

a dichotomy. the nasdaq has been such a decent outperformer. what metric are you looking at to balance it out? >> you look at the russell 2000 and, of course -- liz: how about the dow? look at this. >> yeah. other -- the value line geometric, what is the median stock price doing. that, too, is lagging behind the nasdaq. take out the nasdaq, those high-tech stocks, you're going to find the overall market is not doing all that great. liz: people tune in to the show and say, liz, make me money. jason, make them money right now. >> to john's point, the disparity between the dow and the nasdaq has never, ever been wider than it is -- liz: right. put that back up. dow is up 1% year to date, nasdaq's up 26% year to date. >> you look at the large cap growth index versus the value index. it's a 20% differential. so to answer your question, you want to go -- you know, the quarterback is leading the receiver. you're a bengals fan, right?

liz: browns! >> oh, i'm sorry, i got that wrong. liz: forgiven. >> my bad. so where where do you want to go? if we're heading into recession, jason, why are you recommending energy, financials, industrials, materials? because this is the most telegraphed recession that we're going to enter into in my 30-year career. and so we're talking about it, the market at large knows it. is so you want to be in some of those areas where you have that gross disparity this valuation. liz: yeah. we should point out that goldman sachs has trimmed its recession forecast, john. but that said, where do you see danger zones? meaning, things that look attractive right now. is it technology but are actually kind of a snake pit in. >> well, look at nvidia that it was up tremendously over the last year, my goodness, and that perhaps is overvalued. some stocks that are similar to nvidia in high-tech space, so i would be careful in that particular area. looking ahead, you might want to consider we're not going to have

a sustained recovery for the economy. we're not going to have a sustained period of growth for corporate earnings unless we have lower interest rates. so what you might want to do is you might want to focus on those stocks that could benefit from what might well be significantly lower interest rates a year there now. liz: such as? >> long-term forecast for fed funds is not 5.38%, no, it's 2.5%. so keep that in the back of your mind when you're investing money. liz: yeah. and, jason, you're saying industrials -- >> you want to, you want to looked at areas that are much more economically sensitive, her value-oriented. and i think a.i. is not necessarily the bubble of, you know, the tech or the cannabis craze or any of those other phenomenons. i think that's as real as rain. but outside of that just clamoring into those seven names

that have driven 90% of the market -- liz: the sun is shining here. we've got to run. both of you, thank you so much. two of the most success theful guys on -- successful guys on wall street, we appreciate it. >> thank you, liz. liz: outrage and accusations of back stabbing pouring in at this hour from fairways around the globe over a stunning merger in the golf world. bitter rivals america's pga and saudi arabia's liv golf have is announced they're getting married. as the pga tour gets hit with accusations it's enabling saudi sports washing, we tee up with sports-focused patricof company found per mark patricof on whether the tie-up is a shameless money play or actually good wiz. closing -- good business. dow jones industrials down 31. the s&p at the moment in the green, it is up just about 7.5 points. nasdaq up 51 points. stay tuned. ♪ ♪

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liz: fury on the fairway. shock waves rocking the sports world after america's pga tour announced it's going to merge with its big rival, saudi arabia's liv golf. done, made a huge deal, saying it was just awful. mark patricof the founder of a private equity firm which has nearly 200 clients including see e us in williams, aaron rodgers and golfers jon jon rahm and

michelle lee west. you take athletes and you find investments for them and their money. how has, up until now, liv golf been perceived? >> you know, it's interesting when you think about the amount of money that went to liv that could have gone to other assets in and around the sports base. the frustration i think people felt that the pga if itself hadn't figured out, you know, how to become a for-profit, bigger entity than it was, especially women's golf, the lpga and the lack of attention and eyeballs that have gone to women's golf for no real good reason other than men's golf was such a kind of isolated thing, all the eyeballs and television sponsors, etc. then you have this new entity come in, put a huge amount of money, saudi arabian money, to fracture the sport and distract a lot of the attention that was going. also if you think about the history of boxing, it's a lot like the different boxing leaguings. there was a wba, wbf, wbc and

the chaos that called. that's sort of what happened this year. i don't think the players loved it. liz: except one league in boxing probably did not hook up with a country who, you know -- >> true. liz: -- 15 of the 19 9/11 terrorists on september 11th of 2001 were saudi-born, saudi citizens including osama bun laden, and i think that makes ik that makes it or made it radioactive until suddenly are it wasn't. how shocking is something like this for a guy like you who's trying to get interesting investments and maybe team owner hawaii. for your -- ownership for your client doctors? >> we all choose our battlefields, and for me, i choose to stick with a certain at guy of co-investors that make sense for our business. but the investment fund which backed liv had a lot of different assets across the sports landscape, not just liv golf. but it's a big win for them. they were able to work their way through li v into now a

meaningful position in the pga. it does make you think what the future looks like for some sports leagues who have gotten bigger, and the valuations of these teams have gotten bigger. billionaires almost can no longer afford to be the sole owner. the door's open. look what silver lake did with the all blacks in new zealand. they capitalized it and are now doing interesting things, so in some ways it can be great. a matter of what your politics are and how you feel about with whom you want to do business. liz: what are your politics of some of your clients? because let's say your golfers, you've got some golfers on your rosser here. would you recommend -- roster here. would you recommend that they be part of this, or is it just an individual -- >> i think it's got -- liz: rory mcilroy was just completely against it. >> yeah. i mean, i, i'm with rory in thatting but everybody has their own, again, their own voice and should be able to share that voice how they see fit. there's not much choice now though if you're a professional golfer to think about where

you're going to play. they don't really have an option, and that's one of the negatives that comes out of this today. liz: isn't that an antitrust issue? don't you look at that and say now there's really only one choice? >> think about the nfl and the usfl -- not the current usfl, but the original. the mares they attract, the money they attract. their goal was to merge with the nfl. didn't quite get there, but that was the plan and it failed. liv, i think their goal was also to have this play out. i'm not surprised. on the one hand, i'm shocked, on the other hand i'm not surprised. it was a great outcome for them. liz: greg norman was somebody who joined liv golf. tigerrer woods was disinterested. what do you think habit with the ones who were on door rately opposed to the to golf and its relationship with saudi arabia? >> i think it'll be forgotten pretty quickly. liz: money does talk, as i was saying with charles payne. >> exactly. liz: do you think the purse gets that much bigger? >> no, i don't. i wish the focus was more on

women's golf, not because it's a particular focus of mine other than the fact that you saw what happened in women's tennis -- liz: oh, it became almost bigger than men's. women's soccer. >> exactly. so i think there's a play right now for the women to try to find out what the role is for them in this new consolidation, all this new if money. it's a significant amount of money, and it's not just the money in the deal today, it's the depth of capital that other partners -- liz: you know, saudi sports, you were saying not just golf. christian knowlial doe's contract is worth more than $213 million if. what's behind the saudis' motivationsome they want to be brought into the respectable first world, i guess? is that what you're seeing here? >> well, it's not just saudi, it's the middle east in general. think about the sovereign fund across the middle east, the emirates. whoever plaid on the top of the -- played on the top of thl

tool. they amplify a message -- liz: some people call that sports washing. [laughter] >> there you go, i get it. think about today the value and the scope of the, of a brand of an individual athlete versus what it was 20 or 30 years ago compared to a hollywood celebrity, for example. i mean, you could take a taylor swift and we see what happens with taylor swift. there's one taylor swift. you have so many now globally recognized professional athletes, and i think for the middle east and for saudi arabia in particular it's a great way to access the west. liz: and in the end, the west has to choose and it's the old the enemy of my enemy is my friend. if iran is the bigger enemy, saudi arabia should be the ally, at least some people feel that way. [laughter] >> yeah, i guess so. at the end of the day, you know, everything gets politicized, and now here we are with golf being at the center of a political dialogue around whose money is appropriate and whose money isn't appropriate. for me, i think at the end of

the day it probably shouldn't be about that, but here we are, and it's not going away. there are going to be people who are going to have a hard time getting their heads around watching pga golf because of it. liz: that'll be interesting to see, how the ratings will be affected. >> very disinteresting. liz: maybe it'll be bigger -- >> don't forget, liv couldn't even get on television. they finally made a deal with the cw, but this is clearly connect to some extent to getting eyeballs. liz: well, sure was an earthquake this morning when the merger was announced. mark, thank you very much. >> thank you for having me. liz: from golf balls flying across the greens to unidentified flying objects in the sky, up next a report on the classified information spilled out on the floors of congress. a whistleblower to reveal what he says are government secrets about spacecraft that may have come from a galaxy far, far away. no, this is totally series. chad pergram, one of our top reporters in d.c. on fox news, has the breaking news on this.

closing bell ringing in 37 minutes. hey, the dow may turn positive as i'm tossing to a commercial break here. stay tuned, we're coming right back. ♪

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shares of oncology company nova cure are plunging about 41.6% after analysts raised concerns over the company 's lung cancer therapy. while the company's experimental device was found to extend or survival among lung cancer patients in late stage study, critics expressedded dotes about the application in a real world setting. that's because only a few patients in the study used merck's keytruda when in reality keytruda has become the standard of care for lung cancer patients. lumina shares losing ground after the biotech company appealed the federal trade commission order to divest its cancer test maker grail. shares moving low lower by 4 president. -- %. 4. the company completed the takeover back in august of 2021. and, of course, ill lumina was most recently engaged in a pretty bitter proxy fight with

carl icahn. the ceo, however, survived the vote by a margin of 2-1. icahn really wanted that ceo out, didn't happen. the stock has just been horrible, certainly. it's down, i believe, quarter to date 13%. people is not -- have not been happy, but at the moment down another couple percentage points. mccormack up about 1.5%, the stock trading higher after the company behind brands like frank's red hot received a double upgrade to a buy from underperform over at bank of america. analysts at bofa citing the company's improved cost outlook and margin trajectory. planes, trains and rvs? summer travel is underway, ask and rv manufacturer thor or industries is getting a jump-start in a big with way. shares surging 18% after the maker of thor motor coaches ask

is airstream trailers reported a top and bottom line beat for the quarter, also raising its full-year earnings forecast. well, from the ground way up to the skies, was it a bird, a plane or a ufo? according to a former intelligence official, it could be the last one. not from this planet. and thousand he is sounding the alarm on capitol hill. let's take it live to chad pergram who is on capitol hill. chad, who is this whistleblower, and does he have proof that we're not alone, and who's listening to him over in congress? >> reporter: liz are, good afternoon. officials are mostly quiet. a spokesperson for intelligence committee chairman mark warner says they would have no comment. a former senior u.s. military officer tells fox, quote, i have never seen any evidence of any alien anything. but former intelligence officer david brush contends the government has stuff that's from out of this world. >> these are resteving non-human

origin technical vehicles, call it spacecraft, if you will. it's probably not the right parlance, but no kidding, non-human, exotic origin vehicles that have either landed or crashed. >> we have spacecraft from another species. >> we do, yeah. >> reporter: but not everyone is sold on brush's allegation. loeb says the information is credible, but he needs something concrete. >> we have seen the evidence without seeing the materials or the data that supports the claim that some craft there an alien civilization was identified, we can't really tell. and without the evidence, any claim is not worth much. >> reporter: per policy, the intelligence community inspector general will not comment on the allegation, nor will the i.g. confirm there was a complaint. the house held a hearing last year on ufos.

lawmakers received a commitment from the pentagon that they would take reports of unidentified aerial phenomena seriously. >> that's why there are laws in place to protect whistleblowerses, ask one of the purposes of the committee that i serve on and the hearing that i held, the first hearing anything 50 years, was to encourage folks in the i.c. and outside of the intel community to come forward with their stories. >> reporter: congress approved language in last year's defense policy bill requiring investigations of uaps. previously, lawmakers say the militaries missed ufo reports as kooky. liz? liz: well, harvard medical school actually fired john e6789 mack. i had interviewed him back when i was on channel 7 in boston because he wrote a book interviewing people who said they had been abducted by aliens. and, you know -- [laughter] he was fired for that. so it'll be very interesting to see how far this goes.

chad, thank you very much. >> reporter: of course. thank you. liz: chad pergram. crypto world getting absolutely roil over the past 24 hours after the sec sues coinbase just a day after the commission sued binance and its founder. famed digital asset investor anthony family january know next on whether the sec moves spell the end for the cryptocurrency industry or not. it happens, businesses go south, but only the strong bounce back and keep pushing forward like my guest this week on my everyone talks to liz podcast, brand new episode. julie wainwright had taken the role of ceo for pets.com in 1999. of course, the following year the dot.com bubble burst, taking down pets.com with it, and she unfairly became sort of the poster child of the implosion. she was left with uncertainty. she went to a job recruiter with who told her, forget it, you're washed up. so she went to work at her

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liz: sec chair gary gensler has been on the warpath against crypto for quite some time. in the past 24 hours, he brought out the big guns. coinbase shares are nose diving about 12.33% right now, down 20%

over just the last two sessions. the stock action comes on the heels of lawsuits filed against not just coinbase, but against the cayman islands' based binance if exchange as well. regarding coinbase, the sec alleges it's been operating as an unregistered securities broker offering and selling securities without registering those transactions. the exchange firing back, accusing the sec of weaponizing its office to harm the american economy. its chief legal officer saying, quote, the sec's reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting america's economic competitiveness and companies like coinbase that have a demonstrated commitment to compliance. the solution is legislation that allows fair rules for the road to be developed transparently can and applied equally, not litigation. the exchange is also facing scrutiny are there a task force of ten state regulators with new

jersey and alabama dropping their attacks right at the same time alleging today that coinbase violated state security laws as well. so the se e c filed a similar suit against binance on monday accusing them of mishandling customers' funds and misleading investors by commingling their funds with another operate that the owner runs as well. gensler's intentions for crypto becoming crystal clear now, could this be the final kill shot for cryptocurrencies, how can they survive? let's bring in one of bitcoin's biggest bulls and early investors in the crypto space, pomp investments' anthony pom my january know. give me your gut reaction to these lawsuits. >> yeah, liz, thank you so much for having me. i think there's a couple key things that people need to remember. the first is that in the united states of america, people are presumedded innocent before being proven guilty. so what we're about to see here is a court is going to hear arguments there both the government and the regular

laters and then from a business. and ultimately, i i think that the court is going to decide. but this is not a new debate. we have seen for years and years people across the industry both inside of crypto, outside of crypto all trying to debate what is a security. do these assets meet that standard or not. now, what is interesting about this is we're going to get an a answer here, right? the courts are ultimately going to hear out both arguments, and they're going to make a decision. for years i have said, look, yes, we want regulatory clarity, but do not confuse clairely with the rules that you want. we may get clarity, but they may not be the rules that you want, so be careful what you wish for. there's a difference between centralized exchanges and decentralized exchanges. the decentralized exchanges there's not really any regulatory the enforcement against them, and they continue to operate bull market, bear market regardless of regulatory environment. one last thing, there's onshore and offshore.

recently a piece was put out that talked about the fact that 86% of all trading volume is outside of the united states already are. that's interesting because regardless of what happens in the united states, i do not think there's going to be any impact on the international adoption of these assets. and, in fact, if there is actually abrasive action here in the united states, maybe what we will see is an acceleration of adoption outside the u.s. as more people move offshore, start to adopt these assets realizing that they truly are international assets -- liz: what do you make, pomp, of the fact that most of the cryptos, the majors like bitcoin and litecoin and etherium are moving higher? bitcoin looks like it may very well overtake 27,000 again. it's at 26,932 at the moment. so the market initially was shaken, and now it's it's stirring higher. >> yeah, i don't really pay that much attention to the day-to-day prices and, frankly, i pay attention to bitcoin more so than anything else in the

industry. bitcoin seems to be the asset that has pasted all of the filters. most of the -- passed all of the filters. most of the regulatory organizations all agree bitcoin is not a security and, therefore, isn't going to run into that abrasive action. there's a lot of question about these other assets. certain jurisdictions like them and don't like them. liz: of course. >> but i do think any sort of asset that is outside of the legacy financial system, especially when it's decentral the eyesed like bitcoin, it is going to respond in a positive manner whenever there is a clear line in the sand. bitcoin is the -- liz: i just want to say on your screen the sec has name these 13 tokens as securities, not as currencies. so, i mean, we've got to see how they are establishing that categorization, right? >> yeah. i don't have that answer. i don't think anyone really has that answer. so ultimately, you know, the regulatory bodies, they have a perspective. the companies, projects and people in the industry have a perspective, and it look like

we're going to go to court and get an answer here, so we'll see what happens. liz: what about the ongoing ripple-sec lawsuit? we've been waiting for some clarity on that one. the sec originally took aim, i believe it was its very first attack on crypto, when it filed that against xrp saying it was not a currency but, rather, a security. do you foresee any sort of clarity on that particular lawsuit soon? >> yeah, what usually happens in these situations is when the sec comes forward with some sort of action, usually companies will either take one of two paths, yes, we are going to settle and we're going to kind of choose a quick into this ballot, or they dig their heels in and say, look, we're going to fight this in court. what appears to be the strategy of kind of srp/ripple, whatever the entity that you want to describe there is that they are choosing to go and debate it, to go and present their case. is so that can take a long time. these litigations can literally play out for years ask years and

years. that entity has quite a bit of capital and seems to be desire to go private, so we'll see what happens. liz: we're looking at a one-way picture of srp. the intraday looks interesting, it is now up, but certainly off its one-week highs. it is now trading at 5 52 cents when about a year ago it was the more like 34. pomp, one last question -- yes or no answer. was this kill shot for crypto or no way? >> i don't think that anything anyone is going to do is going to kill bitcoin, and bitcoin continues to be the king of this entire industry, and i don't see that changing anytime soon. liz: anthony patchily january know, thank you so much -- patchily january know, thank you so much. >> thank you. liz: more on regulatory ring fencing around crypto is actually happening today. charlie gasparino is up next on what that means. the closing bell ringing in 13 minutes. the dow straddling that flatline, it is right now about 3 points to the downside. ♪

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listen. >> even with any of these tokens and given the way the market is evolving you could package them and utilize them and offer them in many different ways. >> i would offer everybody in the space ultimately ends up being a loser in the u.s. market. there is no regulatory regime and they're forced to find other places where there is clear definition in the space. liz: some positives, some negatives. that was definitely negative. charlie fast, past 24 hours, binance and coinbase sued by the sec. >> on the countdown, weapon said watch out, gary gensler is phase two of crack down, getting mixed up with "countdown." when they went after binance. liz: he takes out the sling shot. >> he takes out the sling shot on coinbase. unlikely to be the last. likely to be one of many. here is what i know from inside

of the securities industry. now you have to understand this, securities lawyers, they often worked at the sec and they have sources there around they know what is going on there. what they're telling me and ellie my producer plugged into the crypto world. she has become one of the best crypto reporters in the business, and right here at fox. that is pretty amazing. they're saying gary gensler for all intents and purposes wants to end crypto as a major industry. make a back water, maybe somewhere where there is a few things happening and he wants this thing done, you know that not just because we're reporting it, we're hearing from the lawyers, getting that from the sec itself. you know that by some of the comments he made today. he was asked, maybe on cnbc, i can't remember, what do you think of this coin? do we need the jewel digital coins? >> we already have digital coins, have euro or dollar which will be digitized.

he is basically saying, crypto, digital coins is fiat currency. it is not crypto. crypto by all intents and purposes he wants them out. this is pretty interesting because you have this ripple case going on. ripple sold xrp way back when to build out their ripple platform. that is their native coin xrp, way back then. it wasn't against letter brought the suit, clayton, trump's sec chief. gensler is pushing forward. that the sales were unregistered securities. if ripple should win that case, a lot of this stuff is called into question, we do know that. if they lose, as most people think they will, i'm not saying i think they will, i'm telling you most securities lawyers think they will, that opens up the floodgates. liz: moving higher right now though. >> what is? liz: xrp. >> interesting. maybe because i mentioned it. what did he say? liz: he said that you have to wait, obviously wait and see but

he also, i thought this was interesting, said, crypto tends to move higher when a government official comes out and takes straight aim at it? >> well it is an anti-establishment venue for trade. liz: yeah. >> the problem that it has is that if you can't trade it anywhere you can't store it any place in the u.s., what are you going to do? are you going to go to china? i don't know, dubai? liz: china hates it. >> they hate it. they have their own stuff. be prepared, maybe this is not crypto winter but this is crypto regulatory winter what we're seeing. gary gensler from what i understand is unleashing the dogs of war on crypto right now. liz: sure feels like it. >> he is telling the enforcement division, take their heads off, leave them on spikes. i'm telling you, that is what people are telling me. liz: pleasant image, charlie, thank you.

closing bell four minutes away. s&p 500 needs 18 point at the moment to exit bear market territory right now. not there it is. wait a minute. what is it up? i can't even see. okay. right, so it's almost 20% up off the floor. all right. crypto has certainly seen its fair share of boom and bust activity since its a.i. related stocks are certainly in a boom right now. the global x robotics fund, ticker symbol. bots, etf is up 40% year-to-date. we were just talking about the frothiness of a.i. but jason katz of ubs said it is as real as rain. that is his quote. our next guest says the exuberance around artificial intelligence is actually becoming irrational, worrisome, he is selling what he has, going into other things. joining me we have bennett private wealth management chief investment officer, michael landsburg. your case against a.i. as the

most against it? >> it is not the a case against it but the case against the pricing. we have companies like nvidia go up $600 billion in six months. they're still losing money in terms of revenue growth it is negative year-over-year, fourth quarter versus first quarter. not necessarily we all like it. we think the prices here are gotten crazy, very reminisce sent of 2000 and 2002. liz: you have some investments nibble around the edges here. you say that you're selling that out. as you got the money from that, where are you putting that money? what is a better play you think at the moment if you think a.i. names are two frothy. >> what we do, we rebalance twice a year. we have names like nvidia, microsoft, google, up 140 to 160%. we take those down where they normally should be. we add places that haven't participated as much. we are fans of health care, unitedhealth group, names like that. i like lily with the obesity

drug, nexterra, which is florida power and light. solid businesses. they're not participating in the froth here. not a matter we don't like a.i. it is prices when you have companies growing 6, $700 trillion, excuse me, billion dollars in market cap in six months, time to take a pause. we've seen this before. they have done this before. it is time to rebalance portfolios to take them back to a realistic level. liz: the major averages, the dow is is up 1% year-to-date. nasdaq up 26%. s&p up 11%. do you worry it is becoming toppy at the moment, maybe there should be a pause? where do you see the next three months, the summer months going? >> well i think, liz, what is interesting, the s&p is up, 10, 11%, but it is all seven stocks. liz: yeah. >> s&p, 493 is basically flat. if i take the seven stocks out, it hasn't done much. so i think we're in area here where i think three months, i think second-quarter earnings are not going to be great.

first-quarter earnings weren't great. we seem to be ignoring those. they were down year-over-year as well. you have to be careful where you're going. obviously you don't expect some tech names to continue to rally. tech is still down where it was november of 21. i think you have to be careful with putting a lot of money in here not respective of price. price always matters. obviously earnings matter. i think getting a story is great but i haven't even any earnings yet from a.i. liz: michael, good advice certainly. folks, turn your attention to the s&p. it is now just eight points away from exiting bear market territory. [closing bell rings] with a gain of 10 today. dow ends in the green at least for the moment. nasdaq better by 48. the russell a big winner up 2.7%. see you tomorrow. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so, on the front page of today's "new york post" is a