with their new headline for the new paper out this weekend. it stays don't fear the bull market why stocks are headed higher. do you know why that's true? doesn't matter if it's the next week or the week after that, the fact of the matter if you go back every 10, 20, 30, 5 5, 100, 200, years, the stock market has gone up. doesn't mean it's the same names, doesn't mean you have to be somewhat active in the way you manage it, but those folks sitting this thing out, listen, the, eberts can do it and still -- experts can do it and still get paid, i don't think you could afford not. to right, liz? liz: listen, i fear the reaper, forget about everybody else. [laughter] charles, thank you very much. good show, my friend. the bulls are trotting at a pretty good clip as we kick off the final hour of trade. the dow is at a there triple-digit gain up about 179 points, good for half a percent jump.

the s&p 500, folks, it needs to close up 25 points to exit the bear market. right now that's exactly where it is. it is up 25 points. you've got to stay with me the whole hour to see if it holds. the nasdaq, it's up by just under 1%, a gain of 12 points. but with apology z to jimi hendrix, forget purple a haze, it's yellow haze all in the sky. day three of the smoke from the canadian wildfires once again enveloping new york city, and the haze has made it way south to washington d.c. now, this picture belies the situation. actually doesn't look that bad. you're looking at a live picture of capitol hill, but the epa has pushed the air quality level there to code purple signifying unhealthy conditions for not just those with respiratory issues, but nearly all residents in the area. airline stocks that service east coast airports are actually holding up pretty well considering the huge number of flight delays over the past 24

hours. the latest numbers, i mean, look at that picture of the airport here. latest numbers we're getting from flight aware, 2,408 flights have been delayed due to the domino effect from the wildfire smoke. the air other european markets, remarkably clear. london's ftse 100 did close down about a third of a percent, but the cac closed in the green despite confirmation the you know has officially -- your to prozone has officially entered recession. it's a mild one. the recurring recession question stateside got a bigger hint of what's coming here in the u.s. first-time jobless claims soared higher than estimates, an actual gain of 261,000 versus the 235,000 estimates, the highest level since october of 2021. let me show you gamestop the, we've got to go there for a second. shares are chancing by about 17% after the ceo was shown the

door, and chewy founder and activist investor ryan cohen has been namingtive chairman. quite the fall from the meme stock grace for the video game retail chain which had traded at $81 a share back in january of 2021. but whether it's individual stocks or the korean recession, no fear on wall street. look at the volatility index. earlier it was up, now it has reversed topping and dropping to a one-year low of 13, about 13.35, let's call it, 53, rather. what does this bode for our markets right now? let's get to the floor show. joining me live, processes per trading academy's ceo cath bauer, and here in our new york city skewed studio, alan mcknight. scott, with the vix showing, i mean, you've got to call this extreme complacency right now, what trading flows are you seeing at this very moment, and where are investors piling in? >> so a couple things, liz.

the traders over here at the vix, they're really looking for the vix to get down to the 11 is, 12 lever, just where we were pre-covid when things were just kind of moving along. that that's what i'm seeing over there. there was just recently a big order flow coming in to the vix, a huge buyer of july 23 strike calls. those are so much higher. you know, those are 10 points higher on so d -- or so than where the vix is. in the s&p 500 behind me right now, on a normal day we will typically see a put-call ratio of 1.3 to 1 with more puts being traded than calls, today it's straight up. there is a sentiment out here that we are going to get out of this bear market that we have been in. there are lots of upside call buyers, there are lots of upside big out of the money call buyers. we're looking, you know, 3, 4, 5% out of the money in the s&ps. and then you take that down into

the equities today, and this is kind of what scares me a little bit, you're talking about gme as a meme stock, we're seeing a lot of these other stocks beyond affirm, upstart, carvana, you name it where all of a sudden people are piling back in again. that's a little bit cautionary, to me, and with the vix at levels that it's at right now, boy, i'd be a buyer of these upside calls. liz: okay. alan, you and i were talking about the volatility index, expect first thing you said was this is not pricing in how much higher it will go, and here you have a big bet on the floor of the cbo at this hour that the vix is going to go 10 points higher. so what is the trade are there? >> we think the trade is the market really hasn't priced in the true reality is of the -- reality of the decelerating economy, so all these folks are trying to get onor board now before ten of the quarter mismatch with regard the their portfolios, but the reality is

the vol is going to come once we see more liquidity -- liz: don't you get ahead of that? and how? >> in terms of derisking the portfolio and starting to say, look, as we get out over the next come of months, let's make sure in terms of where we are with both our equity and fixed income portfolios, that we don't get out over our skis. and i think that's where some people may be missing it today. liz: wall street climbs the wall of worry, so you don't want to miss out on some pretty significant gains, right, scott? >> no, you're absolutely right, liz, and that's typically what happens. you know, we see when the worry gets higher and and higher, the vix usually goes up. but you know what? we've got summer months coming i here. i just don't understand it though, liz. there is so much going on, and as alan just mentioned, i don't think the market's pricing in what may be happening with the economy, what may be happening with an impending recession when that's 2 weeks, 6 weeks, 3

months from now, whatever it is. i don't think the market is pricing it in, and the vix, to me, is way too low. a vix of 16, liz, for everybody out there, a vix of 16 is suggesting a 1% move in the s&ps on a daily basis. so seeing the vix here right now maybe a 13, 14, and we're seeing some moderate moves in the s&p, that correlates with that. but if you look at, you know, the last 6 points, year, 18 months, the vix has to be hire, in my opinion. liz: you know, i've really got both eyes on the s&p 500. we are less than half a point away, folks, from exiting the bear market. alan, i'm pulling up some of the leaders and the laggards on the s&p 500 -- [laughter] you know, it's kind of interesting that you see when you're talking about some of the leaders e at this point, we have tesla charging higher. there's a big headline about the cyber truck and how many will roll off the assembly line. we'll be talking about that later, but it's a report from electric. that stock is up more than 3%.

that is certainly a win for the s&p. too dangerous for you? what do you like? >> we think it's gotten ahead of itself similar to system of these other stocks. all the dogs from last year have now become darlings, and look at what's leading the s&p 500 this year. you have such a small cadre of to names that are leading the index higher and so many other names particularly in system of those industries and sectors that are slower growth when you look at energy, financials, that really are not benefiting from this market ralliful we think it's a really small subsession o. market such as -- subsegment of the market, and we think they're going to come down a bit. liz: citi has dismantled its fx strategy team. the dollar, obviously, was a huge bullish trade last year. it's been pulling back this year, but what should people interpret from that? >> wow, to me, maybe they got, you know, maybe a little bit ahead of themselves, but they're dismantling their fx team, maybe

that means they think the dollar is not going to be the game anymore, that that's not going to be the go-to, that it's getting more and more difficult to peg what should the end be trading -- the yen be trading versus the dollar, the euro versus the dollar. if they're dis. mantling that team, liz, that tells me that that could pose -- or at least they're seeing that pose some problems for the dollar, a weaker dollar. but that's a real surprise to me here because, you know, there's fx trading over the last year, 18 months, 2 years, that has been liquid, and it's been volatile. liz: i know, yeah. >> it has been a place where a lot of traders have made some big bets. and there's a lot of liquidity. so that surprises me. liz: well, every major currency that we have on the screen is trading higher, and the dollar is lore. alan, we're talking about -- is lower. alan, we're talking about profit margins, compression in profit margins. in the end, all roads lead back to either the federal reserve or

earnings. what do you expect, let's say a quarter or two, from now? when it comes to both of those issues? >> one, we think on the fomc the fed is going to pause, but we don't think they're going to cut. i think the market's been pricing that in, but we've been thinking that for the better part of 6469 months -- 6-9 months. sales are slowing down, costs remain high and, yes, cpi's come down a little bit, but even with the job print today, it's still a very tight a labor market. and we just don't think companies are really going to have the strength in terms of their margins that the estimates are currently showcasing. liz: are alan, great to see to you. scott power, go back to that exciting s&p pit behind you. thank you very much. it's great to have both of you. and here we go, the you know may have entered the a recession, but that is not stopping u.s. companies from putting their dollars to work across the pond including, yes, tesla reportedly considering building a more than

$4.5 billion factory in spain. and tesla's not the only one. lucid may as well as european ifs snap up evs. the company that builds out the necessary charging stations now in 27 countries enjoying huge demand. the new ceo, brendan jones, joins me next on how his company's juicing the ev charging revolution. closing bell, 49 minutes away. we've got the dow up 177. the s&p is now up 26 points, it just these a gain of 25 to exit the bear market. this could be the session, folks, you never though. stay with us. "the claman countdown" is coming right back. ♪ ♪

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liz: we've got so much news in

the ev world. the global ev landscape expanding at lightning speed and, you know, so we go straight to an american company, ford. ford shares are gaining 13% or month to date. a week ago ford announced a charging partnership with tesla, and today said it is on track to triple production of its hyper-popular f-150 lightning pickup by year end. we do have ford shares down slightly today, but as i said, a big move just this month alone. look at tesla right now, up nearly 4%. quite a jolt in this final hour of trade after web site electric reports tesla is planning to produce 375,000 cyber trucks per year and will tart rolling off the assembly line by october. please take that with a grain of salt,ing everybody. we've been told that for years, okay? but now they say october. with we shall see. as more evs head out on the road, huge demand for charging stations is ramping up. joining us now in a fox business

exclusive, dren can jones, the president and ceo of the company that could very well capture a lot of that business, blink charging, which in most recent quarter contracted or deployed more than 6400 charging stations. brendan, that's a big number. where's the demand concentrated? >> so the demand is concentrated for us in the u.s. and europe. we're starting to see some demand increase in the latin american countries, but right now we have about a 30-70 split between europe being 30% and the u.s. being 70. liz: what are you making of all of these news headlines that are almost every day out of different can ev companies, whether it's lucid -- lucid may start, they're going to start shipping cars to europe, and they may very well have a production if operate in europe. that's because europe is adopting evs at a much faster pace. we know that. but where does the u.s. stand? what are you seeing?

can you give us some granularity on whether people are really starting to look at hope any if some of the less expensive evs that are coming9 out? >> yeah. europe -- the u.s. continues to structurally adjust as more states engage and her policy is put this -- more policy is put this place to drive ev adoption. the biden administration and the inflation reduction act are certainly helping. we don't have as hutch of a policy-driven market as europe -- liz: right, true. >> -- but what the auto manufacturers are doing, they're introducing every type of conceivable everything havings out there. so they're -- ev out there. so they're making this about consumer choice. and when you have a plethora of options with long range batteries, with all the things that benefits and then the cost of own iship on an internal combustionen engine is more expensive, people are starting to turn their heads. it's my job and blink's job to make sure they have the charging infrastructure to fuel those

vehicles when they're on the road, at home, at grandma's house, etc. liz: i spotted my first rivian on the west side highway -- >> what a great car. liz: -- as i'm trying -- driving my tesla, and i looked around, and there were seven teslas surrounding me on the west side highway in new york city going to work. they were all model ys. the less expensive one, including mine. and your chargers are universal, correct? i mean, isn't that the issue, where you've got to have these charging stations available to charge any vehicle, because their all different. they're all different. >> yeah. so there's two different standards, first there's l2 charging which is the lower kill kilowatt -- kilowatt charging. that's 90% of kilowatts that are going to be turned into charging, then there's dc fast charging. the standards right now between tesla and ccs. so the dc fast charges are

faster, and that's mostly on the go charging, on the highway when you are going to grandma's house or traveling long distance. so we've got standardization on one level that's 90% of all charging, and then we have to work on the other. and and you've seen announces with teslaing, ford and then the ccs standard, etc. liz: if there's so much demand, why is your stock down more than 60% year-over-year, down nearly 40% year to date? this just per flexes me -- perplexes me and investors or who are kind of waiting for something to happen here. >> yeah. and i think the market shift. we saw when the stock went up very, very high, it was during a time when you were still being rewarded for revenue and revenue increases in that heavy growth mode many. now we've seen, as you guys have seen, now they're looking for profitability. and they're looking for us to be cash-free positive. now, we're getting closer to those numbers. we haven't given out guidance yet. but the whole industry if we

index ourselves with our peer group, they've all seen the decline especially from the frothy evaluations that went with the spac, etc. so now it's time to build back up and show these are sustainable business models. and you to do that, of course, by continuing to grow your revenue, which we have dramatically quarter with over quarter. and then control your expenses. so those two things right now are what we are focused on, is the fundamentals and continued expo9/11 if, growth. liz: one of the things that i believe it was your predecessor did was issue another bunch of new shares in order to raise money. are you going to do that again, the capital raise? because that is rarely a positive for current investors in the stock. of. >> so we're investigating what our capital needs are and all the various different instruments out there. and today as the market's maturing on thisfront, there's a varian -- variety of different things that we can use for capital. so we have no commitment that

we're making, but we'll have an announcement on what tool we need as our capital needs materialize. liz: so china is big in evs. they're selling like hot cakes, if hot cakes sell a lot. i don't know why people use that analogy, i'll go with it. [laughter] but that said, you're not in china yet. what are your plans? i believe you use components that are chinese-made, but when are you going into china? >> so we're evaluating. we're becoming right now we're inquisitive towards or the apex region, not just china. we'll have an announcement about some activity that was taking place in apex, and we're going to evaluate ask use that for our platform -- and use that for our platform. it's part of our strategy to be active in asia. we won a contract with cbre and apex to be able 40 host -- to host chargers at their location. we're going to use that and other contract as a springboard. but we're going to make sure that when we go in, we can be profitable. liz: brendan, while you were

talking, your stock began to rise. it is now, i believe, at the high of the session here, very close to $6.70. right there as the interview began. so perhaps people see some real opportunity here. please come back when you have that announcement and, certainly, when you're ready to announce profitability. >> oh, absolutely. and thanks for having me on the show. liz: you're welcome. thank you so much. electric vehicles, folks, a not the only things charging ahead. online used car retailer carvana shares are seeing an absolutely stunning jump at this hour. we're going to show you when we come back and talk about why investors have their pedals to the metal in that stock. that's next in a live report coming up on how thick the wildfire smoke is wreaking havoc on air travel plus how the haze is halting broadway shows and postponing major league baseball games. closing bell, 37 minutes away. we're going to get all of those headlines for you when we come back. green on the screen.

there we go with, i'm going to mention this 50,000 time times it's up 25 points, that's what we need to exit the bear territory. we're coming right back. ♪ ♪ (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you give back. so you can live your life. that's life well planned. ♪

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on that. signet losing a little luster after forecasting second quarter sales and earnings below analysts' expectations due very much in part to weak mother's day -- you guys didn't love your moms enough to get her a bracelet? okay. the stock's down about 11%. parent company of zales and jared did post first quarter -- first quarter adjusted earnings that did beat estimates, however, consumers do pull back on discretionary spending in a tighter economy. let's look at adobe shares. piper sandler and deutsche bank raised their price targets on the stock to $500. it's at $438.99 right now. deutsche had it at 430. now, of course, as i said is, up to 500. piper sandler is lifting it from $415. the photoshop program designer announced it will offer fire fly, its a.i. tool that wety but

ad here on fox business about a month ago for yen rating images to its larger business customers, and it's going to offer financial indemnity for any copyright challenges involving the content made with the tools that might arise. investors not gambling on u.s. casino stocks after jeffreys downgraded both wynn and las vegas sands from a buy to a hold. the stocks are off their earlier lows but still down. we've got lvs down about 1, wynn lower by half a percent. the investment bankers also lowered their price targets, wynn from 114 to 65, wynn's at 102 right now, and lvs from $135 to $69, it's at 57 at the moment. jeffreys leaves the macau recovery, the mecca of gambling in china, has already been factored into the stock the prices. and talk about overdrive, whatever you guys are doing right now, stop and look at the

screen. carvana investors are gunning the engine. shares up 60% at this hour after the online used car retailer issueded improved outlook for the second quarter. see owe ernie garcia said positive impact from its cost-cutting measures has come earlier than expected, and that's good enough for a 59.5% gain, pretty impressive. in the meantime, let's take you to the new york city skyline where you're looking at a live picture of the current situation. i just from experience want to explain to you, it tends to get worse in the late afternoon, and that is what we have seeing right now. the city is still under an unhealthy air quality alert as wildfire smoke from canada continues to blow across the northeast. this was the scene yesterday at about the same time. the skyline, absolutely covered in orange smoke so thick you can barely make out the outlines of the city's famed skyscrapers. and just three days and counting before the tony awards on

sunday, broadway taking a financial hit. last night hamilton was canceled because the performers had trouble breathing and singing at the same time. camelot was also canceled, and the lead and the understudy9 in the musical shucked apparently had so much trouble performing that the composer of the musical stepped in to sing the roles. is and from broadway to baseball, both the january -- yankees and phillies' games postponed due to the hazardous airal quality. the faa has ordered ground stops at laguardia and philadelphia, actually it was this morning, the ground delay new incoming flights in newark still in effect. let's take you live now to newark airport and madison alworth. hadson, what is the situation right now with the delays? >> reporter: the situation here at newark, liz, is that there have been 188 delays here coming in and out of the airport. as you mentioned, the faa put in a delay for the incoming

flights, that was at 9:20 in this morning. that is still this effect, and that's why we are seeing those delays today. if you take a look at the board behind me, this is all of the departures for every terminal here at newark. you're mostly seeing on times, which is good, some delays. but importantly, no cancellations, right? when we're traveling, that's the last thing you want to see. we've within talking to passengers as they get ready, what we're hearing is they've already experienced issues because of the smoke, and they're just hoping it doesn't get any worse. >> i was looking online, and the faa advisory kind of said that departures weren't as, like, affected as arrivals. so i'm departing, so very early, but i'm just hoping that everything goes smoothly. >> i'm already late, so that's kind of giving me more anxiety about traveling and and on top of that covid, and then we were not being safe at all because of air. >> reporter: so the faa is warning that air travel could be impacted throughout this area at

airports in new york city, in d.c., philadelphia and even charlotte. and you can see why. here's some footage that we took just this afternoon of planes talking off here at knew work and of the bud riser factory. like you said -- bud riser factory. yesterday we had that heavy orange smoke that really just hugged the city. you could barely see anything. we're not orange today, but the smoke still very much here which is why we're seeing the faa step in in the i ways that they have. and when it comes to sports, that's an area where they're definitely making changes because of the challenges with breathing. the nationals' game, that was supposed to happen at 1 p.m., that's been postponed because of the air quality index. that had a reading in d.c. of 2499. 249. that is in the category of, quote, very unhealthy. coming back here to new york, things are slightly better. the current reading is 183. that's labeled as just plain unhealthy. but in both of those situations, you really shouldn't be outside. another big i event when we

think about outside events in new york that is around the corner is the belmont race. that is the third race in the triple crown. that's set for this saturday. now, when you look at the air quality index, if it exceeds 200, no racing or training will take place. if it's between 150-200, which is where it is right now, only horses that pass an additional pre-race respiratory exam will be allowed to race. so lots of things to think about going into this weekend. but here at the airport people this general are happy to be inside. the air here is amazing. it's actually kind of cold because the a/c's always pumping in this terminal. i spend a lot of time here. once they get through security and to their gate, they're hoping the flight actually takes off because on this side of things, smooth salie. it's about when you get on the plane and if the pilot is given the green light to go. that's what people are worried about, liz. liz: yeah. it's a very bizarre situation. thank you very much is, madison alworth. unlike the northeast, much of the smoke has cleared from the banking crisis that began back

in march. but what lingering and maybe hidden effects as the fallout -- has the fallout had on the financial system and economic stability? joining me next, the man who headed up operations at merrill lynch during the great financial crisis. rockefeller capital management greg fleming here in a rare interview. we cannot wait to pick his brain about banks and the markets. and when your job goes up in smoke, which we hope never happens, you can either sit there this shock or dust yourself off and push forward. that's ca exactly what my guest on my brand new everyone talks to liz podcast did, julie wainwright. she took on the role of ceo for petses.com back in 1999, and just a year later fell victim to the dot.com crash. faced with a job recruiter who told her she was washed up and that she should give up the hunt because she was over 50 -- i know, can you believe that? the nerve -- she invented her own job as ceo of a company that

didn't even exist until she found it, the real real, a luxury consignment platform that today is the largest consignment site in the world. oh, but the intrepid entrepreneur isn't done yet. she's launching a nutrition company now, but it's her story of fighting back i really want you to hear. download it, listen on amazon, apple, spotify, wherever you get your podcasts. and let me know, tweet me @lizclaman. i want to know what you think of it. it's very inspirational. closing bell, we are just about 24 minutes away, and we are coming right back with much more. the dow is up 165. stay tuned, right -- we're coming right back. ♪ ♪ our heritage is ingrained in our skin. and even when we metamorphosize into our new

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liz: take a look at the kbw regional bank index. this is very much a ten gauge -- temperature gauge of the as of late volatile regional banks. it may be down right now about 1.33%, but take a look at the

2-month picture. yesterday the index hit a 7-week high. now the basses debt for regionas components like pacwest, or atlantic union bank shares. those names while up today still unbelievably low from where they were the day before the march collapse of sill silicon valley bank and then signature bank just a few days later. many have used the 2008 crisis as a benchmark for how bad the march banking failures were. greg fleming certainly has insight into that. now the president and ceo at rock fell or capital management, greg was president and coo at merrill lynch from 2007-2009 helping guide the bank's rescue by bank of america in 2008. if greg with joins me now in a fox business exclusive along with charlie gasparino who's in miami. and greg is such a big guest, charlie, you were like i gotta get in here, and i am so glad you both are here. greg, let's just begin with whether you think the regional bank crisis is over or what

cracks are still hiding in the foundation. >> well, you know, liz, what started to create the issues up front was the rate move, the severity of it, 500 basis point- liz: by the fed. >> -- by the fed in less than a year. and when you have things happen like that, you're going to have shocks to the system. that's really what caused the banking crisis in march. with but there are major differences between then and 2008. 2008 was something that was built over many years, and it really was based in credit. and there were a lot of bad assets on a lot of balance sheets, whereas here the speed and the amount of the rate rise, never has the fed raised 500 basis points in 12 months or less than 12 months -- that caused an asset liability mismatch at a lot of these banks. liz: more bad stuff to come, is kind of the next question. >> that actually depends on what happens to the economy now. because what would come next if we actually had more of a hard landing which i don't think is

going to happen, but if we did, you could have credit issues inside these banks which is not what you had in the first instance here. really what you had was banks thinking the rates were going to stay lower for longer, so they were taking deposits that were, you know, zero or a little bit above that and investinginging longer -- investing longer term in treasuries that were a couple percent and then you had an asset-liability mismatch, and that caused -- >> hey, greg, charlie gasparino here. i just want to say greg fleming is not just a investment banker -- [laughter] i've been covering him for years, he's maybe best. he's put together deals for larry fink back in the day when he was one of the top three guys at merrill lynch, he safed merrill lynch. he arranged the merger -- liz: he's blushing, charlie. [laughter] >> listen, if it wasn't true, i wouldn't say it. he then went to morgan stanley, and and he got into the private

wealth management business, so to speak, the brokerage business. you were in that, then you did something very entrepreneurial, and you're doing rockefeller, which i find fascinating. i'll get into that in a minute. my question is, of all the things you have to worry about, okay, building a wealth management system, having people interact with brokers to plan their financial future, are you worried about a.i. taking jobs, becoming de facto brokers where you don't need humans anymore? >> you know, charlie, first of all, thank you for all of that, i appreciate it. it's been a lot of years and a lot of water under those bridges. >> yes. >> you know, on a.i., i don't worry about a.i. displacing top private advisers because the advice piece, the counsel piece, a.i.'s not going to do that. in fact, i do think a.i. could make the life of the private adviser much more efficient. and there could be greater and more efficient tools and over time that will take place. and on a larger basises, charlie

started having this dialogue -- >> right. >> -- i think a.i. is a major thing in our economy and in the global economy. i think it could very conceive conceivably create a lot more creativity across the economy. it's going to influence and impact many industries, many companies, it's going to create winners and losers. a.i. is the real deal, it's here to stay, and it's going to be quite impactful, but it's not to going to displace a high quality private adviser whose clients are looking to them for realtime counsel on a day in and day out basis. >> right. before i turn it back to liz, he's also derek jeter's banker, baseball great, without the marlinses. greg was on the -- >> yes, he's a great board member. >> rockefeller is this entrepreneurial thing, you're trying to build a wealth management powerhouse, and you've recently announced some deals for funding. you're growing, obviously. but let me ask you this, you

know larry fink really well, you know? both you and i like him -- >> we took it public. >> that's right, you took it public. larry fink, there's all this talk in the journal about larry fink may be stepping down and this guy might get at -- >> [inaudible] [laughter] >> but i'm asking, okay, is there a possibility he buys rockefeller and you become the ceo? because just base on what i kno- [laughter] it's not an implausibility. now, i know you're blushing again, but, please -- >> no, the blush was before, not this time. [laughter] first of all, charlie, you know larry quite well, and you you know he's not going anywhere -- >> for a while. >> he was quite clear on that. he's still very much, you know, for those who know him well, he's still working just as hard as he ever did, and the company's doing tremendously well. larry's got some great personal candidates that he's worked to put this place, so there's several, a number of people

internally who he's lined up to take a really close look at -- liz: if heed asked, would you take it? >> actually, i'm going to cocontinue to run rockefeller, and the whole thing about rockefeller capital management and charlie knows this, we're building it for the long run are. we have this iconic name, so we're building it to be here for many years. liz: you had warned investors overall about equities closer to the end of 022. where do you -- 2022. where do you stand on that? do you think it's her of a risk-on atmosphere? >> no, we're still cautious. and, actually, equities -- liz: why? >> first of all, while indices have done well, it's quite concentrated. i think 80% of the gains year to date are five or six stocks, and if you take those stocks out, you have a flattish market. even the nasdaq is not up much when you take out the five or six stocks that everybody's -- the names of which everybody knows starting with nvidia. so until it's clear where the fed ends and the impact of that on both employment and the

economy, because i think the two biggest issues right now are fed, and they're clearly going to pause, and they really would prefer not to come back. because if they have to come back and raise rates again, it will mean they feel like they didn't really get inflation -- liz: why do you say clearly? do you think it's a sure thing they'll pause this time? >> i'm pretty confident they'll pause this time. they've got enough, if you look at the numbers on inflation away from employment which is still more robust than they would prefer, but when you look at food and energy and the different components of inflation, they're getting -- they've bent the curve, and it's going the right way. and they also are quite aware, back to the topic you started with, the banking sector? what happened in march and april in the banking sector has caused credit contraction, and banks have pulled back. so that's going to have an impact, and they know that. so i think right now they're going to watch the impact of everything that's happened to date. if they feel like later in the year they need to come back and raise again, that'll be a problem. if they're done, then the market

will look forward. and i think stocks can do better when there's a real consensus. and, frankly, some of these growth stocks are doing well today. the people are, like, the growth stocks, interest rates are up 500 basis points, why are they performing so well. and a good part of that is because the market's already trying to look through the fed cycle thinking a it's over and at some point maybe as we head into -- liz: one tiny last thing. we're looking at the s&p. we've switched out the bug on the bottom of the screen. it is now exiting bear market territory. the we close here, it's done. what about those guys at morgan stanley who are saying it'll go back down to 3200? >> you know, it's hard to call exactly where it'll go -- liz: do you think it's going to do that? >> i think the economy remains in a very uncertain place. i think it's not clear that inflation is where the fed if wants it to be. there's still some question as to whether the fed's definitively done. employment is definitely more robust than the fed thought it

would be at this point in the cycle which is why we've been talking about this recession for how long, and now people are saying maybe the end of the year, maybe it's a soft landing -- >> it's always two months from now. [laughter] >> exactly. but, charlie, this is one of the longest times in history where it's always two months from now. >> i agree. what do you think of the presidential election? do you have any worries about how this might shake out in terms of looking at the market, or is it too soon just now? >> i think it's too soon. frankly, charlie, if the fed got inflation as much as they think they needed to and the rate cycle's done, then you could in '24 start to see rates go back the other way. i think they're going to keep them here for a while, and if that happens, you could end up with a better economic outlook and a more stable economic outlook heading into the middle of '24, that would have a real impact on the presidential election. liz: greg fleming of rockefeller capital, thank you so much. charlie, come back home soon. thank you so much. we are coming right back with. the s&p up 26 points, the dow up

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there to officially exit bear market territory. we've come close on so many days. so, look, three minutes to trade, you got to stay here. this year has been largely dominated by tech. we do have some tech names that are winners at this very moment for the s&p. but our countdown closer has the play for an investor strapped for cash. we have the wealth advisor cio tim courtney. what do you mean strapped for cash and what are the picks there? >> well i think, you know, you have got a large part of the market which have not really participated in this run-up.t the megacaps which are getting all the attention. the s&p is concentrated as it ever has been with 32% of the s&p in the top 10 names but there are still very good profitable companies. earnings are still good not only at the large cap level but at the mid and small cap level too. with mid and small cap names trading at about 30 to 40% of

their long-term pe averages they're very profitable, they have relatively good cash flow and if we get this recession that you know, as we've noted it always a quarter a way, who knows when it will happen, if we move into that recession a lot of these potential downturns and negative effects of a recession are priced into names so i think we would want to focus in on those areas which are generating good earnings and are trading at prices that are far below their long-term averages. liz: let me just say, tim, the russell 2000, small and mid-caps, 2000 names is there a specific sort of subsector that you like? >> i mean i think really all of them together look like they're attractively priced. i would say at the large cap level we're, it is where you have a lot of those names and sectors trading at big premiums. the market is paying a lot for the security of those large names which it thinks will be

able to weather potential recession better. in those areas in the large cap spaces i think you can find value in energy, both on drillers as well as the service side and also within industrials. a lot of those names have pulled back. defensive industrials. liz: got you. l3 harris look attractively priced. >> don't overpay everybody, don't over pay. tim, good to see you. [closing bell rings] here we go. i'm going to say it is too close to call. s&p up squarely 26 points. mo knows how it will settle. thank adobe, tesla, ericsson networks for bringing it to the upside. larry: hello folks, welcome to "kudlow," i'm larry kudlow. all right, we begin tonight, there he goes again again. the he is president joe biden at 1:00 p.m. today "the wall street journal" posted a new bide