but a lot of them selling for the price of a small house. her fans are paying top dollar for hotels, restaurants and everything else. they have this metric called rev par for hotel rooms, it has absolutely erupted. according to "fortune," this tour could generate $4.6 billion in consumer spending in this country. add in all the other high profile concerts including beyonce, and that's a ton of cash cascading into this economy, but it could be the last of the super good times for a while particularly for young folks who have to start paying back those college loans. here's the good news, old folks are spending money ooh. take a look at these cruise ships, they're living the good life. america is absolutely the coolest country in the world especially when we're heading into a recession. right, liz? liz: oh -- [laughter] yeah. i'm glad you just said that. we have the guy who created the index, right, the idea of this yield curve inversion predicting

recession. he's coming up. of course, professor campbell harvey of duke. folks, we are going to split the screen because we've got two major break stories. the nasdaq is absolutely on fire. it is hitting a 52-week high right now. chipmaker nvidia at a trillion dollar market cap. tesla's about to clock a record 13th win in a row. the s&p is right now gaining 24 points, so it's looking at a 2-day gain of more than 70 -- just below 70 points. the dow jones industrials up 111 at the moment. we are all over the markets as we are the scene at the federal courthouse in miami where former president donald trump is inside the courtroom where the court proceeding has begun. the hearing has just begun, we are informed. he is expected to enter a plea of not guilty. he has been indicted on 37 felony counts including allegations he violated the espionage act by removing top

secret government files including nuclear secrets from the white house and stashing them at his residence in florida, mar-a-lago. he's also accused of lying to investigators and conspiracy to obstruct the investigation into his handling of those documents. we are waiting to hear when each detail comes forth. he needs to be booked, he needs to be mug shotted, all of that and more. as soon as we get that information, we're bringing it to you. criminal defendants, by the way, typically are fingerprinted and photographed. the mug shot will not, as we are told, be released to the public. he has pled not guilty, i'm being toll right now the president, as expected, has pled not guilty to these federal charges. we have a reporter, ashley webster, on the scene, multiple cameras as you see surrounding the courthouse. and considering these are the first ever federal charges against a former u.s. president, throughout this hour we will continue to take you live to the courthouse for any breaking news n. meantime -- in the meantime,

look at these markets. they are levitating after the may consumer inflation report showed prices cooled for the 11th month in a row, cpi rose 4% annually in may, down from 4.9% this april. while year with over year the core cpi which excludes the volatile food and energy prices rose 5. 3%. that matches estimates and ticked down two-tenths of a percent month over month. and, of course, as you take out energy which lately crude prices have been coming down, they're popping right back up at this hour. in the after-market session is, west texas intermediate moving higher by 3%, still below $70 a barrel, and we've got brent which is, of course, the international benchmark up 3% as well. the slowing inflation numbers though have the markets issuing a full-throated call. jay powell and the federal reserve will announce tomorrow, according to the markets around their 2-day meeting, that they have decided to hit the pause button on their 15-month

interest rate tightening campaign. of course, you never know until the moment tomorrow, but we need to show you a couple of other shares here that specifically are really big stories. tesla. ceo i loan musk -- elon musk, he's got to be dancing up a storm. this gain right now of 3.25% puts the stock on track once again for another record win streak. yesterday e it was 12 in a row, today we're going to call it a baker's dozen but watch out, elon, toyota looking at its largest percentage gain in a year and a half after unveiling new battery technology that barron's says looks a lot like tesla's which means it's probably good. again, as we cover the markets and toyota, up but by .8%. we are going to give you up to minute news from the trump court proceedings in miami. in the meantime, let's take you to the floor show. traders gary kaltbaum and t3 trading chief strategist scott red eler. scott, the markets look unstoppable. how long does this rally runsome. >> these the big question,

right? -- that's the big question, right in we talked about how 20% off the lows in the s&p, the nasdaq's been, you know, roaring and leading the way. the rally started in march though. people talk about the october lowses and march when we ignited and now as we're up, line you said with some stocks 12, 13 days into a big event, active traders like me get a little cautious. doesn't mean it's over, it just means we might get a little volatility ahead of the fomc. liz: let's show some of the longer term s&p pictures. gary, the s&p looks unbelievably strong considering service the as recently as late fall that we were in the middle, as you know, of a bear market. the bear market low. and here we are out of the bear market and what do we have? it's the incredible that we see we finally exited the bear market yesterday, big move in the s&p again here. but tech, tech has been the leader. what are you looking at here, and how long does this, quote,

suddenly unstoppable market continue to rally? >> well, as i have told you, the only thing i was owning was big tech. it was the only thing i needed to own until june 2nd. that's when the market woke up, the broad market. it was comatose for this whole move higher, and finally energy and transports and economically-sensitive and everything like that, caterpillar types under the sun are getting going, and that's what's fueling more of in this. how far it goes, beats the heck out of me. all i can tell you, i think we have more to go. this is just very good action. as i scan 1500-2000 names every night, just a lot of stocks are are turning up here. that were dead money. so i think there's more. the only thing i would tell you, i think scott's right short term. there's some names in the trees. when i mean trees, i mean redwoods. they've gone pretty much vertical, is so i would suspect we're going to get some rest or pullback here on some of these names. liz: yeah.

>> but i think going farther out i think we're in pretty darn good shape in spite of all the economic news notwithstanding the jobs numbers, which is divide amazing. liz: nvidia, i need to tell you nvidia's market cap is now above $1 trillion. above $1 trillion. needs to close there. we haven't seen that before but, scott, that would with the first semiconductor company to hit a trillion dollar market cap. people thought it had run up too quickly, and here it is again seeing another 3.6% jump. is this getting too toppy? you don't want to fight the tape, do you? >> you don't want to fight the tape. traders have been watching nvidia, it's been one of the best acting stocks this year. and i remember when apple got to $1 trillion and they thought it couldn't be sustained, and where's apple, $3 trillion? not saying nvidia's going to get there, but everyone wants to doubt success. a.i. will be here for the next decade, and they're leading the

way, so i don't think you just sell it because it's at a milestone. i think you embrace it and look for other names that could follow suit -- liz: well, how about amd? guys, earlier it hit a 52-week high, up about $132.80 #. it has pulled back from there, gary, and the big news there is that amd's chips, these cloud chips, are going to be helping meta achieve some of the a.i. ambitions that they have. so i don't know why it's pulling back now. let's see. i'm looking for any news -- >> well, liz, sometimes they sell -- wall street's very cute. they did that with the apple event, they sold it at all-time highs and three days later it started its rally again. sometimes they sell the news. >> if it's pulling back, it's only because it's been a moonshot over the last 2-3 weeks, and that's normal. i own nvidia and just one of my rules, the bigger the gap because of the bigger surprise in earnings and sales growth, usually it means it's the start of a move not the end of the

move. and that gap on nvidia was gargantuan. their beat on sales, gargantuan. and notwithstanding market croaking again, i think -- [laughter] it leads the way going forward. and, again, the semiconductors, one of this my other rules is follow the semiconductors. they lead markets up and down, and right now en if fuego is the best way i can explain it. liz: en fuego to. scott, you've got mike wilson over at morgan stanley, he's probably saying, please, can the s&p go down to 32 or 3300 which is what his call has been. we're getting further and further away from that. do you see a return from those -- to those lows? >> i'm trying to have my traders not focus on mike wilson. you can blow traders up. that's what the market made the call for you. right now the market's been trending, it's been strong. i'd rather watch that in the s&p cash than worry about whether

mike wilson is going to quadruple down on a call instead of admitting he might have been wrong. you don't get louder because that gets people in trouble. liz: right. don't double down, right, gary? >> that is why scott is one of the most brilliant people on the street -- [laughter] the market, not opinion. liz: well,ing true, gary. and right now, i don't know if we can take the live shot outside of the federal courthouse in miami, but it's really important, and charles payne is the original guy who constantly says this, do not invest if around your politics. because you will lose money. [laughter] right now we do have the media crowd, international, national, local clogging the area around this courthouse. president trump has just pled not guilty to the 37 counts of federal charges, among them all kinds of issues regarding the espionage act. look outside the federal courthouse right now, i don't know if we can get the other shot, but there are some

supporters and people against the former president standing by. this is, of course, as we continue to watch it. fox business reporter ashley webster is there right now, we're about to check in with him in just a moment. in the meantime the, inflation is cooling, job market still strong. where's the recession? scott and gary, thank you. i know you're both saying, yeah, where ises this long-called-for rerecession? next, the man that correctly predicted the last eight recessions using the very tool he came up with, the inverted yield curve. duke professor campbell harvey said in january the predicter might be flashing a false recession signal. what's he saying now? he's joining us next with the answer after the break, stay tuned. closing bell, we're about 49 minutes away. ""the claman countdown" is coming right back. ♪ ♪ get help reaching your goals with j.p. morgan

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liz: okay. folks, the spread between the 2-year and the 10-year treasury yields right now is close to the widest gap it has seen in 41 years. the yield curve inversion at the moment now stands at 86 basis points. it's been with inverted since june of last year. every time this has happened over the past four years -- 40 years, rather, let's make it 50, more than 50 years, it has flashed the signal that a recession is around the corner. some market experts blame the aggressive federal reserve rate hikes, anded today, of course, the fed kicked off its 2-day policy meeting. they've implemented rate hikes at every meeting over the past 11 -- 10 times. now, since last march to quell inflation. by this time tomorrow, we'll know if the fed has paused this time or hiked for the # 11th

time in a row. markets right now, well, they're definitely producing in a 95% chance of a halt to the hikes, a pause. but the man who pioneered using the yield curve as a recession indicator tool says a fed pause tomorrow might be too little too late. duke university finance professor campbell harvey coined the term yield curve inversion back in the '80s. all right, what is the signal flashing to you right now? >> is so it's signaling a substantial probability of not just a recession, but a hard landing version. so you mention -- landing recession. you mentioned the 10 minus 2. i studied the 10-year minus the 3-month, and it's 140 basis points. if you look at that as a percentage the long yield, this is historically unprecedented inversion. and anytime you push is so quickly and you go into an area where where we've never been

before, you are inviting risk. liz: professor, sorry, i'm gulping at the moment -- the. [laughter] because you just said what we haven't heard many people say, and that is that that we are in for a hard landing. a hard landing, meaning not just a shallow recession, but something deeper and her painful. don't we need some type of catalyst? and let me play devil's advocate here. not only do we have very strong market, but we also have demand that this looks pretty darn good, retail sales numbers continue to look pretty strong. ask i just wonder -- and i just wonder what else do you have to see before you start dragging those down and they're pretty well entrenched and is looking strong. >> so the first thing is everything always looks good before a recession. so employment is a lagging or maybe at best coincident indicator, and unemployment's always low before it becomes higher.

but your point is ad good point that -- a good point that it is a little confusing. and i think we're overfocusing on the good news aspects in the economy. stock market's strong -- liz: yep. >> -- and things like that. and i think that you do need to go beyond. and this engineered yield curve inversion has put substantial stress on our financial system. it upends the usual banking model where banks pay a short-term rate to depositors that's low and receive a longer-term rate from are their lens or investments. you turn that that around -- can loans or investments, you turn that around, and we saw it in march, three the episodes of this stress. and i think -- liz: three. okay, you're talking about silicon valley bank, signature bank and first republic bank, two of which went bankrupt, and first republic had to be rescued by jpmorgan, i assume that's what you mean. >> exactly. and it's really difficult the

think that it's only three. i would just love to know how many other banks have negative equity. and, look, i'll give you a simple example of something that's really are unusual. i with a too big to fail bank, and the savings deposit rate is two basis points, it's .02%. and we know that short-term interest rates are around 5%. so that is really unusual, and that to me is indicative of a deeper problem. so i think that the stress on the financial system is an issue. i've alsoen pointed to commercial -- also pointed to commercial real estate, private loans. all of these are festering right now given the actions that the fed has taken, has really created a scenario that was much different than when we talked in january where i said i thought

we could dodge a recession. i thought that the yield curve was giving a false signal. liz: right, right. >> but i also said in january that the fed needed to the stand down. their job on inflation was largely done, and i still believe that. yet the fed continues to increase -- continued to increase -- liz: what if they pause tomorrow and then they continue hiking rates 25 basis points in july? is that -- >> it makes things worse. liz: not even a black swan, it's right in front of our faces. >> what what they need to do is just stand down. if you just pause and then increase later, that's just slowing down the rate of change. and the logic just totally escapes me. so we saw today like a .1% monthly inflation print, so the year-over-year is 4%. in july we're dropping the june '22 inflation which was giant. it was 16%.

on an annualized basis. liz: right, right. >> so if we had the same print next month, the .1%, inflation goes to 2.7%. and then on top of that, look at the driver of inflation is mainly shelter. 40% of the personal consumption expenditure deflater. and that is running at 7.2%. ask we know that this is lagging, and we know just looking at casual data that housing prices are soft, rentals are actually going down. so just hasn't worked in. so i don't get the logic for increasing rates. obviously not at this meeting, but the next meeting, that would be a highly negative signal and just heightening the probability that that we make things worse. crush demand, you put us into a hard landing. it's not fair. liz: you've been on a couple of times with us. this is the most serious you've ever looked. i'm scared. actually, professor, i want to

audit or sneak into your class at duke. i bet you're a very popular professor there. [laughter] >> you're definitely welcome. liz: thank you so much. duke professor campbell harvey calling now for potentially a hard landing. you don't hear that very is often, but he's saying it. former president donald trump has just pled not guilty in a miami federal courthouse to 37 criminal counts. you see the crowds still there surrounding the courthouse. we are waiting to hear whether his motorcade has left the building. we're getting all kinds of news from our massive effort on behalf of both fox news reporters and fox business reporters. we are going to hear there if ashley webster when is outside the courthouse next. plus, have you seen gamestop over the past couple of hours? it is the rallying dramatically after executive chairman ryan cohen's latest move. we'll tell you what that is and show you the stock next. closing bell, 37 minutes away. we've got the dow up 142, the

s&p can charging ahead -- is charging ahead by 30 points, the nasdaq higher by 108. we are coming right back -- coming right back with much more, so don't go away. ♪ ♪ an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. the first time you made a sale online with godaddy was also the first time

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liz: we need to take you back to miami, florida, get you the latest on former president donald trump's arraignment at a miami federal courthouse. you're looking live outside that federal courthouse where crowds are dissipating now that former

president donald trump has been booked and is permitted to leave are. moments ago trump pled not guilty to all 37 charges he's facing for mishandling confidential documents, obstructing the investigation into haydning -- hiding those documents and lying to investigators. we have indeed just learned that his aide, walt nauta, also pled not guilty to the charges he assisted mr. trump in moving and stashing the documents in a bathroom and ballroom at mar-a-lago. let's go to ashley webster at the scene live with the latest. ashley. >> reporter: yeah, hi there, liz. we believed that the president's still inside the courthouse, as you say just earlier pleading guilty to all 37 counts of mishandling the storage and consumer sealment thereof of class tied -- classified documents from a reporter who came out immediately after that not guilty plea. she said that the former president was very stoic inside the courthouse, just leaning in

to the his attorneys and whispering some things a couple times, and it wasn't the president who said not guilty, it was one of his attorneys. what we're waiting on now is during the arraignment part of this is so what happens next. will we get another court date. where will this trial be played out? will it be, perhaps, up the road in fort lauderdale or could it be in west palm beach where the original charges were filed many? that is what we're waiting on. but pretty quickly out of here, and and he will go straight to the airport and winging his way back to his resort in bedminster, new jersey, where tonight he's set to host a fund raising event already scheduled prior to this indictment, but he's going to go ahead. he'll also make some public comments about the charges. you're right actually when you notice things starting to die down. there were concerns that high emotions, trump supporters and perhaps anti-trump supporters clashing here at the courthouse. that has not been the case. i'm glad to the say is. we've certainly seen a lot of people shouting and chanting and

waving flags and so on but that's about it. there's certainly been a big police presence here. we've seen multiagencies really lock down this site very tightly, indeed, as you can imagine. so what we're waiting for now is some more details following his not guilty plea. now he moves forward. is there perhaps any bail conditions which could be implied. we're going to find that out. i want to also, you know, the big thing is what happens next, where does this play out. liz, back to you with. liz: ashley, keep us posted. thank you so much. we've got this fox market alert, oracle is pulling back from the record high earlier after posting fiscal fourth quarter with earnings that exceeded analyst estimates. the main wiz, cloud -- business, cloud services, jumped 23%. intraday you can see how oracle had, just at the open, popped tt price here, $12 the 3.98. it has retreated and turned negative at the moment. it's now at $# 16.25.

116.25. the software giant also announced it's partnering with a start-up to provide generative -- here's the key word -- a.i. services. we need to show you gamestop. yes, the original meme stock surging after executive chairman ryan cohen increased his take in the video game retailer. according to an sec filing, cohen just scooped up $10 million worth of shares, taking advantage of the stock plunge last week when the company reported disappointing fiscal second quarter results. cohen currently owns 12% of this meme stock darling for his firm rc ventures. he's gamestop's largest shareholder. he joins it is the company's board in 2021, and he is 12% richer right now because that's how the stock has popped today. it's at $27.23. u.s. agribusiness jumping higher after announcing it is buying glencore-backed deterra, also assuming the $9.8 billion

of debt. shareholders are going to get about 65.if 6 million shares of bunge stock valued at approximately $6.2 billion. this keel will create one of the world's biggest agriculture traders. bunge up 2.8%, glencore up 5.25%. so that may consumer inflation report showed food prices rising at a slightly lower rate on a monthly basis, is so why aren't you and consumers out there seeing that at the checkout line? everything's still really expensive, right? am i right? that's one word. up next, we are going to the take you straight to the grocery aisle and ask stu leonard -- stew leonard, yes, he of the stew leonard grocery store, that very same question. yes, we're calling it greed-flation. the dow gaining 125 points. we're watching all kinds of stocks here, but i'm keeping my

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liz: it's kind of a mixed grocery bag when it comes to food inflation at this hour. the may cpi or consumer price index report that came out today shows right before father's day weekend -- of course, peak grilling season -- uncooked ground with beef prices are up 2%. bread, think hamburger buns -- [laughter] up .4% and chicken has gained .3%. but costs, we should tell you, for other staples like bacon, fish and eggs went south in may. eggs, get this, tumbled 13.8% last month. that is biggest drop since 1951. but even with prices falling in some cases, consumers are still

in many situations paying top dollar at the cash register. why is that? let's bring in somebody who knows a thing or two about grocery price. stew leonard's president and ceo, stew leonard jr. in norwalk, connecticut, for those of you not on the east coast, stew leonard's is an institution. stew the, why are people still paying super high prices at the cash register? >> well, lizzie, you know, i think -- first of all, we see a little easing with the cpi coming up. but, you know, basically you have a lot of costs that have increased right now like labor, for instance, you know? at stew leonard's we've had to raise our starting rates, we're paying $17 an hour right now to get people. so, you know, a lot of those costs you have to pass on a little bit. can can also you've had a lot of weather issues out west. i talked to one of our ranchers yesterday, and he said the drought is really hard, i mean, the cows and the cattle need

grass to grow. and what's tough right now is they're not growing the grass, so they've cut down their herd sizes about 10%. they're like decade lows right now. that all leads to the supply and demand issue. supply side on meat right now, demand is up, obviously, prices will be up a little bit. liz: well, so, you know, we just had campbell harvey, he's the huge professor who is one of the first guests on this show to actually call for a hard economic landing. he says that the fed has blown it bien continuing to hike rates over and over again, trying the quell inflation. but if you look, we are starting to see month if after month inflation slightly coming down. when will the retail customer, stew the, see a marked decrease when they get that reseat or they pay with their apple pay card or whatever it is, once they stop thumbing through the national inquirer -- "national enquirer" at the checkout -- [laughter] >> yeah.

hey, i feel for our customers. i mean, we've been in business 100 years right now. my grandfather started delivering milk, and we're still a family business. and a lot of our customers are friends and even the people that work at stew leonard's. you know, i feel for them. rent costs are up, you know, gas prices are higher, you know, energy prices in general. so, you know, there's a lot of costs for our people. and, you know, before i know, liz, you're probably going to ask me, but you mentioned greed-flation. we have been so sense -- sensitive to our customers. i've basically been splitting any price increases we're getting. we've been trying to resist price increases, but if we do get them, what i'm doing is splitting them 50-50 -- liz: you're amazing, but the the big guys are not. and when you look at some of the earnings reports of the publicly-traded food producers, and i'm specifically talking about pepsi, general mills, some

of these other names, mcdonald's, they have been able -- and they've been very honest about it -- institute thed price hikes, and they're keeping them there because people are paying them. >> they're also public companies that you're reporting about. so they have to report earnings. i think if people want to shop probably where you're going to find some good price, go to more of a family local store. you know, and we don't have to report earnings to you or wall street -- liz: but, but you have to look your customer in the eye, and that is certainly a driver. it feels like. >> and you know what we're noticing right now because of the prices, we're noticing our customers are putting one less item in their hop hopping cart. but -- in their shopping cart. but the thing i like is our traffic is up in the store, so there's more customers coming in to stew leonard's right now. even though we're not able to maybe raise price as much as we

we want to keep our earnings where they should be, we're taking -- we're eating a little bit this year. i mean, the same thing with our health insurance costs. it's the same thing. we were just talking about that today. liz: yeah. >> i mean, how much of that do we want to pass on to our team members? we're not going to do much of it. we're hoping maybe next year and the year after prices will come down or at least stabilize. liz: us too. stew the, let me just -- you guys have a vibrant private label division. the private label, is it better -- talk to our viewers, is it better to buy the private label stuff whether it's at kroger or acme, stop and shop, etc. >> well, that's a great point. that's one way you can save money right now. i mean, basically what we do, we call up maybe a lot of major manufacturers that that might be making a product that you'll see on the shelf, and they'll put our name on it, you know? so we've been able to do that.

we're probably over 60% private label items here at stew leonard's. trade ther e joe's, you go in there, it's higher. it's all trader joe's. so it's better to try the private label, and we're able to sell it below what the national prices are. so a way to save money, go and try private label. liz: okay. i'll do it. i actually do do that no matter where i go, because i'm frugal. >> you know, lizzie, another thing is -- you don't mind if i call you lizzie, do you? liz: i love it. that's what my mom calls me. [laughter] >> hey, by the way, i just went to lunch with my mom, she just turned 91 years old. liz: oh, bless her heart. happy birthday to mom. stewie, you don't mind if i call you -- [laughter] >> you know what? that's what everybody calls me, lizzie. liz: oh, you're the best. thank you very much. stew leonard jr. everybody should go to stu leonard's -- stew leonard's,

it's an out of body experience. >> hey, thank you, liz. liz: you're welcome. president trump will soon depart a miami courthouse following his arraignment where he pleaded not guilty on federal charges. charlie gasparino has been taking the temperature of wall street. what did they think about the former president's legal drama? how does it affect the market, if at all? we've got green on the screen right now. dow's up 10 is 3. plus, new details on jpmorgan's legal drama over late hedge fund manager if jeffrey epstein. closing bell 15 minutes away. we're coming right back. ♪ ♪ the chase ink business premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas...

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♪ liz: all right, we have this breaking news, president trump will soon leave that miami federal courthouse after pleading not guilty to the 37 criminal counts against him. meanwhile, the form former's bond order has a special condition that that states there will be no contact between trump and any witnesses in the case meaning he cannot reach out, he cannot talk to any witnesses even if they are former other thans or friends of his. let's get to charlie gasparino who's looking at what wall street is saying. >> we're going to segway to epstein here in a minute, we do

have breaking news on that. but when you talk to wall street officials that have ties to former people in the administration and even former or e people in the administration, they're chummy chum chummy with wall street executives, this is pretty wild. so they're sort of game planning a couple of contingencies. what happens if he gets the nomination even with all of this, and what happens if he wins. and if he wins the presidency, how do you start the picking cabinet choices because he might be looking to put sloppy steve steve bannon in as treasury secretary, i think more like defense for him, navarro -- liz: ron arer stone. >> yeah, who knows, because a lot of people don't want to work for him anymore, so that's kind of what people are talking about, game planning it out. obviously, we've got a long way to go. he hasn't captured the nomination yet. we're going to fight this out in the court of public opinion, so we'll see what happens. let's switch to epstein and, by the way, there is an end

teen-trump connection -- epstein-trump -- liz: they were friends, they partied together. >> anything that epstein has touch now is turning to you know what right now. and jpmorgan is particularly getting roiled -- liz: accused of child trafficking, sex trafficking. >> they were his bank. they're accused of facilitating his money laundering activities to pay for the child sex trafficking. as we reported on" the claman countdown" exclusively i think about a week ago, they were planning to settle with the9 victims. there's one victim in this case known as jane doe, and they are doing that. hay announced that yesterday. -- they announced that yesterday, i believe. they are not settling with another claimant in the cases, and that's the u.s. virgin eye lancz. as of now, and i always say that because who knows, dollars to doughnuts, does jamie dimon want to take the stand, the ceo, which is possible in a big, public trial? what they're saying now at jpmorgan is we're fighting the u.s. virgin islands. they have no standing.

there are not victims. they, as a matter of fact, a perpetrators in this because epstein's infamous lair known as pedophile island, his house on the virgin islands, was essentially ground zero for his nefarious activities. liz: they looked the other way? >> that's what jpmorgan's saying. we do have a statement from the u.s. virgin islands. what they basically say is, no way, you know, we're not -- do we got the statement up there, guys? no, i guess not. in any event -- oh, there we go. we are gratified to hear the settlement of some compensation for jpmorgan chase's role in facilitating epstein's crimes, the u.s. virgin islands continue with enforcement action to insure full accountability and prevent the bank from assisting and profiting from human trafficking in the future. liz: if i didn't know better, i would think that was a money

grab. >> which one? liz: on behalf of the u.s. virgin islands, trying to grab jpmorgan's money. >> yeah, i mean, listen, the facts of this don't looked good. jeff staley, the former head of wealth management -- there's donald trump. is that him? liz: it may very well be his motorcade and as he has left. >> but as i was saying -- liz: -- of course, the president, just as we said, pleading not guilty to this 49-page indictment, 37 felony accounts violating the espionage act, obstruction and false statements, etc. >> just let me finish my thought here. the -- went to the top of jpmorgan, so this is really serious. it looks ugly. i don't know if they're going to fight it out in court at the end, but that's what they're saying now. turn to trump. you know, listen, the alvin bragg case, the you rated it, that's the new york attorney general -- the manhattan

district attorney alvin bragg brought kind of a bogus case against trump. he was trying to shoehorn payments to stormy daniels into some sort of a grand conspiracy to hide and manipulate and violate campaign finance laws. this is a little different,s this is serious stuff. though you can make the case, and this is where it gets difficult for me as a journalist. i think a lot of people, a lot of americans are grab grappling with this, liz. what's the material difference between him doing something stupid like holding a classified document, oh, the generals want to invade iran. he did this at a party. wasn't it interesting that hillary clinton destroyed all these e-mails, you know, having a private server. two wrongs don't make a right, i get it, but we are not -- this is where this gets to be very, very tricky from a political standpoint and could really roil this country. they probably shouldn't have brought the case. liz: we are looking at 7 news in

miami's chopper shot, sporadic crowds -- >> i just came back from miami. liz: really? i didn't know that. [laughter] there's the motorcade, pretty big one there, and we will keep you posted. he is heading right now to the airport where he will then head to bedminster the, new jersey, and his residence there. we have reporters stationed all throughout, so stay tuned through "kudlow" and through. dagen: and duffy, liz mac don, the whole team here. concern liz macdonald. most of the regionals right now are moving higher. zion bank for much of the session -- that was charlie -- has been falling and continues to fall after the regional a bank with cut its net if interest income outlook. analysts now expect nii, net interest outlook, to come this at 2.58%, that's below the 3.07% estimate and continuing as we watch these regionals sometimes up, sometimes down. let's bring in our countdown closer with quite the view on

financials. joining us with $341 billion in assets under agent, the co-cio of invest net if. what is the theory? because we just had the duke professor -- [laughter] campbell i have, come on, ask and he said it's really hard to believe that only three regionals could have been brought down in the march bank crisis. >> yeah. no, i agree with you, liz. thank you for having me. i think given the fact that we have a lot of leading indicators suggesting that we are looking at potential recession second half of the year possibly, it's hard to imagine that we've seen the last of the banking crisis, that we're not going to surface more bad loan problems, right? as the saying goes, you know, when the tide goes out, you see who's got the -- i'll leave it at that. [laughter] so, you know, if we think recession may be coming with the inverted curve, you know, a number of signals are kind of suggesting that perhaps it might be although this is the most

prognosticated recession probably ever. if we do go there, yeah, likelihood -- and then you pile on, you know, commercial if real estate holdings that a lot of these banks, typically those regional and mid-sized banks are holding, you can see a problem. liz: okay, i get it. so where to invest if not the financials, dana? >> so and we work with advisers and retail clients, and what i would say is largely what you see is whether they're indexed, there's a lot of concern with tracking errors to the benchmark. we know that the benchmark now is very heavily concentrated in those big seven, you want to throw in netflix, call it eight stocks. so i think everybody who's watching is preble getting a huge load of that -- probably getting a huge load of that, the they're invested with money managers, if they're invested basically in the market, you've got a ton of that. so my recommendation is to the extent you can tilt a little bit away, pay more attention to

defensive sectors, you know, consumer staples, health care. a little bit of an overweight there. even value, not financials necessarily. but a little bit of a tilt away from, you know, tech, right? communications. even discretionary where you have, you know, amazons and teslas, a huge piece of that sector. liz: well, you know, as you make these very cogent thoughts here, dana, we're looking at the s&p adding yet another gain, this time of about 30 points to yesterday's big gain as well. 39 points on monday. so, wow, almost 80 points of gains. that is going to do the it for us. tomorrow full fed coverage of the interest rate decision starting at 2 p.m. eastern. 3 p.m., the powell presser. that's going to do it for us. "kudlow" is next. ♪ ♪ larry: hello, folks, welcome to "kudlow are." i'm larry kudlow. all right, forme