like. that's the path and mortgaging the future of your kids and grandkids looks like. rate hikes make these interest payments extra expensivement take a look at this. that's the biggest part of future deficits. the interest on this thing. i think it's time for the independent fed to say outloud, in fact, stand on the soap box, talk to these lawmakers, shout at them and demand and let them know they are destroying the nation. jay powell, you know, dump the preamble you give us every time there's a fed meeting and we know, all right, policies impact main street. if you really want to come to the rescue, follow what edward lawrence said and speak up. we need you to do do it right now right, liz claman? liz: charles breaking out the y iddish. charles: i know a little bit. liz: [laughter] okay, as long as there's nothing else, but thank you very much. fox market alert.

well, charles was talking i want to say a minute and a half ago on new high for the dow popping up 505 points, right now it's almost there. it's up 502 points. you are looking at the markets version, not just of a sigh of relief, but let's get going and it's not just because the federal reserve pressed the pause button on interest rate hikes for the first time in 15 months. we've got something the market has not seen in a while and it's juicing the sentiment here. a sizzling hot ipo, mediterranean chef casual train zooming to the moon on the first day of trade priced at 22 bucks shares took off at the open and right now are gaining 100%. most of the day was 92, 94%. it is now up 100% to $44 and change. the co-founders we want you to stay tuned for this , brett shul man, also the ceo, should be arriving at the door of our "clayman countdown" studio in just a few minutes. they will join us live at the

bottom of the hour. we'll see if those gains can hold. 100% of the upside. to the markets the s&p and the nasdaq are at 2023 highs right now we've got the s&p up 62 points good for 1.5% gain, and then of course the nasdaq nice move here for the tech- heavy index up one and one-third percent 188 points domino's pizza, cvs are some of the names bubbling to the top of the s&p while splunk and t-mobile with jumping to the top of the nasdaq 100 but as you scruitinize this 470 point gain on the dow, note it is going in the complete opposite direction from yesterday. yesterday it fell 232 points. that's been blanked out. those losses are gone now, so as we go, let's get to the dow heat map. here is where the rally gets its lift beyond the federal reserve pause. to the very top and microsoft folks check that out. up 11 bucks and change or three and one-third percent to $348.71

we are on track to see microsoft close let's look at a long term chart, because this will really show you the tech whale is on track to finish the session at an all-time high. needs to close above 343.11, oh, it's there, and further up higher there. some of the news driving it up is mercedes, announcing it's going to be integrating chatgpt into its cars voice controls via microsoft's azure cloud. the beta program begins today. shares are at a one year high. apparently consumers feel good about spending on things like mercedes and just about everything else. may headline retail sales came in today hotter-than-expected up three-tenths of a percent out pacing the expected one-tenth of a percent drop. year-over-year they jumped 1.6% compared to april's downwardly revised 1.2%. does that pace fly in the face of the belief the economy and inflation are slowing? i mean, even fed chair powell

and his team are trying to straddle the fence. he promised multiple times yesterday that july is a so-called hot meaning. meaning there's a distinct chance rate hikes will resume in july. they upgraded core inflation targets from 2023 and 2025 now saying this year inflation will end at 3.9% and you can see what the march projection here, it was at 3.6%. 2024 will come in at 2.6%, 2025 will end at 2.2% but powell did say tightening credit conditions in the wake of the march regional bank crisis, a crisis triggered by the collapse of silicon valley bank did play into the decision to pause, and speaking of that we've got breaking news on goldman sachs. the "wall street journal" is reporting that the justice department has subpoenaed the bank over its role in buying silicon valley bank securities portfolio. according to people familiar with the matter, goldman was

working on svb's doomed capital raise before banks failure, recommending that it should sell some securities at a loss, but regarding this pause and the rally that we see right now, the markets just fine with the move. investor better prepare for the possibility the inflation embers were not fully doused. how do you do that? let's get to the floor show our investors ceo jeff sica and jpmorgan asset management managing director phil camparell i. what do you make of this rally? it looks stronger than oh, there's a pause because the fed did say two more rate hikes coming this year. that was certainly noise from yesterday's meeting liz oh, my goodness they aren't done. they aren't going to go away but here is the signal from yesterday's meeting, liz, in our opinion. they also upgraded the growth outlook, so they took the growth outlook this year from about .4% up to 1%, and they dropped the unemployment rate forecast. liz, the fundamental story is starting to coalesce around not

only did we say we'll avoid recession this year. the fed just said yesterday that most likely we'll avoid recession and three months ago that was a foregone conclusion. i think that's the signal. liz: everybody has been calling, oh, it'll be a shallow recession , a mild recession and we have not had a mild recession or shallow recession. jeff, though, i don't know that retail sales number looked like it was kind of getting at a low boil. so is the fed already wrong in pausing here? >> well here is the way i look at the fed. they seem to be always wrong, so this pause to me, what i look at it as first of all it's no surprise to anybody. everybody thought they were going to pause, they had pressure from all angles to pause, but what i see , and the fact that they, jerome powell said they were going to potentially raise rates two more times, the first thing i thought when i heard him say that was nobody's going to believe him. nobody is going to believe him. he talks hawkish and but he is,

in fact, a dove. so yes, there is a lot of reasons why the markets are moving up and in anticipation he won't follow through with the rate hikes which could send us into a deeper recession and as you talked about with silicon valley bank, could create a scenario where the regional banks get annihilated by the portfolio. liz: phil shuman sitting next to you saying the metrics don't look like a recession. i would tend to agree and i brought this up. i keep bringing up duke professor campbell harvey who invented the term yield curve inversion and he said now we look like a hard landing because the fed went too far and i said but things look good. these numbers look healthy and he said everything always looks great right before a recession. >> liz you know what's been so great about this rally though is that in early march, we were pricing in about 80 basis points of easing this year. the first one would happen in july. we have priced all of that out. the fed just said you know what? we're not going to stop at 5.1

at the end of this year. we'll go up to 5.5 and the market is saying you know what? that's happening in a world where inflation is moving lower. liz: why are you neutral on equities, phil? >> because we don't want to be overweight, because we don't have this bullish story of above trend growth. it is really hard to be under weight. that's what we're communicating with clients . it's hard to be under weight the market because you need a hard landing skew but in order to be overweight that's a tough story when the federal funds rate is so high. liz: jeff, listen. you've been a little bit bearish and all the markets done is go up, up, up. >> well here is the thing. i love my dog and i've said this before, but my dog has terrible breath and this market has terrible breath. when you have seven stocks -- liz: you don't kick your dog outside. >> no, i love my dog. my dog is my best friend. no, this market, seven stocks are driving this market. you pull out these big tech and what you have is

underperformance of the market. to me, this looks remarkably like what happened in the dot co m bust. i'm not saying it's to that effect but it's looking like that, so i'm not going to trust the market that's relying on stocks like apple which has now exceeded the market cap of the entire russel 2000. liz: wow. >> so i'm not going to, and exceeded the gdp of always australia, canada, south korea. to me the big stocks can't stay in this leadership position without the value stocks in the rest of the market being able to take or have some momentum upwards. liz: but phil, if you are neutral on equities there's got to be a way to straddle the line and get a relationship between stocks and bonds for investors. what does that look like? >> yeah, so the stock bond allocation i think is really important here. the bond allocation probably not as bullish as we were on bonds. liz: yields are coming down

today. >> yeah, so that's part of the story, liz. i think jeff what jeff highlight ed is really important though and that stock relationship. these nasdaq stocks like apple last year, long duration stocks, so they got hurt at a time when rates were moving higher and we now have rates higher and these stocks are holding in. the key is if we avoid recession we think that bad breath turns into good breath or fresh breath so you'll get we think an expansion of the breath of the market not as narrow. what jeff highlighted is an important risk though. liz: folks at this price 186 bucks, apple is right at an all-time record. gentlemen, thank you very much. jeff sica, phil campaorelli, what jeff said was important. you guys disagree but we love that. we like contrarian views so thank you very much. bitcoin has dipped briefly into, below 25,000 but now, it's backup and in the green at 25, 450. what shook the markets maybe

earlier? ftx founder sam bankman-fried arriving at a new york city courthouse today to appear for oral arguments. yup, he was getting shoved around a little bit by the press we're going to tell you what happened, but whether it's crypto criminal charges or sec lawsuits against cryptos biggest players, we are bringing in arguably the loudest and most respected voice in the bitcoin world. galaxy digital ceo mike novagrat z next why his latest move in the space may be to actually move some of his operations outside the u.s.. closing bell ringing in 49 minutes the dow up 437 points. we are coming right back on a very busy thursday. we're talking about cashbackin. not a game. not a game! we're talking about cashbackin. we're talking about cashbackin. we're not talking about practice? we're talking about cashbackin. we're talking about cashbackin.

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liz: take a look at what happened outside a federal court house just about an hour and a half ago, accused fraud steyn and crypto exchange ftx founder sam bankman-fried facing five fewer charges, following a hear ing in manhattan today. at least for now. sbf left federal court after prosecutors agreed to withdraw charges that had been filed, a little wonky that had been filed after his extradition from the bahamas saying they will not pursue those charges unless the bahamian government authorizes them. sbf is still facing eight fraud- related charges for the collapse of his crypto exchange ftx but the sec sparring has just not let up. june 5 and 6 regulators sued crypto exchanges binance and coinbase alleging violations of securities laws. now while reuters reports binance has just laid off 50 people at its u.s. affiliate the

exchange may have won a round after a federal judge ordered the sec to work out a compromise that would allow binance to continue operating in the u.s. while it fights the lawsuit. let's bring in galaxy digital holdings ceo mike novagratz in a fox business exclusive. mike, first your thought quickly on ftx, but then, i got to hear about the sector anybody trying to do the business of crypto. >> yeah, listen. the ftx thing is not a big issue sam is going to go to jail and he's going to go to jail for a long time. he defrauded a ton of people and quite frankly he set this industry back years, and so shame on him. literally, in some ways he created this vacuum that gary gensler is operating within and the sec is operating within and that up until sam, there was a

democratic consensus building that crypto was bipartisan and that both sides should get together and pass legislation to help regulate us here in the u.s. , and sam was such a prominent donor to the democratic party and was so in bed with the regulators the cft c and the sec, he was really good at snookering people that with mud on their face democrats have backed away and elizabeth warren and sherrod brown and the white house and gensler are now on a jihad called operation show 2.0 but you can see with the cz, the c z indictment, was like a criminal indictment, not a financial one. they are going after binance, going after coinbase. they went after paxos, one of the most regulated companies in the space, and one of the most kind of straight-laced companies

in the space, and so it's making it difficult to be here in the u.s. and it's making it difficult for the overall echosystem because institutions, they don't like uncertainty and there's lots of uncertainty so we certainly have seen flows from institutions slow down into crypto. the only silver lining is and it's a small silver lining, is retail continues to buy. we see it on the aggregate platforms, we see it talking to offshore exchanges and so the bitcoin price is actually as i look, over 25-point 5,000. if you if you had told people that all this was going to happen and bitcoin would still be up on the year they would scratch their head. liz: yeah, but this issue with the sec. we just had tim draper who of course is a venture capitalist out on the west coast and he is a bitcoin bull. he specifically had very strong

words for gensler and this warning, and then i want you to hear what he said and then react to it. >> you know, weak regulators spread fear and strong regulator s spread opportunity, and i think we've got a real problem, because the sec has been spreading fear and all of the innovators are leaving the country and there's a huge problem we have. liz: leaving the country. mike, are you going to send some of your operations outside the country? >> we already have. you know, we're shifting more to hong kong. i literally walked out of a meeting as we're trying to figure out how to reposition, and where growth is, and listen. it's not an easy task. you get your team together and say well, would you like to move to the bahamas, london, hong kong? people have families, people

have lives, but so it's quite an upheaval but it's almost essential if you want to continue to operate without fear of retribution. up until binance and coinbase, the sec had never declared anything securities, and now for the first time, they have said hey, these 15 names or so, these are definitely securities in our mind. now, you know, ripple is fighting them and coinbase is fighting them and paxos is fighting them and that'll get litigated in court but for the people not in that fight there's uncertainty. liz: but why hong kong, can i ask you because hong kong is a part of china now. they have really cracked down. china has made no bones about the fact that it despises crypto is this in a way china capitalizing on the capital flight from the u.s. and maybe

changing its mind about cryptocurrency? >> you know, honk hong kong, i lived in hong kong seven years and hong kong and singapore are like twin cousins who like to fight and singapore was becoming this financial capital of asia, and this is hong kong's way of fighting back. matter of fact, two of the biggest banks in hong kong want you to actually bank crypto companies, specifically gave them that mandate, which is the exact opposite of the mandate every bank in the united states is getting, and so i think it's kind of a big deal. they have passed regulations that allow retail to participate on exchanges. one of the first countries to do that so they have a really forward regulatory regime and they are asking for crypto companies. liz: well i find that fascinating, so you are heading in many cases when it comes to much of your business at least in part to hong kong. what about blackrock? does that make you change any of your views?

there is a report that blackrock is very close to presenting a proposal for a bitcoin etf. now, others before blackrock have failed. a lot of people, the winklevoss have been pushing for years. what shot does blackrock have at being successful here? >> listen. the crypto community is dying for an etf because that was say that the u.s. believes in crypto , right? the reason gensler hasn't approved an etf is he doesn't want to say crypto is okay. even though he talked the class at m. i.t. and you know, it's just yellen -- liz: will blackrock be successful, mike, do you think with their power? >> i'd say a hail mary every night they are successful. i think if larry fink can pull it off that's a stunningly big deal for the space because it

really easy for institutions to participate. they are the biggest asset manager in the world, so there's one guy that knows that is named gary gensler. there's no reason we shouldn't have a bitcoin etf. we've got a futures etf. the judge already kind of chastised the sector the lunacy of that in the grey scale case so we will see. like i said i'm crossing my fingers and saying my prayers. liz: yeah, okay there you go. mike novagratz is saying a hail mary that larry fink pulled of a bitcoin etf. thank you so much mike we appreciate it. the nations biggest ticket sellers hauled to the white house today as the biden administration cracks down on this disastrous rollout of the tickets for taylor swift. remember the super charges and all of that? well wait until you hear the report next.

we're going live to d.c. closing bell 36 minutes away. again dow, s&p, and nasdaq are all at 2023 highs. big rally today. i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. ♪

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( ♪ ) ( ♪ ) ( ♪ ) ( ♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. liz: fox business alert. the ambiguity surrounding pricing of taylor swift's blockbuster eras tour along with a bunch of other concerts and shows looks like it may be coming to an end. the white house announcing today two biggest u.s. ticket sellers,

live nation and ticketmaster unit as well as seat geek will make pricing more transparent on their platforms later this year. representatives from both companies all three of those companies as well as airbnb meeting with president biden today about hidden costs that blindside consumers. let's get to the white house and edward lawrence where the president just finished taking on i guess they call them junk fees edward. reporter: exactly. it's the hid epidemic fees the president says hurts americans. those fees are annoying you get to the end of a purchase and there's a service charge you have to pay. it's not on the original price that you're seeing online but in the room as you mentioned some major ceo's were in the room including airbnb as you mentioned but also two major ticket companies. live nation which has ticketmaster as well as seat geek. they both committed to giving customers the option to see true price of a ticket which includes those fees. now this is about transparency right now. the president is not talking about removing or lowering

those fees. >> this is real transparency which leads to more competition, brings down costs for working americans, keeps growing our economy from the middle out and the bottom up, not the top down. reporter: so in recent months the consumer financial protection bureau proposed a rule that would reduce credit card late fees. that rule has not been finalized the ftc proposed a rule called click to cancel basically saying of a company allows you to sign up online without talking to a representative you should be able to cancel that same way without talking to a representative. ted rossman says shedding light might help the consumer. >> i think that while the administration and while consumers would love to pay lower fees i'm a little skeptical of that. i think fees are kind of like wack-a-mole. if one goes down another one goes up but at least transparency would give people the opportunity to know what they are getting into and comparison shop. reporter: and so today was all

about transparency for the president. he is not talking about again reducing those fees, or inflation, that all americans are seeing at the moment. liz? liz: yeah, they have been threatened before. they don't do anything. yeah, that time when i tried to get elo tickets oh, wait. >> [laughter] liz: thank you edward. reporter: that $50 service charge right? >> exactly. thanks edward. fox market alert take a look we are continuing to hold on to most of a very robust rally here dow jones industrial up 462. guys high of the session a gain of about 505 points. we're not there any more, but close enough s&p up 60 nasdaq up 184. let's look at individual stock stories that are important lenna r stock at a record high after the homebuilder beat on both the top and bottom line and raised its full year forecast for home deliveries. prospective home buyers have adjusted to higher interest

rates and there is still strong demand for new homes. sofi isn't looking so fine after oppenheimer downgraded the stock and the stock to perform from outperform we've got it down about 2.6%. the firm says because shares of the digital bank have rallied about 105%, over the past year, now is not a great entry point for investors. oppenheimer also dropped its price target to $8 a share. sofi is at $9.48. supermarket chain kroger maintaining its annual targets despite a quarterly profit beat. the grocer says it's still feeling inflationary headwinds and remains cautious through the year. we've got kroger down 3%. kroger also slightly missed on revenue expectations. shares at the moment stand at $ 45.79. and stifel, this is why domino's is very close to the top of the s&p. stifel sees shares of domino's pizza delivering to shareholders in a big way.

they have upgraded the stock to a buy from a hold, and the stock is responding in kind, bubbling higher by 6.5% as analysts think the pizza chain will see delivery sales stabilize in the next year and carry out sales will grow. stifel also increased its price target to $350 from 320. domino's right in the middle there of 330 and 325.81. from pizza to pita, as the world goes crazy of the heart healthy mediterranean diet, wall street is going nuts over cava, public debut today. as they head into the very first final hour of trade for the stock, cava's co-founder s join us next. well, to assess the stocks stellar move which right now is up 22 bucks, that be a gain of 102% on yes, its very first day of trading. yeah, you know, not all day byes

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the gains pushing its valuation to nearly $5 billion as the overall ipo market remains on ice, could cava's rip roaring debut open the flood gates for more restaurant chains joining me co-founder and ceo brett shulman and chief content officer ted zeneristos. great to have you both. this has got to be a wild day for you. are you running on fumes, brett? >> first of all thanks for having us. it's a very exciting day and a great recognition for the hard work our team has done the last 12 years. liz: were you nervous, ted? >> super nervous. liz: i've heard the process on the morning of i've talked to a lot of founders and they say there's a pit in their stomach and it's so nerve racking. >> i jumped up at 3:00 a.m. today and thought it was the time to wake up and i was literally to go out the door. we were ready to go. liz: here it is. okay you rang the bell, brett devries the big fist pump,

everybody is excited and here comes the real point. you know you can't look at the daily stocks can you? >> i even said that to the team last night. we're not going to be defined by the ups and downs during the daily stock price trading. we're going to be defined by what we do over the next 10 years and that's what the we have done the last 12 years is keep our heads down focus on our mission to bring heart health and humanity to food and serve the grade cuisine. liz: there are people watching not in one of the 24 states where there are not cava restaurants. what do you describe yourself as in a word so that they understand why this has become so popular? >> we say yeah, mediterranean cuisine is the unique where taste and health unite without compromise. you can have this hi-definition satisfying flavorful food and eat healthful food at the same time. you don't need a snack or an app when you eat cava. liz: i'm glad you didn't

practice that. >> [laughter] >> our customers tell us this. liz: okay, we've got 260 stores, ted. you are raising several hundred million dollars today with this ipo. where will that money be directed first right off the bat >> well i usually focus on the food part of the business. usually i leave that to brett who does a great job of putting it to good use. liz: as you focus on the food is there anything you want to add or change at this point with the new found money whether it's equipment or ramping up hiring. >> sure. i mean, we always want to take care of our team members. my mom was a waitress growing up for me when i was growing up and she used to drag me to the restaurant and i fell in love with this business and you know, you saw people go through that restaurant business and kind of get churned out and one of the reasons we started this was to take care of people so using that money to continue to do that and expand to all of the other states will be one of our priorities, so we're excited about that. liz: okay, let's talk about more store openings. there's one going up in edge

water, new jersey. where else? >> yeah, so we operate in over 22 states today. there's 26 states in the continental u.s. we are not operating in. we're looking forward to going into those states and one will be illinois, chicago is where we've said we're going to expand to next year and then we'll continue to grow within the 22 state footprint but chicago gives us an entry into the midwest region which is region of the country that we don't have any existing restaurants in today, so we're excited to open those new markets and build-out in existing markets. liz: i love that edgewater got one before chicago did. that is very exciting to me personally. you know, let's talk about the comparisons, which are as george bernard would say odio us, but you've got to bring them up, sweet green obviously was one of the chains that went public, and has floundered certainly and they are a big salad chain. how do you avoid becoming something that doesn't quite work because you aren't

profitable yet. >> i think there's a couple things that drive the success of cava. one is our proven port ability. we're operating in 22 states plus the district of colombia today and we have consistent average unit volume performance and success across all those markets, whether it's brian park here in manhattan, in boston or fayetteville, north carolina and fayetteville, arkansas, and it's not just in the cities. it's in the suburbs. over 82% of our restaurant fleet are in the suburbs, and we're not just an intuitive choice at lunch but dinner also. we roast, grill, braze, cook with fire, with a 45% dinner mix 55% lunch mix so that gives us two dayparts to grow our average unit volumes and drive our traffic and comp resulting in very powerful even it economics. when you look at our unit economics our restaurant level margin or the expansion of restaurant level dollars, we've had tremendous momentum in the past 18 months. liz: ted, i'm actually touched that you revealed your mom had been a waitress and when i think

about that, i look at what you guys do with your team members and your staff. you have paid sick leave, paid parental leave. is there starting minimum wage that you pay? >> yeah, our starting minimum wage from what i remember is it 17 now? >> it was $13 an hour back in 2016. which was before many had raised minimum wage and we've invested every year since and we are now an average hourly wage well- north of $16 and hour. liz: what would you say because these wall street guys who are buying chunks of this stock are going to say we want to see profits sooner. what would you say to them if they said cut back on some of those paid leave options, and some of the ways you treat your employees. >> i think it's at the core of what we do, so we would make sure to find a way to appease both sides, so we want to make everyone happy but taking care of team members is something that it's at the core of what we started out to do. it's one of the reasons we did this restaurant, why we started that first one back in 2006 and

it's one of our top priorities and when brett joined us and we started this whole thing together, it's one of the things i said to him i wanted to make sure we maintain so he's done a great job of doing that also. liz: have the falaffel, everybody. that is my favorite. brett and ted congratulations on a very big day. now the real work begins. thank you both so much. >> thanks for having us. liz: the ticker is exactly what the name is, thank you so much. there are mixed messages about crypto coming out of the sec at this hour. charlie is going to break it next, and we've got the closing bell 13 minutes away. we've got the dow jones industrial at the moment still up there. we've got it still higher by about 435 points. the s&p better by 55. the nasdaq up 167. the chase ink business premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder -

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ask your rheumatologist about cosentyx. ♪ >> i, i'd say a hail mary and two all fathers every night that they're successful. i think that's a stunningly big deal for the space. liz: galaxy digital ceo mike novogratz just moments ago exclusively telling "the claman

countdown" many a response about a report that black with rock is close to filing for an etf focused on bitcoin. but, of course, you have sec chair gary gensler being on a higgs to crack down the on crypto -- mission to crack down on crypto, and yet the sec recently approved promete yum to be a special purpose broke e orer dealer. not really well known, charlie. >>s it is probably the most with bizarre -- it's the biggest story many crypto right now, and mike novogratz actually weighed in on it on a thread. it's all over the internet. here's what we have, we have a company that no one's ever heard of, it's operated out of wall street, you know, a small office this wall street -- in wall street, that got a designation that everybody wanted. okay, robinhood, coinbase wanted it, ftx, sam bankman-fried was trying to get it. and that's the sort of sec prim

tour on being a crypto broker-dealer where you can essentially trade crypto. that's legal. so you could probably trade bitcoin. you'd have to trade stuff that's registered as a security. i don't think there are any -- there may be some obtuse things that are registered as a security, but there's not a lot. but anyway, getting that designation is the sort of first step towards this being sec-compliant as a crypto exchange. again, everybody wanted it, they got it. and here's what's interesting, when you start unpacking the firm, it's very small, it's -- one of its underwriters is a company that is multiple sec violations. if you go back, i did all the research are, trust me. promete yum has no comment, i poke to -- network one, i believe, is operated, i checked the address, maybe i'm wrong. if i'm wrong, guys, call me back, a mall in red hook, in red rebank, new jersey, okay? -- red

bank. liz: a mall in red bank, new jersey? >> yes. that's what the address said -- liz: they urned down coinbase and they turned down the winklevosss -- >> and robinhood. winklevosss aren't too happy about all of this. on top of it all, what's got republicans this particular, the ceo and cofounder, i think his name is eric kaplan -- alan kaplan, was before the house financial services committee this week -- liz: aaron. >> aaron kaplan, i'm sorry. s who is this guy and what is this firm, it personal has tied to a chinese holding company that was started by a member of the the communist chinese party. and tommy tuberville is investigating this as well. he did a "wall street journal" op op-ed, he's sending letters to gensler. and i think, you know, here's the sort of upshot about this story and what's scary about it.

you do have regulation out there. you have enforcement. you know, coinbase was recently, i guess, charged by the sec, right? sued by the sec. and it is, it's a u.s. public company that went through the ipo process, right? i mean, robinhood is under investigation, right? it's a u.s. public company that went under the ipo process, and it's listed on an exchange. yet they can't get this designation, but these guys can. you know, gensler needs to sort of come forward. i've asked the sec for comment, tell us what makes them different than the others. because what people are saying is, this is another i screw-up in crypto, it's another potential sam bernankeman fried thing -- sam bankman-fried thing. they've not been charged with anything. by the way, i looked at the regulatory record, they themselves don't have any issues, just so you know. i'm laying it all out there.

liz: thank you, charlie, very much. dow on pace to close at its highest level since december, but all of the major indices are on track for 2023 highs. all right, let's look right now to microsoft, notching and heading right toward a record high close. never seen before. market optimism on a.i. putting the tech giant here to a valuation of $2.6 billion, big move here. joining us now with $55 billion in assets under management, jack mcintyre. jack, you're actually bullish on china. charlie just talked about this company that may have ties to china and that should somehow be suspect, perhaps, on behalf of certain regulators and certain people in the government. tell me why you're bullish. >> so, liz, you know, i'm -- maybe the better way to say it is i'm not bearish on china. liz: okay. >> they're going to do stimulus, they're going to get stability. i think it gets a little worse around the property market as we get closer to 2024, things are

going to improve. we're not directly invested in china, but remember, china's the second largest economy, it's going to move the needle on global growth. excited about the prospects of growth in asia, even europe. less so in the u.s. and when u.s. lags from a growth standpoint, that is dollar bearish. liz: well, we have some chinese stocks that are listed here looking very strong. but you always wonder about overhang of the government on a whim deciding one day ott another -- or another to crack down. >> yeah, you're right. that's why with, you know, again, i'm not saying put at lot of money to to work directly in china. but remember, you know, xi has to keep that populace content. they've got to get some type of economic growth. they can't let things deteriorate too much. and remember, they're on a different cycle than we are in the u.s. and other countries. we're battling inflation. china doesn't have an inflation problem, so they can do more stimulus if needed. liz: more stimulus, the needed.

request quick on the markets, jack, nice moves here today post-fed. >> yeah. i feel two things. one, i feel a little bit of forbes omo -- fomo, there's a lot of cash on the sidelines earning a good return but nothing like you can earn in equities this year. i think in the part it's because the fed sounded a little bit more hawkish than they're really going to be, you know, based on powell's testimony or his press conference yesterday. the actions were they pause, i think inflation's going to come down. i think the fed might be silent the rest of the year. liz: jack mcintyre, great to see you, jack. markets are closing at the highest levels of the year. microsoft is closing at a record ojai. big move there. -- record high. and cava on its first day looks to close up 99. ♪ ♪ larry: hello, folks. welcome to "kudlow," i'm larry kudlow. all right, speaking of