charles: all right, so what you think you need for retirement and what you have. all right, most of you folks think you need a certain amount of money. the average is $1.3 million, what do we have? try $89,000. one person tweeted me said he needs $2 million, he's 43 years old. cheryl, we've got some worked to do. cheryl: there's a lot of work to do. charles, thank you very much. i'm cheryl casone in for liz claman. stocks mostly lower, it's been a choppy day of trading. the dow is down by 116 points,

the s&p down by 6 and nasdaq, though, back into positive territory, up 26 points. we declined about 60 points at the lows for the nasdaq during the session, and the dow sinking, as you can see, 117. we did post, though, our first gain in seven sessions last night when we closed here on this program. now, dow is being dragged down by a few names, and here they are. travelers, the biggest drag on the dow right now, and then home depot and intel as well. but now switch it up and look at apple. this is dow component. this stock is on a tear. another all-time high for this stock right now. look at apple right now, 188.97 per share, that's a gain of almost half a percent. this company is nearing a $3 trillion market value, trillion. any gain on the sessioned today going to be a record close for apple, as you can see. also semiconductor chip names, these are all in the redd today. this is a big with story.

there was a report from the wall street with journal that the united states is considering new restrictions on exports of artificial intelligence chips to china. the commerce department report prokedly seek ising to ban the sale -- reportedly seeking to to ban the sale to other countries without a license. nvidia, intel, applied materials all in the red on that news. and then investors are hanging on every word we got today from federal reserve chairman jerome powell at the european central bank forum. powell hinted at two more rate hikes this year but, again, no indication of the fed's next move at the july meeting. traders are betting it's going to be to the another hike. investors also waiting for the fed's favorite measure of inflation. we're going to get the may pce report. that drops friday. it's expected to rise .4% month over month, 4.7% year-over-year. you know, a lot of factors of uncertainty are really hanging over the markets in this final week of the second quarter and the first half of the year. where should you begin to invest

for q3, for q4? let's get right to to our floor show. joining me now is washington crossing advisers' senior portfolio manager kevin -- and teddy weisberg. teddy, kind of curious what the mood is down there today based on these comments from powell. basically, he says that the fed has not been, quote, restrictive long enough to get inflation to that target. and you know it's 2 percent. 2%. >> right. well, you know, cheryl, you know don't fight the fed. i mean, there are a lot of folks that don't want to listen to powell and don't want to pay attention to the fed, but the fact is to do that you do it at your own risk. i mean, he's pretty much telling you what they intend to do. now, is it rhetoric or will it really happen, of course, only time will tell, but my money is on raising rates. and i think that is somewhat reflected in the market. but let's also not forget we're coming to the end of the second

quarter, end of the first half. that's usually takes the market into a reasonably good time period when we get into earnings reporting which'll start in a couple of weeks. but for the moment, you know, yesterday they looked great, today they don't look so good, and it's the all about the techs and the comp. they continue to be the go-to place to go. kind of scary, but you've got a handful of stocks that are basically making the rest of the market all look quite positive when reality is most people are sort of struggling the year to get a positive year. cheryl: and we saw that the first half of the year with the big seven, the technology names and the a.i. story that we've talk the about are repeatedly on the show. kevin; i want to to get your thoughts on we just got the cbo's budget forecast. this is their long-term budget outlook, and there's one thing that's a little disconcerting to me. by the end of this year, federal debt held by the public equals 98% of gdp --

[laughter] debt then rises in relation to to gdp, it's hit a historic high in 2029. powell's been cite sized -- criticized for not being more vocal in his congressional testimony that they need to rein in spending on a federal level. the government's got to the rein in spending. i think he said, well, that's not my job, but someone's got to say it. >> yeah. well, what has been happening the last year has been a tightening of policy which is actually contracting the money supply for the first time in history. and if you look before that when the pandemic hit, we increased the money supply by about 40%. that's the $5 trillion number that everyone talks about that was printed, borrowed, spent into existence. but now we're on the other side of that, and we're feeling the pain of inflation. in fact,you look at where the inflation -- if you look at where the inflation index is, it's at a place now where if you looked at the trend before the pandemic, we should not have gotten here until after 2030.

is so there's a lot of worked to do to rein in a whole lot of excess spending and borrowing. and i think that a lot of people got this idea the modern monetary theory concept that the fed could just print money, the government could print money endlessly to do whatever they wanted. if we don't create more things, then effectively all you get is more inflation. cheryl: and speak of inflation, teddy, i want to the take that to you because the chamber of commerce came out today with their small business survey. it's a little worrisome, to me. small business owners, ooh 50% say they delayed plans to grow their business with due to high interest rates. and then when it comes the inflation as well, they say this is still their biggest challenge. 76% i say those rising interest with rates limit their ability to raise capital, and they also say they're having a harder time borrowing money from banks. this is worrisome as we talk about small and regional banks, teddy. >> oh, absolutely, cheryl.

but, you know,st the also interesting that we went through a period from the end of '09 to probably 2015 when interest rates were zero, then they started to rise, then the pandemic came, and we dropped interest rates to zero again. the reality is, i think, for most folks -- at least people my age -- zero interest rates are an aberration. i think what we're in is more or less normal. now, the fact is small businesses is have to the deal with whatever normal is. what makes it more frustrating is that the fed is determined to to raise rates to deal with inflation, and the enresult or the unintended consequences is that they create all this negative feeling and, in fact, you're probably trying to induce a recession. and i think as kevin and you both pointed out, you know, raising interest rates to deal with inflation is one thing. but if you don't stop spending, what is the point? i mean, you're just like a dog chasing his tail. i mean, we're just spinning in place and not going to go

anywhere. but i think in terms of interest rates and small businesses, i don't know what normal is, but this is sort of normal where we are now. our interest rates, should they be a little lower, a little higher? perhaps. but zero interest rates, in my opinion, is a complete aberration. forget that. i don't think we're ever going back there again. and if we do, we probably have bigger problems than you and kevin and i are talking about today. cheryl: before i let you go, kevin, just really quick, president biden kicking off his bidenomics tour today and talking about the economy. american rescue plan, that was a $1.9 trillion spending package. and you would think with that money flowing out into the system that we would see a little more positive mood coming from small business with owners. still, they're worried about other things. >> well, you're not. you don't have the food at -- mood at all. if you look at the university of michigan consumer sentiment numbers, sentiment among consumers is below where we were when the pandemic first hit and we were all shut many. so there's something wrong. --

shut in. and the thing that was most devastating to households was the surprise in terms of inflation. so we've learned once again the lesson that milton friedman taught us long ago, that if you don't have -- if you're not able to the create real activity in the economy, ultimately money printing is just going to get you inflation and it's ultimately going to hurt the people who can't, who can't afford it. and that's exactly what we've had here. and that's why we have such low levels of confidence in the economy today. there's a lot of work that needs to be done from here. cheryl: kevin, ted, it's great to have you here. appreciate it. all right. we've got a lot more coming up, everybody. we are heading to america's heartland where farmers are facing increased pressure over rising costs. we're winning to give you a live look at the autonomous tech they are turning to for help. that's coming up next. plus, the unlikely hero of your next midwest road trip, casey's general stores is the third largest convenience store in the u.s. is.

the ceo joining me straight from the company's investor day. oh, by the way, did you know they are also the fifth largest pizza chain in the united states? "claman countdown" is coming right back. ♪ ♪ the virus that causes shingles is sleeping... in 99% of people over 50. it's lying dormant, waiting... and could reactivate. shingles strikes as a painful, blistering rash that can last for weeks. and it could wake at any time. think you're not at risk for shingles? it's time to wake up. because shingles could wake up in you. if you're over 50, talk to your doctor or pharmacist about shingles prevention. new projects means new project managers. you need to hire. i need indeed.

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bridgett is here. she has no clue that i'm here. she has no clue who's in the helmet. are you ready? -i'm ready! alright. xfinity rewards creates experiences big and small, and once-in-a-lifetime. cheryl: the world of agriculture is boarding the the a.i. train with the rise in automated equipment. farmers are turning to autonomous technology in order to combat the increasing costs of food production. we now go live to madison alworth who's live from pembroke, kentucky, on a farm.

hi, madison. >> reporter: hey, cheryl. when we talk about autonomous, you don't necessarily think farm, but the reality is, agriculture is facing a ton of pressure when it comes to to the labor shortages and increased costs of fertilizer and feed. so they're looking for institutions. agco, it is a tech chain in the farm space, they think they have it. i'm going to jump into one of their tractors and planters to so we can give you a look at their automation system. andrew's going to help me buckle in. perfect. safety first obviously, guys, we're going to buckle in and then get going. all right. we are in. andrew, let's get going. is so the amazing thing about this, guys, we are not touching the wheel at all, and we are moving. what does automation do for farmers when you're at this level? >> so this level really helps farmers to make sure the seed gets in the right place in the right time and in the right amount and do so in a way that optimizes their important outcomes. so we're on the tractor, in the back is the planter. how is a.i. used for the

planting processes? >> in a number of ways. one, we're measuring moisture, organic matter and making realtime decisions and actions at a moment's notice. >> reporter: so tell me about that. from one field that we're in, we're coming up on you guys now, turning without touching the wheel. this is automation at its finest. what difference does that make to know from the patch to the patch how the soil differs? >> that is really important. customers are looking to make sure that we optimize their valuable inputs and get the ultimate yield which is only done by advanced sensing and capabilities such as our autoa mission systems. >> reporter: thank you so much. this tractor planter right now, guys, is just automated. in the future though, they're hoping it will be fully autonomous. we've seen some of the vehicles. the plan is by 20 to the 30 an entire fleet of all farming equipment fully autonomous. i'll send it back to the you. cheryl: madison, i was ready to see you drive that tractor. maybe next time. [laughter] >> reporter: no driving needed, it does it all itself. i'm very happy being passenger

princess, and i think the fields crew is also happy because if i did have to physically control it, i don't know who'd be making it back to new york, cheryl, so so it's for the best. cheryl: madison alworth, thanks for the live report. all right. well, investors are fueling up at casey's general stores. shares of the convenience shop getting a boost following the unveiling of a new business plan during today's investor day. casey's 3-year strategic road map includes adding 350 stores by 2026, expanding its private label and elevating menu options for customers to to help set it apart from their competition. so with 2500 general stores throughout 16 states, how will casey's general continue its climb as the third the largest c store, fifth largest pizza chain in the united states, believe it or not. let's bring in the president and ceo, excuse me, darren rubello, it's great to see you. >> hi.

thanks for having me, cheryl. cheryl: let's talk about this big announcement. of course, the analyst community is weighing in. i was looking at a note from goldman sachs s and they say overall what they're focusing on is your private label offerings. and they're saying here that they think you're navigating, this is their quote, a choppy macro environment that is going to the pressure consumer spending, but they're pointing to that private label. can you give us more details on this? >> yeah, sure. you know, one of the things that's important about our business and our industry but particularly casey's is that we've always been able to thrive in tough economic times. whether it was the great recession in 2008 or through covid, we're a very resilient business because we sell basic needs that people require every day to just to get through the day. now, with respect to our private brands, that that's been a great story. over the last couple of years, we've added 300 items to the assortment, and those items are are branded day casey's --

casey's, they are higher quality products and and higher pending profit to to casey's. they represent nearly 10% of our unit sales and about 10% of the gross profit in our general, grocery and general merchandise category. it's been a phenomenal story so far. cheryl: yeah, really, and again you're kind of mixing up your offerings there. we were showing that pizza. you're putting a lot of emphasis in your marketing materials on this pizza. i'm a new yorker asking you about pizza at your stores, but tell me why it's good. >> well, our pizza's fantastic. if you're from the midwest, you kind of know. and it's somewhat iconic. what makes it great is that we have kitchens in virtual virtually all of our stores, and we make that pizza dough from scratch every day in every store, and then we top the it with 100% whole milk mozzarella cheese which most of the pizza chains don't do anymore because it costs a little more. we think investing in the quality of those products just

elevates that experience for our guests. we've got to get you out to the midwest to try it, because it's phenomenal. cheryl: i haven't been to the midwest in a while although i'm curious what you're predicting for summer and what your outlook is. we're officially kicking off school is out season, so you're going to get a lot of those travelers by car. some estimates here, more than 50 million americans expected to the travel just for the fourth of july holiday weekend. are you expecting a bump, number one. number two, are your customers back to pre-pandemic travel levels? >> yeah, we're expecting a busy weekend, for sure. of that 50 million people that are going to be traveling, i think it's estimated that 43 million of them are traveling by car. and so that gives us a great opportunity to capitalize on that traffic and and, of course, we sell a lot more than fuel. and so when consumers are on a road trip, they have to fuel if up at some point, but they're really more concerned about where they can find clean restrooms, great food, great

snacks to get them through the trip, and we're the ideal stop for that. cheryl: what about inflation? you know, we've still got kind of sticky inflation in this country, in particular food inflation. and cpi, it's still sitting at %. how -- 4 percent. how interest rate sensitive is your business right now? >> we're not real interest rate sensitive. i think our consumers, because they're buying low dollar value items, they're really not -- can interest rates aren't impacting them from that perspective. now, overall from the macroeconomic perspective we offer such a great value to our guests, you know, it's low dollar purchases. when you buy pizza, you buy a whole pizza and who the side items, and you can get that for far less than you can get it at a casual dining or fast-casual restaurant. and when we survey our guests, 80% of them say casey's represents a great value for the money, so we feel really good about that.

cheryl: darren, it's interesting that you've been doing all these different acquisitions. again, the 350-store announcement today. i think you can be questioned that you're really expanding and what, a possible recessionary environment in this country, kind of an economy that's on shaky ground still. that's a big bet. >> well, you know, we don't think so. like i said before, we've been through recessions before with, and and our business has thrived in tougher recessions than anybody's forecasting in this case. and really we think it represents a great opportunity because our industry's very fragmented with a lot of small operators, and the challenges that we've been talking about with inflation and that sort of thing represent a more significant challenge for those that don't have scale. and so it really presents an opportunity for casey's to be able to acquire those businesses, convert them, and we'll be able to to run them for a long period of time. and we've got a great track record of doing that over time. finish. cheryl: all right.

darren, thank you very much. we'll sew you from the nasdaq closing bell. thank you, sir. >> thank you, cheryl. cheryl: all right. well, the latest report from general mills is not sitting well with investors at this hour. the key figures causing shares to sell off, that's coming up ahead in pop stocks. look at that, almost 5 -- a 5% drop. the dow, we're down about 111 points. at one point we were down just 23. still, not a good day for the dow can. s&p is down by 6, nasdaq up by 23. we'll be right back. ♪ ♪

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cheryl: we've got a fox business alert for you right now. there is a new stock on the block. jen restaurant group debuted on the nasdaq under the ticker g-e-n-k. its ipo follows mediterranean chain cava's red-hot ipo two weeks ago, the shares at $12 per share open for trading at 18.30. take a look at this, that's a 28% jump on this stock on its first day of trading. general mills is sinking on the session. they reported a 6% drop in sales for the fourth quarter. the maker of cheerios also forecasting, and this was the big thing, full-year profits wall street expectations. the consumer packaged food company saying higher prices

have led to a slowdown in demand. general mills down 5%, couch. -- ouch. fda is planning to approve a higher dose version of regeneron's eye disease treatment, the biotech company has been seeking its approval for an 8 percent dose with age-related macular degeneration. the fda is continuing its review. this does hurt regeneron's business which is facing stiff competition from roche, the stock is down 2.5. now let's look at snowflake. it's moving higher. they announced a new partnership with nvidia that's going to allow customers to build their own generative a.i. assistants. is so you don't have to pay anybody anymore, get it? at the company's 2023 e lent, the -- event, the ceo announced the native app network. snowflake is up 41% year to

date, up almost 4% today. pinterest also jumping as you can see right here 6%. wells fargo cup graded the stock from equal weight to overweight, increasing the price target from $23 to $34. they believe it's going to benefit from its partnership with am, helping boost -- amazon, helping boost integration rates. okay. bad weather ask united airlines' dispute with the faa could spell disaster for people traveling for the holiday weekend. there have been more than 3700 flights delay -- flight delays and cancellations so far today. that's according to united airlines, by the way. thunderstorms in the northeast combined with faa staffing constraints over the weekend have resulted in a tough operating environment. so on top of all of this, transportation secretary pete

buttigieg said that he expects more delays because planes need to upgrade to the new 5g tech by july 1st. that's three days from now. [laughter] grady trimble is at reagan international airport. i've got to say, are we in for a disaster this holiday weekend? you've got the weather. scott kirby at united says the faa and the air traffic controllers are a mess. he's throwing shade at them. and then you've got this 5g issue. and, cheryl, not to the add more fuel to the fire, no pun intended, but the smoke from those canadian wildfires, it's starting to come back in certain parts of the country. so that could present some challenges too. speaking about united, they say that they're overstaffing to get ready for the big holiday weekend which could break records, and we are starting to see some improvements across the country and across airlines for this upcoming holiday weekend. that's promising. but just since last weekend the airlines cancel or delayed tens

of thousands of flights. we've seen passengers waiting in long lines at some airports, sleeping in terminals, trying to get on new flights which in some cases has taken several days. this all started with those storms over the weekend on east coast, but united says that doesn't tell the whole story. in a letter to employees, airline ceo scott kirby called out the paa for not having -- faa for not having enough air traffic controller, particularly at newark airport. he said in the letter the faa, frankly, failed us this weekend. we estimate over 150,000 customers on united alone were impacted because of faa staffing issues and their ability to manage traffic. here's what the transportation secretary hases to say about all of this flight chaos. >> overall, we've seen the system perform much better than it did a year ago, and i think that reflects the work we've done, i think it reflects the

airlines stepping up. i want to give them credit. but clearly, there's a long way to go. nobody can control the wedding, but anything urn our control at -- the weather, but anything under our control and under the airlines' control, they need to step up and take responsibility. >> reporter: before this week the transportation secretary the had already put out a warning about delays and cancellations over the summer, yes, because that deadline is approaching. by the way, the transportation department is the one that put that deadline into place for airlines to update their planes so that the 5ging cell signal doesn't interview with equipment. the airlines have told us that they're ready to go, that there won't be any issues, but i'm not sure how convinced flying public is at this point, cheryl, after such a messy weekend before the fourth of july and now even more people expected to to fly this upcoming weekend. cheryl: well, exactly, grady. and i've got to tell you, mayor pete -- sorry, transportation secretary buttigieg, really needs to focus on what's

happening in those air traffic control towers in particular. that was a big part of the mess that they saw over the weekend, was air traffic -- they're just understaffed, you know? they've got to figure this out, you know that. >> reporter: and he has been focusing more on how the airlines can make passengers whole after these delays and cancellations. he hasn't talked quite as much about his role in all of this. he kind of deflected today. but he did say that whatever issues are going on within the faa, they'll work on that. he's hoping the airlines cotheir part to figure out their side of the equation, and we hope they can quickly. [laughter] cheryl: exactly. yeah, yeah, no. not that anybody like myself was stuck on a tarmac for a couple hours on sunday, but that's a whole other fun story. grady trimble, i would stay on the ground today. [laughter] >> reporter: that's the plan. cheryl: grady, thank you very much. great story, sir. we've got a lot more on travel the, speaking of this holiday weekend that's coming up.

if you're going to hit the road, a good chance you're going to want to use navigation app waze because it's amazing. if you haven't tried it, i highly are recommend it. the company's cofounder is going to join me next on the enth anniversary of waze being sold to google which, by the way, just announced layoffs at the waze division. we're going to get reaction in just a moment. we're going to come right back. ♪ ♪ more shopping? you should watch your spending honey. i'm saving with liberty mutual, mom. they customize your car insurance

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waze with the entire google maps team. they announced this plan back many in december, we knew that this was coming. but google bought waze, remember, ten years ago. it was june of 2013. $1.3 billion, they spent on company. waze cofoabder -- founder joins me now in a fox business exclusive. it's really great to meet you. i've been a fan of waze and an unabashed support of that app for years and years and years. you also have a book which i want to promote here, "fall in love with the problem not the solution," it's a handbook for entrepreneurs. you certainly are a entrepreneur. what's your reaction to the fact that there's some layoffs at waze? >> so, you know, the most important thing is what happens to the user, right? because i don't think that anyone is going the change app for the users. people that are using waze, they like waze and they don't want that to be changed. and people that are using google maps, they are using google

maps, and they don't want that to be changed. so their reality is that it will be stupid if someone will decide to shut down the application that is being used by hundreds of millions of users and they lo that and they use that every day. cheryl: i've always been curious if the technology that powers waze is the same exact technology that powers google maps. is it? is there any difference? >> it's not. it's different. but for a second i would ask you, do you even care, right? [laughter] why would you care about the technology underneath if you have an application that serves you so well and that you're using that, you know, every day that you go into your car can you are using waze? this is the use case of waze. the commuting, the daily driving. and this is very unique and very special, and that's why i think that no one will ever shut it down. cheryl: well, that's the geek in me. i've always been curious about that. all right, let's talk about this. at this point vc spend r funding, we've seen a little bit of a pullback.

you left, you sold waze and have been creating app after app after app including i think it's moot point or move i. for public transit. you did a lot of these. what's going on in the vc community right now? is it tougher for entrepreneurs to get funding? >> so it is tougher, and it is tougher because we are in, you know, at least in the last year we were in a bear bish market. and what happened in the bearish market is you stop from top market and then there are no ipos. when there are no ipo, then companies have way longer run rate that hay actually need to fund. and -- they actually need to fund. so there are less d and e funding round, and all that goes down into they have the c and a rounds as well. it's way tougher to raise capital today. one of the things that happened that many of the venture capitalists are saying, okay, we understand this is going to be a long while, and we are preserving our capital in order to support our existing companies, and we are not making new investment right now.

cheryl: ori -- ewely, do you think -- uri, do you think that's because of a.i.? if you look at the 38 unicorns we've had, all the money seems to be chasing a.i. is that part of the problem? >> it's -- i don't think it's a problem, i think it's ap an opportunity, right? but in general, i would say i don't think that i was approached by an entrepreneur in the six months that didn't say a.i. in the first sentence, right? so everyone thinks that this is the next big thing, but for a second, you know, i would call a.i. right now as a teenager, everyone's speak about it but very few are doing the right thing. and in that sense, i think what we haven't seen is the real use case for a.i. right now. now, there are -- we would ask a hundred people have you tried the chatgpt, all 100 are going to say, yes, absolutely.

are you still using it? probably 2 or 3 are still using it which basically means that we haven't found real use case yet. and we will. we will because there is so much into that, that i am pretty sure that some of those start-ups that are dealing with a.i. today and some of those companies, they will figure that out. they will figure out product market fee, and they will become extremely successful. cheryl: uri levine, thank you so much for coming on show. i know you've been a guest of liz's before. thank you for joining me. >> thank you. cheryl: all right. well, as krautny increases over the leadership of goldman sachs' ceo david solomon, a former bank of exec and solomon ally could be9 set to join the board of directors in the next few weeks. theyly break it -- charlie breaks it next. we'll be right back. ♪ ♪ u'll love how easy dexcom g7 is. it's on. and, he's off.

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♪ cheryl: goldman sachs has tapped former bank of america executive tom montauk for a seat on the company's board. the appointment said to be the imminent and could be a light in the dark for goldman ceo to david solomon, a former colleague of montauk the, whose leadership has come urn increased scrutiny in the past few months.

let's bring in charlie gasparino. still a lot of controversy around solomon. >> i would say this, i would say be prepared for some sort of an announcement. i don't know how this is going to get announced, but the goldman board today is in india, they're having a board meeting in india, i don't know why concern. cheryl: why? okay. >> you know, they have significant business interests many asia and india which is a growing economy. so it could be some announcement coming out of that board meeting that we know that tom has been tapped for this job. i would say then it's a couple weeks that he gets in the job. we should point out that this has been debated inside goldman for about, for, like, a long time, months. i wouldn't say a -- cheryl: to bring him onto the board if in. >> you've got to know something about him. the guy was one of the top guys at goldman sachs around the time of the financial crisis. he went to merle lynch because john thain was at merrill lynch.

financial crisis happens, he's a key part of the transition of merrill lynch and works his way up, he's pretty high at bank of america. he left recently. very interesting thing about him, very competent. people that know him say he's one of the best at capital markets, you name it, investment banking, obviously, it's going to be good to have him in the corner if you're david solomon where you have a lot of this internal strife. there was internal reports about workplace issues urn him -- cheryl: by him? >> because of him. these were reported. i thought the reports were pretty weak, to be honest with you. i read them all. stuff the about him being a tough manager. i mean, you know, that's wall street -- cheryl: that's wall street, i mean -- >> i will say this, goldman vetted those reports to make sure it didn't seep into sexual harassment and things of that nature. what i'm hearing from people chose to this whole process is there is no nothing in their vetting that's going to prevent him from getting this job.

why is is he good for solomon? again, a key ally. not only that,s and i think i mentioned the other day or maybe it's liz -- cher cheryl monday, it was me. >>ing solomon has to do something at least semi-transformationallal. goldman is a two-trick pony. they made a por ray into consumer banking -- foray into consumer banking which doesn't work well. it needs to do something, build up its asset management division. solomon's a dealmaker himself. it's not bad having montag in your corner if you're going to do that. i could see him being a key player in doing some sort of deal. so i should point out that reps for montag, he's now the ceo of a sustainable energy company, by the way, did not return e-mails for comment. no comment from goldman sachs. but again, keep an eye on some, something coming out of that board meeting, you know, making this at least the --

cheryl: official, okay. >> but we've got to confirm -- cheryl: and they should also tell all of us how to say his last name correctly. >> montag. cheryl: i apologize. i said something like montag, what am i, a shakespeare play? >> there was a guy, correct me, guy montag? cheryl: i don't know. >> i always call him guy montag because it's in literature. cheryl: goldman -- so general with goldman, i've got to say, it's one of hose banks though -- i've been doing this over 20 years, you know, goldman sachs isn't going anywhere. they may have rough patches. maybe solomon is the guy, maybe he's not. but i do is have to say they're still, like, the gold standard,. >> for investment banking, one of the problems competing if you're goldman, two-trick pony against jpmorgan, jpmorgan has all the businesses make money whether rain or shine. it is huge.

it is an investment bank and spreads costs over vast, vast firm four times bigger than goldman. it has a business model issue morgan stanley had a problem chasing -- >> this is why it is different. i will wrap in a second, he getting hit on this, morgan stanley did expand. it bought e-trade. it bought several major assets to build out its wealth management platform which is a stable source of revenue. so again, i see this as you know, helping david internally. i see it basically precursor to a deal. cheryl: charlie gasparino, thank you very much. we have the closing bell ringing, speaking of banking and investments we have five minutes to go. markets are digesting federal reserve chairman jerome powell was over in europe a negative

comment about interest rates. nasdaq is slightly higher a lot of interest rate-sensitive stocks within the rally. take a look at apple. this is a big story. the stock is up, it is on track, on track if it closes, if it hits 190.73 that makes the market value three trillion, okay? they have four minutes to go on that one. in less than two hours the federal bank will release the results from the annual stress tests. every year the fomc tests the balance sheet of big banks to see if they can stand a dramatic economic slowdown. our "countdown closer" thinks he has two banks that will pass with flying colors. international assets ceo, fred, francisco. thanks for being here. talk about banks. we were talking about goldman sachs. you will talk about jpmorgan and bank of america. >> well, thank you, share. i don't know how much more i can say about jpmorgan that charlie

just didn't. he thank you very much, charlie, we appreciate it. we believe jp and b-of-a are the two best of the traditional money center banks. obviously they're not just money center banks anymore. b-of-a has merrill lynch and jp has charlie saved crossed many business lines. you know, there is not going to be anymore bailouts, i say that tongue-in-cheek. they say it is not bailout. we will have a lot of arranged marriages and we think when the dust settles even though the financial sector has been underperforming this year so far that jpmorgan and b-of-a will be winners. cheryl: i want to move on with you, when you say arranged marriages, small and regional banks absorbed into the larger banks, something they're not looking to do but forced to do? that is what you say to me when

you say arranged marriage which means we have more shaky banks out there. >> again, this is not me saying this, reading between the lines janet yellen saying last week. i think that is exactly what we can expect. cheryl: okay. those are the ones you like. talk about what you don't like. you don't like disney and you don't like ford. >> we were big fans of disney and ford for a long time but -- making mass appeal profitable movies right now and ford, i remember when their main advertising slogan was at ford quality is job one. ford has had a lot of quality control issues. i mean the ceo came out early this year first quarter of this year, basically admitted we have a lot of quality control problems and it is going to take us years to rectify. i think we're seeing that. i think that you know, when they first announced the ford f-150 lightning was sold out for three years. i'm telling you my phone gets rung off the hook by ford

dealers now trying to get me to take a ford f-150 lightning in stock. these were already supposedly sold out. that is not so much anymore. cheryl: they're laying off too. real quick before i let you go. big story about the united states considering new cushes on a.i. chip exports to china. that had some in the tech space a little bit nervous. is that a group you're into right now, that you're shorting or buying? >> i wouldn't short it. i mean again, a.i. is driving so much, i know what, it is certainly looks like it may be a little frothy but by the same token we have yet to figure out what the full impact of a.i. is going to be. anybody who says they know for sure is probably just saying it with a lot of conviction and doesn't really know for sure. suffice it to say, impact of a.i. is going to be huge. i certainly wouldn't be shorting those positions right now. cheryl: maybe not adding to them at this point is what you're

saying? if you're holding nvidia, hold on to it for now? >> absolutely. cheryl: all right. ed, cofrances cothank you for being here. there has been a lot happening in the market today. we're looking at biggest losers on the s&p 500. as you can see it has been quite a day for the markets. the dow and the s&p they're in the red. you have got the nasdaq at least up for the second day in a row. apple we're looking at another record close for apple. that 3 trillion-dollar mark, that stock actually may just get it. [closing bell rings] cheryl: we're hearing bells ringing. dow down 170. not now. next up, "kudlow," that's it for "claman countdown". ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. all right, once more with feeling. joe biden on the campaign desperately trying to sell