anybody personifies anybody better than simone biles and she hit that mental wall just as the entire world was watching , and she still came away as heroic. in fact, she came away from the olympics as if she had won all the medals at the games but then she walked away completely from the game. here is the great news. i just read she's coming back and will have to begin with a qualifier. these events i've got to be honest with you, i'm rooting for her and no matter what in my book she is already won, so, just listen. we all go through ups and downs in life. just always have to fight back and never give up. cheryl casone is in for liz claman. cheryl take it away. >> markets are fighting back actually charles. i'm cheryl casone in for liz claman and the bulls and the bears are fighting it out with one another right now as we've got just one hour left in the trading day. the major averages remaining a mixed picture the dow leading indices higher as you can see up by 220 points, s&p is up by 13,

nasdaq dragging a little bit. we're down by 16 points. now, the dow is getting a big boost from blue chip leaders, jpmorgan and goldman sachs, and then take a look at wells fargo. that stock is higher by almost 4.5%, nearing the top of the s&p 500. all of the big bank stocks, catapulting into the green after passing the feds annual stress test with flying colors. many of the bigger regional banks are also rallying after the test results show the 23 biggest banks in the u.s. can withstand an economic downturn. this positive data signaling economic resilience just after the president gave a speech on the state of the u.s. economy in chicago last night where he bash ed trickle down economics in favor of bidenomics is the new catch phrase. joining me live from the white house is edward lawrence with all of the latest. hey there, edward. reporter: cheryl, yeah. the president announced the end of trickle down economics.

he's in the last two weeks compared himself to franklin roosevelt, said he's done better than ronald regan but the president does not want you to look at the actual numbers, because inflation under former president ronald regan was 4.7%. so far under president biden, inflation is 6.2%. still, we hear this from president biden. >> guess what? >> [applause] >> bidenomics is working. when i took office the pandemic was raging and our economy was reeling. supply chains were broken. millions of people unemployed. hundreds of thousands of small business on the verge of closing after so many had already closed literally hundreds of thousands on the verge of closing. reporter: so it's clear the president wants everyone to forget about the prosperous times before the pandemic and only compare the shutdown economy to what he has now so in other big news today the president addressed in the u.s. supreme court striking down the affirmative action cases against harvard and the

university of north carolina president biden encouraging colleges to find a work-around to the ruling. listen to this. >> they should not abandon their commitment to insure student bodies of diverse backgrounds and experience that reflect all of america. what i propose consideration is a new standard where colleges take into account the adversity a student has overcome when selecting among qualified applicants. reporter: so the supreme court ruling was 6-3 chief justice john roberts says the universities failed to meet the criteria that would work within the narrow restrictions on race-based admissions. he says that in these cases, they violated equal protection under the 14th amendment for both of those cases there, so that's why it was struck down back to you. >> and edward, thank you for that, because obviously our viewers that have got kids going to college at some point or are in college now obviously that really affects a lot of folks that are watching right now and their plans.

edward lawrence, thank you very much. we appreciate it. well, now let's get back to your markets from the white house to the federal reserve. atlanta fed president raphael bo stic saying moment ago he's not ready to rule utility further rate hikes and does not see any rate cuts this year, but more interestingly he said he doesn't see cuts in 2024 as you can see markets are mixed. this is the third and final first quarter gdp read today we got and it showed u.s. economy growing at a much stronger rate than the street initially expected a big surprise of 2%. estimate was 1.4%. remember this is for the first quarter. the economy is showing a lot of signs of resilience, we should say. take a look at these numbers. weekly jobless claims fell last week by the most in 20 months. the number of americans filing for unemployment dropped 26,000 to 239,000 well-below estimates

and then you have movers we're watching right now with chipmaker micron losing all of its earlier gains. that stock is now down 4%. they posted a better-than-expected third quarter report thanks to the recent boom in a.i., but micron does see china's ban on its chip s as a significant headwind that could impact the company's outlook. remember there's all that back and forth with the u.s. and the chinese when it comes to exports, technology exports, china starts to ban chips made here in the united states. this is flying both ways, folks. that is a big problem for somebody like a micron. we are also watching shares of apple right now. the iphone maker flirting with that $3 trillion market cap. the stock has had another all-time high. any gain today for the tech giant is a record close right now, 189.72 a share that's a gain of a quarter percent for apple. joining me now with reaction is green tech research president hillary kramer and trader scott shellady. it's great to have you both here

and hillary, i want to go back really quick to jay powell before we get into the markets. jay powell basically this morning was over in europe and he said we're still waiting for the real effects of our tightening policy to be felt. this is all about the inflation story because tomorrow, we're going to get pce. that's the big econ report of the week tomorrow morning. what are you expecting? >> i'm expecting that the market isn't going to react as much as the reaction is to the gdp and the unemployment claims that happened today so i think he's really just punting in terms of trying to talk about the data, because also, the data can be manipulated, but we are seeing impact of the tightening and we're going to have another 50 basis points of tightening and when those rates rise, you know, we're going to really see middle america hurt so badly >> so you're looking for another two rate hikes? >> absolutely. we're going to see two more because the economy is still hot >> okay, and scott? obviously, interest rates affect s the dollar. the dollar affects commodities,

that is your wheel house. if you look at oil, we're not getting this big, big boom this summer that we could have had in the oil markets especially when you've got the russians that are now we're finding out today they've got tankers that they are "disguised " that are going through turkey. the russians are selling oil overseas despite sanctions from our country. >> russians are undercutting everybody there and they are undercutting people with wheat as well. it's not just oil, and i'll say this. you know, i think crude oil is also trading out the recession story is still worried about what might be happening. i'm still worried about it. i have my own show here at and on that show i talk about something called recession island, right? and i'm on recession island still. a lot of pundits have been jumping off recession island. i had kenny polcari on yesterday as he said, he's got his feet in the water, he's ready to jump off. i still say we have pretty big

things to get over over here. two fed economists saying 37% of americans firms are in dire straights because they are over leveraged, they can't expand, hire, or borrow more. that's still yet to come down the pike. i think morgan stanley came out and said they expect a negative jobs number within the next two payroll numbers we get so there still are way too many things out there i'm still too nervous about and this stock market recovery is still way too narrow , cheryl. if you've got a nasdaq off 34% last year, and we're up 30% this year, you have to be up 50% by the end of the year to breakeven to where you started last year, so we still have a long ways to go. yes, this year looks better, but i'm still cautious. you know that show "lost in space" i feel like that right now. >> [laughter] well luckily i've bit hillary kramer in new york on set because she says you have to be selective in the things you pick in particular i saw your notes on nvidia and you said stay away i thought that was interesting.

>> right. the time to buy was about 18 months ago and scott makes a very very important good point which is that it's very narrow and so where everyone should be looking are more the small caps, the russel, because look, even the s&p 500 is up 14% off of the march 10 lows, so there's very little, it's very slim pickings and even with the banks being depressed they are up today because there's optimism, you still want to, one wants to stay away because there is danger indeed. >> yeah, i have to bring in your comments about bidenomics. you said you're not feeling the bidenomics buzz right now. why do you say that? >> it's not. it just isn't working and it won't work and there's so much going on behind the curtain that people don't realize, like for example, when the banks were failing, the fed put trillions of dollars back into the economy and that got everything euphoric and going again and then spurred on the stock market and then the fed says hey, there's all

this euphoria so we're going to have to raise rates more so they are creating this cycle that of just like that's just leading to more and more negativity and the fact that businesses and people will be hurt. >> all that stimulus spending, scott. that's exactly what she's saying , so if that's bidenomics, i'm not buying into it either to be honest with you because all that stimulus spending coming from the government is what lead to the record high inflation at 9.1% cpi read we got in june of 2022. this has hurt everyone. this hurts businesses. it hurts the consumer. i mean, across-the-board, at the same time, jerome powell had a chance in front of congress to address that. i've heard people say look, powell needs to get up there and start to address fiscal responsibility in washington and he won't do it, scott. >> no, because well, i mean, it has been done before, but it was a long time ago, but he needs to tell them to stop spending

because it's really canceling out everything he's done and to hillary's point about bidenomics , she may not be feeling the buzz but i'm feeling the buzz but that buzz is a cattle prod i'm getting shocked with everyday and it's going to be the end of me because its been so bad. look, our prices are up about 14 % for fourth of july from two years ago. yes they are down 3% from last year but still we're way higher. you go across-the-board and look what the average everyday consumer is having to spend. now, record low savings rights. record high credit card balances i mean, there's got to be a movie named somethings got to give, baby. that's what i'm waiting for because that's why i'm still on my island. this doesn't add up to me to be a healthy economy. you don't see banks falter and go out of business in the middle of a healthy economy. >> exactly, and we saw that in march and there's still a few banks that appear to be on watch lists, if you will. we had a guest on yesterday saying that i seymour consolidation coming

meaning big banks take over smaller banks. okay, that's great. scott shellady, hillary kramer, great to have you both here thank you so much for your time. >> thank you. >> well, speaking of that buzz that scott just mentioned, competition in the beer aisle is heating up as modello overtakes bud light as the number one beer in america but where does the country stand on wine? we're going straight to the source with the ceo of duck horn portfolio. that ticker napa. doesn't get any better than that "clayman countdown" is going to come right back. ♪

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>> the summer barbecue season is well underway but are 21- year-olds still grabbing an alcoholic drink with their food? a recent report from berenberg found 20% are drinking less than millennials and millennials are already drinking less than previous generations. the recent shift has the demand for non-alcoholic beverages surging. the market value of no and low alcohol products surpassed $11 billion last year up significantly from the 8 billion in 2018, so does this spell trouble for wine and spirit companies? joining me now is president and ceo of duck horn alex ryan. it's great to have you here, alex. >> thank you, good afternoon. >> yeah. obviously, you know, you're a na pa winery, very famous, and well-regarded, but there is this big trend with the younger generation to drink low alcohol or no alcohol or at least moderate their drinking.

have you seen that effect in your business at all? >> right. i'm aware of the conversation, and it's probably a good conversation to be had. we're in the luxury segment of the wine business, not just kind of general alcohol, if you will. what we're seeing is the younger generations are still interested in luxury wine products and our price points are attainable luxury price points. they are still trying and getting involved with kind of the wine lifestyle but what we might be seeing is maybe a little less consumption but they are consuming better. those who really are following kind of the fine wine trends, so we're seeing a little bit better drinking, little higher quality, little higher price point and possibly little lower amount but that effects maybe lower value categories versus what we focus on, that's just the luxury terrellment of the wine industry >> we've got some of your bottles from duck horn portfolio here on set and your pinot noir is here, the golden eye, the regular duck horn with the duck on the label which i love and then the caler a.

so tell us about these and the price points of these bottle s? >> right. the golden eye is one of my fall -time favorites if you will. it's from the anderson valley it's about two and a half hours north of san francisco. it's a very cool, coastal- influenced maritime climate and it specializes on really rugged, really rich-bod ied premium pinot noirs. the second wine is my all-time favorite in the summertime we see a lot of that consumption, the duck horn which has been one of our staples since the beginning and one of the leaders in the category as what you probably know it's very exciting right now, right on the heels of chardonney, as america's new favorite luxury white wine and then calera, a classic white winery in the middle of the central coast of california that produces wine s in the mountain regions east of monterey, where it gets

incredible cool influence and rug" mountain styles and these are three good examples of some of our favorite wines our customers are reaching for now. >> and alex, i was just looking the saviougn blanc ranges from $17 to up to $28 and that depends on the year and then also, the pinot noirs as well and are these the higher priced wines or lower end of the spectrum? >> they are lower to the mid- end of the spectrum. our wine wines are a category we've chosen is luxury but we're at the attainable price point of luxury. luxury for us is defined between $20 retail more or less up to about 150-$200 more or less. clearly there's luxury above that but we want to be in the exciting part of luxury where there's scale and growth and there's opportunity so we're seeing older and younger demographics come into that wide range at the low end of luxury and just have a lot of choices, a lot of opportunity to do trial in our business trial is

everything that we strive for. >> let's get back to the quarter and your most recent earnings report. you had a double beat here. i want to ask you about that. obviously, the guidance was a big deal. the 2023 guidance which i think a lot of your shareholders are going to be relieved because obviously we had supply chain issues for all of the wine industry, particular bottles, that was a big problem with the glass bottles that were stuck on ships off the coast of california and the other thing in the forecast that i know is difficult for wine makers like yourself is the weather. you can't predict a drought or a flood or fire. >> right. >> so give me the lay of the land right now. >> well the lay of the land is we have a very diversified and scaled production model which allows us and long inventory times as you pointed out, white wines between six months to a year. red wines up to four years before release so we have really incredible visibility into the production costs of our wine wines. as to your latter point it's a great point, with global warming changes and agricultural risk,

diversification is the name of the game. we have many vineyards throughout the state of california and the state of washington. many diversifications of style, root stocks, how we grow them, mountainside fruit, that overall breadth of diversification allows us to be more consistent year-to-year given mother nature 's variations. >> alex ryan, of course the ceo of duckhorn portfolio of wines. thank you so much for being here and hopefully this summer, will be good to you and we don't get more of those fires up in na ppa valley. >> i hope so too, thank you. >> if you go to sonoma, you'll probably fly there. well, this week's flightmare, if this is any indication, is shap ing up to be a busy summer and busy travel season. not so great going into this weekend. unfortunately, that's really affecting passengers out there today. surging airport traffic could provide investors with a money making trade. we're going to have both sides of that story for you, plus

extreme tourism is taking on new heights. virgin galactic launching its first space flight with paying customers, that was today. we've got the stocks surprising reaction coming up next. as for your markets look at the dow right now higher by 242 points, strong performance for the dow and the s&p. nasdaq slightly lower. we'll be right back. ng, it's mae get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

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>> let's take a look at how airline stocks are trading as the 4th of july weekend travel ramps up and is kicking in today frankly. take a look at united airlines that stock is up 3%, american is up 8.5%, jetblue is up 11%. many investors are betting that a travel resurgence is going to be a boost to these businesses; however, the latest delays and cancellations is casting a little bit of a shadow on the sector at the moment. southwest and american airlines are up on the session. delta, united airlines as i mentioned, there you can see i must have misread that. i'm sorry that was the week, thanks, guys. okay, you know, user error here. there you go. those were the weekly performances for those stocks, but on the session right now, united is lower by 3.7% and delta, i'm not surprised by united by the way. you want to keep an eye on this because they are in the middle of the storm right now. since this past saturday the

airline has had to cancel more than 2,600 flights including more than 400 today alone. united ceo scott kirby placed some of the blame on faa staffing problems, bad weather, wildfire smoke, planes needing to upgrade to 5g tech can also contribute to the overall flight mare. i want to bring in from queens new york c. b. cotton and its been a rough week at new york airports. >> oh, cheryl, it certainly has tens of thousands of cancellations or delays have been impacting the country's largest airlines. everyone is hoping there's an end to this travel chaos but honestly, cheryl, there could be new challenges on the horizon. we spoke to one american airlines traveler trying to get out of new york for the past two days. listen. >> i tried everything. i called the agency. i called pilots. i called flight attendants i'm friends with. they are like there's nothing.

so what do you do when you're in new york? go have fun so i went to times square and had a great time. ate some pizza, got a nice hotel >> now he was able to make the most out of his stay. others have not been as lucky. some sleeping on airport floors, hoping to snag a seat on a departing flight. united airlines as you mentioned , cheryl, was hit the hardest with cancellations over the past three days because of one of its hubs is at newark airport, new jersey. there have been backed up customer service lines with people trying to reschedule flights. still, united airlines telling fox it's expected to be back on track to restore its operations for the holiday weekend. severe weather in the northeast has caused a domino effect of headaches that haven't let up for travelers along the east coast and future continues to be uncertain even for those out west with unstable weather conditions in the forecast there air traffic control towers can change flights at a moments notice if smoke from canadian wildfires reduces visibility and

thunderstorms in the midwest could also create challenges for air travel. now these travel snags could not come as at a worse time. the tsa predicting this weekends holiday travel will be record setting. back to you. >> not a surprise there. thank you so much cb for that live report from a local airport here in new york. its been wild. well, a fox business alert for all of you. we are on apple watch as the tech giant edges closer to a $3 trillion market cap and i don't mean the watch. we're watching it. the stock must trade above 190.73 to surpass that key mark. apple is on pace for a third straight record close and then there is snap right now. take a look at snap. this stock is higher, excuse me it's lower just a little bit fractionally. the parent company of snapchat announcing it reached 4 million paid subscribers for its snapchat-plus service which should be good news. the social media company launch ing the test version of snapchat plus back in june of

last year to give subscribers access to exclusive and pre- released features. again should be a boost for that stock but it's actually slipped a little bit. let's take a look at virgin galactic right now. the stock is actually selling off by almost 12%. the space tourism company today successfully launched its first commercial space flight. they called it galactic 0-1 this morning the flight which took off from spaceport america in new mexico flown by a pair of pilots and it carried four passengers. the takeoff comes after years of delays and setbacks for rich and branson's company. the founder, obviously, mr. branson, had said if the flight was successful, which it was, that they would have a second mission as soon as august the company did reopen ticket sales two years ago. prices do begin $450,000 per seat. little bargain. stock is down. in other aviation news, after getting faa approval to test

their electric air taxi. the aviation service company announcing it received a $100 million investment from south korea's fk telecom. the investment part of an expanded partnership in which it's going to demonstrate its aircrafts in korea in attempt to push for the adoption of aerial ridesharing. again stock jumping more than 11.5%. now let's look at overstock. this is interesting. the stock has gotten a real nice boost. it's up almost 18%. they've announced they are changing their name online to get this , bed, bath and beyond. so a bankruptcy judge approved this move. overstock bought the bankrupt brand's name, domain, loyalty program, assets, earlier this week. they spent $21 million. overstock ceo jonathan johnson said that combining the strengths of the overstock operational model and the bed, bath and beyond brand is going to create a very powerful synergy. that's the stock to watch for

sure. well, talk about a brand that speaks for itself. gibson guitars. this u.s.-based guitar company prides itself on craftsmanship and attention to detail. this brand has been around for over a century and remains a go-to for musicians but what is it about these musical instruments that gets guitar players strumming? let's bring in from nashville, tennessee madison alworth. hey, there, madison. great assignment today love it. reporter: oh, cheryl, the best assignment because yeah, when you think guitar, you think gibson. it's arguably one of the most iconic music brands and for over 130 years, its been made right here in the usa. we're in nashville at the gibson garage where everyone from your amateur player to your rock star comes to shop and play and just down the road, that's where you'll find the gibson factory where they make hundreds of electric guitars each and everyday and we've got a special behind the scenes look at that factory, where each guitar is

made with care and precision. carefully selected, cut, sanded, painted and polished by gibson's trained craftsmen. some who have been with the company since they moved their facility from michigan to nashville over 40 years ago and when we spoke to gibson brass they told us that's what it means to be made in america. >> we are an american manufacturing company and we always have been and we will always continue to be. that is part of why you buy gibson is you know you're getting an american made hand crafted heirloom quality professional grade instrument. that is our dna. reporter: american-made and world-played that's why we have originally from australia. you guys play gibson on stage so you're the real deal. i've got to know why choose gibson? >> i played gibson since i was 11. not only do they look beautiful but play and sound beautiful so you just got it. reporter: sound beautiful i'm excited to hear that sound.

you are going to play your new single for us "get the girl" so take it away. >> we'll try. ♪ ♪ ♪ yeah, we'll tell you how to get the girl, they tell you how to get the girl back ♪ ♪ ♪ >> nice, i love it. my dad played guitar.

reporter: the gibson sound is one of a kind. these instruments are un paralleled and completely american-made. >> yeah, no, my dad had a few actually. thank you, madison such a fun treat. really love them. thank people for playing for us. madison alworth. she is live. we're going to be right back, guys, with the star of netflix as the social dilemma. we'll be right back. yeah, we'll tell you how to get the girl, but they don't tell you ♪ your record label is taking off.

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information about children. so, the lawsuit brings up growing concerns about the a.i. boom and obviously, about data privacy. i want to bring in jeff cyburn, the co-founder and ceo of digits a financial management platform that uses machine learning and also the former head of consumer products at twitter. he's here in a fox business exclusive. so first give me your reaction to this lawsuit? >> well, cheryl, thank you so much for having me. this is a really important topic for everyone to be discussing, and when you look at it this technology is very immature , as if you've given a young child basically the entire contents of the internet, every word written. you don't know what they are going to a little bit out after the fact so this is really important to figure out and particularly when you think about business use cases like finance you want to guarantee your finance data is secure to that's one of our major focus at digits. >> two questions then. if you're sam altmann how do you handle this? okay, if you're congress, how do you handle this?

>> yeah. really great question. there's been a lot of work done on how these models are trained, what data is going into them, you're seeing companies like reddit react and they need to be transparent on how they are training the models what data they are using and what they expect that to result in from the model output and from the government perspective, i think we should start developing guidelines on how these models can be trained. i think they have tremendous beneficial impact, but we just need more transparency and more openness in what's actually going on. >> there's been a lot of fear mongering about a.i. and i'm curious where you are, because i've done a lot of research as well into this and guardrails make sense. i don't think it should be coming from congress. it should be coming from the community people like yourself, the experts, but at the same time, you know, you don't want to stifle innovation. dan ives from wedbush says a.i. is basically the iphone revolution. it's the internet revolution. this is a game changer for the

world, for our lives, so how do we approach it? >> you're exactly right. this is exactly like the rise of the internet, the rise of mobile , just happening 100 times faster, and i believe it has tremendous opportunity to do good. at digits we built our machine learning team three years ago. we've been publishing our research since 2021. there's a lot of active development happening in this space, and honestly, i think a lot of the fears are overblown. we're working on training our a.i. to understand debits and credits, to understand small business accounting. the a.i. is not going to take over the world anytime soon and we need an opportunity for the technology to develop. >> jeff, you were on the social media dilemma it was a documentary on netflix, so i'm curious, because where do you stand when it comes to the concerns about privacy and image theft, things like that, which is a big deal, not just for a.i. but also on social media platforms as well. >> yeah, with social media dilemma, we really tried to

expose what data was being used, and so when you're on facebook or instagram or twitter, everything you look at is track ed. how long you look at each image is tracked and that all goes into the a.i. and the a.i. is used to then ideally show more a ds, basically order the content you see it in so you stay in the platform scrolling, and now, i think with the large, the rise of large language model s, it's an even more important topic to really understand what data is being used and how, and so when you look at business finance, we've been very very protective and we believe we're the first in the world to have a personal intelligent accurate finance a.i. that encrypts and secures all the businesses data. >> all right, very good points from you as always. jeff seibert, thank you for weighing in on this topic. it's not going away. >> thank you so much. >> well, we've got a lot more coming up today the nations fifth largest transportation company yellow is suing labor union teamsters for $137 million companies hovering on the brink

of bankruptcy. this is a story we broke earlier this week with charlie gasparino we've got yellow lawyer mark cas owitz joining us here in studio with charlie coming up next and we will be right back. moving this summer? join the 6 million families who discovered a smarter, more flexible way to move, with pods. save up to 30% off* until july 10th. whether you're moving across town or across the country. save up to 30% at pods.com today.

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♪. cheryl: look at shares of trucking company yellow. the stock right now is down as you can see about almost 15%, 69 cents. they are locked in a contentious battle with labor union teamsters. yellow has brought a 137 million-dollar lawsuit against the union. they say they it will go out of business if the two cannot come to an agreement on proposed changes to yellow's operations. we have live in tuesday, yellow's lawyer and our own charlie gasparino who has been covering the story. >> i want to get right to it, mark, if there is no deal with the teamsters they have to agree to some minor concessions they get to that in a minute, yellow will be done, liquidated by the end of yellow correct? >> i don't know if it is by the end of july but if steam sisters

don't come to the table in a meaningful way to make a fair and reasonable deal, if they remain in breach of their contractual obligations under their, under their bargaining agreement. yellow will go out of business. >> really soon? >> very soon. >> this summer probably? >> it could be this summer. may not be as early as july but the danger is imminent and the union, and the union, sean o'brien president of the union are well aware of this. yellow's made -- >> do they want 30,000 people to be out of work? there is no, there is no restructuring here. the way it works particularly in a trucking company you can't declare chapter 11. no one will deal with you. you might as well liquidate. do they really want 30,000 people out of work? >> look, we didn't think so, charlie. we really didn't think so and we have been working the company and its, and its lawyers and its

representatives have been working really, really hard to try to get the union, the teamsters to the table and frankly and this is, as shocking as it sounds but it is all set forth in our complaint, it's 60-page complaint, it is very detailed, and as shocking as it sounds mr. o'brien looks like he doesn't care about the 22,000 union jobs, teamster jobs that he has at yellow. >> right. >> he as rebuffed yellow at every turn. >> let's be clear, you are not saying you want pay cuts or job cuts but but you want some fish send is truckers pulling stuff off the assembly line and packing their own truck? >> that's exactly right. the change of what yellow is trying to do and what it has been try nothing do for sometime to modernize. >> or else they will go out of business. >> or else they will go out of

business. what has been happening in this business, and it has a been a trend, 20 years ago there were nine union shops and they controlled over nine union ltl less than full truckload shippers and they controlled over 60% of the business, 70% of the business. >> right. >> now there are three and they only control 20% of the business. the and the reason is they're competing with non-union shops. >> that is difficult. >> that don't have the same cost structure. so what yellow has been trying to do is to modernize, create efficiencies and the like and, we succeeded. yellow and the union agreed that we could do the first phase of this modernization, this one yellow. >> right. >> then after mr. o'brien came in he completely reversed himself. >> i want to get to the politics because this is fascinating. the treasury, yellow was bailed out during the covid t got ppp loan, essentially bailed out. the treasury owns 30% of yellow.

you nice went to the biden administration please, help us negotiate something. you went to bernie sanders. because apparently bernie sanders has some love-fest with mr. o'brien. i saw that on twitter. what did, biden administration did nothing it looks like? >> look, we did go to the representatives from the company and the ceo of the company who has been very active, at the white house on behalf of the truckers, darren hawkins, did go to the white house. we laid it all out. we said that this is necessary to save the company and to save 30,000 jobs including 22,000 union jobs, and, at very little cost. no one is, under this modernization, no one is losing their job. >> they said they couldn't make it happen? >> at the ends of the day at least so far they haven't been able to make it happen. but we're hopeful.

cheryl: fascinating. >> one more thing, bernie sanders told you to pound sand because you got money from trump is that correct? >> what i will say is that the sanders staff were not helpful and they made reference to the fact that we had gotten a, gotten a loan during the trump administration. cheryl: fascinating story. fascinating story. thank you for coming in. really interesting. keep us updated with what is going on. >> charlie, thank you very much. >> here we go three minutes left until the bell rings. we'll look really quick at the markets before we let you go. dow is up by 250. want to show you oil, it is up at 69.82. year-to-date oil has slipped 12%. our closer says he is bullish on black gold, will gush up gains for you. david, please tell us about oil because the russians have made

some big moves in the market. >> yeah, so you know, oil is the one of the more important commodities that cause everything to work or not work and so as we look at you know where we are today, we're very dependent on saudi arabia, we're very dependent on russia. we have not done things like the keystone pipeline going forward here for the united states. we don't see oil going away. we're all for green technology. those are wonderful ideas and thoughts here but ultimately we believe that because of the lack of being able to go out and to you know, get new prospecting lands, to be able to do research there, there will be a gap, a lag, a hiccup in our supply chain as it relates to this. at the point in time we need a lot more, god forbid there is a fire at a refinery or something like that, we'll see price of some of these commodities go up very significantly. that's my concern. cheryl: there is also the inflation concern. we're getting a read on pce.

that is a big gauge for the fed. jay powell, there 180% chance now they will hike rates at the july meeting -- 80%. how do you play defense in this environment? >> number one i think powell is done. i don't think they will be raising rates anymore. there is a lag effect we have to see ultimately come in here, cheryl. three things we don't know about the market, whether it will drop, how long it will drop, how long it will be down for but this is the most anticipated recession. inflation is this critical component right now that touches everybody. so if you look at the average consumer, the middle class, they are actually struggling very significantly right now. so i think personal inflation is a more important number than pce but ultimately the fed has given us this pce number and my personal opinion we're probably at a place that will be the lowest inflation and from here i think we'll see inflation go up, specifically relative to some of those commodity conversations that we just noted. supply and demand will dictate a

lot. copper as an example, we've not done exploration for. we'll see very inflationary prices as this new green technology continues to build momentum but again we've not kept up with on the supply side but again, you look at the middle class family right now, what they're having to do with interest rates for mortgages that is a big problem at 7%. cheryl: david, i agree with you. david. [closing bell rings] we'll see what the nasdaq does in these last couple of seconds. that's it for "the claman countdown" and "kudlow" coming up next. ♪. larry: hello, folks, well-tom to "kudlow," i'm larry kudlow. like most conservatives i am cheering this supreme court decision that ruled that harvard and university of north carolina both violate