things, not just misery of the leg but the masks and all but it turns out most americans have spent all that covid cash and they will keep spending, no doubt but they will have to do it on credit cards. meanwhile, other nations are sitting on a big chunk of the cash. i call this american privilege, we are so spoiled we don't want to pay back loans, we don't want to do a better job, which is don't want to do the things we have to do, are kids are taking classes in getting an education subpar. it was a mistake to call this money savings in the first place because you have to work for something in order for there to be savings but we better be careful because it's all gone now. i'm sorry, it's not liz, it's lauren. how are you doing? >> i'm doing good. [laughter] i am is for liz claman, let's

begin with fox market alert. attached to the finish line to stay in the green, dow down eight points. one hour left of trade for the week. a shortened week with the holiday and it is summer after all. the broader market is up 14 points and the nasdaq up by 75. a while day of trading all because of the jobs data so the dow have been down 152 points. then it turned positive and now back in the bed. you could say the same with the s&p 500. they recovered 21 points loss, a recession high of 125 points. right now is up by about 80. investors scratching their heads trying to make sense of the june jobs report. the other numbers, overall job growth, 209,000 jobs created in june. the estimate was to 25 estimate, april and may also revised

lower. unemployment rate in line with expectations, 3.6% that fell from they, that's a good thing. wage growth, it depends on if it's a good thing. average hourly earnings rose four-point 4% year-over-year. i through a lot of numbers. the spring and, chief economist at bloomington trust. good to see you. first off in your view, was the jobs report good or bad or goldilocks? >> i think is pretty good and close to goldilocks. 209,000 jobs is a nice slowdown and a bump from government jobs when you look at private payroll growth, the indicator what they are doing out there, slowest job growth we've had in about two and a half years so i think this is good news because it's

slowing down, labor market slowdown we want to see alleviating the pressure there and i say almost goldilocks because wage pressure is still a little too high, clearly some tightness in the labor market and i think the wage pressure will drive some nerves for the fed but all and all him a pretty strong report. >> it puts me in an odd position to say i don't want workers to make more money, we are barely getting by but we have wage growth that 4.4% growth annually higher than cpi which is 4%. i know it's a problem for the fed but should not be celebrated your money might be going further exit our money just isn't going far because of inflation. >> it is a nice change, i agree because we finally have real wage gains, wage gains stronger

and that helps out households. i don't necessarily think and believe the market narrative anytime you have wages will drive inflation higher, it will be a problem, that's what the fed communicated and clearly concerned but there's no real no reliable link between wage growth and inflation. i think what we are seeing is the stronger wage growth and employees making more but businesses have gotten more productive figure out how to do more with less and that's helping them out because you look at other indicators of producer prices and what it costs, goods and service providers to bring goods and services to market, they express less pressure in the only way is through productivity so that wage growth is not driving inflation i don't think that i

don't think it's a concern as some others. >> speaking of doing more with less, union strikes. 340,000 ups union workers could go on strike as early as x month, that's a huge deal. i was recording the latest strikes we've seen, hotel workers in california, hollywood writers strike, the unions are confident right now, they have the upper hand. how much does that impact the picture for you? >> i think those will definitely drive short-term fluctuations and ups going on strike would be a challenge for those delivered goods but more broadly, it's more reflective of the labor market that remains tight the past couple of years, wage gains are coming from a situation where labor has the upper hand when there's a shortage of labor. i think we are starting to seek that turn. since the beginning of this y year, the first six months we've had 2 million people joined the labor force, the labor force participation rate for the prime

age between 25 to 54, this morning's report that hit the highest level it's been since may of 2002 so more than two decades without the participation and what that means is that more people moving back into the labor market and that should alleviate some of that pressure we've had where workers have had more bargaining power. i'm not saying it's good, bad or indifferent the strikes are reflective of the bargaining power we seen the past two years. >> overall i would say you sound pretty optimistic, would you agree? >> i think a lot of the data the past couple of months have pushed the narrative closer to the soft landing story and away from the recession story. we are still standing and willing to trust on a 50/50 call between the mild recession and soft landing and we keep moving closer toward the soft landing because what we continue to see, jobs report earlier this week is

stronger growth but we see inflation pressures coming down so it is a narrow strip of land on but the soft landing is looking more attainable the past couple weeks. >> i'll take it. thank you for your time. let's trade, ev maker vivian starting to the top of nasdaq 100, your seven month high, it's up eight days in a row, 2450 share, 13% gain. our next guest has his eye on another ev maker that could have more room to run. let's bring him in. keith, good to see you. which stock are you talking about? >> i've got a handful, i'm sitting with tesla, tesla board is interesting to me. i think gm and hyundai spells interesting here in the marketplace so my preference, i think they are going to be right on it.

>> can we go to big tech? i know the nasdaq and nasdaq 100 up tremendously this year, solid start to the year, is there much runway left for the big tech layers to run? i know artificial intelligence, all the crates but you think the bubble has burst a little bit next. >> no, i don't. i get this question a lot, i think there's another ten to 15% on top with big names because there's so much money that wants to go to work. cap jeannie is not going back in the bottle, it's not just a i, is the way we use customizable medicine, discovering here's for disease we didn't know we could because of the way data is being manipulated. look at bringing the world together which is what big tech does, there's a new narrative that is not even begun to be tapped yet. >> a lot people, myself included for looking into this chat gpt numbers, traffic to the website and at numbers have fallen from

the prior month and making an argument a better pay and now just cool off but you are saying no because hundreds of millions of dollars in the cost of artificial intelligence. >> exactly and any business, i'm not talking just about things like chat gpt, we are talking a i used for management and stock and delivery, all of these things are going to benefit so it's not just ai but the derivative use and broadening of ai that's economically compelling. >> put on your billionaire hat, i would to talk elon musk versus mark zuckerberg. zuckerberg has addressed, twitter killer if you will and 70 million sign-ups so far in a little over 24 hours. you think twitter should be worried right now? >> that's an interesting one. i think it is phenomenal because competition is great and i'm happy, don't like mark

zuckerberg as a ceo -- >> hold on, that stock has doubled. i know the metaphors was weird for a lot of people but you don't think he got it back on track? >> i don't. i think the market defended the stock and realized it in spite of him so some stocks you just can't own, i think he's brilliant, as sharp as they come but not a stock i want to place my bets on. if he is advising the company returning to his rita fruit and that's one thing but the stocks doubled, i simply can't get behind him but i can get behind elon musk, those are ceos i understand but it's on me. >> you did put your billionaire cap on. keith fitzgerald, thank you for your time. food delivery apps pursuing to block the minimum wage law, could they look at food delivery

by drone as a way to get around high wages? the future of food delivery in the skies just a bit. claman countdown coming back in a bit. ♪ ♪this is what love looks like♪ ♪this is what love looks like♪ ♪ ♪this is what love looks like♪

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grub hub, over and door -- suing new york city over a rule that would require them to pay who delivery workers $18 an hour plus tips. the company says it would force them to raise consumer fees and limit the number of workers they do hire. new york city on the ground, quickest solution it could be in the sky.

the company serving foreign a half million people on six continents with drone delivery. mostly for medicine now the next? aaron peck is the cofounder and ceo joins me now. good to see you. >> do you have faa certification here? >> the certification for drones is really new. companies are progressing,. >> is there a time i? >> i think in the next 12 months i believe. in the u.s. before the. >> twelve to 18 months i heard you say? >> that's correct. >> without be starting in new york city or where there is a lot more open? >> definitely. what is started in rural areas,

there are operations with six networks and then we slowly scale board right now overhead some cities around the world. >> something going to follow my head and yesterday i was sitting in traffic in midtown manhattan and one block into avenues in the course of 54 minutes and i kept saying imagine if i could just get where i wanted to go air taxi my items could be delivered to me by drone so i can get out of this car and what people want right now, you're currently delivering medicine in some countries, how does that work? >> an app unlocking potential of the sky and small airplanes,

we've been operating since 2018 and we run a number of six and a half-million on the upper company, who will private sector optimizations and transport companies and it's as simple as delivering to a location, we have learned that drove and we deliver so if you talk to a doctor on telehealth, you can get medication delivered. >> i realize this may be is a patchwork of different regulations you have to abide by depending on where you operate and what you're delivering but you think regulations are keeping up with the technology? >> definitely the kind of between 2010 when everyone was

getting a drone on the christmas tree. there was an explosion in technology. but then the next ten years it's become really safe so when you get it safe and it's cheap enough to manufacture and then right now regulators have caught up with technology in the operations scale and we see a few large expansions of programs in the united states and then overseas and europe and asia pacific region, regulation is enabling this technology. >> that is refreshing to hear. thank you and congratulations. we hope to see you here in the next year to year end a half. >> said why, thank you. >> america's fastest-growing sport coming to a shopping mall

near your. big-box stores, pickle ball sports. you're doing a good job. can he do it really hard and fast, madison? >> nice! you can if you're looking at the nasdaq. now struggling down 58. we are coming right back. ♪ liberty. liberty. ♪ if your child has diabetes, you'll want the most accurate cgm, dexcom g7.

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called mixed reaction to the jobs report the month of june. headline job creation numbers were disappointing but wages went up and you can see this in the dow down by 50 points get the nasdaq and bottom market are higher. first, solar shining brightly after securing five-year revolving credit deal j.p. morgan chase. he gives solar power manufacturing access to up to a billion dollars. arizona -based company set to build manufacturing facility in india and a new facility in alabama and new research development center in ohio. the fda getting approval to an old-timers treatment called -- the thumbs up from the fda is not enough to boost shares, they are down 2.7% and stock the bottom of the s&p 500. analysts focus on potential issues with the drugs rollout and james worried about

bottlenecks and profitability. biogen said the drug will not be profitable until late next year possibly 2025 and it cost more than $26000 photos. costco says june sales fell two and a half% from last year end 1.4% from last month, that's the steepest monthly decrease in over three years. they are maintaining stock at an outperform training but raise price target 255-6535 instructors at 527, a loss of 1%. blue cutting profit outlook after of steep drop in wholesale in the translation, discount could be on the way. the company did the estimates for the current quarter but stock is getting hammered, it's down almost 7%. if you do need a new parody's, he'd likely go to a local mall

but don't be surprised if you come across an indoor pickle ball then you because the new export craze is taking the spot of big-box retailers. let's go to madison all worth in stamford, connecticut, one of the largest indoor pickle ball then use, you're getting good, madison. >> thank you. i've had a lot of practice which is fun. we are standing in front of the escalator that used to be part of the saks fifth avenue, that's what this was. upstairs you have signs that say women's, men's but the first floor for the outfit, you have to speak of all america but one of the largest indoor courts in the country, they are set to open monday and they made this happen in four and a half months. i want to bring in jay, the man behind outfitting all of this. why choose a mall as your spot for pickle ball america? >> the mall had big spaces we could fit in and maximize. thirteen courts on the first

phase. >> thirteen courts right away. when you look at brick-and-mortar, it's decreasing in popularity. pickle ball could be more popular, fastest-growing sport in the u.s. why does it make sense for you guys? >> we are in the middle of the city in stamford so the population is coming from all around and easy to get to. >> what does the mall say when you're like i want to take the avenue was empty for two years and put in pickle ball? >> they been helping us get everything set up and they love the idea the mall will be over 500,000 people a year to bring to this destination. >> you guys will officially open until monday so we are getting a sneak peek but what you hear from other malls? stanford is not alone, there are miles across the u.s. struggling with empty stores. >> we've been getting on average

ten calls a day on different malls around the country and i want to copy the model. >> i've had too many misses on the show so i will have to ended their but there you go -- >> is that your first time playing? >> it is my third time playing so we'll just chalk it up to that in. if it was my backyard, i would be playing more but there's a train so there's opportunity for more practice. >> and she keeps going. madison all worth, thank you. look at that. playing and talking. full speed after signing a decade-long chip supply but will export controls put brakes on the company's ability to del deliver? we will ask the ceo after this. one hundred days since "wall street journal" reporter evan was arrested in russia during a recording trip there. he was falsely accused of espionage. the journal and u.s. government

denied the allegation and are calling for immediate release. "wall street journal" and foxbusiness share common ownership, our hearts are with evan, his family, his arrest is a brazen violation of freedom of press and we hope the of administration can bring him home. we encourage you viewers to share journalism in the latest update on his situation. all you have to do is visit wsj.com backslash evan. we'll be right back.

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you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. [coughs] good to go. yeah, i think i'll get a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. no. i'm going to get a second opinion. with innovation refunds, there's no upfront cost to find out. so why not check like i did for my small business? take the first step to see if your small business qualifies for the erc. u.s. making its way in the game of chip chess with china. janet yelling is in the country urging beijing to ease export controls on two minerals radical to the production semico semiconductors. the chinese government announced controls last week. the impact could be felt by the two companies, both stocks are up today. up 8.8%. the company shout out double

digits wednesday after he signed a major deal with renée electronics. thank you for joining us. >> thank you very much for having me. >> first off, everyone is talking about relations between china and the u.s., biggest economies in the world. how would china's restrictions on key chip materials impact your company? >> in it has minimal impact, a small percentage of business about 15% and sourcing from suppliers is impacted by the proposed restriction from china. >> 15% is not considered big in your view? >> no and the growing part of our business is powered business which is what it's all about, the deal we just announced and our business doesn't use it at

all. >> what does it use? >> and uses silicon carbide and it's a technology we've developed over many years, 35 years with the world's largest supplier in the deal is impactful, it is informational. it includes two billion-dollar capacity deposit, it allows us to grow manufacturing base in the united states and includes supply agreement, the largest we offered him. >> silicon carbide to my knowledge is used for electric vehicle battery chargers. wind turbines, correct me if i am wrong but i believe you produce 60% of what we have in the world? >> we do and silicon carbide is basically seeing a huge amount

and electric vehicles and industrial applications in the vehicle itself, there are three applications for the vehicle. there's the inverter that basically is the engine of an electric car, where the most amount of silicon carbide is used, it's used in the charger so that's been charging for the battery. those are using silicon carbide so it's opportunity in the automobile industry. what we are seeing growth in and other forms of transportation, it's used in vertical takeoff and landing kind of drone taxi if you will, it's used in heavy duty equipment and we are basically seeing an industry transition from silicon to silicon carbide and high power across a lot of applications. >> we are seeing a transition to artificial intelligence in

general. are you applying ai at all and anything you do? if you translate that to wall street stocks recently, your down 7% this year on wall street where nvidia has more than doubled, is that because they are doing ai and you are not, are you about to? >> ai requires a lot of computer and storage and we are in a lot of server farms so there's a lot of opportunity but our chips are used in power devices, electric cars and so forth and opportunity is amazing right n now. the technology in terms of expectations and so forth is off the charts right now. most analysts are showing it to be $20 billion market by 2030 so an enormous amount of growth. >> have you raised prices at all because of demand on the growth

you are seeing? >> we have a good set up, we've done that over the last couple of years and as we bookmark business, pricing is to change as we bookmark business and demand for technology is higher than the supply and probably will be through the end of this decade. >> congratulations. congratulations also, a five billion-dollar investment in the state of north carolina, i'm assuming that's where you are right now courtesy of the chips act. that's a big investment. north carolina is one of five other states that collectively have produced enough, more gdp than where i am in the northeast quarter. >> we are excited about the expansion in north carolina, i am in north carolina today. we are building the world's

largest about 40 minutes from where i am located now. steel is going up, we basically announced the facility on friday we have equipment the following monday so we were in accelerated mode similar because the demand is so high. the facility is called the jp named after one of our founders who recently got away. it will be in production and start production a year from now and will ramp over the following year. >> congratulations, thank you and imagine you are at the forefront of 20 billion-dollar industry in the next seven years, thank you for your time. >> thank you very much. >> record monthly auto payments according new car sales. a live report. sticker shock when it comes to buying new vehicle.

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after the supreme court decision

last week to end race conscious affirmative action at colleges, companies are we thinking the role of diversity executives. charlie gasoline else is here. are we going to see firing flex. >> sometimes it means something real and sometimes it's the confluence but in the wake of this ruling and 63 affirmative action on college-level, admissions is unconstitutional, i've been reporting on the claman countdown for weeks people are preparing for backlash to occur on corporate eei diversity because the same principles as a factor in giving a job. corporate america has been doing that increasingly after the 2020 george floyd stuff and if you talk to people, it's pretty blatant so here's what we do know, it's interesting. look at this as a confluence,

maybe there's some coherence there. karen from warner bros., the economy of motion pictures and arts and sciences, disney, disney is one of the most will companies in the world, same-sex kissing scenes, look at the annual report, they look at diversity in minute levels. i once looked at disney annual report and they greeted ex- ceo bob on all this sort of stuff, esg and they greatest him on diversity. he failed on diversity because he's a white guy. if that is true. i've reported this but disney's chief diversity officer was sondra newton's' as well as netflix burnham myers announced they were resigning, they were prior -- >> based resigned post --

>> just before. you have to realize they knew they would rule in his favor and they were talking about eei coming under pressure even before. >> they left right before this? >> right before this. the other ones were right after. >> that's a lot actually. >> i think it does. you can't say conflict means inclusion but it's something i am looking at, de i is a huge business, ten million, 15 billion business and a lot of people think it will double, destined to double in the next couple of years. then you've got esg environment of social government, de i is the g and esg, all of this is huge. look at esg investments, $50 trillion, there is big money and

the supreme court threw a curve ball at this entire industry. there's no doubt about that. there's going to be vibrations. we called all of these companies, they've not gone back to us but this is an interesting confluence all at once, you see attached people from these companies resigning. >> when you talk about esg, you're talking about actual infrastructure which could put a price tag on it. when you talk about eei, how do you value the size of the ei as an industry? >> is easier than esg. esg is a method of investing and managing your company, how you essentially hire more diverse workforce and help the environment reduce carbon footprint and that's what every company does when they look at

esg metrics and on top of that, there's an investing thing like blackrock will put your company through an investing screen and say okay, here is how you score on esg, we give you a ten it puts in a mutual fund or etf. di is different, literally hiring people in the hr department and things of that nature because of that to enforce these policies. >> do they use the phrase di, he doesn't use esg anymore? >> that's a good question. shouldn't really cynical him out, he's not the only one. we are entitled, corporate wokeness so i know a little too much about this stuff but every major company has us going forward. it employed by hr department,

there's networking done by people who performed di but the whole notion is how much you can push it particularly on the racial issue of hiring and uncover corporate america, i talked to people all the time, major banks at major companies, or other quotas? is it a mark against you? i hate to say it but it's true. if it's unconstitutional, if you follow the logic of the six -- three decision, it definitely unconstitutional. that doesn't mean it will change overnight. >> what you do as a company, do you come out -- how do you stay neutral i guess is my question? you don't come out forcefully enough on one side, your criticized. >> i don't think you need to throw diversity out, it's a good notion, you want diverse

workforce, it is a goal. i think what companies will have to do is -- i talked to one corporate lawyer and told me we have to scrub, the ei policies, they've gone so far to the whole thing about gender pronouns and everything else, we are way beyond seeking common ground and the initial definition of affirmative action trying to recruit from underserved communities we are beyond that and that's where the ei will have legal problems particularly of people start doing, they probably will suit because why would they stop here? these are conservatives that found three asian kids who were discriminated against and they could find a white guy who's 60 years old discriminated against

at j.p. morgan. >> you are not talking about yourself, are you? >> no i'm not. are you say i'm writing my book because i'm a white guy who's 60? >> i'm not. moving onto tesla. they are rolling out programs -- [laughter] get me out of this. he just got up and left. extra incentives through referrals through existing customers, the incentive basically $500 cash back for buyers who purchase the model three or why is ev sales market gets more competitive. auto markers are forced to cut prices or boost incentives but data shows the average price of a new car is soaring. jeff is at a car dealership in new jersey. these high prices, it is astonishing. i guess we are not used to it. what does it mean for car sales? >> crazy times. typically high prices you get low sales.

that's not what's happening right now on the lot at celebrity 40 here. look at the numbers you mentioned, monthly payment now, the average monthly payment over $700. $733, all time high and there's a huge percentage of that comparatively paying over $1000 a month for their car payment. it was 4.3% in 2019 a few years ago, it's now 17%. i'm with veronica who's just purchased this dealership, you are seen crazy times, what is driving this? >> i think a lot of it has to do with pent-up demand, people fixing their cars for a long time and during covid we didn't have the inventory and found looking at people who can't put

money into these vehicles and they have no choice. everybody needs a car just like everybody needs a house and you have to make that investment. >> you got more inventory, maybe tom can and that bronco, the high-end broncos, people are paying over asking price, right? >> yeah, absolutely. people are going to be paying $5,000 over msrp, we have the raptors going over $10,000. and they're not going anywhere. >> reporter: take a look at the numbers on sales, q2 now, lauren. general motors up almost 20%, ford up over 10%. it's an odd time. >> it is. and i think that that there's this influx. like i said, during covid people were just fixing their cars because they didn't have the inventory at these dealerships to give to our customers. and now everybody is, the value of the cars are going down that they're putting this money into because with you can only put so much, and you can only fix so much, and now they're at the point where they need to just buy a new car. >> reporter: and the only

concern out there is that with people taking longer terms on their loans and high higher interest rates, people can get over their skis a little bit, right? >> yeah, absolutely. and that's something we're very contractor about. we have a lot of specials we do, a lot of ford incentives and programs that they offer that are helping out the customers during this time because, like i said, everybody needs a way to get around, and there's really no way around this. this is not just a ford issue, this is an industry standard, industry-wide issue. >> reporter: as you know, lauren, i love ford because i drive a ford. it's all i can afford. lauren: and i think they got us by the five-letter word that starts with a v. jeff flock, thank you very much. i do want to turn your attention to the dow jones industrial average right now. the swinged today after the mixed, confusing, mixed-signal jobs report has investors concerned. the dow is now down almost 200 points for a swing of 319 points in just one day.

the nasdaq has reversed course, now down by a tenth of 1%. and the s&p 500 is down by a third of 1%. so moments before the final trading session of the week, you're looking at a losing week and a friday that has turned decisively lower. this is the markets for the week. you can see the dow is down 2%, the s&p down 1.1, and the nasdaq down nearly 1%. the nasdaq is on pace for its second down week in the last three. the dow also down. joining me now, let's bring in the nfj investment group cio, john maori. you manage $6.7 billion in assets. you know, we're going into the summer. i know volume is light. what do you make of the trading action that we've seen today? kind of all over the place. >> it has been all over the place. i think that the nasdaq selling off makes the most sense to me because it's the most expensive, particularly semiconductors. those are trading at now a 10-year high. it wasn't that many months ago

that people didn't want semises back in october, now you've got many of those at nosebleed levels. and you do have fundamentals in the semi space with nvidia and others. but i would really argue that investors should be looking at the small and mid-cap space. what's interesting is if you look at the small cap index today, positive. it's actually holding its gains. and i think that's partly because of the composition of the small cap arena. it's much more leveraged to banks, energy and some of the more cyclical areas like materials. those are vail lagged -- have really lag ared. the russell 2000 value is up 1% year to date, that's very far away9 from the 38 president in the nasdaq. -- 38% in the nasdaq. lauren: talk to me about utilities, because they're off to the worst start of any year in 35 years. do you see utilities in general or a specific stock as a buying opportunity right now? >> so within utilities, you know, as you mentioned, their

worst with start in 35 years. contrasting that with the nasdaq that had its best start in a half year ever in history, i think that there are pockets of opportunity within utilities, but i will tell you we remain underweight the space albeit there are growing opportunities particularly within the water utility space. but i would really pivot to reits. i think if you look at them relative to utilities, you've got more upside and a more of a base on the valuations there. and i think that particularly when you look at reits, you've got a lot more opportunities across industry are relative to -- lauren: john, thank you so much. you like paycom, pnc,age --age atlanta --age atlanta and jack henry. ♪ larry: hello, folks, and welcome to "kudlow, "i'm larry kudlow. so president biden out there on