not voting members but they were on board. eric rosenfgrin is out and james bullard is out. these officials exited mostly after doing something that would prohibit them from becoming a chairman. you got to see they all thought they'd be successors to powell but trading stocks on the job, maybe, didn't help. here's the point, none of them offered a mea culpa to the public. any wonder the opinion of the federal reserve is in the toilet. this is no laughing matter and the nation deserved better and we keep getting re-threats and repeats and i'd rather watch a pink panther movie than live a day-to-day in my economy. liz claman, i say pe peter sells is the best pink panther. liz: oh, for sure.

we have decent gains in the stock market it's amazing. charles: not everyone is doing so well but the rich are getting richer. liz: that's true. if you're invested in stocks. it's a new 52-week kind of someday and close to stocks on the big board blasting blue the one year ceilings at this hour with bankers and ai stocks lifting the major indexes and the dow jones are jumping 354 points at the moment and that equals about one full percentage point with 59 minutes to trade and blue chips on pace for the seventh straight win propelled by microsoft, which is on track not just for a 52-week high but an all time record. so you got to see the bernards healthcare day chart of mr. softy. the stock was bumping around and you can see this spike with the tech giant released pricing for businesses to access new artificial intelligence features featuresadded to the office sofd

shared up 5% and up more than that with 5% and change and right now a $363.60. they are on track to close at never before seen heights. here's the pricing, the $30 monthly fee per user will allow people to access new ai features and will also include a more secure version of its bing chat enterprise software. all of it, a potential win fall for microsoft and in turn the chair holders. coming up first on fox business, bing king corporate vice president yusif meddy joining us on the new power it could give employees and in turn you the shareholder to the wildly held stock. the dow transfers gaining 264 points or 1.6%. fid ex-is the index leader and -- fedex is the leader jumping 2.25% and the package delivery joint hitting a fresh

52-week high due to the union issues with ups and talks with the union teamsters broke down and 45 stocks on s&p at last check hitting one year peaks including netflix, which earlier touched $465 a share and right now at $470 so it just continues to jump and suicide it climbs -- and as it climbs, climbs out of one year death penalty of $1 -- depth of $188. buy low, people. nasdaq take a look, it's get ago shove of about 125 points and not just from the likes of microsoft but from across the sector spectrum. look at old dominion freight line and one of the nasdaq stocks blasting to new one year high. financials are showing off at this hour including schwaab tops s&p 500 and topping s&p and

dropping profits and morgan stanley moving higher by 6% and bank of america up 4%. morgan beat on the top and bottom line. bank of america earning 19%. all this seems so good. here's a yeah but. june retail sales up two tenths of a percent versus five tenths of a percent estimate. so slowing down. what happened? shoppers picking up furniture, electronics online shopping in june and sales at grocery stores, gas stations and hardware and sporting good stores declined and dining out at bars and restaurants was flat. we laid out the landscape and get right to the floor show. joining me now two fox news contributors, fox business stars gary kalpbaum and teddy

weisburg. are you getting a little anxious, gary? >> not jet. almost every area is kicking in gear. the oil was a week, two weeks ago and now the fina financialsd have earnings reports and morgan stanley earnings are down and yet the stock is going up and have what's happening in the ai space. just a little note with microsoft, they do $200 billion in revenues and their market cap is up 140 billion today. today on the a announcement of a and i recollects that's the type of market and only complaint is sentment is off the charts and red alert, too much bullishness right now and doesn't have to stop but technical condition of the market continues to improve by the day. liz: only negative is positive sentiment? i like that. >> getting too bullish it pulls back but so far so good. liz: teddy, you're on the floor of.

nse and has a -- nise and has a whole bunch of 52-week highs but what's the driver? sentiment or hard and fast -- i suppose technicals, everything else that you could throw in there, fundamentals as well. >> well, i think the two key things here, liz. number one the market breath has been turned positive about two or three weeks ago. simply means that the good feeling, the strength in the market has spread out away from the handful of tech stocks that have been kind of driving the train for the last six or eight months and i think from a technical viewpoint and fundamental viewpoint, that's very, very positive for the market. and the one two punch are right in the very cusp of the second quarter earnings, the big but you had big banks report on friday, you had other earnings today and yesterday. all of which have been pretty good primarily in the financial

sector and what's interesting about that is the banks were under a big cloud because supposedly they were being negatively impacted by an environment of higher interest rates, which i found kind of strained because i never believe that to be true but yet they came through some of the big banks with terrific earnings and clearly they're benefiting from the environment of higher interest rates and schwab would be another one and one, two punch and good kickoff to earnings and broadening breath of the market and unlike gary, i don't think we're in the frothy stage. i think the problem is you've got a lot of people that have been hiding in the weeds, myself included in the short term treasuries, and all of a sudden you're looking around and say, oops, i got to do something here. liz: well, you know, as you look at some of the bank earnings that have come out, they are pretty darn solid as you mention so, gary, could it possibly be that the whole silicon valley bank nightmare was a fever dream that happened in march and ended

in, you know, ended in april, i guess. the regionals are all about moving higher. is it possible that none of them, none of the rest that have survivorred will have a problem here? >> all of it so far is the worst was over and it was pretty much fleeting and the kre, which is the exchange traded fund for the regionals broke above a little bit above a range here and i have to tell you, there's plenty of room for upside here. they're still way, way down off the high so if they continue to come in with decent numbers, i think there's more to the upside. again, as i said, the financials i think really woke up here in the last couple days and they've been lagging, i mean, big time badly. the only stock that really had some good strength was jp morgan, which by the way is in yearly highs and now here come the rest and i think they're again -- there's room to go and you can see it in the reactions. the reaction in schwab today stronger and reaction in morgan stanley is strong and a few

others and i suspect we're going to see a bit more of this as we move forward. liz: teddy, what about meta and one heck of a run and it changes every day and year to date, that stock is up 160%. do you bet that that kind of rally continues at a very fast clip is or start to sweat and slow down at the water table? >> couldn't have picked a stock i'm more involved in as you know. i mean, a year ago we had a near death experience, and it's a perfect example about wall street where there is life after death. i mean, this stock was $88 12 months ago and now back at $310, $312 and looks like we got a shot of getting back to what was the high i think around the 370 level. i don't want to make a case for meta versus other stocks, but clearly this looks like a relatively cheap stock even though it's had a big rally. i mean when you look at some of

the other pe ratios for netflix or nvidia and look at -- then look at a meta, no debt with the big growth numbers coming back on stream, i mean, i don't know where the stock is going but i think it's going higher. liz: meta with a pe of 38 and netflix pe of 50 up. gary, what's your outside bet here. is there something x tack, x finals that you look at and you say, well, now it's time for that to turn around? >> energy is on the move and specifically oil services represented by oih and big oils are still acting terribly and i haven't said this in a very long time, the financials look like they're now getting some institutional sponsorship and there's more earnings to come out but so far so good and on june 2, everything woke outdoor and look at industrials and transports and old dominion freight and rails are dead money

and waking up. this is -- it's two words at this juncture, how long it lasts, i don't know but two words broad base comes to mind in the dow the most important name is united health in a bear market and woke up about 400 dow points in three days on that move so pretty much a lot of things on the move right here and let's keep fingers cross it had last awhile. liz: nasdaq at session high at the moment and s&p two points from the session high and watching it ultimately gary and teddy. two of our favorites, thank you so much, gentlemen, for joining the one and only floor show. up next, silicon valley og. yes, the founder of venture capital firm coastal ventures and co-funder of sun microsystems and we're joined live to spot the ai investing opportunities. get rid of the direct and looks at good stuff. plus, the billionaire weighs in on early stage deals he's looking al right now.

closing bell 49 minutes away and c"claman countdown" coming right back and dow jones industrials gaining 69 points. we'll be right back. ♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones this is american infrastructure, a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends these services for everyone who lives here. ♪

become an aunty. book a flight. stay 4 nights. meet the baby. make the baby cry. give the baby back. fly home. silver tier in a single trip. join one key and move up tiers fast. hive blockchain, a leading bitcoin miner and data center owner, builds infrastructure that powers the bitcoin blockchain. featuring a robust growth strategy. aims to double their mining capacity. all using low-cost green energy. hive blockchain technologies.

every day, more dog people are deciding it's time for a fresh approach to pet food. developed with vets. made from real meat and veggies. portioned for your dog. and delivered right to your door. it's smarter, healthier pet food. ya know, if you were cashbacking you could earn on everything with just one card. chase freedom unlimited. so, if you're off the racking... ...or crab cracking, you're cashbacking. cashback on flapjacks, baby backs, or tacos at the taco shack. nah, i'm working on my six pack. switch to a king suite- or book a silent retreat. silent retreat? hold up - yeeerp? i can't talk right now, i'm at a silent retreat. cashback on everything you buy with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. municipal bonds don't usually get the media coverage the stock market does.

in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least $10,000 to invest, call and talk with one of our bond specialists at 1-800-217-3217. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217.

liz: has the ai hype now overshadowed web three in kind of has when it cops to venture capital money flows and new data from crunch base finds that funding for web three companies defined as everything from crypto currency to digital art and nfts and block chain startups fell 76% annually last quarter as investor torrs pivot

their attention to other areas, yes, namely ai, which of course really started to boom last november when open ai unveiled its chat bot chatgpt to the public. but coastal ventures saw open ai's potential long before that. in 2019, cosla was the first vc firm investing in the lab and now at the lead, the center and heart of ai arm's race. bring in the ceo and the founder of cosla ventures and first we have to get your reaction to the ai pricing news. what does this $30 per user per month for 365 co-pilot mean for this wildly growing ai space? >> these are extremely useful so $30 per month is a small price if you take 100 or 200 or 300,000 a year per employee and double their productivity. that's the context in which we

ought to look at pricing and that feels tiny compared to the benefit you get by using ai. i think this will be universally true. liz: interesting. that leads me to money flowing into ai is coming from somewhere else. there's this belief that web 3, which was the internet of the future and everyone was talking about and includes the meta verse that it's coming from there. have you pulled money out of any of those investments and moved it elsewhere? >> to be honest, we weren't huge investors in web 3 and didn't invest a lot in crypto and got on the ai band wagon about ten years ago when i started writing about the benefits and about four or five years ago when we committed to invest in openai so long before the hype cycle we've been very, very active and very broadly active. liz: yeah, you've been writing

about it and talking about it, which leads me to ask because the difference between when you were writing some articles back in, what, 2011, to where we are today in 2023, how do you know, how do you spot something that isn't going to be a flash in the pan like perhaps web3? >> well, you have to guess at and you can't be sure, what will be a massive broad platform that will be sustained for decades and true of the internet in 1996 when we invested heavily in juniper and google and amazon. i was a client of perkins. and then it was drew in 2007 when the iphone was launched, but you had to guess at how large that could be. i think it's very clear to me and has been clear for some time that ai will make human expertise broad and cheap and

because of that, it'll have a huge impact for decades to come. liz: let's not forget that a lot of smart people very quickly began piling into nfts, and you know, these were these digital pieces of art where you didn't really own the art. you owned the intellectual property, url to the art. i never understood that. i don't think many people even remember who beeple is now. i don't mean to insult him, he's a very interesting artist and that went for millions and millions of dollars and don't know what it would go for today because people aren't talking about it. how do you avoid getting sucked into something like that? >> we have not bought and i have not bought a single nft. i think you have to ask the question, are you joining a trend and hype cycle that generally leads to a bubble or are you investing something you

believe is fundamentally an important economic platform with huge economic implications for decades to come. i'm pretty convinced ai is one of those platforms. in fact openai when we invested, it was by a factor to the largest bet i had placed in 40 years in venture capital. so it's been very, very useful and profitable for us, but you have to have conviction about how much fundamentally it'll change what we do every day, what we call the economy. liz: let me talk quickly about the global economy. a lot of companies are moving to start operations in india, moving out of china. you recently tweeted you're absolutely not bullish on china. in fact, you think that the way they do business is not of the quality that you would invest in certainly. you think tiktok should be banned, and yet you think india is definitely a place where people should invest. apple's going in, tesla's

thinking about it. however, this comes at the same time the ceo of stability ai just said on a call that the most outsourced -- that most outsourced coders in india will soon lose their jobs due to ai. do you agree and is that necessarily a bad thing? is it just evolution? >> first, we don't invest in china because i've never believed and i've never invested in china because we don't think they let american companies win in china. fundamentally that so the economics aren't great. india has a similar democratic, a similar political system, english is a common language so there's a lot going for india and especially a young demographic. now, will the kinds of coding that can be done that the stability ceo was talking about be dislocated? it's entirely possible.

people will have to be malleable but you have a lot of room for flexibility if you can accelerate gdp growth. if you go from 2% gdp growth to 4% gdp both, which i think over a couple of decades is entirely possible but very likely, then you have lots of room both for sharing the abundance that generates as well as finding new things to do. liz: well, speaking of new things to do, before we go i know you're on twitter. did you join threads? >> i did join threads. i am being super active on threads, but i did join and i think it'll be an interesting battle to watch. liz: who's gone that win that one do you think? >> well, i'm probably not qualified to judge that. liz: sure you are. >> i think there are better people than me. liz: all right, i get it, you're diplomatic and probably friends

with both zuck and elon. thank you for sharing how you pick investments with our viewership. we appreciate it. >> thank you very much. liz: any time. you know what at one point spigot 3089 lay was a startup -- chicago polt lay was a start -- chicago polt lay was a startup and now hitting a high after mexican food chain strikes first ever franchise deal but not in the united states. find out where chipotle is at. we're coming right back. ♪ 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. [ applause ] >> the day you get your clearchoice dental implants makes every day a confident day... a never-hide-my-smile day... a life-of-the-party day... a take-on-the-world day... a believe-in-myself day... a flash-my-new-teeth day. because your clearchoice day is the day you get your confidence back for good. a clearchoice day changes every day. schedule a free consultation. i was told my small business wouldn't qualify for an erc tax refund.

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. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence.

liz: fox business alert we are not at session highs and topper of 39 points and s&p high 151, right now the nasdaq high 151 -- sorry. nasdaq right now up 138. look at chipotle shares and sizzling to the record and distinctly record mexican fast food chain picked dubai and kuwait as locations for very first franchises. fast food chain is partnering with franchise operator al shiya offering brei toe bowls and tacos in the places of the

middle east and they'll expand further across the middle east and it's the first for the company as chipotle has owned and operated all of the u.s. and international interest aunts. the first one by the way ever opened: colorado. the burrito restaurant plans to open 255 new stores this year with a long term goal of 7,000 locations. novardus up 4.5% and pharma giant plans to spin off american genetic company sandos by early october and they'll vote at a meeting on september 15th. a little green around the gills and down 19% after forecasting lower than expected sales for the second quarter. this is a maker of medical monitoring systems. and it says that hospitals have been actually slashing and burning by cutting back on equipment purchasing, spending

as prices continue to rise. teledoc looking health reigns leading as expanding -- healthy after expanding with microsoft for the ai programs and the tele med will expand azure openai into the solo doc platform and allows doctors to enter act more with their interact more with their patients without stopping and taking notes. it'll open on july 25th and beat expectations for the past four quarters and it is up 1.7%. you see microsoft still at $362 and change and still above its all time record close, which is $348.10. see if it'll hold till 4:00 p.m. eastern. speaking of microsoft, yeah, that stock hitting the record high specifically on news the street had been waiting for. microsoft is now putting a price on ai access and its office software. web bush calling it a flex the

muscles move and major growth tail wind. company also announcing ai powered bing chat enterprise. first on fox business and straight out of microsoft's inspire event where all the headlines came out, corporate vice president yusif medy and how it'll increase the body line and help mr. softy dominate the ai race. i dropped a new episode of everyone talks to liz podcast and focuses on how a near-death experience can trigger a profound shift in life. jen drummond was a utah mom of seven in her 40s driving on a highway and lost control and flipped her car multiple times. what followed when a crash course in awakening the spirit she didn't even know she had to climb massive mountains on every continent with her seven kids cheering her on. the oldest is only 16. how does that happen when a lot of us would be too scared after

something like that to get in a car again let alone climb? download on 57 l, google -- apple, google, spotify, wherever you get your podcasts. closing well 28 minutes away and we're calling back with microsoft's, i'm calling hip the bing king. ♪ (man) what if my type 2 diabetes takes over? (woman) what if all i do isn't enough?

or what if i can do diabetes differently? (avo) now you can with once-weekly mounjaro. mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7%. plus people taking mounjaro lost up to 25 pounds. mounjaro is not for people with type 1 diabetes or children. don't take mounjaro, if you're allergic to it, you or your family have medullary thyroid cancer, or multiple endocrine neoplasia syndrome type 2. stop mounjaro, and call your doctor right away, if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, vision changes, or diabetic retinopathy. serious side effects may include pancreatitis and gallbladder problems. taking mounjaro with sulfonylurea or insulin raises low blood sugar risk. tell your doctor if you're nursing, pregnant, or plan to be. side effects include nausea, vomiting, and diarrhea which can cause dehydration and may worsen kidney problems.

(woman) i can do diabetes differently with mounjaro. (avo) ask your doctor about once-weekly mounjaro. ♪this is what love looks like♪ ♪this is what love looks like♪ ♪ ♪this is what love looks like♪

(vo) while you may not be running an architectural firm,

tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. liz: okay, we've already told you microsoft is charging up the dow but looking at dow heat map, you can see right at the top it's up 4.5% to $361.44 if we close there or anywhere above $348, that is a record high for the tech giant. this being driven by a huge headline out of it is inspire event. the tech giant finally announced pricing for ai powered 365 co-pilot. the new ai equipped business

tools and features still don't have a launch date but the price is now in ink. $30 per user each month. how many users? could be millions. microsoft is also bringing artificial intelligence chat bots to the workplace via a more secure search engine called bing chat enterprise. it's new bing bot is focused on protecting special data at the office and the product is in collaboration with open ai and research lab microsoft invested in to the tune of billions. in the first interview since the announcement, we're joined by microsoft corporate vice president and consumer chief marketing officer yusi pms meddy. i'm calling you the bing king. you have a lot of businesses at your fingertips. you need to tell us exactly what this announcement and sort of multipronged really means for ai and for the enterprise or business users. >> absolutely, liz. i think this may be the biggest thing that will happen in

generative ai in the next 12 months. so the first thing that's happening is we are unlocking the power of ai to work for everybody in the workplace. today people aren't using it. today companies are actually banning it. that changes with bing chat inter-surprise because -- enterprise because you can use generative ai and chat and have data commercially protected and that's a big new thing getting announced this morning. the second thing is if you love that, you can go all the way with microsoft 365 co-pilot and do things you just can't do today on the internet like getting meeting summaries in realtime, using within teams and within power point, and those are the two big things today. huge day for ai at workplace. liz: can you just clarify something, $30 per user per month, does a business count as a user and all their employees? >> that's per user per month. so for every employee that you have taking advantage of that full power of ai, yep. liz: okay.

with the bing chat bot, that of course is something that goes to enterprise as well so is that a different pricing structure? how would that be priced? >> yeah, here's how you think about it. think of it as a good, better, best. good is bing, they'd use it today. chat, free for everybody, you can use it. then there's bing chat inter-surprise, which is better, which is if you're at work and want to make sure your data is confidential and doesn't leak outside, then you either get that for free if you're a microsoft 365 subscriber or a $5 a month stand alone. then there's the best, microsoft 365 co-pilot and that's all of the power you've got, a bunch of new capabilities and that's $30 per user per month. liz: talking about leaks -- so people are doing searches, who knows what they're searching. right now if you're just using the bing bullet ton for free, it somehow vulnerable? >> no, because what we do just like you use search today, probably 20 years of search going on. the way it works is you do a

search query, it's not identified to you but there's some portion of the queries that search engines like going and will others will aggregate to improve the service. same thing here. you'll do that if you use bing proper. if you have something confidential like you're bidding on a building or you've got a new health product coming out and you don't want any to go into the index, use bing chat enterprise and doesn't go into the training models. liz: what do you anticipate as the potential reach for bing chat enterprise? >> this might be the biggest thing that will happen this year. today there's 160 million people at work who use microsoft 365 that can now use bing chat inter-surprise for free -- enterprise for free and the reason it'll click at work is because what we've seen in the early days of ai is the people using t they're writing documents, they're writing code, they're brainstorming and using it for strategy, and that's at work. so really kind of in my mind, half the market and use cases today get unlocked with new bing

chat enterprise and it'll be millions of people using ai at work now that haven't been able to. liz: when the gates open for this race, microsoft shot right out like, you know, marty glickman and really fast runners. roger banister. then you've got google. starting to breathe down your neck with its barred chat. there's a whole bunch of other companies doing this as well. how do you maintain your position beyond what you've announced today? >> well, a couple things, first off we're thrilled it's a new day in search and a new day in chat and ai, and we're really sort of humbled to be the leader and first mover in it. you know, part of how we'll keep our lead in that is with announcements like we did today by being first to market, by bringing unique value in bing chat enterprise lawmakers unique is microsoft -- what's unique is microsoft is the enterprise player and the azure directory or microsoft apps and big

companies look to us for trust for their data and new capables to now load imannals into the chat. it's really -- images into the chat. it's cool and if you want to learn about something, take a photo and up load it and bing will tell you about it. pictures are worth a thousand words, this is a unique feature and we're an early mover here and number of things to keep that lead and keep that user enthusiasm like we've had. liz: shazam for pictures and yusuf, what other artificial intelligence and tech advancements can we expect to see from microsoft this year? >> well, we're thinking about the opportunity of ai broadly as a company and it's aboss everything we're doing so advance el pasos in the cloud and if you're a -- advancements in the cloud and you want to build your own app, we'll empower you with azure ai and bing chat bernards healthcare prize and as a -- enterprise and

we've announced the multi-image service connected and have other companies can have advantage and having skills in ai like legal advice or the ability to plan travel or to have groceries delivered at home. we'll put all that in so you can ask bing chat for what you want and we'll have companies be able to jump on top and take advantage and deliver services for you. liz: i've used chatgpt and it's pretty darn good, it's not perfect but got some of my bio wrong. before re-end, my producers are saying we have to wrap. you've got other things to do and thank you for coming on first on fox business and partnered with meta and that's interesting and do you see future partnerships where you can start to link up with other very big tech companies? >> yeah, we absolutely do. i think sought to the vision is we provide the open place of collaboration for ai so many

companies whether it's meta, whether it's open ai, nvidia that we provide the place that everyone can bring their ai models, ai applications, and really take advantage of our broad platform. of our azure cloud platform, windows pc flat form. that's where all the action is happening today and we'll keep building on it. liz: it's good to see you, yusuf. thanks for coming on. we want to have you continue coming back and following this because we'd like to follow all of the developments here. >> i'd be honored to do it, liz. thank you. liz: blackrock naming saudi ceo to its board. charlie gasparino breaks down the theying behind the move. thinking behind the move. plus steve forbes live on whether the market can sustain 2023 highs considering the fed's about to meet in seven days and possibly race rates again. steevest co 8:00 o'clock -- stes coming up too. we'll be right back.

♪ there are some things that go better... together. burger and fries... soup and salad. like your workplace benefits and retirement savings. with voya, considering all your financial choices together can help you make smarter decisions. voya. well planned. well invested. well protected. there are currently more than 750,000 unfilled cybersecurity jobs in the u.s. the google cybersecurity certificate

was made to fill that gap and help grow the workforce that's keeping us all safe. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ ♪ i have type 2 diabetes, ♪ ♪ but i manage it well. ♪ ♪ it's a little pill with a big story to tell. ♪ ♪ i take once-daily jardiance, ♪ ♪ at each day's staaart. ♪ ♪ as time went on it was easy to seee ♪ ♪ i'm lowering my a1c. ♪ jardiance works 24/7 in your body to flush out some sugar!

and for adults with type 2 diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. jardiance may cause serious side effects including ketoacidosis that may be fatal, dehydration, that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this infection, ketoacidosis, or an allergic reaction, and don't take it if you're on dialysis. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. ♪ jardiance is really swell, ♪ ♪ the little pill with a big story to tell. ♪ . .

i don't want you to move. i'm gonna miss you so much. you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place? can katie sleep over tonight? sure, honey! this generation is so dramatic! move with the xfinity 10g network. 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. ♪. liz: blackrock has hundreds of funds with fossil fuels. >> 200 billion? >> we're more than that.

worldwide over 380 billion. we have to rely on traditional energy. at the same time we need to aggressively build decarbonization technology to offset the demand. liz: that was blackrock ceo larry fink on "the claman countdown" highlighting the company's very substantial portfolio of fossil fuel investments. everybody talks about the environmental and the green energy but they have got so many funds in fossil fuels. now blackrock announced it named ceo of saudi aramco, the world's largest oil production to its board of directors. charlie gasparino. >> this story is one of the biggest stories today on wall street and just because it involves larry fink and the biggest money manager. it involves saudi aramco, right? this is a company that is somewhat controversial. everybody on wall street loves them but tied to the saudi royal family, human rights abuses,

allegations of human rights abuses you can go down the list on that. also blackrock has been known for its esg investing. of the nine trillion it manages something like a trillion is in esg. that is a screen that essentially tells companies we would like you as an investor to do stuff for the environment, reduce your carbon footprint, do stuff for society, do stuff on g, governance, diversity, equity inclusion. all controversial subjects. got on the wrong side of republicans and democrats too along the way. let's kind of unpack it. i will give you the real story. i know larry fink very well. i've been covering this company for a long time. number one blackrock has substantial investments in the middle east, okay? we should point out they are one of the biggest investors in the middle east. he is like the personal financial advisor i would say to kuwaiti royal family and saudi royal family. he is over there all the time this is not an absurd choice if

you're blackrock. it is not absurd because this guy, nasser, runs one of the biggest companies in the world. it is not just a oil company. much more of a diversified company. it is getting in tech and different things. did an ipo few years ago. liz: renewables. saudi a ram mow are into renewables. >> essentially all these things blackrock been doing there started his career ad saudi aramco, worked his way up from an engineer to become ceo. on paper it is really a gadd choice. i would say it is roiling with politics here. the left is coming at him now. i saw a few of, lots of this on brand x network this morning with jefferson men felled. jeff coming at him say you know, he is reneging on the esg stuff because he put an oil guy in there. saudi aramco, saudi arabia has a

horrible human rights records. the aramco is only mainly by the government even though they did an ipo. the right coming at him saying you know, saudi aramco, by the way they're into renewables. he is not changing his stripes. liz: damned if you do, damned if you don't. >> i can just tell you listen, i don't think larry fink is the lefty they proclaim him to be. if he was, if he were, proper way of saying it -- liz: yes, if he were -- >> elizabeth warren wouldn't hate him so much. okay? he is a centrist. he has a business model by the way blackrock is publicly-traded company. esg investing i'm not a big believer in it but it pays some of the highest fees around. you make a lot of money doing the esg stuff. public pension funds love esg we should point out. remember he run as business. he is not a lefty. two sides ganging up on him.

i will say it is interesting move to put oil executive, sorry, on his board given a lot of the stuff that is going on. liz: good stuff, charlie, thank you very much. we look at the markets, fact the closing bell is ringing in five minutes, the three majors dow, nasdaq, s&p, they're on pace to close at the highest level since april of last year. if you look at the russell 2000, it is popping. small and mid-caps are percentage winner here unless you count the transports as well. up 1.25%. 23 point gain for the russell. all of this, look at the calendar, we're exactly one week away from jay powell and company kicking off the july federal reserve meeting. 97% probability of a quarter point interest rate hike. the 11th since march of last year. as the market continues to climb through those hikes what could happen if the fed truly pauses and pivots.

forbes media chairman, steve forbes. steve what do you think happens, once the fed stops because the market is doing pretty well as it climbs, tightens the rates? >> the market figures the fed will back off. you had two bad economic reports today. industrial manufacturing, retail sales were very good. so the fed has a weakening economy. they have the perverse view the way you conquer inflation by depressing economy instead of stablizing the dollar. the worst the economy, fed will back off squeezing economy. i don't think they should do 25 basis points next week. they have already done enough damage. let's see how this thing rolls out. i know a couple of presidential candidates make it an issue. why should the fed manipulate interest rates any way? why should they control the economy anyway? pretty much leave it alone. liz: they would say their mandate is price stability. and we had outrageous inflation. >> who is responsible for that?

it's the fed. liz: in part but the supply chain disaster, covid demand, supply, huge dislocation. >> fed can't control that. after word war two we had massive price increases went from wartime economy making tanks to refrigerators in the mid to late '40s. the government left the economy alone. the fed left the economy alone. it worked its way out pretty quickly. let the economy heal. the fed didn't tighten up in those days. guess what? price increases from dislocations, not monetary inflation, flushed from the system. we had a brief recession in 1949. so leave the economy alone. liz: is inflation slade? >> inflation is going down but the key thing is, when the fed, when the economy, fed leaves the economy alone the question is will they go back to weakening the dollar or letting the dollar float. liz: the dollar is actually weakening lately, isn't it? >> the gold price going up a little bit.

commodity prices are still stable but leave, don't try to depreciate the dollars. they did in the early 2000s. you saw where that led. liz: we were at parity with the euro several months ago. now it take as $1.12 for single euro. that is annoying for you shopping in paris. >> even brit in pound has gone up a little bit. liz: which country is doing it right? >> no country is doing it right. the swisses has done it usually right. money supply with economy that size hyperinflation, people trust the swiss franc because it kept their purchasing power better than any currency in the last 100 years. liz: tinier economy. >> tinier economy, amazing currency especially when the euro gets wobbly. liz: i read your column all the time. i like your predictions. i read your column and your

predictions on the market. what is your very latest? what happens in the second half of the year? >> the economy will be wobbling. the fed will finally back off rate increases. powell is drawing wrong lessons from the 1970s he will be reluctant to take the boot off the neck of the economy until next year. liz: recession or no yes or no? >> walking pneumonia. economic theologians may not call it recession but by golly people will feel it ain't very good. >> i like that analogy. we'll see if it plays out. steve forbes, always wonderful to have you. >> good to be with you, thank you. liz: there we go. the closing bell. [closing bell rings] microsoft the star. mr. softy closes at a never-before-seen peak, a new record for that company. that's going to do it for the claman "countdown." we'll be right back here tomorrow. "kudlow" is next. ♪. larry: hello, folks, welcome