the world and arnold the country. arnold the country. we had a lot of folks that were censored and people shot down for opinions over the last couple of years. it was during the presidential thing and covid thing and so many of the things people were concerned about and worried about and shot down and canceled over, all those things were turned out to be not only real good concerns but they were true. they were really true. when someone says that rfk jr. can't go to congress because he may cause harm. it's not free speech because it never caused harm. liz claman, over to you. liz: charles, have you seen the nasdaq? charles: yeah! liz: buckle up for the final hour of trade. charles: uh oh, i'm ready. liz: get your seatbelt on because we're facing a rare alignment of the market plan especially to social norms to speak and -- so-to-speak and stocks are mixed and experienced

traders are not sure how the next 59 minutes will play out. $2.4 trillion in options are set to expire been this hour, in decisiveness is gripping the nasdaq in particular. we're watching the nasdaq in particular and the nasdaq has crossed unchanged line 70, 7-0 times today and down about 1.5 points or a fraction of a percent. but here's the story, at today's close, this much awaited special rebalancing of the tech heavy index will be solidified. seven nasdaq 100 stocks, you know them well: apple, microsoft, alphabet, nvidia, amazon, tesla, and meta have all according to the sec and regulators, gotten too big for their pitches meaning their weightings on the nasdaq have too much influence or sway and now must be reduced so not to have an outsized influence on the entire index. now the drivers of yesterday's 294 points or 2% loss on the nasdaq actually only included

one of those seven stocks and that was would be tesla. take a look. tesla did tank 10% yesterday post-earnings, which weren't even that bad and ev leader right at the moment is up about 25 of a percent and beat record delivers and got hammered yet because ceo elon musk did hint at future price cuts and then a couple of other things about, you know, operating margins, which he's not worried about. but then we've got the touch the dow on pace to close for its tenth day of wins, the blue chips are not done that since august of 2017. could wanting the current 73 point gain, the dow has spiked more than 2,000 points or more than 4.5% over the past ten sessions and meantime look at regional banks and kre with every regional bank in the basket and week to date up 7.75% and down just a fraction of a

percent and this is the best gain in two years. don't forget many of those still have unrealized losses on their treasury portfolios and analysts say the worst of the march crisis and silicon valley bank is behind the markets for you. let's get right to the floor show on this very interesting friday. trader serge guilfoyle with a hawkeye on the rebalancing and ian lappe scrutinizing earnings earningsbanks and more. serge, why is this rebalancing needed and what does it mean to retail investors watching right now? >> well, it really shouldn't mean anything to a retail investor who's not a trader. in the end, it should all come out in the wash let's say. what they had to do and because the magnificent seven stocks: apple, microsoft, google, amazon, meta, tesla and nvidia become too powerful and about 55% of the index and 93% of the stock in the index. they have to force the funds to

track the index to sell the zen stocks, spread the wealth among the other 93 stocks. the largest winners are supposed to be broadcom, adobe, pepsi ppepsi coand sisco. taking down to 40% because of the moves since july 3, which is the base state for the rebalancing, they're already only taking it down to 44% from the 55% that the aggregate waiting was at. it's kind of a lost cause unless they start from trample liz: they had outsized influence, did that the not, sarge? >> oh, yeah. outsides influence if s&p 500 in almost every index you can name that has that because of their megacap status. i mean, app 18 a $3 trillion company. a few of these over ones close to a trillion or a little over a trillion. do they deserve that kind of

status? probably if you just are throwing money at a wall and not paying attention to where it goes, they co. if you're a trader, want something more representative of your health. you can have a day where the stocks are up and everything else is down and someone watches the news at 6:00 and say that's the result today. liz: we're keeping an eye on it. the nasdaq for it is part is down about nine points but up down all around the s&p is up 7 points, the dow up 59. ian, talk about the banks and there was a whole bunch of bank earnings and more regionals next week and give me the sense of how you feel about the regionals and some of the bigger ones and what people should be looking ahead for. >> well, thanks, liz. generally earnings have been healthy. we've seen solid revenue growth driven by higher interest rates, credit remains manageable under control, deposits have been

stable. the dais of the panic deposit run seem to be over for now. what i'm continuing to be worried about though for some banks is the unrealized losses on securities portfolios and i had been hoping that banks would be lightening up on the tax loss and reinvesting in shorter data securities and i haven't really seen that. in fact, for most banks that -- the gap between fair value and cost for their unrealized held to maturity securities and increased this quarter by 5 and 15%. liz: can we put up treasuries and longer term pictures of the treasury yields boson realized losses that really seem to crush silicon valley bank and signature bank because when they invested in treasuries, yields were so incredibly low. can we see the long term chart

though maybe for the 10-year yield? that has been something very interesting because those yields have gone way up. r over the past years. >> yeah, during the pandemic it was a classic case of reaching for yield, which gets investors in trouble over and over again over the years. banks were flooded with deposits and they were investing in mostly agency mortgage-backed securities. liz: is this a problem on the regional bank's books? >> it is. of the companies that have reported so far, we've actually seen the unrealized losses increase compared to the last quarter. if interest rates stay where they are or go down, it's not a big problem and banks will manage through it as they did this quarter. a normal shaped yield curve where say the 10-year yield 7% for example, there would be a lot more pain potentially and other bank runs like what we saw with silicon valley bank.

liz: yeah and 10-year yield is 7% and right now at 3.84% at the moment. sarge, we've got mma battle next week and i don't mean the fighters; right? mixed martial arts by microsoft, meta, and alphabet. those earnings come out next week. are you making atrades ahead of that? if so, what? >> i'm long on microsoft already and bidding for 340 for microsoft on the close tonight to see if i can get a little cheap on that rebalancing and when you said meta also. i'm out of meta right now. alphabet i have interest. tesla is not reporting next week but they're part of the rebalancing. i sold tesla this week at 289. after i saw that free cash flow miss. thankfullyi did and after hours and much lower and bidding 235 for tesla. that's a long way off but you never know. maybe i'll steal something here. as for nvidia, i really would like to add to nvidia. i've been tabooing profits on

the way up and i'm a little light and i'm heavier and unfilled gap down into the high 30s and i don't feel comfortablt feel comfortable bidding on nvidia on that close because there's chance for more volatility on this next week, especially going into the fed. liz: nvidia year to date is blockbuster up 204%. ian, what do we need to know ahead of the next week because there's a good third of s&p 500 reporting earnings, 12 dow components. it's a big week, is it not? >> it is. there's still a lot of banks that have not reported. my largest position first citizen bank shares for example. this is a bank that bought silicon valley bank in an fdic auction for $500 million and reported a $9.8 billion gain in their first quarter. i'll be very focused on that company. other smaller regional banks will be reporting as well. all be, again, watching

unrealized losses on securities portfolio and credit. commercial realize is particularly office buildings is an area of concern. i was encouraged though a couple of the companies i own webster, and capital one were able to unload loans back by office buildings without incurring much of a los. that was encouraging but certainly office exposure will be something worth watching, particularly for small regional banks focused for example in san francisco. liz: yeah, fcnc had a great year to date and it's recovered up about 78% and capital one came out with numbers and that stock is doing pretty well today and up half a percent if that's what you want to look at 24% year to date. >> capital one is a great company and run by richard fair bank one of the cofounders in 1994 when it came public and it's been profitable every year. tangible book as grown it 14% a year and bye it for less than ten times earnings. liz: guys good to see you.

nasdaq turned negative for the week but at the moment, it's really too close to call. ian, sarge, great to have you. all right, here we go. stock trades aside, the sports trade that captured the entire world's attention has adidas rolling out the red carpet, helicopter, boat, you name it for soccer super star lionel messi and his first official week with major league soccer after he shocked the league by exiting europe's soccer league and wait till you see what the sportswear giant is doing for the 2023 fifa women's world cup for the highly an tis baited women's usa -- anticipated usa women versversus vietnam. the "claman countdown" is comina right backvi.d. right backvi.d. ♪

bridgett is here. right backvi.d. ♪ she has no clue that i'm here. she has no clue who's in the helmet. are you ready? -i'm ready! alright.

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liz: oh, yeah, look at this. she is beauty. she is grace, she is a soccer star. you're looking at a live shot from right outside our fox studios here in new york city reporter: this is like the selfie station and alex morgan standing tall in her uniform and statue of liberty look alike of the soccer star unveiled of 2023 fifa women's world cup kicking off yesterday in australia and new zealand. team usa facing off against vietnam tonight at 9:00 p.m. eastern on fox and as the defending champs take to the field, the most famous athlete in the world, not the cleveland brown's quarterback, which i would say.

lionel messi making debut in very first match as a member of the inter miami team after leaving europe to join major league soccer here in the u.s.. the average tin indian star was welcomed to -- arge argentinaenr was welcomed throughout the week. flying all over the sky and on the ocean, joining me from miami is the adidas north american president rupert campbell. you must be going nuts. what's it like down there ahead of the mega debut? >> liz, thank you for having me on the show today. it's crazy here. it's so exciting and busy and people are in the streets and i went to the stadium of inter miami yesterday and for the first time in a long time in mls stadium with no game, there were crowds outside, people taking photographs, just taking photographs, just doing selfies.

let's just say miami is excited and we are just as excited as miami. liz: yeah, and we thought lebron leaving cleveland and going to miami heat was a big deal. this is absolutely massive too . the pink jersey you're wearing, we agreed we're calling it petal pink, shell pink. >> that's right. i'm happy to do that. liz: real men wear pink and that's the miami team's color. tell me how merch sales are doing? >> sales are absolutely unprecedented for merri bowl dan dice. we're sell ago lot -- merchandise. we're sell ago lot and since his announcement, our sales have increased dramatically and we're ensuring we meet the demands of the fans and doing our very, very best to get as many shirts to fans and we opened a possession of a weaponup store, a new store in miami -- popup store, a new store in miami beach this morning and in three weeks time we opened a store and i went there this morning and it was crazy inside l. i saw one

customer buy 20, 2-0 shirts all at once. it's really, really exciting at the moment. really exciting. liz: i mean, it truly .s it's really amazing. ives looking on some of -- i was looking on some of the websites and looks like the women's replica messi kit said almost sold out so get your shirts. you look at this deal that you guys made with messi then get to women's world soccer because that's been fascinating too. messi and adidas are in talks to do a revenue sharing deal and this is awfully reminiscent of what michael jordan was able to do with nike. what do you think that does for the retail relationship with big athletes, big stars like that? the future? >> so for us, messi has been apart of our family for years and years and years. we treat him like a family member, and in terms of how he excites our audiences and how he

elevates our brands, this is the reason why we've stayed with him for as long as we have stayed with him. we will ensure that when he's in miami, he gets looked after in the same way that he did all the way through his career and we'll ensure that he inspires, he really inspires the next generation of soccer players right across the u.s.. liz: well, all the more reason that adidas would probably be smart to give him a cut of the revenues; right? is that something that you think is closer to reality than not? >> so it's not for me to kind of discuss terms of any deals. we don't really do that, but let's just say that we've been with lionel for a listening time, we see him as -- long time and see him as a member of the family, and we'll continue to support him to build the brand but more importantly, we want to build soccer. we want to build soccer in north america and lionel will help us to do that. no doubt whatsoever. liz: rupert, women's soccer, you're building on that too. now team usa is sponsored by nike, your rival, but there's a huge footprint coming to women's

soccer in the world cup and you're making a big push. you saw what's happening outside of fox business' studios here with this huge alex morgan statue that's been out there. look at this picture, it's unbelievable. >> yep. liz: but tell me what adidas sees for this, women's soccer has exponentially jumped in popularity, has it not? >> absolutely. i women's game is soaring to heights and the women's world cup this year will be the biggest tournament, the biggest women's tournament ever, unprecedented ticket sales. as a brand, we have nine teams that we'll be looking after, couple of weeks ago i went to see our athletes in california just before they left, who represent the usa. they're ready to go, they're really poised and they're going for the third world cup in a row. we support in our athletes to do that, and we hope they have a fantastic tournament. but the key thing for me is this, the growth of the women's game is important not just for

north america, but for girls all around the world. it inspires them to get into sport, to play sport, and to be better. if we can do that with our athletes and the team, we're doing a great job. we're doing a very good job. liz: well, if the men are wearing pink jerseys, i can't imagine what some of the women stars that you represent are going to be doing. it's great to see you, rupert. good luck tonight. obviously it is a huge moment for world soccer, not just major league soccer, not just for messi but the women and the world as well. thanks so much. >> thank you for having me. go messi. liz: rupert campbell of adidas. catch all the action tonight. thank goodness for fox sport's eric shanks and the team for jumping all over soccer. it's on fox tonight. the u.s. women's team takes on vietnam at 9:00 p.m. eastern time. we do have breaking news out of the white house on new safeguard pledges ai company haves just made with the president.

we'll check on the stocks involved, plus a double downgrade for a company expected to take a hit from the double strikes going on in hollywood. it's not a studio or treatment streamer getting -- streamer getting hit. find out next and closing bell 30 minutes away and dow jones industrials 30 points of gains and s&p up 4 and nasdaq down 5. we are coming right back. ♪ ♪ 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? ♪ ♪

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laggards on the nasdaq 100 because of course we're having this rebalancing coming up and nasdaq down a quarter of percent or 30 po points and xm radio had unbelievable run and it's one of the laggards and it's up about three -- let's cement i want to say quart tore date up 55% but it has just had an unbelievable run over the past week of 48%. csx getting derailed at this hour and missed wall street expectations for the second quarter on revenue and u.s. railroad operator hurt by a decline in volumes and lower fuel prices and csx on pace for largest one day drop since april of 2022. stock down about 3.5%. investors hitting the brakes on auto dealer after they warned about margin pressures and the

stock down 11%. auto nation reported that profits on each vehicle sold sank by 25% as lower car prices and increased buyer incentives are now taking a bite out of profit margins. auto nation adding that consumconsumers are holding onto vehicles for longer and will affect longer term revenue. it's a barbie world. the movie officially released heatically across the united states today and -- theatrically and the doll maker mattel was cashing in and hawking barbie-inspired merchandise and stock reversed down two-thirds of a percent for mattel and many of the products are aimed at adults and mattel hopes the film renews the nostalgia appeal and barbie hitting $22.3 million on thursday and the most of any film release sod far this year. on going actors and writer strikes are impacting yet another area of the entertainment industry.

bank of america double downgrading movie equipment rent holdings from a bye to under perform and cutting price target to $150 to $140 and below that and only accounts for 5% of herk sales and b of a says the strikes are creating uncertainty of the stocks growth pomoxus ten and shall artificial intelligence, one of the contentious issues for both unions and this as amazon, google, meta, and microsoft just met at the white house. joined them agreeing all together to manage potential risks from the new technology. the stocks involved mostly down all though going and will alphabet up about a third of a percent. what they're doing is signed onto new safeguards, the historic pledge between the companies are embracing along with open ai, inflection ai and anthropic, this deal was forged this afternoon during a meeting

at white house between top executives and president biden. edward lawrence live from the white house and what specifically are they promising? reporter: yeah, talking about self-awareness, self-voluntary restraining some of the things they're doing in order to roll out ai in a safe manner. this is seven of the largest companies that invest in artificial and technology and some of them, big ones, on the markets there. samson, meta -- am s amazon, me, google, microsoft and open ai and anthropic and inflection, sorry. it's the first step and voluntary step and the president met with them today. the representatives today about that they would co. here's what the president just a little bit ago. >> these commitments are real and concrete. they're going to help fulfill, the industry fulfill the fundamental obligations to americans to develop safe, secure and trust worthy technologies to benefit society and uphold our values and shared values. reporter: exactly what they agreed to is the seven companies

agreed to add water marks on anything generated by artificial intelligence. those water marks would identify which product made a video or audio so consumers will not be fooled. the company agree to external testing by an expert in specific fields where ai is being used with the results being made public. also increasing investments in cybersecurity and prioritizing research on risk to society by ai specifically with bias and discrimination. here's brad smith for microsoft. >> i think the steps today give us the opportunity to help ensure that the opportunities from ai keep pace with the risks, even going ahead of the risk and that's fundamentally what we should all aim to achieve. reporter: again, this is all voluvoluntary and the federal government is going to roll out its own guidelines. however there's a no timetable as to when those guidelines and regulations will be set forth. back to you, liz. liz: edward, thank you very much. edward lawrence, we should look

on bitcoin hovering around $30,000 but bitcoin rewards charging ahead going from hundreds of retail partner in thes in the begins to now tens of thousands. ceo alex addleman lo lly joinig us next and i dropped a new podcast of everyone talks to liz and how a near death experience change the entire trajectory of a utah mom's life. she was driving and in her 40s and runs her own financial business and on the highway, loses control and flips her car multiple times. what followed was a crash course so-to-speak in awakening the spirit she didn't know she had to climb massive mountains on every count inn -- cont contineh her seventh children cheering her on. how because many of us would be

too scared to get behind the wheel for awhile let alone climbing mountains. hear her story and it'll give you courage to go for your dreams and successing. download it wherever you get your podcasts. we're coming right back. closing bell 27 minutes away. ♪ we never just see the numbers, we see the people. when i first started the company i was excited to empower people of all abilities. you've made something that people find invaluable. it fuels you to keep making a better impact with your business. i don't have to think about the pathway to the ocean, i just know i'm going to be able to surf again. that's why we're here... to help make it happen. i'm barbara and i'm from st. joseph, michigan. i'm a retired school librarian. i'm also a library board trustee, a mother of two, and a grandmother of two. basically, i thought that my memory wasn't as good as it had been.

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♪ (upbeat music) ♪ ( ♪ ) woah. ( ♪ ) ( ♪ ) ( ♪ ) ( ♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. 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. liz: we should show a spotify chart here and breaking news according to a report from "the wall street journal" spotify plans to raise the price of its premium plan in the united states by $1 to now $10.99 per month. this news is just break at the moment and the stock had been down, first it was up and then down and now it is popping up because what does that mean? that means when you have a subscriber based-type of business and she would you raise your prices and people like the product, they're going to pay it and you can see the stock is responding positively right now.

speaking of bitcoin, they're up 19% since june 15th. that's when blackrock filed a application for spot ftx. the securities and exchange commission must make the decision to approve or reject blackrock and six other bitcoin etf applications within 45 days. now if the sec approve this is ctf and no guarantee it will but cryptofirm ny digs could unleash 30 billion for the tococounty p company we've been covering for a couple of years is trying to capture. similar to sites like rakutan, lolli lets users shop with 25,000 brands and in return, users receive cash back rewards in the form opportunistic slices of bitcoin. cofounder and ceo alex adleman joining me now.

how egotore find out about that >> the bitcoin and whole industry as a whole. liz: what do you think the odds are because many before blackrock have been rejected. >> they have. blackrock is the largest manager of assets by far. and fidelity, i believe, has tried to file i think they're the third largest and both have filed together for a proposal and now we have six in market and i'm feeling pretty good and heard blackrock has only had one proposal rejects. liz: that's true. >> it would be very rare to see a rejection here and they're excited and i think we've seen what fink has been talking about on your show about how excited he is and calling them an bernards healthcare national asset and excited about the toe kinesics of assets. liz: what would it mean for your

company like a rewards company and many of these out there, rakutan, honey, u promise, but you return if people want natural rights approach re-rewards in the bits of bitcoin. what would it mean to your company? >> more demand from users and merchants and there's a two sided market. merchants over 1,000 at 47+ thousand locations across the u.s. where people can earn instore and online. we'd have more merchants coming into our business giving people the ability to earn in more places and more bitcoin. liz: when we first had you on a couple of years ago, there were a couple of hundred partners. how many do you have today? >> we have well over 1,000 and we have since launched in store when we last talked. we were online only and people can go into stores and swipe card and earn bitcoin rewards and cash back as well. liz: okay. let's play out here. let's say among your partners

there's stub hub, ulta, groupon, marriott, macy's and say i walk into maceys and buy a pair of shoes. how much in bitcoin do i get back? >> you may get -- i think i'd have to look up the exact percent but probably around 5% back so well above your credit card rewards and debit card rewards. they're merchant-funded officers and merchants are trying to incentivize you to come into their store and online shop and everyone is trying to compete with amazon and they're paying to bring customers in. i think that on the consumer side, people want to save money now more than ever and with bitcoin up 80% year to date, people are feeling confident in bitcoin and earn cash back from all the places and earn cash back and bitcoin and it's up to you. liz: you got into this 23409 just because you wanted to start a business but you wanted to gastroenterologist people rewards for shopping but also educate them about bitcoin. there are people out there that can't afford to buy a single coin for $30,000.

this is their way of dipping their toe in it. what happens to the reward they get back in bitcoin. where is that parked? >> that's the beautiful thing about lolli, it's free and easy and it came out of a pain point too hard to get crypto and trying to share with my friends and family, and when you have to tell someone to take hard earned money and invest in something they may not know anything about, it's very difficult. lolli maybe it is easy and sign up in 30 seconds on web or mobile and earn all these different places to earn and get into crypto. liz: you name it had lolli after all the hollywoodly possibles they'd give to people when you walked into a bank branch. where do you see bitcoin going now and ever consider expanding to other cryptos? >> i would. i'm open to it. i'm most excited about bitcoin and made a large impact on the world and given people access to truly own their money and it's

also an international asset. i've been saying for many years but fink went on your show and said it beautifully, international asset and 4.5 billion people with internet connection can access and move money anywhere in the world without any intermediaries and 8 billion people across the world have access to this same money. has a set monetary policy that everyone can look at and it's been the same since it lawned so it's really beautiful technology and i think it's important for everyone to understand it. liz: by the way, februaries, larry fink was not a fan of bitcoin a couple of years ago but he studied it and looked at it and, yeah, i shares, which is their etf company has launched close to 60 etfs and only one has before -- 600 etfs and only one was rej rejected and that ws some quirky thing and often to the either. ether. alex, thank you. alex adelman on the dobbs et and

the federal reserve meeting and kicks off tuesday and we get the big reveal on wednesday of what they're going to do. it's an expected 25 basis point hike. we have a tsunami of mega earnings and the nasdaq rebalancing. will investor fear set in or is there just too much excitement about this market. talk to count down cl closer and serious opinions about it and what to do with your portfolio, next.

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♪ ♪ liz: even with this rebalancing question, markets have been on a tear year. yes, the dow is up 6%, s&p's up 18. look at the nasdaq, charging up 34% year to date. but a vanguard report show shows that a most unlikely age group is fueling the rally.

joining me now, gerri willis with more on these early bird special investors. [laughter] >> reporter: yeah, they're definitely eating dinner at 4:00 in the afternoon. this is the group we're talking about. liz: so do i, but go on. >> reporter: that's okay, i do too. [laughter] stocks are in rally mode, and regular americans benefiting the, especially the older ones as we were saying, after thursday's close. the dow was up nine consecutive -- well, it's going to be ten days now. this is its longest winning streak since september 2017. and more americans are benefiting. pollster gallup finds 61% of americans, that's the most since 2008, are reporting they own stock. that's up 56% in 2021 and a 5 a 5% in 2020 -- 555%. what's -- 55. what's surprising is that it's older investors, even elderly ones leading the lay are -- the way. over the anal of 55 held more than 70, 7-0% of their portfolios in stockses. by contrast, just 38% did that

in 2011. what's more, it's not just boomers. vanguard reports that in its taxable brokerage accounts, a 85 years old or more have nearly all all their money in stocks, up from 16% in 2012. now, as you know, liz, this would have been unthinkable not that long ago. these trends fly in the face of conventional retirement planning wisdom that says investors should rotate from risky assets like stocks into safe havens like bonds as they get older, but many have abandoned the minus age equity allocation rule. what's interesting, i think, is that gen-z and millennials, they're not jumping on the bandwagon. they don't care, many of them are very conservative in the way they invest. they're worried about losses.

and as you know, if you want to be a good stock market investor, you have to be patient, you have to wait, you have to keep investing. liz: oh, yes. and so that's a mistake. the younger investor should really get in early and and, you know, leave it alone. that's what buffett says, invest, because of, obviously, when you dollar cost average, you get the compounded interest. what's interesting though is we are living longer x an 80-year-old is very spry and thinks, well, if i've got at least five more year, why don't i add on to my stock holdings, but it does go against conventional wisdom that you're supposed to go into preservation, not informing aggressively -- investing. >> reporter: i think that's why a lot of people have done exactly that. well, i'm going to be around for a while, i'm going to need money. and what are they paying for, everybody's college education, expensive real estate, so they're to make some none. liz: the dow and s&p are set to chose for their second week of gains. nasdaq finishes in the red e

but, yes, as gerri said, the dow is on a pace for its tenth win in a row. what a hot streak. investors, though, bracing for the busiest week of second quarter earnings season. one-third of the s&p is set to report next week along with 12 components from the dow 30. big tech names amazon, fall bet, microsoft, meta are among those big stocks on the docket. question is, are investors now too fearless going into next week? joining me now with 3.6 billion in assets under management, mainstay chief investment strategist david cud la. you just heard what gerri said, this is so exciting for investors because they keep seeing such pretty solid gains that even the elderly are going in here. are people too fearless right now, david? >> yeah, you know, we have a saying, there's nothing to fear except for fearless investors. and we've got a little bit, maybe a little bit too much complacency. we've had a a great first, let's

call it, six and a half or seven months of the year. i get worried when i hear about an 80-year-old that's 100 percent in stocks. we want to move from capital appreciation to capital pez vegas through our investment lime cycle. a 25-year-old with 100% in stocks makes sense, obviously. but, you know, when you hear people of that age 100% in stocks, that's a little bit scary. everyone has their own risk until answer and time horizon for a portfolio or account. liz: david, what's your assessment of earnings season so far? we're heading into a very, very strong week where at least 4 of the magnificent 7 big tech stocks do report as well. >> yeah, it's interesting, on june 30th we were expecting, the consensus estimate was for earnings contraction, earnings growth be -7.1%. right now the blended earnings, earnings that have come out and what's expected, we're at -9%

with about 75% of companies that have come out with their earnings beating estimates. is so not exceptional at this point, but we do expect a good earnings season. we expect some good earnings out of some of these companies next week. with this quarter being the trough in this earnings recession we've been in. liz: the fed. we can never end a week without talking about the fed. [laughter] and it's an important week ahead because the two-day fed meeting begins on tuesday. we find out what they're expected to do although it's widely anticipated that they will tighten rates for an 11th time by 25 basis points next week. but what could the impact be on the markets in are you expecting any major dislocations? >> you know, it's interesting, liz, we've talked about the fed so many times over the years -- liz: yeah. >> and the market's been so dependent on fed liquidity and other central bank liquidity, but they're becoming less of a factor because, you know, the

quarter point that they're going to raise next week, the front's been bouncing between 90-100%. it's not going to be that significant in terms of anybody's cost of capital or other factors. it is more about earnings now. so that's priced in. we think it's one and done. we think it should be one and done. they've done their job, step aside, and, you know, let this economy go and let inflation come down as it has been. very much so over the last two readings. liz: well, you know, as you looked at what mortgage rates have been doing, i believe week over week they ticked down just slightly, but they are above 6%. and now we see that people who were locked into a 30-year fixed of 3%, they're disinclined to give that up and, therefore, it almost feels like the housing market is in a freeze. not to mention there isn't a lot of inventory. how do you view the home builders at the moment? >> so what we've seen is we've

actually seen the home builders rebounding. they had peaked, but now we've seen the home builders rebounding again because everything they can build they can sell because of the supply of existing homes is drying up, and also the home improvement companies like lowe's, those that don't want to move will fix up their house, remodel -- liz: right. >> -- that don't want to move because of a cheap mortgage that they want to keep. liz: don't blame them. are you making any defensive moves right now, a david? >> actually, except for the ultra short-term bonds we hold for the income portion of our portfolio, certainly our more conservative portfolios that's a large part. we don't want long duration, we want very, very short duration. take advantage of that high current yield working out very well, but not defensive stocks because we're not buying into

the deep recession scenario. liz: hold on, everybody, look at the dow. it is about to turn negative. see, it's never a done deal. that's why you have to watch the final hour of trade. i mean, david, it just is now -- let's call it flat. we don't know, it's bouncing around. will it be ten in a row, and is there any great meaning to that? 20 seconds. >> i think it's a function of we've had such a great eight or ten days here in the markets and especially the dow this week, just a little bit of a selloff here, a little bit of profit taking. liz: david, always a pleasure to have you. i'm going to say this is too close to call although the dow is up about 4 or 5 points. are there we go, will it be a tenth day in a row? we'll wait for the write-throughs after, because it is way too close here. but it will be, if it does close higher, the longest winning streak in six years. have a great weekend, we'll see you monday. ♪ ♪ larry: hello, folks, welcome t