diversity officer and getting kicked out of the c suites and what does it mean now to corporations that look around and seeing the coast is clear and kicking them out? >> i think they really just extorted companies with the moral panic in 2020 where they were afraid that the woke mob was going to come for them for saying the wrong thing or doing the wrong thing and the tables have turned now that conservatives wielded the power of boycott and they're afraid of the mob on this side and they're cutting their bottom line and naturally the first people on the chopping blocks are the dei bureaucrats with no real meaningful job in many cases. charles: in a way it's good. they had no clear path to the ceo roll and it was -- role and it was b s and it was exact opposite of creating opportunity. rikki, thank you very much. liz claman, over to you. liz: we have a mob of bulls with 59 minutes left of trading on this monday and blue chips are hurdling towards the heavens for eleventh straight session and

prolonged sprint showing no signs of this hour of tumbling and even a close of a fraction of a single point would mark the long e streak since february of 2017. the bull haves more that be a sing the point. right now there's the dow up 194 points and we're talking about the leaders here, goldman sachs, chevron, jp morgan and goldman sachs hitting a high and goldman at the moment looking pretty darn strong and at this second, i'm going to check here. we can pull it up. it's up about 2.25% and jp norman notching a new -- jp morgan notching a new 52-week high and chevron moving higher with a rare sunday earnings preannouncement in which the energy giant said second quarter profits beat estimates and important to note year over year epa fell 47%. chevron revealed its cfo will exit in 2024. ceo mike worth, he get toss stay

beyond. beyond the manned story retirement age of 65. one highlight the oil giant clocked record perm indian production and market session above $78, slightly b below $79a barrel and three month high. that maybe part of what could trigger a sputtering of the rally. higher commodity prices and stubborn inflation will no doubt grab attention. starting tomorrow when jay powell and federal reserve kickoff two day interest setting meeting and a quarter point hike is baked in at this point, what might force the fed's hand to continue raising rates beyond this month? if anyone has an idea, it's this guy, wall street journal chief economics reporter t nick timars and people stampede to "the wall street journal" to read it.

the fed can trigger market jump scares and earnings as well. tomorrow is a huge day for megacaps and google and microsoft and gm and snap reports and verizon and general electric and this being the busiest week of the second quarter and 164 s&p companies opening their books, 12 dow members including boeing, coca-cola and reveal numbers wednesday by the way. throw meta into the wednesday pot as well. s&p right now, it is adding at the moment about 20 points. good for half a percentage point gain and at 18 point gain year to date and speaking of 18%, 18% of s&p have reported second quarter earnings, 73% so far have beaten on earnings, 61% have surpassed revenue expectations. are you sitting there thinking did i miss the rally and wondering how much longer it last s? we have jack manly here, global strategist and group ceo daniel

newman. jack, what do you think? high of the session the dow was up 236 points and looks like 11 in a row. too frothy or just about right? >> liz, to my mind there's no doubt this market may be a bit ahead of its skis right now. there is a mounting wall of worry and we have uncertainty around inflation and uncertainty around recession risk and uncertainty today about what the fed will do for the rest of this year. i would argue that you haven't missed the boat just yet if you are a long term investor. i'd say that for two reasons. first one is that this market has shown just an incredible rally. you just mentioned 18% year to date and that's been driven by such a small subset of company in the index and we forget there's other names that haven't done a whole lot of anything over the last year. add on top of that the fact that even with what's gone on with the dow today and s&p today, we're still off the record highs we achieved last year. there is more room to run in these equity markets. may not be good over the next few months but looking out over

the next 12 months, two years, five years and beyond, you can stay constructive on stock investing. liz: nasdaq up about 25 points now. daniel, you can't ignore this unbelievable gain year-to-date and changes minute by minute and nasdaq higher by more than 35% and i'm looking at, you know, as we -- sorry, what? oh. thethere it is on the screen. 34%. i was right. daniel, we talk about re-ball languaging at the close on friday -- rebalancing at the close on friday seal the deal and magnificent 7 clipped wings and talking about apple, meta, microsoft, google, nvidia, not to mention tesla thrown in there and look at all of these names and you realize there are as jack said a whole bunch of others. is it too late to rebuild risk into the portfolio by picking up some of the less exciting name s? >> well, i think the trend line is around ai so what you saw was the early winners were picked

and everyone just got involved and they started buying big time and drove a rally up in a very significant way. nvidia ran first and most obvious winner and clearest path to revenue for ai products and saw behind it, microsoft, google, apple not so much but they're one of the very dependable names in tech that people will continue to get behind. you know, i think there's a whole bunch of tech companies in the enterprise side and talked about names like ibm. this will maybe surprise you but names like intel that could come later in the ai wave that have been kind of forgetten and beaten down big time. i think it's a little bit early to say there's not more room to run, but i tend to agree with jack here about that we've hit the end of this safe invest and grow and going forward, i think we have to think these multiples have gotten out of hand on a few of the napes. liz: looking at all of the sectors, jack, obviously overall we have incredible move mt. tech

sector up -- in the tech sector up 44% year-to-date and laggards energy and utilities. we all use that stuff. is this the time where you buy low versus just sit around and wait to guy tech at more highs? >> yeah, you know, when i think about the technology story, that very much is the growth story. it's the innovation story, the proven track record of changing the world that some of these companies have established over the last 10-15 years. that's what you're banking on when buying them. not what they're going to do over the next six months but the next several years. when you're talking about some of the laggards like the energy names i like the utility names, that's much more of a total return story. there is an inflation hedge component built in because those utilities adjust; right, prices moving higher and lower depending on the overall price looks like but the energy story is where that total return play comes in. we know the u.s. is producing a whole lot of fuel right now. we know that fuel prices are going to be sort of range bound. we're looking at wti around $70

a barrel and can't imagine it gets a whole lot higher than that looking forward but when these companies can stay profitable, even with those lower oil prices. they keep on drilling, they keep on pumping and keep on making money. returning it to you, the shareholder. like there's a story there. liz: west texas, $78 a barrel. >> that's a lot higher than last time i checked. liz: exactly. i tend to look at amazon when i think about tech stocks or at least these big megacap names that hasn't performed like the meta. amazon has news coming out and you're focusing specifically on that and talking to a lot of ceos in the tech world about what happens next there. >> two big things that ceos are focusing on and if they're in any industry, liz, how do we employ ai into businesses to grow. if you're in the tech industry, what's our ai story and how do we make money for it. google and microsoft came out early. they had a plan, they're showing

revenue. of course everyone saw nvidia and amazon wasn't as quick to react and there's the largest infrastructure business in the cloud but their ai story while they had a great set of data services for ai but what they didn't have was here's how we're going to make money in the space. tomorrow they're coming in and going to launch their general ai strategy in new york city and i'm interested because i think they're not too late. a lot think they are. they have the largest number of infrastructure customers in the world and it's by a long shot. we're seeing open source models replacing the proprietary large language models from going and will meta, aws can play that game and be a bit more open and bring in more partners and take advantage of having a massive customer base to drive meaningful revenue. that's what everyone wants to see as their revenue and return rates have gone down, how do they keep growing going north of $80 billion in revenue. liz: folks, amazon year over year is up 6% and compare to

some of the other names that have already gone way up and almost too picked over versus some of those names and we continue to look at, jack, everything that's on the table and we see that inflation is still there. we know and we're going to talk to nick timeroes coming up in a minute from "the wall street journal" about the fed, what are the plays, tech sore plays where people can go in -- sector plays where people can go in during sticky inflation? >> sector allocation in today's world it's the more value-oriented sector and cyclical parts of the market and financials and things like energy. i don't want to steal nick's thunder. he has a lot more to say on this than i do, but if we think about where inflation is going, where growth is going and what the fed has told us it's going to do, rates will move lower than they are at some point and not getting back down to zero any time soon and as long as the cost of capital isn't nothing, money isn't free, tough be thoughtful allocating as an

investor and regardless of sector, it's a quality play. liz: i love it at some point. it's like saying i will stop eating chocolate at some point. >> i never say that. liz: maybe years from now. daniel, jack, thank you very much for joining the floor show w. less than 48 hours till the fed's july interest rate decision, the market thinks a quarter point rate hike is a done deal. 99% odds it's in the books and a 1% chance of a 50 basis point hike. at this hour, investors are already scanning the horizon for what happens beyond wednesday. if anyone can prepare for you curve balls to come from jay powell and company, it's "the wall street journal's" all things fed correspondent nick timiroes is up next and why the fed is not ready to declare victory on inflation yet. closing bell 49 minutes away. the "claman countdown" is coming right back and, yes, the dow is still gaining 198 points on track for its eleventh gain in a

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liz: i want to take a look at gasoline and talk about wholesale gasoline, rbob up 3.688% in the after market quarter to date it's spiked 11%. in the federal reserve's quest to vanquish inflation, it's pretty much a forgone conclusion that wednesday will raise rates since the 11 times since march of last year. we need to be fair, inflation is slowly trending down and headline inflation grew at 3% annually in the month of june. compare that to a year ago when a broiled up 9.1%.

so we definitely calmed back down but the big question is, the central bank inflation battle, is it over after wednesday or are they still have a few squirmishes to quell in nick timiroes is "the wall street journal" correspondent and wall street put as big amount of left into your interpretations, nick. let's start with the last fed meeting. chairman powell left the door open for one more hike, possibly development the market consensus is heavily leaning to no more hikes of wednesday for 2023 and in fact a small percentage think a cut could come in december. as you look at the data, who's going to be right and who's going to be wrong? >> liz, i think the big question is going to be just how jay powell frames that question for september on wednesday. i think, you know, growth has been too strong for them to take that second rate increase off the table. but inflation has been coming down enough they can't firm up their plan from june when they said they thought they were

going to raise rates twice more this year. i think there's not going to be a lot of satisfaction for anybody looking for clear sign about september. we will get two more jobs reports, two more inflation reports before the september meeting. those are going to be really important. and we're going to get on friday the employment cost index report. the fed is very focused right now on wage growth. we see prices coming down, but there's a question about whether the labor market is slowing enough and so that eci number on friday, i mean i wish we had it before this meeting. impactful sure they do too because it would be a lot easier to tell if we're making more progress orphan r on getting labor market into better bal balance. liz: average salaries are a solid metric of i would say underlying inflation as we call it stickiness meaning it's hanging around like a bad weekend guest. the fed wants to be sure that it quells inflation, cuts off the head versus talking during the commercial break of a few of the

tentacles. does that mean two more is enough? and i say that because larry fink, the world's largest asset manager was here on the show, july 5. here's what he said when we asked him how many more. listen. >> i believe interest rates continue to go higher and the federal reserve will have two but as much as four more hits. >> >> four more rate hikes. gastrickier and industrial. liz: 6% at 5.25 right now. 6%. do you think the fed is ready to take it to that level? >> it's interesting. that was before the june cpi report and i think the cross current here, liz, will be as inflation cops down and especially as we see what we saw in the june cpi sustain itself in july and august. that changes the conversation to zoom some extent because as you get lower inflation. if means by standing still, real

rates are rising and that'll be a consideration for the fed is if real rates are going up, maybe beyond where they had forecast in their last set of projections, do they have to do that second interest rate increase or a third or fourth as larry fink was suggesting and i think that's to be determined. the real question here is whether this disinflation that we're seeing now is itself going to be t be transitory and the fd will be back and talking about gas price and energy prices and we're seeing what delivered a lot of decline and headline inflation over the last 12 months and if they were to go back up, then you start seeing things like food services, transportation, some of the areas where we've seen the slow down in inflation that's buoyed a lot of optimism about soft landing and going in the other direction, maybe some of that

fades later this year. liz: is the fed disinclined or have the inability to look at and tackle things like changes outside of it is normal purview of price stability and full employment? i'm talking that it's retiring and there's a whole lot of free capitol going to go away. people who are retiring don't tend to spend as much as they did when they had a working salary coming through. there's that. there is as you said all of these other issues but then why are we working so hard on killing demand instead of helping increase supply? wouldn't increase in supply mean more jobs, a stronger economy, and more competition? >> rightment those supply side issues are not out of the fed's mandate but it's harder for the fed to control those things. i think you look at housing market as the peculiar story in the current cycle.

a year ago everybody said that higher interest ra rate we're we going to kill housing supplies and they're building more homes now and we're seeing at least of the margin as bit of increase in supply in the new home side of the market because higher interest rates have so throttled back supply in the resale side and hindered affordability and people aren't looking to move because they're not sure what they're going to buy. liz, it comes back to the labor market and a lot of fed officials are going to be more comfortable they've done enough. if they see wage growth slowing, and they're going to be even more comfortable if they see more softness, slow down in hiring, quits rate coming lower, job vacancy going lower and they'll be key to watch before the september fed meeting. liz: what's the number one thing watching in the commentary on

wednesday after the rate announcement is going to be wages, i'm sensing that; right, nick? >> yeah, we see that inflation might be finally settling down and might be coming down, but is that enough or do you also need to see more of a slow down in economic activity, in growth and in hiring. is it enough to have disinflation or do you need to see more softness in the real tide of the economy. that's the question. liz: busy day for you and meeting starts tomorrow and we get announcement wednesday. "claman countdown," charles payne, we're all over the news conference and watching all of the markets every tick. thank you so much. nick timiraos of "the wall street journal". if people have money in their pocket, they're spending it on barbenheimer and double feature bursting out of the gate as simultaneous cinematic release of barbie and oppenheimer delivering the highest box office opening of the entire

year. the widespread stock impact from the double debut, we'll show you straight ahead. the closing bell ringing in 37 minutes. look at dow up 190 points, s&p climbing 16 points or a third of a percent and nasdaq tacking on 16 points. stay tuned, we're coming right ♪ y pay for what you need. you could save $700 dollars just by switching. ooooh, let me put a reminder on my phone. on the top of the pile! oh. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ 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.

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liz: fox business alert. it is a green monday here, nice big moves ahead of a big story

about pink. yes, ticket sales for barbenheimer, the simultaneous releases of, yes, the pink barbie-escambia work and oppenheimer exploding this weekend. living up to the hype and raking in $235 domestically and $551 million worldwide. in the u.s., warner brother's barbie ren rating $155 million and open heimerer adding $80.5 million and warner bro discovery shares can't catch a break, they're down 2.5% and can't capitalize on the biggest domestic day of the year and universal parent comcast is doing well on the back of oppenheimer. don't see a 3% move and up for imax shares on oppenheimer debut and immersive theater experience accounted for $35 million in ticket sales for the film about the making of the atomic bomb.

imax ticket sales accounted for 20% of the sales over the opening weekend and the largest ever share of a movie's global opening weekend box office. they've got a three week exclusive, which we talked about here with ceo rich gelfand last week. we'll be watching that. shares of imax up 15% year to date and flip over to amc shares and they're soaring 33.8% and after the barbenheimer phenomena drew in the best box office numbers in four years. according to the movie theater chain, 200,000 of you out there, uh-huh, bought tickets to see both flicks on the same day. amc's out sized move coming on the back of u.s. court ruling that blocks amc stock conversion plan. a judge ruled the plan to convert preferred shares to common shares and risks diluting investor holdings and ceo adam aaron filed a revised petition

for the stock conversion plan and shares of amc year-to-date and had a nice move up 44% year to date. and as fans use plastic to snap up plastic barbies, the doll's manufacture mattel benefiting from the success of the film at this hour. analysts estimate the movie will bring in about $100 million in revenue for mattel including $75 million from toy sales, $12.5 million from licensing the barbie brand to other companies, and $11 million from film revenue. mattel shares up 1.5%. you know what, mattel may have trouble shipping autothe barbie orders after pilots at fedex, ex-less rejected a tentative contract with the shipper to increase pay up to 30% over the next five years. the pilots union working to negotiate a new deal with the federal express and the supply chain is also in danger on the ground.

340,000ups drivers and workers are threatening to strike a new contract with the teamster's union not agreed upon before the end of the month. if negotiations are unsuccessful, it'll be the largest work stoppage in more than half a century and that's why we sent jeff flock in philadelphia to one of ups's biggest hub and how can the potential strike impact the economy and are we looking@dollar number on the hit? reporter: depends how long it goes, liz, could be a real disaster to the economy. you mentioned the fedex pilots and ups pilots have said they're going to strike even though they're not teamsters, they'll strike in sympathy so they're going to be out too even if they get people to try and fill in. i'm at the hub as you point out here in philadelphia and take a look. these are trucks and did you ever think about this, none of those truck there is have air conditioning in them. you know, maybe you know yuri colins ups guy -- your ups guy and these guys deliver those packages without air

conditioning and the company, one of the positives is they've agreed to put air conditioning in new trucks they buy going forward. i tell you, this strike is looming. take a look at pictures from around the country. ups workers practice picket lines and making their plans and they've got captains set up for the pickets. if you don't show up on a picket line, you don't get strike pay and pretty much everybody, and we're talking well over 300,000 people going to show up. you asked about impact to the economy. i'm going to give you two numbers that i think will show you some indication of what it's going to be like. back when they struck in 1997, ups -- all of the shippers together delivered about 16 million packages a day. now, all of them together deliver 75 million packages a day. yes, we are so much more reliant on shipping and deliveries. yeah, and the workers say we work through the pandemic and we were essential employees, we didn't get anymore money. it's time for and yous you to

share your profits with us. listen. >> we provide a service and so as you see, this has boomed to astronomical level. but again, during this contract struggle, ups knows that. they know that the economy is depending on us to deliver. it's up to them to deliver for our members. reporter: company response, i quote them now, "they know they have to increase the company pay and benefits but need to work quickly to provide a fair deal that provides certainty for the customers, employees, and businesses across the country". the union today told me they delayed the latest earnings report and afraid it'll look too good and that's going to give even more fire for the workers to say, hey, listen, share your profits, man. you made $11 billion last year. can't we have some of that.

liz. liz: yeah, i do think it's significant that you're reporting that the ups pilots will strike in sympathy with the teamsters if the teamsters decide to strike, jeff, this is starting to be a bigger and bigger issue nationwide for many different sectors. thank you so much. so the strikes and recession worries are nagging investors and voters ahead of 2024 presidential election. according to the latest fox business poll, economic issues are the top priority for republicans in the nation's first primary coming up, south carolina in a crowded gop field, 13 deep now, how will candidates set themselves apart, especially from the leader at the moment, donald trump. joining me next, one candidate with standout business experience and no, it's not donald trump or vivek ramaswamy. former texas congressman will herd has been a managing director of investment boutique firm allen and company and board member of openai, yes, behind

chatgpt. how will he handle conflict at the bargaining table and budget worries at the kitchen table. closing bell ringing in 25 minutes. will herd, gop candidate coming up next. stay tuned. ♪ (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%.

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we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you

have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. liz: well, the 2024 gop race is now at a baker's dozen. 13 candidates vying for the republican nomination for president. they might need to be a little careful what they wish for. first of all, it's unclear if the economy will enter a recession, plus the labor movement. i mean, you just saw jeff flock explaining we have a looming ups and fedex strike. that brings people to mind that can negotiate, compromise and break impasses in the labor world and tackle how to keep the u.s. ahead in the global tech

wars. former texas republican will herd appears to have the resume to do that before his three-term run in congress, he served as senior adviser for a cybersecurity firm after leaving congress in 2021, he took tectal lents to the board of openai, the company that invented artificial intelligence phenom chatgpt. how does the 2024 candidate plan to handle ai, the academy, and more if i elected? will murder, former congressman of texas and -- will hurd, former congressman of texas and gop electsive. let's go with the news here, fedex pilots rejected the latest contract, ups drivers of the teamsters appear to be on the cusp of striking. how would you as president handle dealing with those kinds of things because the government does serve as a mediator

sometimes? >> sure. and first and foremost, i think this is just an example of how we're living in increasingly complicated times. in order to solve complicated issues, you need a bit of common sense. the first step is to have a commerce secretary and treasury secretary that is understanding these issues and have relationships in these important industries that are impactful to the entire economy and prevent a situation from getting into this place. you said it right, you have to negotiate and one of the things i've learned whether it's being connected to national security for the last 22 years of my life or working with some of the most cutting edge technology companies in the world, we're better together. and we have to recognize the public sector, private sector, capital and labor, we have to work together because this is not about us achieving our best selves. this is about us being in a new cold war against the chinese government, the chinese government is making it very clear they're trying to surpass us as a global super power.

if they do that, that is going to impact every single industry. it's going to impact every single american. liz: let's go to technology because that's your bailiwick. of course you've worked in the cybersecurity world and sat on the board of openai. the u.s. because of openai dominated the first sort of chat bot world will everybody was like a tsunami of interest and it's continued. there's a lot of ai companies developing and a, do you see it as a cybersecurity threat but b, how do we maintain that dominance against china, which is trying to get all kinds of ai patents, et cetera. they're step for step out there. >> they are. and this is one of the areas why they spend so much time and focus on 5g a number of years ago. the fact that everybody knows knowshuawei whether in north ter north country of new hampshire and they knew whoever controls the infrastructure can control

the 1s and 0s that's crossing over that infrastructure. we know how the chinese government is going to use artificial intelligence and specifically artificial general intelligence. they're going to use that to control their population and use that to -- liz: how do we hold onto that poll position? >> the way we hold in is we've got to one, do a better job of working with our allies. we shouldn't let the europeans be 18-24 months ahead of us when it comes to regulations around ai. they did this with gdpr, and the united states should be leading. that requires us to make sure that our national labs are coordinating with industry that the government is actually adopting some of the tools that are being used. another area that's as important as artificial intelligence is advanced semiconductor manufacturing and there's dirt ways to do the -- different ways to do the lithography that's needed and that's what's let's led a msl to be a real leader in

equipment when it comes to making semiconductors. all that technology came from our national labs. so this is an area where the way we stay ahead is making sure our national labs are doing the basic research and work that's necessary. and then coordinating with the industry and that we have regulatory environment that's clear and our company cans operate. liz: yep. we have a fox business poll that just came out that says economic issues are at the very top, and of course technology. i certainly get the sense that you know everything when itcosms to that forefront of being at the top in technology, but where do you stand on tech becoming too big? the biden administration top antitrust officials unveil tougher guidelines and a commerce period so nothing is set in stone but do you view the

microsofts, amazon, and googles of the world as monopolies? >> well, you know who's applauding the efforts by the biden administration, and that's the chinese communist party. they would love to see our companies cut up and not be as effective in a global stage because they want to be able to move in and so anything that is beneficial to chinese companies, chinese government, i'm ultimately not going to be supportive of this. there's a lot of efforts we can do to make sure that we're protecting communities against harms. you know, a lot of americans, about 65% of americans are concerned that ai or robot is going to take their job. we don't have to, you know, we can take steps and prevent that from happening and we can take steps to prevent ai to lead to more unemployment. instead leading to actually more additional jobs. these are steps that a government -- we need people in office that understand these issues.

we need people that are running for office talking about these issues. we should be talking about quantum computing. we remember y2k. the quantum country getting to quantum computing is going to make y2k look like it was a tickle fight. we need people that understand this, and that's why i'm hoping to get on the debate stage in order to have these kinds of conversations and if people that watch your show are following that, go to hurdforamerica.com. liz: congressman, you might be one or the only candidate that knows what amsl is. we thank you. we're inviting all of the gop candidates on and we're grateful you decided to come on. thank you so much. will hurd, we're coming right back and dow jones industrials up 207 points and 11 in a row or at least looks like it at the moment.ld ♪ mbusiness wouldn't qualify for an erc tax refund.

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liz: oh. splat goes the little bluebird. elon musk is killing off the iconic bird logo of twitter and replacing the long-time social media logo with a black x. the move already sparked some questions from users but could this change, ward off

competition coming from meta and its new threads platform? kelly o'grady is live in los angeles. she has been talking to branding experts. it is always dicey to change a highly recognizable logo. >> reporter: absolutely, liz. when i saw this over the weekend that was my big question too. twitter built up over 15 years of brand equity. the move for context it is not totally surprising. ad revenue has been down 50% since he took over. musk has been telegraphing he is claiming to create this everything app. he said this during a discussion on the platform? >> it is should have been done a long time ago. sorry it took so long. we're cutting the logo with torches. >> reporter: this letter x has been on everything musk has touched for couple decades. x.com for the original name for paypal back in 99. his new a.i. ren sure it x

a.i..com. x is the future state of unlimited interactivity centered in audio, video, messaging, payments, banking creating a global marketplace for ideas, goods, services and opportunities, powered by a.i. all in ways we're just beginning to imagine. to be honest it sounds a bit like the chinese app wechat, trying to be everything all at once can confuse the consumer. we talked to a branding expert as well. this could be challenging. >> rebrand something always dangerous and expense schiff this is global brand. people have connections with this. the massive amount of brand equity in the human connections i think, definitely can be a lot more investment would be needed to have this done successfully. >> reporter: liz, he also shared that a better option would be to build x brand as a parent company to still leverage the twitter brand itself but

personally i'm still hung up what to call this, liz? are we tweeting, are we x-ing, i really don't know? liz: i will get back to you on that. listen, it is a gutsy move i guess. do we still tweet? that is exactly an interesting point. kelly, thank you very much, kelly o'grady. can we check the homebuilders. look at some of these, three are on the green. lennar up 2/3 of a percent, pulte up half a verse. right now moody's analyst ticks projecting values will fall 2.4% over the next year as mortgage rates weigh on the markets. where are mortgage rates? according to freddie mac the 30 year average fixed-rate as of july 20th, 6.78%. remember the good old days, january of 2022 when they were at 3.45%? that is part of the big issue here but our "countdown closer" says mortgage rates are headed

down, not up and investors with a two-year horizon can reap the rewards on one specific sector. horizon investments cio scott joins us. scott, you might be the only one who thinks mortgage rates are heading down. why? >> liz, thanks for having me. the reason is pretty simple really. the fed is going to be done after wednesday. that means we've seen peak interest rates this cycle. we're having a little bit after growth cycle that means the 10-year interest rate will come down. the other thing affects mortgage rates volatility of interest rates. those definitely will be coming down after the fed is seen to be done. in terms of what would drive mortgage rates. we'll get 10-year down. interest rate volatility down and that will bring down mortgage rates. not for remainder of this year but certainly by the time we get middle half of next year we think mortgage rates will be point, point 1/2 lower than they are today. liz: which part of entire second

do you buy? mortgages lenders home depots of the world, mortgage lenders? >> we think homebuilders is the sweet spot are this one. not only are they going to gain from new homebuyers coming into the market but there is a dearth of home supply last 10 years. we did not build up to our demographic capacity last 10 years, ever since the great financial crisis. so that really starts supply demand imbalance will be to the benefit of homebuilders. if i happen to be wrong on mortgage rates, mortgage rates stay high, we have a lot of homeowners locked into their current house. people still need to buy houses. we still have household formation in the u.s. those will be going into newly constructed houses. that is a place where homebuilders can really thrive. liz: you also like tech and tell come on and communications, health care, aside from real estate. we were just talking with gop presidential candidate will hurd about a.i. he feels very strongly that we need to stay in the lead but we

need to get guard rails in they're so that the a.i. developers that keep us in the lead will understand what the rules of the road are. do you see any of that type of movement crimping the run-up in a.i. or does it really help the situation? >> you know i think actually that would be really helpful to the situation. there is a lot of fear-mongering going on with a.i. right now in terms of it will take over the world. we have sort of like "the terminator" sort of complex in the back of our heads f we have some sort of regulation that's sensible, some sort of guidelines what is allowed, what is not allowed. we know those things will have to evolve in time. we're really in the first inning of this stuff. if we get some sense of where guidelines are. that will help development, speed development. if they put capital expenditure into developing these things it will not be taken away by legislative fiat somewhere down the road. liz: you advise your investors to avoid utilities and consumer

staples. i look at leaders besides the tech sector, consumer is discretionary, stuff you want not need to buy. do you think that has a longer run, continues to rung? >> we think discretionary has a little more runway but we want to start to stay away from the staples stocks and utility stocks especially the staples stocks. these stocks have 20 plus pes on a forward-looking basis and they will really be hurt by pricing pressure increases and price pressure decreases as inflation continues to come down. we see some margin pressure there. we see some really some valuation pressure from the topside. [closing bell rings] if this market still has legs which we think it does staples is not the necessarily the defensive play you want to hang out. liz: scott, thank you so much. 11 in a row for the dow. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. all right, despite being the target o