i was expecting to lose around 40 pounds and then i just kept losing weight, and moving and moving and moving in a better direction. with golo and release, you're gonna lose the weight. liz: here we go, welcome to the final hour of trade where a day after the federal reserve raised interest rates to the highest level in 22 years, the bulls have stop thed dead in their

tracks. they were stampeding. all the major indices have run out of juice that earlier was fueled by a cocktail of meta data. meta shares and strong economic data. but take a look at the dow, down about 220 points. we're pretty much at the lows of the session here. it was earlier on track for its 14th straight win which would tie it with the all-time record streak made back in 1897. but about an hour and a half ago, and you can see from the intraday chart, it fumbled all 125 points of gains and is now dropping, down about two-thirds of a percent. now, mcdonald's did not exist in 1897, but it's making its presence felt in the dow right now. mcdonald's right near the top of blue chips at the moment up 1.25%, had been even higher earlier. it stands at $295 and change thanks in part to the color purple. grimace, the purple blob that's become the burgerrer chain's mascot, gaining massive social media traction.

revenues jumped 10.3% during the quarter propelledded in great part by the hugely popular $4 purple shakes. all right. can we take that dow heat map once more? i want to show honeywell with. honeywell is at the bottom of the heat massachusetts it missed on revenue, so it's the real drag here, down about 5.33% right after american express which is down 2.33 # %. let's get back to the broader market here. the s&p still on track for its fifth month of gains, but it too has stumbled. it had been up 40 points, now totally reversed down 25 points. tech is the head-scratcher. after yesterday 's drop, the nasdaq leapt out of the opening bell gate, climbed by as much as 232 points but now lost it all and another 73 points. we still gotta give props to meta. meta is melting up right now. it is gaining $14 or 4.75%. the stock earlier hitting a one-and-a-half if year high of

$325 after an earnings beat that's triggered a flurry of price targets. i think rbc raised from 330 to $400 #, right now we're $312 and change. top and bottom line beat for meta broke a losing streak of six consecutive quarters of year-over-year profit declines. earnings on deck, ford, swell after -- intel after the bell. we've got them moving in opposite directions, earlier they were both higher. ford up two-hisser of a percent right now, intel down just about one-tenth of a percent ahead of their big veals. klac also report pros after the close, and check this, shares hitting an i all-time high on expectations the company that makes inspection equipment for semiconductors will post profits of $4.85 a or shear. sock is up about -- a share. the anticipation propelling most of the semis to the sky. amap topping its previous

52-week high, it's just slightly below right now. we've got lam research charging higher by about 8.25 the, asml, my -- micron, nvidia, they're all coming along for thed ride. let's get to the data part of meta data. at 2.4% growth, it blew past expectations of 1.8%. look at durable goods. these are big ticket item cans that last more than 3, 3-5 years. actual number, 4.7% compared to what was expected, kind of a measly 1%, so a big beat there. core capital goods component, a proxy for business spending, saw a surprise two-tenths of a percent jump. so what does all this mean in that strength in the economy, what does it mean that rates have no choice but to go higher, and what will that do to the crowded bond trade but also what has been a roaring stock market? rick reider, the cio of global fixed income at blackrock is here in a fox business exclusive.

why the sudden isen turn-around in the marketses? >> so today, a couple things. first of all, as you said, the be gdp report, the claims a data shows an unemployment market that's that really -- in really good shape. the bank of japan, there's anticipation the bank of squaw pan may act many in terms of moving this yield curve control dynamic that hit the rates market -- liz: can you explain that in terms for me, the 12-year-old on the set here? >> yeah, sure. so the bank of japan has been holding 10-year rates constant for, gosh, a couple of years now, longer than that. and for the first time, they may relax the ban and let rates a rise. the implication cans, historically, has a big with impact on international rates, including u.s. rates. it shouldn't have that much of an impact -- liz: why would it trigger all of these reverse aals? -- reversals? >> it hit the rate move. usually when you get moves like this in the rate move and you hear people talking about it in the equity market, i'm certain today there was some option

activity where people are looking to lock in gains. like you said at the open, 13 straight days, we've done system of that. you can do some overright some of your equities with call options. there's some hedging activity. by the way, volatility, put options not that expensive today. so a bunch of different things -- liz: smart people taking profits. >> and again, one last thing. you see this time of year the liquidity in the markets is not very good. it doesn't make much flow to move these markets not just in the overall indices, but some of the individual names. liz: jay powell yesterday came out and said we won't hit our 2% target of inflation until 2025. and yet the market for september meeting, no meeting -- november meeting and the december fed meeting still overwhelmingly betting that rates won't move anymore, in that we just saw the last rate hike of the year. how would you describe in a world people or investors who

believe that? >> in a word, i it's somewhat -- in a word, i think it's skewed in that, listen, the fed would like to get another hike in. i think they'd like to get another hike in in november. they said september is a live meeting, but i think they'd like to get it done in november. listen, there's something that's really important, inflation is coming down. and i think the chair should celebrate the fact you have the economy operating at a good lev, unemployment is that's still really low. it's great for the country to have mommal gdp high. and the chair has talked about core services x shelter -- liz: is that the super core? >> he's point to d because shelter happens with a lag, and we know that's gown to come down. that number has averaged 1.7%. pretty good. core goods has averaged 0.0% in the last 3 months, that was 12 the you go back e -- 12% if you go back to the end of september.

we think the next cpi number will be soft. listen, i think the fed's going to try to do one more, but i think we're towards the end of the cycle if not at the end. liz: i understand when you say inflation has come down because june of 2022 we were at 9.1%, a 40-year high, now we're at 3% for cpi, so it definitely has come down. props to everybody who's worked to do that. but commodities are suddenly rearing their head again. if you look at the 3-month of crude oil, you look at the 3-month of gasoline, corn, wheat, everything's starting to come back up. >> so there's a up couple things. when you think about the what is the near term in terms of inflation, there's no doubt you have the spike in energy. food prices, you have a drought, you have the ukrainian dynamic. it's a question of what is happening to the core, because some of the commodity markets can be extremely volatile. the core coming down. listen, i think one thing's really important, inflation is coming down, momentum the coming down, and the question today for

the fed is how much further -- if you get to 3, which is not a scary number as long as after the most massive supply shock that we've seen in history, a degloballization dynamic, how much do you want to try and denigrate the demand for a labor and create higher unemployment, and that's a tricky things in terms of how do you want to balance that. liz: we don't understand why they're focusing on killing demand versus building up supply. >> yeah, yeah. liz: that said, to the bond market. you sat here november of 2022 and correctly said the bond market is nirvana right now for investing. >> yeah. les e liz is it still? >> oh, i mean, i -- by the way, i think the whole market, when i was listening to you describing the different dynamics, it's the most interesting time for investing. you think about a.i., you think about the health care, i mean, i think this is so fascinating across a series of fronts. in the bond market -- liz: and look at t-bills, we call this party of 5%. everything up to 1-year is yielding more than 5%. >> this is the bond rate

nirvana. companies funding themselves 3 months, 6 months, 12 months, i bought a big chunk, 6.5. if i can buy 1-year patient at 6.5 a # or -- paper, i mean, by the way, world class companies -- liz: you're talking about junk bonds -- no, i'm sorry -- >> no. e high quality corporate, commercial paper, short-dated, you can buy cheaper than 6%. for a bond person, i don't take interest rate risk, i'm not really taking credit risk, these are world class companies, that is nirvana. liz: or timeline risks. i need your prediction. when will the fed be sports -- forced to cut? >> i think they want to wait, and i think the markets are pricing in they're going to do 120 # basis pointses in 2024. i think that's aggressive. i think the markets are ahead of themselves. listen, i think there's a chance you get to the second half of '24 and they start. i think they probably want to wait til' 5 25, but there's -- a 25 the, but i think they have to

cut at some point because the cost to the u.s. government who funds themselves largely with t-bills, we've been issuing t-bills in the country can at zero for years and years, and you can manage the debt of the country effectively when you can fund at zero. 5.5 is really expensive. all of a sudden the debt service for the country -- liz: a trillion a year. >> right. and, by the way, you eat up all the discretionary if spend in the country. defense spend, which is not going down, and debt service which really constrains the. country's ability to do fiscal. liz: you heard it here, rick says second half of next year maybe we tart to see a cut or two. thank you so much for being here. >> thanks for having me. liz: rick reider of black where rock. it's not just barbenheimer this quarter filling coffers, comcast hitting a 52-week high after the success of last quarter's super mario brothers' movie pushing the company to a double beat on earnings. but is peacock losing a few feathers? up next, the super mario of wall

street analysts relationship green -- rich greenfield is here on how long peacock will be free to burn cash. plus, we'll get his thoughts on netflix's ad tier moves and e why warner brothers is still red after barbie's pink success. ♪ ♪ dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones ♪this is what love looks like♪

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liz: dow jones industrials down 157 point points, but comcast is up. investors tuning in after earlier hitting a 52-week high. the media giant scaled both top and bottom line expectations in the second quarter. the parent of universal a pictures crediting super mario brotherses' successful run at

the box office, higher theme park attendance overseas and the addition of 2 million new streaming subscribers at peacock. however, despite the platform reaching 24 million paid subs, the streamer's adjusted losses widennenned to, get this, $651 million from $467 million the same period a year ago. comcast just announced it's actually hiking prices at peacock by as much as $2. as comcast continues to burn cash for content, what does it mean for the rest of the streaming i have? top media analyst rich greenfield is here to answer that. i don't know, rich, $651 million sounds like hemorrhaging, to me. granted, overall revenues of comcast came in at 30.5 billion, but how much patience does ceo brian roberts have before he puts his foot down? >> it's a great question, liz. i mean, the losses in streaming are pretty incredible. i mean, it's hard to believe how much money these companies are losing. when you think across the

universe, it's been, you know, there's too many streamers. there's too many streamers spending too much money, and they are not getting -- they're getting subs, liz. i think that's the key. they're all getting subs, they're not getting watch time. and i think that a's the thing that they're really missing, is that they're not getting enough users to watch for enough time. you think about how much watch time there is on something like netflix versus peacock, and that's the big difference and the big problem they're all facing. and what you need to see, liz, is consolidation. you don't need a paramount if +and a peacock and a max. there's just too many services. liz: okay. so you just threw out a lot, consolid a ation. who dies by the withdraw? is. >> i don't knowing -- dies is a strong word, liz. liz: acquired? >> well, consolidates. i think there's going to be, you know, fewer services. we need fewer services because you're competing against large-scaled global platforms.

think about something like netflix and think about 20000, you know, well over 200 million subscribers who are watching 2 hours a day. you compare that to something like peacock, it has 24 million subs, i don't know what the -- they don't report watch time for a day, but it's a tiny fraction of that 2 hours. liz: okay. but, rich, if -- when you with say consolidate, what do you mean by that if not we're pulling the plug on whatever it may be? and by the way, if you are a consumer, because consumers are getting a lot more savvy and frugal perhaps, let's put up the prices of the subs at the moment. and you can see, obviously, netflix is right up there. disney looks a little bit less expensive at about 10.99. hulu's almost at $15. peacock's almost at $12. >> yeah, i would push back on that. that's sort of a skewed analysis because they know have ad-supported tiers that are much cheaper. liz: true. >> you can get netflix now for

$6.99. you can get hue hulu -- hulu, i think, for $5 or 6. but i think, liz, you're making a great and very important point that consumers are savvy. and the problem that these services have, all of the ones that you showed up there really other than netflix, is they don't have a lot of time -- content, they have just enough content. so what you see more and more is consumers are picking and choosing. they'll become a disney+ subscriber for hand laurean, and then -- hand laurean, and and then they'll cancel. they wanted to watch powker face, but then they cancel or maybe they the care about epl and they watch for a little while. they're not full-year subscribers. think about the cable bundle, you're on fox -- you think about you're on fox business, you think about sort of the way this business has changed, you are a subscriber to cable channels for the entire year. you didn't pick or choose weeks

or months to subscribe to the cable television. liz: of course. >> the problem with these services is there's no friction to cancel, so it's very easy to go on and off. there's a reason why netflix spends $7 billion on content -- $17 billion a, because they don't want you to leave tomorrow or month -- liz: does the cash burn at peacock to to a billion, or once oppenheimer -- which is a huge success -- eventually makes it, perhaps, to peacock, does that change the subs picture? >> i mean, the problem is hay don't have enough content to build hundreds of millions -- first of all, they're not even trying to be global, right? peacock is a domestic business. they're not trying to be global. when you think about content, sure, oppenheimer helps. super mario helped. all of this content certainly helps the service. there's no doubt about it. sports, you know, they're investing pretty heavily in sports content. to olympics, obviously. liz: true. >> but in order to build a a profitable streaming service,

you need a lot of subs who spend a lot of time because when you spend time is what gives you the ability to raise price. liz: and what does that mean fo- >> these prices need to go up. liz: what about warner brothers' discovery? the stock has not done well since the release of barbie which is so gigantic. >> yeah. well, look, barbie is a huge win for david zaslav and the team over at wbd, no doubt about it. this is going to be an insanely profitable movie. they did an incredible job marketing it with the team at mattel as well. but the problem that you're facing, and this is not a wbd-specific, disney's on near 52-week lows, pararah mount is under -- paramount is under pressure today, wbd under pressure today. i think most of this is coming out of what we heard out of comcast this morning which is the linear cable network business is urn serious stress. under serious stress. you're seeing advertising at nbc-universal was down 14% this quarter x peacock.

so the linear business down double digits. sounds like q3 also very weak. i think that's what's spooking investor s. you've got the the affiliate fees where cable companies pay to these cable networks, those numbers are down year-over-year, and the advertising is down. so the double whammy of advertising and affiliate pressure, that's why you're seeing everybody in the group so weak today. liz: rich greenfield, thank you very much. [laughter] a lot to watch here. give me your one favorite stock in the group. >> i mean, i think the stock to own this week that was really weak on earnings is -- but is getting stronger and more powerful, your viewers need to own spotify here. spotify is a juggernaut, getting stronger, building its ad business. i think that's the stock you've got to own on weakness this week. liz: yeah. i got the we're charging you more, and i was, like, do it. i love spotify. [laughter] spotify is down another 3%, so it's even cheaper, right?

if. >> consumer love was what made us get excited about netflix early on. consumers love spotify, and they have pricing power. we would buy spotify here. liz: gotcha. rich greenfield. tomorrow marks nine days since barbie's release, so we're going pink tomorrow. a mattel's ceo will join me live on the latest on i have tickets, merch and mattel's next film endeavor. chipotle's getting torched by investors, we're going to get you the details next. closing bell ringing in 37 minutes. dow jones industrials down 216 points. lower and lower here, folks. s&p down 24, the nasdaq down 61. we're coming right back. ♪ ♪

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liz: okay, so is it any surprise we're looking at the volatility index or the vix spiking about 10.33%. we had this massive reversal in all the major indices. they had been in the green and now falling relatively dramatically. the dow down 234 points. it's really the russell that that's getting hit hardest, down about 1.33%. ebay investors putting their shares up for sale at this hour, the stock is plummeting 101.5% after the e- 10.5% after they forecast third quarter profit below expectations.

ebay's higher costs stemming from increased efforts to improve authentication of goods on the platform. okay, we like that. shareholders of invisline make maker align technology must be grinning right now. look at this bump, although off the highs of the session, still as the market goes down invisline is up 12.75%, surging higher, to the top of the s&p, after the company beat earnings expectations. ceo joe hogan says align has seen improving trends across regions, and guess who loves invisline? teens. they want straighter teeth. the younger patient volumes are moving higher. chipotle shares though may have gotten a little overheated after a 37% year to date gain, down 9.5% at hour. the fast casual chain missed expectations for sales. see owe brian nichol insists they're not seeing weaker demand from low income or high income

consumers. chipotle had said it was done raising prices, but now nichol says, you know what in we're going to make a decision on the pricing front when we get closer to the fourth quarter. an alliance of automakers taking on tesla. seven global car manufacturers including gm, stellantis and bmw, all of whom are higher right now, are joining forces for a voltage venture. yes, they're collectively going to invest at least $1 billion to build with out america's ev charging infrastructure. helps reduce range anxiety and does an end run, jeff flock, around tesla's charging infrastructure. what's going on? >> reporter: yeah. they want to do 30,000 of 'em, liz. and we're at a tesla charging, supercharger location right now. there's a guy with a happy, looks like he's happy with his black tesla there. tesla, you know, famously -- at least they claim -- has the largest charging network in the world, 45,000 chargers. but that's worldwide. this 30,000 would just be in the

u.s. tesla has less than half of their chargers in the u.s. they say it's going to start by 2024, this partnership. take a look at who's involved. as you say, gm, stellantis, bmw as well as honda, kia, hyundai and mercedes. some of them already had a deal with tesla, as you know, liz, to join the tesla superchargers as well. this doesn't, apparently, doesn't affect that. now, sales of evs these days, welk you know, they're -- they look pretty rosy. first half of 2023 the, more than a half million evs sold in the u.s. that's up 47% from last year. but, of course, last year was constrained by supply chain issues, and it was hard to get a vehicle back then. that's why right now if you look at days of supply of vehicles, every, all vehicles, if you look at all vehicles, 53 days of supply. that's kind of small. evs, though, double that. we're starting to get a little

bit of a glut out there, 103 days of supply. it's different the for different models though. the miss tack mach e, if -- mustang mach e, 116 days of supply. the f-150 # lightning, a little less. expect cadillac lyric, it's really hard to find one of those as well as the bmw with i4. a few draw cans of supply for them. -- days of supply. the prices are coming down. the list price on average for an ev in the first a half of the year, $63,000 and change. the average transaction price though, $53,000. so, you know, pretty good discount on that one. as to where these things would go, by the way, liz, we're at a tesla charging station. this is in a parking lot near the king of prussia mall. that's not the mall there, but there's a giant food store and some other stuff. you want to put them in a place where people can go and while they're charging maybe do something like go to the bathroom or have a coca-cola or something. liz: yep.

>> reporter: kill some time. are. liz: in fact, there's one i went to and and a very smart sort of little grocery popped right up there. it's called provisions. while you wait. and it's not even that long. [laughter] i was in the store longer -- >> reporter: you've still got that -- do. [laughter] you've still got that tesla, right? you've had that for a while now. liz: model y. oh, two and a half years. jeff, i'm not going to just -- [laughter] i'm not on broadcast, we're just cable famous here, jeff. can't buy a new one every year. [laughter] thank you so much, jeff flock. >> reporter: i hear ya. i've still got a ford because it's all i can afford. liz: fords aren't that cheap anymore, hello. by the way -- >> reporter: i've got an old one. liz: -- record report -- ford reporting earnings after the the bell. sam bankman bankman-fried about to exit the courtroom yesterday in new york city. there is still a chance he may be thrown in the clink even before his trial on fraud charges starts. up next famed crypto investor

anthony pomp pompliano on whether bitcoin has regained its pomp following the ftx fallout. plus, is a spot etf actually going to happen? and how bad do you want success? rob schneider was so determined that he convinced his parents to try out an open mic night in san francisco on though he was an underaged kid. he bombed, but years later on his umpteenth try, he got the holy grail of comedy, "saturday night live." rob reveals the million dollar advice jerry seinfeld gave him that changed everything. everyone talks to liz is everywhere, spotify, apple podcasts, amazon and, of course, fox news podcasts. let me know what you think. closing bell ringing in 25 the minutes. the dow now increasing its losses, lower by 237 points.

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liz: let's take a look at bitcoin right now. it's down just about 1.3 3% hovering above $29,1000 at this hour as new developments break in the sam bankman-fried case. the former tfx ceo and disgraced crypto kingpin is facing jail time ahead of his highly anticipated fraud trial in october. after a short stint in a bahamas jail cell, sbf has so far dodged getting thrown back behind bars as a federal judge evaluates prosecutors' demand to revoke his bail. they say he crossed a line by leaking the doorly of his ex-girlfriend -- diary of his ex-girlfriend and star witness caroline ellison to the new york times, labeling the move witness tampering. the news comes as the department of justice says it will not

pursue a campaign finance charge against sam bankman-fried. the second charge now against him that has been dropped since the indictment. because he donated a lot to some politicians in washington. joining me now to discuss all of it is pompliano investments' anthony pomp pompliano. give us your first reaction to the sbf developments. >> yeah, thanks so much for having me, liz are. we have to remember that the united states is still the land where rule of law prevails. and what we've seen, i think, is there are people who are working inside of each one of these organizations to figure out what happened, what was legal, what wasn't legal, and they're going to go in front of a court of law, present a case and, utley, that court of law is going to decide what should occur. without getting into too many of the details and e trying to keep up with every last individual development, i think that the court of law is really important here in the united states, something we hang our hat on. liz: absolutely. >> ultimately, i think it'll end up serving justice, wherever that should end up being. of.

liz: well, sure, innocent until proven guilty, but do you think that investors or the bitcoin or crypto-curious have looked beyond this sort of shock of last november where it was, like, whoa. everybody seemed to have lost their money, some temporarily, some they still don't have it back. but does it mean that they're willing to look back? intraday bitcoin doesn't look good, but you stretch it out, it has come well up off the lows. >> yeah, for sure. you know, a couple of stats to look at, bitcoin is up about 80% year to date, it's up, like, 2x off the bottom of what appears to have been the bottom of the bear market. if you go back in the pandemic era, bitcoin is up over 300. pretty much, if you had bought bitcoin rather than a hedge fund, you would have outperformed during the that time period. i think that definitely shows people are coming back into the market. another great data point is that 74% of all bitcoin in circulation is being held by long-term holders, meaning that it's contributing to this illiquid supply. and on the horizon, you see

blackrock, fidelity, many others trying to get these etfs approved, and so it looks like a similar setup to what we had in 2020; have the illiquid market, demand are -- will come into the market, and the incoming supply will be cut in half just as we saw a very aggressive runup in the beginning of 20221, i do think we're watching a similar setup here. liz: well, there are a whole bunch of organizations and companies trying and vying to be the first to get that spot bitcoin etf approve filed the sec. and it's not just black rock or wisdom tree, it's ark invest,s, van ec. they're all very interested in getting in there. what will -- whoever gets it, what will that approval, if it does come, do for bitcoin, in your opinion? >> yeah, it's just included -- increased demand, right? we've seen -- obviously, there

is this pen-up demand. people should remember that there are futures-based etf ifs and spot bitcoin etf elsewhere around the world, but the american capital markets are still king. i do think once that etf gets approved, a lot of capital will flow into product. so if you have an increase in demand, an illiquid product in bitcoin, the price has to move to accommodate them. it's obvious to see the market setup, the timing is the hard part. when is it going to happen? your guess is as good as mine. liz: let's talk about when is it going to happen with xrp because, of course, they've had an incredible runup even as it's got the sec breathing down its neck. it got a favorable judge ruling, court ruling, rather, and we're waiting to see if the sec will appeal that ruling which basically was in xrp's favor. right now it's at 71 cents. where do you think xrp moves toward through all of this drama?

>> yeah, i'm not sure about prices. what i do know though is you had a group of people who went ahead and they were building a business, building technology. the government came in and said, hey, look, what you're doing is wrong, you're violating these rules, and they went to court. and i actually think we are seeing cases that have been going on for a long time where we're starting to get some of the judgments and some of the clarity. people in the crypto community have been asking for regulatory clarity for a long time, regulatory bodies are saying the existing rules are the clarity, comply with them. i think it's a great example of where they laid out their arguments, the regula la story bodies made -- laid out their arguments, and the judge made a decision. now, there's appeals, but ultimate ultimately in the country of the united states going to court and making your case is part of what it means to have -- liz: freedom. 100%. >> absolutely. liz: part of the u.s. and our laws is that congress can can move to regulate things. actually, the bitcoin and the crypto world has been begging for guardrails to say let us

move forward and let us know the rules of the road. we now have six democrats joining republicans when it comes to the fit for the 21st century act, the the rule that lays out rules of the road for crypto. is this a signal we're finally getting clarity in the space? >> i think education takes a long time, and politicians have been working behind the scenes trying to understand this technology and the market. there's a lot of people in the crypto community a that have also been spending their time trying to to educate these people. one of the key pieces for america moving forward is we must invest in innovation. we have to continue to innovate. there's new movement online that people are talking about which is effective accelerationism. how do we accelerate building, how do we continue to use free market principles to push technology forward so that we can use that technology to create a better life for ourselves. and i think what we're watching here in terms of congress and these politicians is they're realizing we have people who are

entrepreneurs and technologists in the united states who want to solve problems using this new technology, let's clear a path so that they're able to do that. and and ultimately, i think it'll serve as a net positive for both the american economy and the society at large. liz: pomp, love having you on. thank you very much. we like your perspective, absolutely. and, by the way, we're looking at session lows. very, very close to session lows. the dow just a minute ago fell about 303 points, right now it's down 285. by the way, it's not the only one. the s&p is selling off as a well, down about -- let me look here, the low of the session is a loss of 38, it's down 35. the nasdaq down three-quarters of a percent. and the vix is now down 13%. sorry, up 10%, it is now up 13%. is so there's some angst moving into the markets with 12 minutes left to trade. more than half of the u.s. population, on top of all of this other stuff, is under a heat watch or a heat warning

with an intensifying heat wave hitting the eastern part of the country in particular. up next, a report on the biden administration's efforts to fight rising temperatures. closing bell, we've got it about 12 minutes away. yep, we've got a selloff here. stay tuned, we're going to be on this tick by tick. don't move. ♪ ♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. so many people are overweight now and asking themselves, "why can't i lose weight?"

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♪. liz: well the markets are turning cold but the u.s. is baking in an extreme heat wave of could be the hottest july on record. take a look at this fox heat map index. so for those of you don't know the heat index is kind of a temperature what it feels like to the human body, hitting dangerous heights, well above 100 degrees from the east to the west coast. tomorrow could touch 103 degrees in the nation's biggest cities. edward lawrence is our own personal heat index. he is at the white house live. d.c. is always suffocating in the summer. you poor thing. what is it like there? >> reporter: it is hot here. the president using this to pitch his climate agenda. he announced a series of steps he says will help millions of

americans who are dealing with this excessive heat. president biden: i've asked acting labor secretary julie su to issue a heat hazard alert. clarifies workers have federal heat related protections. we should be protecting workers from hazardous conditions and we will report in addition the president directed cooling centers to be open. they will intensify safety inspections for high-risk industries. they asked noaa to use $7 million from the inflation reduction act. half of people in the united states are dealing with excessive heat watches or warnings. 180 million people dealing with temperatures somewhere around 100 deep grease or more. throw in wildfires still raging in canada, a lot of people are talking about the weather.

one note here from the white house, liz, i will tell you the president tomorrow is going to travel to an event in manufacturing in maine. right now in maine it is 74 degrees. i tell you what, i will take that over what we're feeling in d.c. feels like 99 but it is about 95, 94. liz: really, really painful. thank you. folks, one of the concessions to ups workers got was to get air-conditioning in the trucks. that was the latest. one of the concessions they got in the latest contract. so yes, it can be very, very dangerous. closing bell, five, four minutes away. nasdaq on pace for the second down day in a row. we've got it down now 93 points. big reversal for all the major indices. the 10-year treasury yield is hovering just 4%, up 13 basis points. when yields go up sometimes stocks go down. we know what we had with the federal reserve raising rates

for the 11th time since last year. we're watching it very closely. no history in the making for the blue-chips today. the dow touching a session low of 303 points earlier on pace to snap a 13-day winning streak. it is off the low. still down 242 points. that long streak, goes back to 1987. had it made it to today, that would be 1897. not going to hab i don't think. joining me with that, and big investor mistkakes investors do when they panic, let's get to matson money founder, ceo, mark matson. you're pointing out mistakes and we wanted you to share those with our viewers. >> a lot of mistakes investors are making right now. because interest rates have gone up so high a lot of investors are trying to extend maturities on their bonds. that makes them extremely volatile. they're buying junk bonds, high yield bonds and long-term bonds

and inflation increasing interest rates going up they will lose a lot of money and junk bonds have a 3% default rate. very, very dangerous. investors want to keep those short term, high quality, to offset volatility in their stocks. you were talking about bitcoin earlier. i want to issue a formal matson money warning, bitcoin is speculation and gambling. there is no real stock there, is no companies. it is all a gamble. i want to have regular everyday investors steer away from that. liz: we have some fans of crypto because they would probably disagree. you're looking at the selloff here. federal reserve didn't count out another rate hike, maybe even two. the market doesn't think so. is that a mistake we're done, we're finished with the rate hikes? >> i don't know what they're going to do. that is beyond my pay grade but i tell you where inflation comes from. it doesn't come from where most

people think it comes from. the fed doesn't control inflation. they rarely have impact on the economy at large. interest rates are determined by borrowers, lenders and not the fed. in addition inflation itself is not created by the fed but by excess government spending goes on and on and the fed doesn't create that. liz: i will say as we look at dow winners, looking at names like mcdonald's, dow chemical, the losers, honeywell, american express. intel reporting after the bell, intel, ford among the names. klc is reporting. do you like tech, do you like the autos, where do you see an opportunity here? >> well i see an opportunity for people to diversify. everybody becomes so myopically focused on the big companies and the tech companies and that is really dangerous. last year we saw an example of that where facebook was down 65%. a lot of techs were down over 30% and it is a very dangerous

thing. you have to diversify. own small stocks, value stocks and you have to own international stocks. we gave you examples of japan, uk, france, you want to be in over 90, 80 different countries, not just the united states. liz: mark, it is great to see you. thank you very much. well it is not meant to be my friend. >> pleasure. liz: 13 really is an unlucky number. it was fun while it lasted, right? the dow has broken its winning streak. it stops at 13. the record hit back in 189714 in a row still stands. closing bell rings] that will do it for "the claman countdown." the dow losing 225 points, subpoena down 78. we have enon cries of mattel tomorrow. larry: hello folks, welcome to "kudlow," i'm larry kudlow. as you know hunter biden's sweetheart deal blew up in