it is happening in china. 30 seconds ago student say they won't pay back their student loans. what bothers me is they weren't paying them back, their auto loans went up in retail went up. as soon as they pay back student loans, other people pay their mortgage. >> why not? charles: this is nuts. part of the messaging gets back to you are being treated unfairly and it encourages this kind of thing. >> absolutely. charles: you are fantastic. have a great weekend. i will be in las vegas, go to moneyshow.com. my colleague, liz claman. liz: you have to pick read on the wheel. charles: you got it. liz: a hot summer friday on wall street has turned cold. look at this as we kick on the

final 59 minutes of trade, looks like the bulls started happy hour little too early and completely stopped. they had to sit down. look at the dow entered day. the rally up 290 points to the upside, it has entirely disappeared. we reversed. the dow was down one hundred 12 points. a pretty significant swing here. let's look at the s&p. it was again of 38 points, we are down 17. all happening at precisely the same time. look at the nasdaq, the broader markets around 2:00, 10:00 pm, the nasdaq had been as high as one hundred 59 points, way up higher, it comes just as apple dropped below its 50 day moving average in heavy trading. a move that can be considered a cell signal. you can look at apple right now down 4. 5%, 11:00 a.m. :00 am it was down 2 and change.

you see the doubling and this sort of waterfall situation and $182.63 a share, apple has lost its $3 trillion market status, apple did beat on the top and bottom line for quarterly numbers but iphone sales in at 39. 67 billion, shy of the consensus forecast of $40 billion, nonetheless iphone sales in india had a record, they had other solid metrics but investors are cashing out after a 59% run up so far this year. ceo tim cook declined to hypertext giant's machine learning plans. he did not mention ai which is in contrast to amazon's ceo. tim cook never brought up ai until an analyst asked about them on the earnings call. he didn't go crazy on it, he said we take it seriously. we think it is critical, you will know when we know and when we have something to say about ai.

let's look at amazon. a completely different story. a power packed earnings report from the company. before we show you anything else, got to look at the intraday, still holding up 9% of its gains, very nice move here, shares are skyrocketing, the best percentage gain since last november. it was again of 12. 2% but if you look at the price, price of $140.87 for amazon shares, the stock closed yesterday under $129 and in this final hour, it has made a really big moonshot thanks to outperformance at both its retail and aws cloud business. i mentioned wall street showering the ceo who said every single team is working on ai projects showering him with praise in the form of price target hikes. i lost count at 17 price target moves to the upside. the praise is coming in that

form in part because the street really likes the whole picture here and $185 a share is the street purchase followed by credit suisse. we should mention that this. we have a slow down, mild slow down and job creation. that was encouraging investors out of the gate. 187,000 jobs created in july, slightly less than the 200,000 estimated indicating the federal reserve interest rate hike cycle is working to slow the economy and tamp down inflation and maybe the fed might pause or end its tight monetary policy except there's of this. average hourly earnings are still climbing. this is a gauge of wage inflation, they beat month over month estimates and year-over-year estimates with labor costs may force employers to keep prices whether it is restaurant food or not, higher,

to pay for those higher labor costs but as the market makes this reversal, joining me now, keith fitzgerald, pete, i know you look at these things. are we right on the apple issue dropping below 50 day moving average or do you see something else the cause a sharp reversal? >> i find it interesting. the iphone numbers are what everyone is looking at. 50% of the revenue. look at that number in the number finally missed, that was something that did shock the markets to some degree and this stock has been ripping all year long. when you look at it from a valuation perspective it is trading at approximately 30 and when we look at valuations like that for apple, in the low 20s is a little overpriced? it felt like it was. it got to 198 and here we are now closer to 182.

it makes some sense but i would say this. those services at the margins you get from those services, that was a big number at a nice beat. there were positives as well. liz: exactly. keep in mind a guy like warren buffett, the largest shareholder of apple stock said the only days he's not buying apple stock are days when the stock is climbing. he's probably buying right now with this 4.5% cut. do you see anything other than apple that would have caused such an outsize reaction to the marketeer? >> no i don't. i'm with buffett. i bought shares of apple myself. this is purely a technical nature excelling reaction. a lot of profits on the table, short-term traders doing what they need to do to create the lottery ticket. i don't look at this with john desai. i'm with pete, there is upside

here. the question becomes what is this going to be in for 5 years and the answer is dirt cheap. liz: okay, okay. pete, when you look at the broader picture the jobs report is very goldilocks, not too hot, not too called except the wage picture. let's look through the prism of investing. what sectors are looking good and what names are souring a bit? >> some of the names that are souring are the runs we've seen in technology. it has been extraordinary as we know. it is not just everybody talks about whatever they want to call it. there are more than those names but it is technology. they are a little lofty so i can see why there might be some moving into other sections. i like energy a lot going into the second half. july 1st, to the point where

opec cut 2 million barrels a day off and we been watching the price of crude go two steps forward one step back, 68 to 82 in a hurry. i don't think 82 is the top either. we've still got some more room to the upside so energy, materials, certain parts of the market will start to pick up in the second half but there are names with plenty of room to the upside as well but there are some lofty ones out there right now but i will give you a great name that has room, caterpillar has been on an absolute tear all year, they came out with earnings a while ago and it held the markets up and everything else was going on. keep an eye on the 10 year, that is what we were seeing today as well. >> let's look at yields, the yields were falling and stocks were spiking.

they were falling for the 10 year, 4.065% yesterday. i had it at this time of day around 4.17%, pretty much multi-month high. really interested to see that the t bills, keith fitzgerald, the shorter duration ones from one month to 12 months are moving higher and you get the sense that the shorter end of the curve if you believe elon musk decided to weigh in on that is really an opportunity right now. >> i to share that thinking. when the market gets out of sorts you got to ask who is putting money in the corner of the room and who will pick it up? i've been looking at chevron. when we come back to 2024, and yield beginning to change.

liz: this is more than just apple. we are hitting a session low at the moment for the dow. loss of 146 points, now it is 148, not the worst thing in the world but when you look at the swing from nearly 300 points down another 146, 450 point swing here, all because of a single stock. does that not mean whatever the nasdaq did when they re-rated amazon and apple, not really having an effect, or is it just a technical selloff? >> i think it is a combination of a lot of things. obviously apple with the power that apple has is a factor. people like to read through that. often times you can take a look in the first half of the year and look at the s&p and look at apple and they look very similar. that was when apple was running

to the upside but still traded at a much easier to look at pe in the low to mid-20s and here we are in the 30s. i would say this as well. because of amazon we had a nice little pool at a couple other names in the cloud industry early on. they've given some of that back. look at microsoft today. earlier, it was absolutely screaming to the upside along with amazon. liz: i mean, keith was buying apple this morning. you should have waited until this afternoon. okay. talk to me. >> there's always opportunities out there in my opinion and i think keith was right to take a look at it and one thing that i always use as a crutch would be this. i often times say there is no 1-day event. despite the fact that apple is going down and going down all day, started to come back a

little bit and then a little bit more at 182. to get a little lower, there's a support area near one 80 for apple and in that case, not that you've got a bottom there but that would be where i would start to add a little bit. this is a name that i've literally owned since 1993. i like this name. they've done a magnificent job over the years creating new revenue streams and others following along with the that cell they are the gold standard. on the pullback i think you don't have to be in a rush to buy it right now. liz: these opportunities come few and far between. great to have you. new session low for the dow jones industrials, one hundred 55, we are off of that, one hundred 26 points but a complete reversal in the gains we saw earlier today have been vaporized, not so for barbie.

barbie is now about to become a box office billionaire. the warner bros. movie is expected to top the box office for the third weekend in a row. great news for theater chains. cinemark's current court, last corner wasn't bad either. cinemark ceo next on the long vapor trail of barbie and the strike in hollywood, writers and studios restarting negotiations at this hour. what is the outlook for silver screen content. the closing bell ringing in 48 minutes. the selloff is pretty well entrenched at the moment but maybe we will see a comeback as the dow is down 115 points, we are on it. the chase ink business premier card is made for people like sam, who make- everyday products, designed smarter. like a smart coffee grinder, that orders fresh beans for you. oh, genius! for more breakthroughs like that- i need a breakthrough card. like ours! with 2.5% cash back on purchases of $5,000 or more.

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>> take a look at yellow. yellow is up 2% after being briefly halted. it has been an absolutely wild ride the entire week for the trucking firm. the stock is up 416% week to date so it has been incredibly volatile. yellow is considering sale of its assets and real estate or a bankruptcy filing which could happen over the weekend, this after it shut down operations last sunday and cut its 30,000 employees after $1.5 billion in debt. let us move to a story about the movie business, movie spoils of july are spelling into august. deadline reports warner bros. 's barbie is on track to gross one billion dollars of the global box office by monday if not earlier. if not sunday.

universal's oppenheimer is closing in on $200 million in the us alone. movie theater operators are doing the happy dance because of that. in july, cinemark, the third-largest movie theater chain in the us reported its highest box office month ever. forget post pandemic, ever. the only speedbump on movie theaters where, extended hollywood strikes. the writer strikes markets one hundredth day wednesday and the actor strike does continue but there's a glimmer of hope at this hour. the writers guild and studio are today restarting talks which broke down 3 months ago as movie theater chain cinemark is making profits post pandemic. joining us in a fox business exclusive is sean gamble. you swung to a profit in the second quarter. that doesn't even count barbie and oppenheimer. 's q3 on track to exceed what you just reported? >> we are thrilled with the

results we have seen so far this year as more films have come back into the marketplace, the quality of the films has continued to be there. we've seen sustained excitement of consumers to come out for the theatrical experience. we are really pleased with the continued momentum, results to date and optimistic how things will continue to progress through the year. liz: and for the quarter, i guess that was a vague yes to the question but how much of the record box office you are seeing is due to the pairing of barbie and oppenheimer? >> that is a big driver of the third quarter results. we had mission impossible, dead reckoning part one in there. a surprise hit with sound of freedom, the faith-based film, $150 million date.

there's been a series of films, indiana jones in the mix too. it is a blend of a diverse range of content in addition to the results of barbie and oppenheimer. liz: amazing, we've seen the market reverse, the dow, nasdaq and s&p, 2:10:00 p.m. reverse but cinemark holding onto 2% gains at last check. there are so many people who predicted that covid was the final deathblow of what was a dining business, that was people going to the movie theater. 37% is shorted. wall street appears to have this wrong, don't they? i know you can't control what shareholders do but to honor 12:45%, someone is getting squeezed. >> there has been questions during the pandemic about where things are going with industry

but the message we have been trying to communicate, when you look at the key fundamentals, what are consumers doing good, got of of the pandemic, movie going as strong as it has ever been and we hear from our studio partners that they intend to ramp production back to pre-pandemic levels, companies like amazon and apple now start to get into theatrical exhibition. we've seen a range of different alternative content picking up speed. when we look out we see a scenario that could have more volume than we received pre-pandemic which as strong consumer moviegoing behavior as ever. we think it will take a little time. it's unfortunate everybody hasn't seen that but we think it will get there just as time progress is. >> the sound of freedom, a huge social media push behind that,

social media push behind barbie. standing by live is my disco barbie from the movie but let's talk about what is coming up. some of the movies, teenage mutant ninja turtles, mega 2 is out this week, you see a longer tail beyond just beginning of august, september. >> absolutely. you just mentioned we are looking at another big weekend this coming weekend, reviews for teenage mutant ninja turtles have been strong, we've got the continuation of barbie and oppenheimer, meg opening up, our parking lots of the impact not just over the weekend but all week long, look at that and what is coming up for the remainder of the quarter, the rest of the year with dune and hunger games at marvel and aquaman and trolls, migration, wish, so many films to continue to maintain this momentum.

we are excited about how this year could wind up. liz: i'm excited about meg, we just showed a clip. that thing is huge. let's talk about the strike. the strike, studios look like -- it hasn't had a huge impact but in a way there may be a lag when it comes to content. where do you see it. warner bros. discovery, admitting the content, there's a point where the well does run dry and they need fresher content. how do you see it as a theater operator? >> i think the effect on product flow is going to depend on how long these negotiations progress. we know from conversations with content partners, they are doing what they can to minimize disruption of that flow and hold to planned releases but it

will depend on those ongoing conversations. what is most important is this could elongates lightly in the trajectory of recovery we've been seeing, we don't see the strikes affecting long-term key fundamentals around consumer interests or product lows are going, specifically our company, with all the work we've done to strengthen our financial position, to continue to enhance the experience and improve operating capabilities and navigate ups and downs, we are in a good position to handle ebbs and flows of content and build towards long-term growth and shareholder value. liz: swinging to a profit first time since the pandemic began, congratulations and stock is up one hundred one% year to date, not bad. barbie, i haven't seen it yet

but my friends john and liz in pennsylvania say you got to see it. i will try to get a ticket. we've got 35 minutes left to trade. the economy getting a boost, top economic officials say taylor swift has been pumping up local economies as swiftys drop coin on tickets, and more, it is not apparent going to end anytime soon. we've got that story next. coming right back. dow jones industrials down 140 points. ♪ a dedicated advisor can help you grow and protect your wealth, even when you're not working. they'll look at your full financial picture and help you create a flexible strategy designed to balance growth potential and guaranteed income. so you can stop worrying about the future

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>> fox business alert. the market are off session lows but they look ugly when you compare them to where we were at noon. the dow is down 117 points, lower the loss of one hundred 55, the s&p down 17, nasdaq down 25. all three were well into the green earlier but as soon as apple started doubling its losses going down 2%, the markets took a move south. let's go to edward lawrence with today's top stories. >> fisk your is hitting some roadblocks after the company cut its annual production forecast, shares are down by 6%.

supply chain issues is the problem overshadowing the company's smaller than expected quarterly loss and first revenue from deliveries yesterday. henry fisk or joined the countdown and shared insight into the challenges. >> we've been open about that. it was difficult, we delivered fewer than expected. once we get our suppliers in line, the scale up can go a lot faster. we need to produce 6000 fiscal lotions and months, that's 1500 a week. that is as long as we get suppliers up and running, it will be okay. >> reporter: first on fox business, fisk or unveiled its $30,000 electric vehicle called the pair which will be

available by 25 for 29-9 and the price could drop below 100,000. to the bottom of the s&p, cyber security firm cut for your revenue forecast, shares on pace for a record one day decline and hitting a low of five months. and dragging down other cybersecurity names like palo alto networks, crowd strike, all seeing losses this session. tupperware may not be going out of business. shares are up by woody% after the maker of the kitchen storage container announced a debt restructuring agreement giving tupperware immediate access to revolving borrowing capacity of $29 million. that's gaining a lot of attention to traders. according to jbm data tupperware is the second most active stock traded by retail

investors this week. on pace to close at an all-time high the online travel agency raised its third-quarter forecast for gross bookings on pent up demand. back to you. liz: i got pent up demand to get $23,000 fisker. gm has been trying to do that. chesler too. edward lawrence, thanks. the apple shares down 4. 5%. when we get back, we show you an intraday and much more ahead. ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently.

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wise it good news for the economy. and share music muscle, and driving us economy out of a recession. since swift is have been packing football stadiums that hold 17,000 people for the 52 late us tour. for hotels to restaurants, flights and marriage, so much so that the federal reserve. anything but a cruel summer with swifty economics, kelly o'grady is in the newsroom on the economic era. the fed likes it too. >> she was an economic driver in philadelphia. what more can you want out of taylor swift. every night she brings in $13 million. what i find wild is what fans

are willing to spend on outside tickets. the video taken from los angeles, the us leg in la and folks were sitting outside at 6:30 a.m. to get merchandise before that. so if you look at it overall, the average fan spending $1,300 on tickets, hotels, restaurants, if that sounds crazy to you they surveyed fans and they said it was worth it, 90 one% would do it again. all that spending is having a broader economic impact. new research says it's likely her tour could generate $5 billion for cities altogether. if this were an economy she would be bigger than 50 countries. she did announce new tour dates, the next in the us impacting miami, new orleans, indianapolis.

movies show increased hotel revenue for every available group in every city that swift has stopped in so far. it is not just the cities that are benefiting, swift herself, her net worth has spiked 30% from last year to this year and bolstering the value of her brand. it would be on par with costco and apple and she had two tour dates in denver combined, as much as red rocks does. that is pretty impressive. liz: let's put her in charge of the fed. what can't she do? we need to look at the markets because we are making a fresh lows as we see the selloff accelerate at the moment, 2:00, 10:00 eastern time, we had gains that are completely reversed.

look at the s&p, the nasdaq, the same chart here. they are all selling off very close with not add session lows. dow jones industrials down 173 points. the nasdaq losing 50 points. the point is they have been triple digits higher earlier today and we are watching closely, a lot of it has to do with apple but this selloff is dragging down a lot of stocks. investors are blocking off shares of the company but year to date, got to put this in perspective, the chain has gained 60%. they posted strong, first-quarter results that beat expectations on the top and bottom line, sales of western where also rose 5% year-over-year. same-store sales dropped 2. 9%. what's going on in the world of western where?

joining us is ceo and president jim conroy. top western and work-related retailer in the us, 300621 stores, 44 states. give me an assessment of where you see the consumer and what they are spending? >> thank you for having me on. stock appreciation all started in may. we need to do this more frequently. the core customer for us is still -- what did you say? liz: we like to inform investors, they make their choice and chose you. >> appreciate it. the core customer is quite stronger for us. we sell a very functional product and our core customer continues to come back to us and spend $125 each shopping

trip, 3 times a year and they come because it is not just this lifestyle but the entire country. >> do i look like kevin costner. i'm wearing one of your hats. >> it is -- liz: let's talk about -- customers relying on locations, you solve a change in same-store sales? >> brick and mortar locations build momentum. we are up against monster comparison from the last couple of years, businesses doubled in volume in the last five years and the narrative for a lot of investors, covid winner will be

a winner because of yellowstone and what we are continuing to prove is brick and mortar stores turned positive in june and more positive again in july, we don't in the spend to give back the volumes we've been building the last few years and shows like yellowstone may have finally shined a light on that, they are just a very small impact on our business. we surveyed some customers coming off the last show and only 4% of the customers thought they started shopping there because of yellowstone. it's nice to see the business having grown so much over the last few years and maintaining higher average store volumes. liz: let me help you put your economists cowboy hat on.

the federal reserve says it does not see a recession. moving that possibility off of the horizon. there could be a chance. how do you position your company for potential downturn? >> we were playing offense through that entire period of time when the recession news was building, we continue to see very strong employment and our customer was shopping with us, most industries were still pretty strong. we never bought into the narrative all that much. in terms of positioning ourselves in case there was a downside scenario there's two path as we took, one was it is a great time to continue to build market share, don't have that many competitors out there but if they were spooked by

potential downturn in the economy, strong balance sheet, let's lean in and open more stores and secondly we were a little more cautious with our investment into inventory in case there was a downturn in the sales, whether it will likely materialize in the near future, but we've been growing now for ten years or 40 years and people continue to do so throughout that time, seen lots of different recessions. >> we appreciate looking through your lens on the consumer, material prices and the not affect of yellowstone. >> thank you so much. great to see you. new session low for the dow, loss of 180 points. we've looked at a swing of 470 poor points from pete to the

trough. a move to the upside, the national average price of a gallon of gasoline hitting a 9-month high this week, we are going to look at what is fueling higher oil and gasoline prices as we head into another summer driving weekend. that is next. closing bell ringing in 12 minutes. we are coming right back on a day that had been all green. everyday products, designed smarter. like a smart coffee grinder, that orders fresh beans for you. oh, genius! for more breakthroughs like that- i need a breakthrough card. like ours! with 2.5% cash back on purchases of $5,000 or more. plus unlimited 2% cash back on all other purchases. and with greater spending potential, sam can keep making smart ideas- a brilliant reality! the ink business premier card from chase for business. make more of what's yours. your best defense against erosion and cavities is strong enamel- nothing beats it.

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that's what i thought. introducing the next generation 10g network. only from xfinity. [no audio] >> reporter: so we should take a look here at the crude oil prices. it's 8 82.63 a barrel, up today, pushing those prices. the price at the gas pump also skyrocketing as the last big month of summer vacation travel kicks off here. the average price for a gallon of regular grade gas is $3.83 a gallon, the highest level in 9 months. and refinery production cuts due to extreme heat across the u.s. are putting even more pressure on the prices. now, the price group's phil flynn is about to tell us where the prices are headed and the investment plays that might move, that make that parallel

move as we wait for technical issues with liz claman. phil, i want to talk to you about system some of this oil stuff you're seeing here. first of all, the price of oil seemed to jump over the last, i would say, 48 hours. what's the reason for that? >> combination of factors here. number one, of course, is that we heard from saudi arabia rah and russia that they were going to continue with aggressive production cuts. that really is a concern because global inventories are very tight especially here in the united states where we saw the biggest drawdown in supplies in the history of the oil market. now, ad to that we're seeing -- add to that we're seeing more signs that the u.s. oil producers are struggling to raise production. in fact, just today the baker hughes rig count showed that the rig count fell from 659 to 664, that's the lowest level in 16 months. less supply, less production, higher prices. edward: and when you talk about these higher prices, that translates to higher gas prices. what does this do to the profits

of the gas companies? are you liking the sector going forward the next 6-8 months? >> you've got to love this market because you've got a market that's still in demand with tight supplies, and they're going to do very well. if you look at the margins at a lot of these oil companies, they're printing money right now. and it's not because they want to, it's because of the anti-fossil fuel agenda which has made their product a lot more expensive. edward: how long do you see -- or, i guess the question is how high do you think, we heard earlier in the program liz was talking to some of the analysts there, and they were saying possibly $100 a barrel for oil. you look at oil every single day. you look at this price. where do you think this can go, where where's the peak and when does it start coming back down on the backside? >> i can't take $100 a barrel off the table. i don't think it's necessarily going to get there, but it could. i mean, if you look at the global supply and demand imbalance right now, it is the most critical i've seen in many,

many years. we could see a global supply deficit anywhere from 2-2.5 million barrels a day, and that usually means the prices have to spike up to slow down demand so we can meet that demand. edward: phil, we're going to leave it there, liz is back. i really appreciate this conversation here. we had a good time always talking to you, or phil flynn. liz, glad to see you. liz: great to have you. good to see phil, definitely. folks, we need to quickly look at apple one more time, at the lows of the session, down about 4.7% at the moment, and this has been blamed for the complete reversal in the markets whereas earlier if we show you the the intradays of the dow, s&p and nasdaq, they were well into the green, and now they are well into the red. we have a fresh session low for the dow of 18- point loss here -- 181-point loss, slightly off that at the moment. s&p, low of the session a loss of about 26. nasdaq, low of the session down 58 points. let us right now bring in our

countdown closer, and we're talking right now to avel because, you know, give me a sense of exactly where you stand on what is moving this market at the moment. is in that insecure and jittery of a market that one earnings report from apple where they actually -- [laughter] beat on many levels is just not working? >> great to be with you, liz. so i think, you know, what we are seeing in the market right now is the market is a little bit tired, you know? you and i both know that the market does not go up in a straight hine. and i think generally big tech, the earnings so far have been very decent. even if you look at the unemployment rate right now, you know, it is at a historic low. so i think this is just a little bit of fatigue before the market starts to look at going to the next leg higher. liz: we have big media names reporting next week, so we are spinning this forward. and we're talking about theme park names such as disney,

paramount, lions gate. is there a theme here that you're watching? some of these have been beaten down even though disney started to show signs of life this a past week. give me a sense of where you stand on media stocks because maybe they're looking a little tasty now. >> yeah. well, you know, we know that the media companies have been having a lot of trouble, right? they've been plagued with so many issues, softening ad revenue, strikes, shift away from traditional tv the while streaming tv is not being profitable. so we think probably next week we're going to get a lot of volatility in the market. and we will be looking at that volatility very closely to look for opportunities in the market. if and the opportunities that we are seeing right now, liz, are in two areas of the market. first of all, you know, if you see the gains in the market have been concentrated in a handful of stocks. there are plenty of less-loved areas in the market which we feel have room to go up, and some of the high quality momentum areas of the market we

also feel would become very attractive on a correction. liz: yep, i see home depot might be the less loved one and meta has been a real momentum name, up about 158% year to date. aadil, great to have you. thank you so much. wall street alliance group. thank you. and here we go. we are closing in the red. what a head-snapping move between big gains and losses for the markets, ending in the red. the bulls just couldn't hang on here. dow looks to close down about 155 points. we will see you monday. ♪ david: hello, everyone, and welcome to a special edition of "kudlow." i'm david asman in for larry kudlow. former president donald trump has now been charged and arraign on four federal charges stemming from special counsel jack smith's january 6th investigation. grady trimble is live in

washington, d.