it's just nuts. we're going to strip mine it, we're going to have kids in the congo going through polluted water to make your battery. a big deal will be next year's elections. if the gop wins big, i think you'll see this retreat intensify. also a harsh winter, i'm telling you, a harsh winter, and we could see that misery index this europe really, really go up. remember, they got away with a really warm winter last year, and a i'm not wishing anything bad on anyone, but this year everyone's talking about a harsh winter. listen, these folks who are pushing this are true believers, and it's never been about economics. it's akin to almost a religion. so others see it as a social justice tool. so we'll see what happens with it, i just don't like the way it's been rammed down our throats. it's expensive, and i think it takes away our consumer rights. liz, over to you. liz: oh, my gosh, i'll tell you what my religion is, the markets. [laughter] and i know you're privy to them too. you're in the pews praying to

the god of -- [laughter] stocks. and right now we're looking at the kind of session, charles, where we need to start with the intraday charts because we've already seen this morning's pretty powerful rally lose some momentum, but that actual could -- actually could change. i'm watching a monitor right now because philly fed president patrick hard kerr who earlier this week said the fed could afford to end its tightening cycle is about to start a fed webinar on jobs and employment at any moment. as we monitor his comments and any market-moving messages he may give, let's show you those intradays. at the open you see the dow spiked 455 points powered by the july consumer inflation data which showed that for the 13th month in a row the pace of rising prices slowed. right now though the dow up 161 is. so we've kind of fritteredded away a lot of that. the blue chips along with the broader market still can't hold on to most of the gains. you can see the s&p is up 12, high of the session a gain of 59

in part because, yes, inflation may be moderating, but it's still the rising. and the fed as has made it very clear it does not want to stop until it's sure that inflation won't reflate or reignite again. for its part, look at the nasdaq. it's holding on on to let's call it 34 points of the 225-point gain that it saw just a few hours ago. semiconductor stocks, some weakness there. they've struggled over the past several days. but disney, disney's actually helping to keep to both the dow and the s&p above water. shares of the entertainment giant are up 5% just a second ago, they hit session is highs thanks in great part to its theme park and experiences business which drove much of the 22.3 billion in are revenues. while that revenue number missed analyst estimates, ceo bob iger gave investors hope that more cash might come in from its disney+ streaming business next year. iger dropped a surprise headline that that disney will begin

cracking down on password sharing next year because the losses from it are, quote, significant. they can already tell. i listened to the conference call, he said they're monitoring it. disney also raising prices on both disney+ and hulu subscriptions. so as disney hikes prices and the stock continues to move up it's not hurting the stock, inflation overall appears to be moderating and treasuries initially reflected the markets' belief that interest rates may come down sooner rather than later. so right now the benchmark yield up 7.4 basis points to 4.0 # 8%. you can see earlier it was below 4%. but so much depends on how the fed interpret withs the data we got this morning, and that all weaves into the stock exchange and the stock market. so let's get right to the floor show. joining me now, northwestern mutual wealth management's chief investment officer brent about chutety and chief economist dana peterson. dana, i want to talk to you first because this core cpi

number, was it enough to stop the fed dead in its tracks from hiking interest rates again this september? what do you think? >> i don't think so. certainly, when you look at the details, still rents are very elevated, and consumers are paying a lot of money for services that they experience like restaurants. even things that they need like for motor vehicles. so we're not really there yet, and i think the fed e is still going to be looking at another interest rate hike before year end. liz: let's look though at gasoline and rent. so that was the big point here. rents were the piece of in that continued to go higher. rents overall, shelter as they call it. how alarming is that to you, dana? >> well, i wasn't reality surprised by the das -- gasoline. we know prices have been going up because global oil prices have been rising because of a cutback in output. but certainly, the rents piece i think there's hope on the horizon. when you lag home price measures and you also looked at new rent data, the high frequency data,

both of them are signaling that any month now we should start the seeing rents come off and start slowing. but it may not be fast enough for the fed. liz: brent, what do you think? the markets seem to be very hopeful this morning. they kind of still are are. we still have green on the screen, but why the moderation over this past couple of hours who? yeah. i think dana and i come to the same answer but in a different way. to me, current cpi has come down, a lot more than forecasted because it was tied to covid. that's been the backdrop of the market to push higher. so you mentioned core still being sticky. if you take out shelter which, as dana mentioned, has a a lagging come pone, that is up 322.5% -- component. so if shelter was9 90% of this, will be going down in the future and you've seen every other part of the inflationaritive come down, the bad news is that the last frontier for the fed is wages. wage growth is still too high. chair powell mentioned that in

the last press conference where he said wages are not consistent with 2% inflation. if you look over the past three economic cycles, wage growth topped out around 4% year-over-year. we're at 4.8%. unfortunately, the only way the fed has been able to get wage growth lower in the last three cycles was through a recession. liz: okay. so let's focus on this and how it weaves into the with stock picture here, dana. you talk about wage growth and they continue to still be higher, but it doesn't outpace inflation. so you see those wage pressures work their way into other parts of the market because, for example, restaurants. restaurants have to pay people more and, therefore, they have to hike their own prices. gets to be a little bit of a vicious cycle, does it not? how do you break that cycle as an economist? >> well, it's really difficult to do. we ask ceos what heir doing, ceos of the largest companies, they're saying, look, we till think we need to raise wages by 3-5% over the next year.

that's a lot of money, and it's really not sustainable. but until businesses see that people stop the quitting and that they can hold on to their best talent, then they're going to be using wages as an incentive to keep people and also to bring in needed talent. so there's really a vicious cycle here, and it's not clear how the fed can break that wage cycle that businesses are facing. liz: right. so we've got some opaque road ahead of us, opacity, rather. is so, brent, are investors way too overexposed or just right at this moment to equities? >>, no, i think they're too overexposed, and they need to pay attention to bonds which, again, are a hedge against the downside that we could see in equity markets over the coming months as the fed tries to break the wage price spiral that we've both talked about. the only way they've been able to break it in the past, and they're afraid wages stay elevated above 4 president which would bring current inflation back up. that's what happened in '66-'82, and that's why i think they're

likely to hike unless they see wages go lower. and the only way they've gotten wages lower in the past is to actually have a recession. so that's where i think investors, if there's going to be a recession, i think there's going to be pressure on the equity markets, and that's where i think investors should look at fixed income which offers around a 5% yield, and if we have a recession, i.we'll do well in that -- i suspect we'll do well in that environment. liz: you're talking about corporate bonds but, of course, all the t-bills still yielding 5 plus percent. dana, i've got to just jump in here with ford at the moment. ford and general motors shares are plummeting pretty dramatically. ford had an issue with a cyber breach of some sort, you know, basically what they're saying is that they have a software patch that they are readying because they found a vulnerability, and cars are so technologically advanced at this moment. but when you look at -- yeah, gm is right now down about 5.5%, ford is also down. you know, when you rook at -- look at what happens with gasoline but also with car

leases, car leases were a big component of the consumer price index this time around, rising more than 10%. so what does that mean for the auto industry? >> well, certainly it's bad with news. and part of the reason why is interest rates are 525 basis points higher, and so that means that financing is much more expensive, and that's going to show up certainly in the inflation gauges. so a combination of people shifting their demand away from goods and towards services and also higher interest rates means that's not a pretty story for anyone who's producing a car and selling it. liz: okay. well, there are local car companies u.s. and, of course, international. brent, before we go, i know you are underweight large cap u.s., you're underweight emerging markets. international developed, you are overweight. where are the most underpriced sectors that you see overall? >> yeah. i mean, certainly overseas stocks have been kind of on the back foot the last 3, 4, 5, 6, 7

years, they haven't been in favor. the reason we're underweight large cap stocks is because they are expensive. they've been kind of the only game in town. and certainly even in the u.s., i know it doesn't seem consistent with an economic recession, but as the recession unfolds or as the market pulls back, i encourage people to look at a u.s. small and mid caps which have already dispoint count some -- discounted some sort of recession and will do very well on the other side of what i believe to be a short, shallow e and mild recession. liz: great to have you both, brent and dana, as we continue to watch the markets still clinging to the green by a little bit of a comfortable margin here. a marriage proposal in the retail sector has one-half of the couple at the very bottom of the s&p 500. tapestry getting shredded, down 16% after it popped the question to michael kors' parent capris holdings in a deal worth $8.5 billion. so while tapestry brand plummets, it's a match made in

heaven for ca capris shareholders. that stock is on cloud nine, skyrocketing 55.5%. while those two awe appear to be walking down the merger aisle, david's bridal is trying not to trip on its gown as it attempts to survive bankruptcy with. a ceo has a plan for a a happily ever after. he's here next as brides continue to flock to david's bridal web site and the stores. closing bell, 59 minutes away. dow jones industrials is up 155 points, the s&p is gaining as well, and the nasdaq in the green. we're coming right back. ♪ ♪ you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. ♪(west rose “next big thing”)♪ ♪ready? go♪ ♪i'm coming out with a bang♪

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liz: gang, we have some breaking news we need to bring to you. take a look at united airline

shares. they're flat at the moment. the airline saying moments ago all of today's flight doctors to the airport in maui, hawaii, have been canceled at this hour due to the wildfires torching the island. 36 people so far have been killed, and as the fires rage what united is going to do is take those empty planes, fly them to the island in order to rescue people, bring people off the mainland, off maui to the mainland of hawaii or some of the other islands that are not being torched by these fires in order to save them. there have been some harrowing escapes where people have jumped into the ocean. you can see lahaina, that town that everybody goes to when they go visit maui, is devastated. totally and utterly devastated. hundreds of homes and businesses have been destroyed. we'll keep you posted on the story. all right, shifting gears here, it's the retail engagement of the year.

only shareholders in the audience are leaving before the official ceremony. tapestry, the parent company of coach and kate spade, is buying capris holdings, the parent company of versace, in an $8.5 billion deal, all cash. it works out to $57 a share for capris. capris is at $a 53 and change right now, that is a gain of 55%. big, big benefit for capris shareholders, but tapestry, you can see, down about 16%. as these fashion if giants marry, the king of wedding dresses is getting a facelift. zion investment bought david's bridal after it filed for bankruptcy earlier this year. the deal would cut debt from $256 million down to just $50 million while keeping 195 stores open and thousands of jobs safe. the goal is to focus on the e-commerce side of david's bridal. the company is confident about this working. earlier this week david's filed

to officially dismiss its chapter 11 case, so here's the question: what will the new david's bridal offer fall brides? ceo jim mark ham joining e many now in a fox business exclusive. tell us about the bones of this deal and how you expect that it will keep soft of this iconic brand alive. >> well, zion is a long-term investor in david's, we've had a long relationship, and they work closely with the management team and understand all the tail -- headwinds the company was facing. so it was a natural to invest in david's bridal to keep the legacy alive and going and serving brides. we're very pleased to be here and have that opportunity. liz: let's talk about the brick and mortar stores. how many close? how many stay open? >> we closed approximately 100 stores representing around 10 percent of our 4 wall ebitda. the remaining two-thirds, 195 stores we're projecting,

represented about 90% of the company's ebitda. major market representation across the country. david's is a destination, and we think it's, you know, creates a a great opportunity platform for us. liz: well, for a 70-year-old business to remain alive and kicking, that is certainly something that i'm sure employees are relieved about but also brides. first of all, september 23rd, apparently, is the most popular day to get married this year. [laughter] i don't know why, but whatever, that's what it is. if you say that close to 990% of all -- 90% of all brides in the at some point either go into a david's tore or go online. -- store or go online. what are they going to find that's different in order to make sure that the company doesn't fall into the same manholes they had fallen into in the past? >> first of all, you're absolutely right. we were selling 1 out of 4 wedding dresses, significant market share targeted at middle america, and i think we were well positioned. one thing i said to you when we

were together the last time on the segment was that we made a commitment and a promise to deliver every dress that was coming through -- liz: and? >> we did, wety. we own our vertical supply chain, so those dresses that you see are our own dresses designed, inspired, curated, produced by us. is so we were able to maintain the nimbleness, more than that, the confidence with the bride. today what we're focused on now, we're talking about emergence, right? we're 100% focused on the customer, letting her know we're there. liz: where is the untapped potential? and let's just put it this way, people are trimming their costs. the average wedding costs something like $30,000, so people are penny pinching more because they're worried about maybe a recession coming. that's understandable. but i know brides. the one thing they don't want to skimp on is the dress. however, this trend now where people want to rent dresses. but there's the also a trend where people want luxury for less. how are you going to tap that? >> well, luxury for less, that

is us. that is us us at david's bridal. our prices will range in a bridal category from $199 to $2,000. and i will tell you, you could take that, you know, dress that is over $1,000 and compare it to any dress in a boutique, and the value that you get, it's incredible. finish so we are, i believe, in the sweet spot for the issue you're talking about with budgets, right? our average wedding dress is $600 if aur. liz: wow. and you've got this digital plan here. >> correct. liz: augmented reality. is there a.i. involved? every business is talking about getting artificial intelligence involved to make the process easier and smarter. >> right. we do use artificial intelligence right now in our chat bots, in our customer service journey, right? so if you were to engage with david's for any concern, you know, we are augmented. we call it zoe, she's our chat bot, so we have invested a lot in that to date.

you know, and all of to other investments digitally that we've been focused on really have been how do we build that that relationship with the braid right when she gets engaged so we have the checklist9 and the wedding planning tools and the free wedding web sites is the and the registries and now our marketplace which is helping other vendors. liz: well, we like to see businesses that deserve to be rescued rescued. and it looks like this is the process. before we go, you filed to have the chapter 1 is bankruptcy casy case dismissed. have you heard yet? has it been dismissed? >> no, not net. it will typically take somewhere 60-90 days, i don't really want to project. it depends on the court and that type of thing. but today, you know, david's, if you look at it, we are -- we have emerged as a new company with scion, right? with all our capabilities intact, and we're focused today on the bride and the customer. so the court filing and everything is really, you know,

the official how do we, you know, resolve the old bankruptcy case. liz: yeah. >> but, so today our teams, it's all in the future, and we're excited as can be. liz: yeah. well, september 23rd is coming. that is a big day for weddingses. >> it is. liz: whatever. god bless everybody. we wish you all well if you're getting married. jim,ming congratulations on at least this next step in the process. >> thank you. liz: and safing jobs too. >> well, we're excited. the teams are all excited. if you saw the passion and the excitement right now that that david's is back, it's pretty impressive. liz: 70-year-old business, iconic brand. thank you so much. >> thank you. liz: there is a new page to be added to the space history books at this hour. virgin galactic taking its first space tourist es on a long-delayed rocket ship ride today. kelly o'grady actually got to watch it all go -- not down, but up. she is live next from the new mexico desert space force facility to show you every key moment that you might have missed and what it means for the space industry and the stocks

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i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones liz: and here we are. fox business alert, we do have the markets moving higher at the moment. but remember, we start off roaring. the bulls were stampeding when we got the july consumer price index which is, of course, that

indication of inflation at the consumer level, and it came in slower than expected, thiess on one of the metrics -- at least on one of the metrics that matters the most to the fed, the core cpi, year-over-year. we've lost a lot of those gains. the dow can had been up 455 points, right now it's up 77. we're watching the s&p closely because it's now just is up 6 points. let's talk about shares of ralph lauren, we're seeing that stock down 4.7% after the luxury apparel maker reported a 10% drop in quarterly revenue in north america. the company cited shrinking wholesale orders and weaker demand due to inflationary pressures. so really is inflation truly coming down? well, not for ralph lauren. and for current quarter sales, ralph lauren guided well below analyst expectations. many a tale of two retailers, department store chain dillard's is striking the bulls' e fancy at this hour, up 10.5 president. the stock -- 10.5%.

the stock is rising after the arkansas-based chain reported better than expected profits for the quarter. dill around's did see quarterly comp store sales decrease by 3% it's not hurting the stock at the moment, it's just off session highs. krispy kreme shares are going stale right now, the stock hitting a near 6-month low, falling 13.7%. here's what happened, the doughnut chain posted disappointing revenue numbers. krispy kreme's sales did rise by 9% to $408 #.9 million but that d-word, disappoint, on wall street it is a game of expectations, and that figure was shy of the $410.8 million. that's a lot of doughnuts though, hundreds of millions. investors are loving app loven today. shares are rocketing 25% to $36.77. touching a 1-year high after the company that enables developers to basically monetize their apps reported third quarter revenue

above estimates. bank of america weighing in saying that now a multiyear growth story is beginning at app loen, so we see that -- app loving. speaking of rockets, virgin galactic boldly going where no tourists have gone before. officially setting the bar for the industry this morning after launching that thing, its first all-tourist flight to the edge of space. see the people in there? those are three tourists. one of them paid 250 # grand for his ticket, the two others won the trip through at lottery fundraiser. they boarded the vss. unity rocket-powered space plane accompanied by trained astronauts. the flight was the seventh piloted suborbital mission, but this was the first one with tourists onboard. kelly o'grady live in truthover conventions -- truth or consequences, new mexico. you're so lucky you got to see

it. >> reporter: oh, gosh, liz, i am so lucky. i had a front row seat to the magic today. i don't have much to show you right now, but i will pop out of the shot so you can see the runway where history was made. unity took off at 10:29 eastern today just like any plane would which is, you know, you don't think of that, right? when you think about a rocket, certainly more energy efficient, more palatable to a potential consumer to go up in a way a plane normally would versus launching in a rocket. i want to share a number of firsts. we had our first mother-daughter duo in space, our first majority-female space flight, we also had our first olympian. he bought that ticket 18 years ago. he's since been with diagnosed with par parkinson's. he ran off the flight to hug his loved ones, he was so excited. take a listen to some of the reactions from the craw today. the crew today. >> acceleration, mach 3 in 8 #.5

seconds -- 8.5 seconds. it was completely surreal. the reentry was a lot more dramatic than i imagined it would be. >> i'm still the up there. [laughter] i'm not here yet. [laughter] it's just amazing that you can land so smoothly on a runway coming back from space. >> reporter: now, liz, the whole thing took about 90 minutes today. the mother ship, as it's called, kind of two planes welded together climb ared with the space capsule to 45,000 feet before detaching from the spaceship, and the whole thing from there took about a minute more. the astronauts experienced 3-4 gs, and they officially became astronauts. they got to enjoy 3-5 minutes of weightlessness. by way, a ticket now costs about half a million dollars, $100,000 per minute of weightlessness if you're interested in buying. it was the most elegant landing i've ever seen. i actually got a chance to be in a simulator yesterday, feel what the astronauts felt, and i learned the pilots had to prove

that they can eyeball a landing on that runway with all the way are from space just in case all of their electronics go out, the dashboard in the cockpit completely cops out, that they're able to do that. i will leave you with this. i mentioned $450,000 is the price tag for a ticket right now. not a big market, right, of folks that could actually afford it. certainly not in my future though i would go up into space. virgin tell me their big revenue driver is going to be research flights, universities, scientists wanting to go up and perform, you know, experiments in space. that will be a big driver for them, liz. liz: academia doesn't pay as much as rich people. see, that's the question here. when you look at the stock, kelly, it is down more than 3%, and maybe that's because people are wondering what is the, what are the numbers here where, you know, the wait list kind of thing. do you know how many people are lining up to do this who actually have the money in their pockets? >> reporter: so actually virgin galactic, they're going

to run flights monthly now going forward because they have a backlog of hundreds of customers. i mentioned john goodwin, he bought the ticket 18 years ago. to your point, okay, going forward when you have that finite market of billion theirs, hundred millionaires, people who are willing to save up, at some point that runs out. liz: all right. let's see if you can get a freebie, kelly, thank you very much. [laughter] you're on it. she's gutsy. that will not be me. with or mortgage rates hitting their highest since 2002, why is united wholesale mortgage reporting a record-setting quarter? how did they do it in they just returned to profitability. well, we're going to find out. the ceo of the nation's top mortgage lender by volume is joining us next to answer that question. he's also the new owner of the phoenix suns' nba team. nice. and, of course, pro sports. everybody knows star nfl

quarterback joe theismann. he was basking in the limelight after winning a super bowl, getting named mvp, everything was going his way when the lights of football success went dark. how did he create a whole new life and whole new career for himself as a sports commentator when right in his football prime he suffered a horrific career-ending injury? he's going to reveal it all on my brand new episode of my everyone talks to liz podcast. folks, we are doing so well on this podcast, millions of people are very interested in hearing all of the success stories we profile because, basically, they talk about how super successful people overcame major hurdles. you can too. finish joe theismann did it with not not one, but two year. -- two careers. download apple, spotify, fox radio podcasts -- fox news podcasts. [laughter] wherever you get your podcasts. closing bell is ringing in 24 minutes. we are coming right back with.

we're talking mortgages for all you home buyers and homeowners out there. ♪ ♪

liz: bad news for would-be home buyers, the federal reserve's interest rate tightening cycle which began a year ago march has continued to propel mortgage rates higher, and they are likely to keep climbing. according to bankrate, the national average 30-year fixed rate right now has hit 7.4%. compare that to where we started the year, 6.33%, and at this time last year, 4.99%. but you wouldn't know that it's freezing the market when it comes to the number one wholesale mortgage lender in the country. united wholesale mortgage swung to a profit in its second quarter report after back to back quarterly losses, and mortgage origination volume came in at 31.8 billion. shares of uwmc are falling today, they are down about 6.5%,

but year to date the stock has rocketed nearly 90%. let's get the real story from the fox -- in a fox business exclusive from the ceo and majority owner of nba team phoenix suns, and let's not forget the wnba mercury, billionaire -- [laughter] matt, you've got your hands full. let's speak to our investor audience right now. what is a wholesale mortgage lehner? what is it -- lender? what is it that you do that's different there from a basic mortgage lehner? >> you know, thanks for the question, liz. the difference is uwm, you don't see us on commercials going direct to consumer, we've got our mortgage brokers who go through find a mortgage broker.com, and we are the back end, we're the lender, we're actually the one who lends the money. end of the day, people are hopping more now for a mortgage gang and consumers save about $9,000, so we moved our whole

business toen only be wholesale, not retail, focus on lower prices for consumers, and it's turned out to be a really great thing for our business. liz: so how do you make money, and what was it that swung you to a profit at a time when, you know, you look at mortgage originations, and people are very tentative right now to launch into a near 7.5%30-year fixed. >> well, the reality is we know rates are higher than they were, you just quoted them, for the last month, last year. they've gone up a lot. however, we're hoping the this is the higher enand where you go now in the next 6, 12, 36 months, it will be lower. housing prices are not slowing down. there's an inventory issue out there, but with all that being said, we had a record purchase quarter because with more and more consumers are going to mortgage brokers, find a mortgage broker.com, find the best person in their local community, and they're ending up with uwm. we're the one that underwrites it, closes it, and we cut the

payment from borrowers and pass it on to fannie mae and freddie mac. of course, it'll be even greater when rates drop, but we're doing really well right now. liz: i know that you probably don't have, what do you call it -- [laughter] when you look into the crystal ball. good, liz -- [laughter] tell me what you see though for interest rates for mortgage rates. the 30-year fixed by year end. >> by year end, you know, i think it's going to be in the low 7, high 6 range. i don't really see a big drop. you know, 7.4 once again, that's a little on the higher end than what we're seeing a. that's why you look for the brokers because they'll go to different lenders and find the best deal for the consumer. i think it's more high 6s, low 7s, and i think it'll probably be that way until second quarter, maybe third quarter next year. i wish i was smart enough to actually know, but that's what we think. and when rates do drop, there'll be a lot of refinances and even

more purchases as inventory loosens up and affordability gets a little better with better rates. liz: you're the majority owner of the phoenix suns. i want your take on this espn-penn entertainment deal and gambling overall in the league. i mean, it's almost like people have said, okay, let's just do this. let's just make it happen. >> yeah. you know, so i love being an owner of the phoenix suns and mercury, it's been a great time so far. i'm excited about our seasons and what we're going to do with the suns coming up this fall. the gambling side, i look at it as part of the business. it had such a bad thing from years and years ago, taboo almost. i think that's kind of evolved and people with technology and the way the world is and with information passing, i it's less of an issue. i don't really know much about the espn-penn deal, i'm not as smart as a lot of other people, but gambling is probably good for sports but, more important, fans enjoy it. as long as they do it

responsibly, i support it, and we're excited to have more people watching the games and enjoying basketball in general. liz: well, it's great to have you on the show. it's certainly an interesting industry, and the business aspect of it and how it trends with mortgage rates is particularly of great interest to our viewers, so please come back, matt. thanks. >> thank you for having me. liz: folks, the entire with market just turned red. i'm not blaming matt. [laughter] and i'm not blaming the dress that i'm wearing which is also are red. the dow is just at the flat line right now, but dow, nasdaq, s&p have all turned red. the russell was already there. so we're going to be watching this. we're going to find out what's going on. in the meantime, america's credit card bill just passed a record trillion dollars. our countdown closer says he's got one payment proser that stands to benefit -- processer, and the stock is something he says you should find pretty interesting. we're going to find out what it is and get the story next. closing bell with ringing in 13

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goli, taste your goals. ♪. liz: florida governor and presidential candidate ron desantis may be slipping behind, well behind former president trump in the polls but his

donors, particularly wealthy ones, are piling in very confident desantis can win over voters. >> i think governor desantis is getting his message out what he has done in florida and his vision for the country and showing people that he is a family man and a navy veteran and i think that is going to resonate with people. you will see coalescing of conservatives around him in the early states and trump will be out of this race by super tuesday. liz: super tuesday is march 5th, charlie. >> that is a pretty bold statement. i was there on set. he made the statement my jaw dropped. look at polls, trump is ahead 54%. desantis has 20%. sometimes a little higher, sometimes a little lower. everybody else is in the single digits. desantis is the only legitimate challenger. this is from what i now of the desantis camp. what my supporters are telling me they're playing a long game here.

he kind of said some of that. whether he will drop out trump by super tuesday is a whole other story but the long game for desantis, stay in there until trump does a face plant and maybe he does it, next week, maybe he does it during the fox news or fox business debates if he shows up. but stay in there, keep hitting, keep showing your face. keep sending a message, honing your message. hitting doubles, triples, maybe singles. did interviews with nbc he actually did pretty good on. i saw him do it. keep getting your name out there, explaining yourself. explaining yourself as a logical competitor and a guy that is not crazy and wait until trump digs his own grave. that's what they're doing. do they have the money to do it. some people don't have the money. he is clearly has the money. he is raising more money. i have conversations with donors on the phone with the desantis people. they are calling people. as much as he being branded by a

fat cat lover by trump, that money from the fat cats is going to keep him in the race until hopes trump does a face plant. liz: who else, you have got wealthy people, who else? betsy devos. devos family? >> he has access to, not sometimes just one person like larry ellison. i think puck might have broken larry ellison is backing vivek ramaswamy. republicans, it is usually not -- one thing i found interesting about desantis's fund-raising not like he has one guy standing behind him like ken griffin, here's the check. i remember chris christie when he ran was thinking about unaring are years ago he was, i know he is running now, he had ken langone backing him up, home depot founder with a big checkbook. he is really good with rich republicans you don't hear are cutting checks. they go to these private meetings. they like him. they give money to him.

people say he is not very warm and fuzzy but people i talk to sit with him, particularly those who sitto talk policy with him love him. he will have access to that money. a lot of it going forward. that will keep him in the race. whether, you know, what's fascinating about trump is the face plants aren't coming really. he is getting indicted, his poll numbers go up a little bit every time he gets indicted. it will be interesting to see if he shows up to the, to the fox news debate. that could be a chance for a face plant if he does show up. liz: two weeks away. >> it is two weeks away. liz: less than. >> anyway getting a wrap. you didn't ask me about my finger. liz: oh. >> look at that. liz: what did you do? >> you know, i want to say that i -- liz: i can't see it. it is below the ticker. >> i want to say i fought off 50 attackers. liz: liz, you should seen the other guy. >> you should have seen them, i got rid of them. you know what i was doing? i was slicing on a a man dough

lynn a zucchini. liz: make up a lie. something better. >> that is the truth6'6" stitches in my finger. liz: dow jones industrials holding on to gains. for a minute it was touch-and-go. the s&p very close to the flat line up three points. the nasdaq up 23. remember when the dow session high was a gain of 455 points? this choppy trading has really broken that down and yet we're still holding on. we'll see if we can hold on for the last three minutes. there is this though, a shocking milestone for americans spending. the federal reserve bank of new york just released data showing total credit card debt levels surpassed one trillion dollars for the first time ever. despite that data which makes you wonder if credit card companies will have a lot of

people just walking away from the debt they owe we've got shelby mcfaden actually picking a credit card company. she is a senior analyst at "motley fool" asset management joining us now. shelby, i'm intrigued and i'm intrigued about the reason you like this particular credit card company. name it and give me your reason? >> yeah. one of the reasons we like mastercard they're heavily involved in all things consumer spending. so they're on both sides. they're on credit card transactions where they make the biggest transaction fee and on the debit side. in particular consumer environment it is concerning about the level of credit card spending especially compared to savings and debit spending, mastercard as payment processing network will win on either side of that. when we look double-edged sword of inflation keeping prices high and locked down behaviors of increasing spending hard to break we note that will keep some consumer spending elevated.

when we think about the extra capacity to keep spending it is from credit programs. liz: the largest banks though have collectively written off something like five billion dollars in loan defaults the second quarter. you know when you look at the loan default figures nearly doubling year-over-year you're saying that the toll booth companies like mastercard which wins no matter what people are doing, because they just win on the swipe they will somehow be enured to any of those problems? >> they're definitely not completely immune, right? but when which look at them as conglomerates and mastercard and their primary competitor they will sort of rise and sink at the same time and knowing the fact they have a little bit of cushion not being pure credit and their third cushion starting to offer more security services. finally that last part having a strong balance sheet. sort of thing where tides will rise, rising tides will lift all ships they will kind of, you know, buoy, balance at the same time. liz: but you look at the fact

they're not getting anymore stimulus from the government, at least it is kind of winnowing down. what do you make of the cpi number? we've got about 30 seconds. >> when i look at the cpi number i like to get a little bit under the hood and i look under the hood i see housing is pretty sticky. consumers will spend 30, 40% on housing, closer up to the 40% if you're in and urban area i'm seeing that a little bit after orange flag. early gains in the market, we're hoping for a pause but sticky housing. liz: shelby mcfaddin. [closing bell rings] liz: the closing bell is ringing now. dow, nasdaq snap a two-day losing streak. s&p a little too close to call that will do it for "the claman countdown." we will get back at it tomorrow. you have to be here to see what happens. "kudlow" -- larry: ♪. hello folk