of course, we bail out college grads here. a complete his match, folks. now, if you were saying before when the thinking was the vast majority of homelessness was opioids, maybe mental illness, believe me, that's a big chunk of it, but this is an economic story. this is an economic issue. we have to find a way to make it right, and we have to find a way to make it right quickly. ironically, democrats used to run on this kind of stuff, now they're simply running away from it. ashley webster in for liz claman. ashley, over to you. ashley: thank you, charles. very powerful message, thank, my friend. good afternoon, everyone, i'm ashley ashley webster in for liz claman today. we begin with a fox market alert. the bears are sinking their claws into the major averages, red everywhere. the dow off 280 points, the s&p and nasdaq down close to 1%, the russell 2000, small caps, also down 1%. the selloff is being driven by a combination of negative news. we have disappointing data out

of china casting a dark cloud other its economic output. industrial production, meanwhile, coming in weaker than expected and, oh, yes, china unexpectedly cutting rates by 15 basis points. all kind of negative headwinds. now on the other hand, strong data guest canically not helping investor sentiment either. retail sales rose more than expected showing that the consumer here in the u.s., very resilient. but you know what that's codes for, yep, the feds could have to keep rates longer for high higher -- can higher for longer, rather. [laughter] neel kashkari saying today we are, quote, a long way from cutting rates. oh, great. those higher rates, however, certainly have proven burdensome to banks. today credit ratings company fitch warning it may have to downgrade several u.s. banks including jpmorgan, the big financials all moving lower on that warning as you can see. morgan stan hi down 1.33. -- morgan stanley. regional banks also seeing

declines on worries over tighter regulation, today the fdic signaling a potential plan to overhaul how regional a banks prepare living wills. now look at the action here on a very down day, of course, western alliance, pacwest, key corp., citizens financial all moving substantially lower, 3 or 4%. so could all of these factors pose a very real risk to the markets longer term rally? let's get right to the floor show to dig into all of this. joining me now is mullen camp or and company portfolio manager jeff mullen camp and always great to see you, trader steven sarge guilfoyle. thank you, gentlemen, both. sarge, let me begin with you. there was a laundry list of headwinds there. certainly china casting a shadow over everything because their economy seems to be to really struggling right now. how much concern does that bring you for the markets here as we look ahead? >> well, i have a little bit of concern.

i mean, china was and is the second largest economy on the planet. they were the primary engine for growth for the global g dp over the last are, i don't know, 10-15 years, but we've made it without them before, and we can do well without them again. our economy, i've been wrong about the economy. i was calling for a recession of half a year ago. i mean, the atlanta the gd -- fed revised their gdp now model for this quarter, for the third quarter to 5%. i never saw anything like that coming. i mean, maybe i saw it comes recently, but not until recently. the unemployment rate are's down to 3.5%, wage growth is higher than inflation, yet nobody feels happy, nobody feels that strong. ashley: yeah. >> i think you have to be in this market because if the economy's going to grow, rates have to stay i higher for longer. ashley: i think, jeff -- >> -- they've got to stay where they are. ashley: you got it. jeff, let me bring you in.

you may maybe higher for longer inflation suggests perhaps commodities and is highly cash-generative companies, any in particular? this is a type of difficult environment, is it not in we have global concerns, fitch putting out warnings about major banks, and then there's the fed, of course, we worry good news is bad news. there's so much to digest. where are you in this environment? >> well, ashley, the things i'm concerned about, one, much like sarge i'm interested in what the u.s. economy is doing. like him, six months ago i expect a recession. like him, data recently had led -- has led me to have a much more positive outlook on the u.s. economy, so i think that's a positive thing. but i do the think that inflation there's at least a pretty strong risk that it's going to be higher for longer, and so the fed is going to have to react to that. we've with already seen the fed in march react to problems in the banking sector caused by the increases in rates that they had instituted to fight inflation, and i'm kind of waiting for the

problems that stem from their quantitative tightening, right? so the fed has now bumped into constraints in terms of how high can they raise rates, and so i'm looking for what are the constraints that are going to cause them to a little bit reevaluate the quantitative tightening. that the -- that's the picture i have for the future. i like a numb of sectors in the u.s. market. i like energy, i think that will do well in an inflationary environment or just a decent environment. it doesn't have to be great. i mentioned transocean, the ticker for that is rig are. it looks to me like an energy discycle, a lot of the investment is going to yo -- go offshore. so that's something we're interested in. ashley: got it. >> and there are a number of other companies that for idiosyncratic reasons are very interesting to us. ashley: very good. sarge, met me bring you back in.

i want to talk about retail sales, prizing on the upside -- surprising on the upside. i the even more surprise, the resilience of the household consumer. we're talking about debt going up and up and up. at some point something's gotta give. what do you feel about the psyche of the u.s. consumer that is so important in the u.s. economy? >> i think i want to be pessimistic because i think that's the way we should be right now, but i -- we shouldn't be when we look at this data the, because i call it the fun index. it's the line on the retail sales that says sporting goods, hobbies, music and books, all right? that's the stuff people buy new. that was up 1.5% month over month, a 1% gain year-over-year, so they haven't been buying the stuff for about a year, now all of a sudden they're starting to buy it. that means people are starting to feel better about things. this is a weak time of the year seasonally. i think as far as investments you want to be where the demand is. the demand is still for a.i., so

while it's risky, i still think a.i -- nvidia and amd -- i still think software, microsoft and service now, and i think cybersecurity. that's palo alto and, for me, crowdstrike. stay out of the banks. higher for longer, that compresses net interest margin, that's to no good for the banks and hurts their hold to maturity portfolios, those bonds that if they were mark-to-market would show great losses. i think you have to stay out of the banks and decide precisely where demand is and be there. ashley: very quickly, jeff, met me bring you in on the tech side. had a tremendous run, the magnificent seven, all of that. but we've seen some profit taking, but do you stilling like these names on the pullback? >> the a.i. names i'm going to be a little bit on the flipside of the coin from sarge there. i'm not a momentum player. i'm primarily a value player. so to me, i'm looking through

the banks recognizing all of the negatives he said are completely valued, i'm looking through the wreckage to see if there's a diamond amongst the wreckage. [laughter] and with tech everybody is so positive on it, i'm going to sit on the sidelines because my fear is that at some point the momentum will reverse, and i'm the wrong guy to get that right. so i don't think -- [laughter] i can personally make a dime there. i'm the one waiting for the wreck withage, and then i'll once again go through and see what i can find that's of interest. it's a little bit different methodology, but we're seeing very similar things. ashley: i understand. right. >> hey, ash -- a. ashley: sift9 through the debris. very quickly, sarge, go ahead. >> i just want to say something to jeff. he mentioned transocean, rig? that is the top performing stock in the portfolio. the stock's -- stocks under $10, so familiar with the name and that was an excellent choice. >> thank you, sir, i appreciate that.

ashley: there you go. [laughter] doesn't it make you feel good? we should all have a group virtual hug. [laughter] thank you very much, guys, jeff and sarge. terrific information, you guys. i love the positivity. thank you so much. all right, reports claim that striking hollywood writers are expected to respond to the latest proposal from major studios. the offer includes a concession about the use of artificial intelligence, but our next guest says a.i. doesn't need to always be cast as the villain when it comes to film making. "the claman countdown" coming right back. ♪ ♪

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♪ ashley: reuters reporting striking hollywood writers are expected to respond this week to the latest contract proposal from major studios after a months-long labor dispute. now, the offer reportedly contained a a concession on the use of artificial intelligence and credits human writers on scripts. the unions also asking for higher wages, streaming residuals and a.i. precautions. but a guy who used to work for warner brothers,son finn -- sonny dylan loan just started a new venture capital fund that invests in artificial intelligence and is backed by former executives from major movie studios, and he joins me now in a to fox business excollusive. here he is, sonny dillon. sonny, great to have you with us. why should, in your opinion, hollywood not fear a.i. among the writers and the actors in there's a lot of fear about a.i.

essentially replacing them, right? >> yeah. i think a.i. has often been cast as a villain if are a story telling perspective. eva, all terror, hal, the list goes on and on, so i think it's very easy to demonize technology that in and of itself is fundamentally neutral, and if portrayed and used in the right way and communicated in the right way, we actually see a.i. as being something augmentive. we refer to it as augmented intelligence when we look at it from our fun's perspective. but we see it as a horizontally-enableing activity. ashley: i think you'd have a hard time making writers and if act the to haves accept that. the strike has gone more than a hundred days. there is a proposal from the

major studios, can we get this thing done sooner rather than later? >> yeah. i'll start by being very clear, i think that a lot of this stems from compensation. training data that's used to actually train the artificial intelligencal a grit. temperatureses -- al grit. s, if artists, sown mixers, directors, etc., have contributed work to training that a.i., they should absolutely be with compensated for it. so i think the new business opportunity that's emerging, the new business models that need to emerge, the legal frameworks for ip protection, for labor protection, etc., absolutely need to be something that accompanies this fundamentally enabling technology. can and i think that that's really where a lot of the conversation needs to be focused on, because it does open up huge new revenue streamses for the industry at large, and i think that those folks contributing to it absolutely knead to be compensated for -- fairly. a.i. and in itself is

derivative. it's train off of something that's been done before and come up with new permutations, combinations of that said work, and i think it's very, very important that people are very transparent in silicon valley about whose training data has gone into that, which movie dialogue has gone into training this character. the weighting of that balance in the algorithm should absolutely be used to compensate folks on the back end. i think that's a core part of this argument. ashley: right. well, hopefully, they can come to that agreement. i want to talk about kyber knight. it lawned with a $120 # inaugural fund. what type of companies, sunny, or investments are you looking at to put money into? where are you headed? >> yeah. we're a generalist, precede and feed fund based in silicon valley but investing primarily across the united states. we invest, like i said, artificial intelligence is a horizontal-enabling technology for us, so we've been investing

in a lot of different verticals that a.i.'s been impacted, 3-d printing of. homes and robotics, leveraging computer vision which is a form of about official intelligence, we were some of the earlier investors in autonomous vehicles with companies like cruise automation. we also think there's far more ordinarily mundane industries that need to be impacted to the benefit of the consumer by artificial intelligence. specifically how will you calculate your taxes, how businesses calculate their taxes, how insurance payments should be calculated, compliance and regulation, things like that, that that aren't the most fun things, a.i. can make easier, simpler and more cost effective. so we're looking at businesses in all those, quote-unquote, boring industries. ashley: well, they're not successes city. doesn't matter if they can do the job and and cut down the time i personally have to deal with, that that's always a good news. we're out of time. fascinate nateing conversation and the best of luck, sir, with

your new venture. sounds very exciting. thank you very much. >> thank you. ashley: okay. thank you. and speaking of hollywood, nfl star michael oher's life story was turned into an oscar car-winning, $470 million movie. i bet you watched it. it's called "the blind side." now he's claiming it's all a lie. what the heck? a live report coming up next. but as we head to the break, take a look at the markets firmly in the red across the board. the dow, s&p and and nasdaq, as you can see, down close to #%. we'll -- 1 percent. we'll be right back. ♪

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ashley: well, markets continuing their selloff with just, what, we've got 30-odd, # 38 minutes or thereabouts left of trading, and we can see good riddance. the dow off 300 # or thereabouts, the s&p and the nasdaq down close to 1%. thousand, to more fallout from those hollywood strikes that we've been talking about. getty images feeling the impact, down as you can see nearly 5% after the company cut its full-year revenue outlook by $222 million. getty images -- $22 million. a today photograph red carpet events and say the slashed guidance is due to the ongoing hollywood strikes. on a post-earnings call, the company's cfo said it expects the strike to last through the end e of the year. yikes.

another ev company has joined tesla's growing lists are of charging partners. fisker's stock, as you can see, up today half a percent if certainly a seller's market after signing a deal to adopt tesla's north american charging standard. fisker owners can expect to start using the charging network by 20 the a 25, so they're going to have to wait a while, but tesla's stock also down 2.5%. speaking of electric vehicles, vietnamese automaker making a rip-roaring debut on the nasdaq, more than doubling in its first day of trading -- look at that, up 194% after e it completed its merger with special purpose acquisition company black spade. and discover financial stock plummeting after the ceo, roger hochschild, announced he is stepping down. the stock down so % as well. the bank announced john owens are take over at interim ceo and president effective immediately,

but the market reacting. again, 10% down on discover financial services. all right, now this story. was the feel-good 2009 movie "the blind side" based on a lie? say it ain't so, but that's what many people are wondering after former nfl player michael oher who the film is based on claims he wasn't actually adopted by the the family in the movie and now, well, yeah, you bet it was going to happen, it's become a legal battle 678 for thest e on this plot twist, gerri willis joins us now. why so her bringing this up now instead of years ago when the movie first daewooed? >> reporter: well, i have to tell you, ash, he just learned some of the details of his legal standing back in the spring, so now he is finding, trying to get a finding against the family. the subject of a 2009 film called "the blind side" which described his to adoption by a wealthy white family alleges in a court document that the film was based on a lie. the 4-page filing in the shelby,

tennessee, probate court saying the lie of michael's adoption is one on which leanne and sean too by have enriched themself. oher maintaining the company set up a conservatorship which resulted in his receiving zero earnings from the move have i have which made $300 billion and was a huge hit for warner brothers. we reached out to warn or or brothers, they did not respond to our request for comment. but sean two hi, that is, is telling the daily american january web site that he was stun by oher's allegations and that twohealth care ey didn't make money from the film, only a share of the the proceeds from the book on which the movie was based. now according to the legal filing, the movie played the twoheys and their two birth children each $225,000 plus 2.5%

of the film's defined net proceeds and a 200,000 contribution to leanne twohey's charity. sean twohey said the family's share of the proceeds was only $14,000 each and that michael was paid as well. now, a conservatorship, as you know, allows someone to assume legal guardianship over an adult often to deal with medical and health care needs. britney spears successfully challenged the guardianship her father placed her under two years ago. now toher -- oher has maintained he didn't know he was signing his rights away, he says he was falsely told by the twoheys that since he was 18, he was too old for adoption which is not the case under tennessee law are. so lots of moving part, but i have to tell you this is one we're going to be debating for a while. ash? ashley: yeah. what a sad development for such an inspirational story. ing gerri, thank you very much. fascinating stuff, appreciate

it. all right. rising mortgage rates taking the wind out of potential home buyers' sails, know -- we mow. that also leaving some of them stuck in a rental rut. we're going to talk to redfin's ceo on how the lack of inventory is hurting the housing market. we'll be right back. ♪ ♪ 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 ♪

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but there is also some good news, rent growth is slowing. rising onliment .3% annually compared to 3.6% growth -- 13.6% the year before. it's still not great news for renters, of course, who are stuck in a very tight housing market right now. madison alworth has more on this, well, we're calling it rental rut, right, madison? >> reporter: yeah, ash, we are, because with even if they're cooling, you can see rent prices are still way, way up, and part of the reason why is because people that would be home buyers are not able to get into that market, so they're stuck still renting. you see a very crowded rental market, and that's meaning demand cannot keep up, prices are going way up. take this rental unit, for example. >> even this unit that we're in, small studio on the upper west side of manhattan -- 3500 a month which sounds crazy, but we already had three applicants on this apartment on the rental side as with well. >> reporter: rent is at such a high that that folks are putting way more of their salis

budgeting that towards their rent more than is fiscally responsible. you're supposed to only spend 30% of your income on rent max. there are now 7 metro areas where the average renter is paying much more than that. and now this is marley frustrating for those that want to buy but can't because they'ring being outbid or because mortgage rates are very high, near 7%. >> and 100% forced to rent because there's no availability out there. >> i'm almost 30, i'm 29, so i thought at this point i maybe would have had my first home by now. and really each year we assess everything and we see if it's feasible for us. >> reporter: making matters worse for those looking to buy, home builder sentiment has decreased for the first time in 2023. that number out today. home builder stocks over the course of the day mostly reacting positively to the news but, again, for those hoping to get in new homes, it is not

good. and now we talked about this apartment, it's the 600 square feet, $3,500 per month. you might think that's high, but this shows you what we're dealing with in the market. this apartment, 600 square feet, already has had 10 offers in one week. they have three that they are considering at this point. so this stuff, the inventory, the demand, they can't keep up, so if you're sitting at home thinking $3500 # for an alcove studio, there are ten people that are ready to move in the here tomorrow. ashley? ashley: yeah. and that's the sad thing, new york is just beyond belief with. madison alworth, great job of really bringing that home. madison, thank you very much. can you believe it, more than $3,000 for a studio on the upper west side. well, while rent ors don't have much opportunity right now, home builders don't have much feint in the market either. -- faith in the market either. sentiment for newly-built homes drop dod to 50 in august, the first decline this year and the

lowest level since may. the lack of confidence likely stemming from those ooh rising mortgage rates and, oh, yes, high construction costs. but despite that, home builder stocks significantly higher year to date. look at this. pretty good, dr horton, lennar, and it's not just the brokers, redfib up 135% -- redfin if up 135% this year. guess what? joining me now is ceo glenn kelman of redfin. congratulations on the stock, e glenn. but let's talk about more perhaps depressing issues in the housing market. we just had madison alworth talking about the rent in new york city which i don't think you can really call most of america, it's just off the charts. but we have high mortgage rates, we have people who don't want to leave their homes right now, some of them, because they don't want another higher mortgage rate, home builders that are not very confident. all in all, this is a tough

environment, isn't it? >> the market is at a stand still, so home prices have held up. in fact, home prices have risen 3%, but sales volume is absolutely rock bottom. the people who need to sell won't do it because they don't want to give up their mortgage. the people who normally are would buy can't afford it. so buyers and sellers are in a standoff, and it means that the industry is just going to have a tough 2023. ashley: you released a couple of studies in the past few days, and i found these fascinating. one of them said the typical teacher cannot afford -- can afford, i should say, 12% of homes for sale near their school. that number was 30% a number of years back, so only 12%. i mean, that says et al., doesn't it? -- it all, doesn't it? >> it duds. teachers are just the prototype of middle class americans. it was only four years that a third of teachers could afford to hiv in the communities that they served -- to live in the communities. it's the same story for police

officers and fire fighters and everyone else that has a regular job. it's been this combination of home prices shooting through the roof and now mortgages also going up really faster that has put a real crimp in the style of most people who are looking for more space. and we didn't feel the effect immediately through 2020-2022 because so many americans could move to less ec expensive cities. but now as there is more return to the office, we are seeing more people trying to afford a seattle, a denver, a portland, a dallas even can and struggling to do it. so what we need to do is just build more houses. [laughter] ashley: well, yes. i think there's one city in america, i think it's minneapolis, that did that that ahead of when all of this hit, and now they are sitting much better, to your point, because they built a lot more housing and affordable housing as well. another part of the study that you put out here, glenn, nearly 1 in 10 u.s. homes are worth at least $1 million. that is near an all-time high,

and that just speaks to how far out of reach these homes are for the average house -- you know, for the average buyer. >> well, when i started in this job in 2005 two, a million dollars was a luxury home. [laughter] now that is below the median price in a market like san francisco. i think you would be shocked if you saw how little you could buy for a million dollars. so people feel like they have to win the lottery just to be able to buy a home and start a family. and that is just a real challenge for the american dream. so the only solution to that is, obviously -- ashley: you know, glenn -- yeah, go ahead. >> oh, go ahead. ashley: i'm sorry to jump in, but i want to talk about the mortgage rate at 7. that is absolutely crippling and a huge barrier, ill imagine. i would imagine. the lack of housing, as you say, is part of it, but the builders will tell you there's so many regulations in many of the states especially california, material costs have gone up, and those builders that like to

build on spec are too frightened to do it. the cost is high and there's lack of buyers because they can't afford it. >> well, this has been a real vindication at the local level of free market politics. so despite how important it is in the progressive agenda to make housing more affordable, almost all the regulations to do that just force builders to build elsewhere. if so it's atlanta and nashville and dallas and houston and other cities like that that have really figured out how to build a large number of homes. and as a result, more people are moving there. people are voting with their feet, even people who are politically in a different place with their pocketbook want an affordable house, and right now the free market is able to deliver that better than most of the regulations would have. ashley: you're very right. especially about nashville. i lived there for a decade. i went back recently, i couldn't believe it. it had just exploded. >> boomtown.

ashley: yes, it's a beautiful town. fantastic conversation, glenn, appreciate it. thanks for joining us. all right, let's move on. president biden -- thank you. president biden has begun canceling student loan debt for more than 800,000 borrowers. we'll have a live report from the white house coming up next. yes, we'll be 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. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire this isn't just freight. these aren't just shipments.

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ashley: president biden has started canceling student debt for over 800,000 borrowers after a judge threw out a lawsuit to actually block the forgiveness plan for longtime borrowers. the white house now moving forward with a mauler forgiveness plan -- smaller -- after the supreme court struck town the original proposal. let's go to edward lawrence live at the white house this afternoon with more on the president's new handout strategy. edward. >> reporter: yeah, ashley. the department of education, as you were alluding to, is now forgiving starting today some $39 billion in student loans, and that affects 804,000 borrowers. the decision comes because the forgiveness comes because a judge ruled against a lawsuit about a rule change over counting the months towards forgiveness.

now under the income-driven repayment plan, after 202 or 25 years of -- 20 or 25 years of repayment, loans are forgiven. so now months of partial payments or no payment count towards forgiveness. one of the lawyers recommending the atoe institute and the mci i know center that sued says the fight is not over. >> absolutely unconstitutional and and unlawful. congress said you have to make a certain number of monthly payments to receive loan forgiveness, and the department is counting nonpayments as payments. anybody should know that is not a lawful definition of what monthly payment means. >> reporter: and he plans to file an appeal as soon as possible and take the case to the u.s. supreme court if necessary. in the meantime, the biden administration rushing to start the forgiveness, piecemealing his plan to get around the u.s. supreme court decision. former students mixed on the push. >> -- freezing student loan payment, deferring indefinitely, i support all of those things.

or or or forgiving altogether, i think it should be a matter of perhaps individual, you know, application review, something like that based on need. >> i don't believe in the president's forgiveness program. it makes, frankly, i think the cost of college has become completely out of whack for the return you get on it, so to enable further access to that overinflated system, in my opinion, is not the right approach. >> reporter: and president biden believes taxpayer money should be used to help forgive loans, student loan for some borrowers. ashley? ashley: yeah. the debate goes on. edward lawrence, thank you very much. appreciate it. all right, now this, nearly two months on from the supreme court's decision to get rid of affirmative action programs at harvard and north carolina universities, big corporations seem to be slow-walking the positive of winding down their own dei policies. charlie gasparino here with more.

of how are they doing that, charlie? >> well, let's point out that we were kind of on this story very early even before the the affirmative action ruling on "the claman countdown." we were talking about how companies were eyeing a victory for the students, you know, a loss for the colleges on the affirmative action stuff, would lead to a change in corporate dei policies, diversity, equity and inclusion. why is that? because the same sort of concepts that the supreme court would use to strike down affirmative action, namely a strict leading -- reading of the various titles of the civil rights act, could be applied directly on the corporate level. that's essentially what they're planning for right now. here's what we know, none of this stuff is going to happen immediately. from what i understand from lawyers that deal with big companies and are discussing changes to their corporate dei policies, they're talking about an eventual revamp, something over the next three years, that they'll slowly start de-emphasizing race and gender so to speak in these sort of

programs. they may even eventually not call it dei anymore because the notion of diversity, equity and inclusion could include not just race, but other factors including diversity of thought and diversity of belief and political opinion. so -- which you didn't have in the past. that's what we're talking about here. one of the problems with doing it immediately, ashley, is the potential for litigation. if you do it immediately, you're almost admitting that you were discriminating against white males in the past, you to do it now. so if someone has a case, they could bring it and say, look, you're already doing a 180 because you it's illegal. that's one thing about not transitioning this thing. the one thing i say though, and i'm finding this pretty much across the board, is that these sort of consultancy businesses that's basically cropped up, they were always around. after george floyd they were in hot demand, these dei

consultancy businesses, outside companies that would come in and sort of consult with hr departments at big companies, that those companies are getting from a business standpoint hammered right now. there's not a lot of -- ashley: do we know any company names that we're talking about here, charlie? >> there's, you know, they're not -- well, the dei consultants are not household names, there's a lot of them. you can just look them up. but they are not in demand right now from corporate america. on top of that, it looks like a lot of companies are eyeing dei departments for cuts. it's known as not just a cost center, it's essential arely a place that you can -- essentially a place that you can get hammered on litigation. so all this is occurring, it's going to be, it's going to be a transition. it's not going to happen immediately. you know, still you're going to read about woke companies hike disney and things like that. ashley: yeah. >> one of the reasons why you have dylan mulvaney in a

budweiser ad, and this is based on my reporting, was because budweiser was very, very concerned about meeting dei metrics for its esg scores, environmental, social governance, the g part of esg is where you get diversity, equity and inclusion. they were the worried about meeting that that, that's why -- there was tremendous pressure, from what i understand based on my reporting, on the marketing department to go out there with influencers and to be more, quote-unquote, diverse. ashley: yeah. >> that's where we are right now. a transition, it'll be interesting to see it happen. and if they don't transition in this way, they're facing lawsuits. back to. ashley: my goodness, fascinating stuff, charlesly. it will two on for quite sometime. >> absolutely. >> will follow it every step of the way, charlie, thank you very much. >> you got it. >> let's get back to the markets, big selloff today. all sorts of headwinds with

china. retail sales stronger than expected. does that mean the fed will be more hawkish? anyway the dow on pace to snap a three-day winning streak we know that. 399 points down but still down 350. now this, is a spot bitcoin etf is now officially trading just not in america. the jacbee wilshire bitcoin etf is trading where? in europe. the first time a crypto fund is trading there. the company was planning to the list the etf last year but pushed the listing back because of crypto related scandals like the ftx bankruptcy. what does that mean for a spot bitcoin listing here in the united states? it around the corner? we have pacer etf president sean o'hara. let's begin there, sean. could this bitcoin etf be a blueprint for a listing here in the u.s., what do you think? >> thanks for having me, ashley.

this is one of those things like the holy grail for the issuers here in the u.s. i'm not sure from a issuer's perspective what the value after bitcoin etf would be. you can buy and hold and own bitcoin fairly easily. the wrapper would eventually erode returns. there are a lot of filings. they have been pushing them pretty aggressively. usually what happens overseas eventually winds up over here but we'll have to wait and see. ashley: talking of overseas do you like investing overseas and where are the opportunities given that we've seen news out of china isn't great as far as the economy is going there and there are concerns about a global slowdown but do you think there are opportunities overseas? >> well yes, so far this year, ashley we've seen nice flows into international and global funds here at pacer etfs. the predominant driver for that those valuations are lower than ours. i happen to think the u.s.

equity market valuations are a tad high. i've been saying that for a while. they continue to defyigraphy, but if you want to shift asset to buy stocks cheaper. we use strategies with free cash flow yield as a screen. we can buy a basket of 100 global international stocks at single-digit p-es can get attractive overall dividend yields. counter to what happened beginning of this year if you don't own seven names you didn't have relative returns and sooner or later that goes away. as a strategy going forward, lowering the overall p-e on your portfolio makes sense not only in the u.s. but probably internationally. we've been underweight as investors in the u.s. internationally and globally for a long time because the u.s. market has been so strong. ashley: you're etf cows, it is up 6% year-to-date, 6% quarter to date. tell me about that. what is that invested in?

>> yeah. so our cows etf uses free cash flow yield as a screen. we take the russell 1000 for example, screen for 100 names for highest free cash flow yield. that is our approach to traditional value investing. you wind up with a 100 profitable companies with a high free cash flow yield which means they have excess capital to do all kind of things to buy back stock or acquire people. for the last several years this strategy has been a pretty effective strategy to value and the broad market. we've been overweight energy. i gave you one of my names as one of your top holdings is chevron. the energy sector on a free cash flow yield basis historic high in terms of excess yield that is there their valuations are very, very low. that count irto market cap weighting in a different way to weight the cows etf allows you to do it on a large cap basis. to your previous story on rents, one of the big surprises in the

portfolio of cows is the homebuilders. it seems doesn't make any sense f people are not selling their houses because they don't want to get rid of higher mortgages and don't want higher mortgage, there is no inventory in new homes, the builders have a little advantage. we own a name like lennar which has done very, very well so far year-to-date. ashley: it is almost counter intuitive, isn't it, sean? for instance, chevron we had people saying global economy is struggling, demand will go down next year at least that is the opinion of some economists. lennar homebuilders i know warren buffett is getting into this sector. maybe we should say okay but you know the housing sector has been struggling but you believe these names are definitely a solid choice? >> well i mean they have done well for us year-to-date. they generate a lot of free cash flow. have a high free cash flow yield. they almost have an unfair advantage today because they're not competing against the excess

used inventory that goes from time to time through these cycles in the housing market. ashley: right. sean o'hare remarks fascinating sufficient. i can't, run out of time. thank you very much. i have this item, breaking news. trucking company yellow is tanking at this hour on financial times report that apollo global management shed its financial exposure by selling off 500 million-dollar term loan and dropping plans to extend pricey financings to extend its bankruptcy. breaking news. the dow offer -- ♪. david: hello, everyone, welcome to a special edition of "kudlow," i'm david asman in for larry today. historic fourth indictment of former president donald trump, actually they were all historic, there never has been one before, this one coming out of fulton county, georgia, where donald trump and 18 other individuals have been charged for allegedly trying to overturn