airfare prices. if you stop traveling every friday when you tell your boss you're working at home, air prices are going to come down. if you've got to have the latest condo, sooner or later home builders are going to make affordable houses. at some point if young adults will sacrifice just long enough, maybe a year, two years, maybe three years, if you stop spending all your money on all these things that are so expensive, it's call supply and demand. stop demanding it, let the supply come down, and you'll wake up one day, and you'll be able to have an affordable house, and you'll have life skills. you'll actually be able to cook up a meal that you'll eat and enjoy. bottom line, folks, the ball is in your court. meanwhile, i'm give the show to ashley webster in for liz claman. this last hour of trading, ashley, i'm a little anxious about it. ashley: i can tell that, charles. to get back to your advice, just are relax, chill out. the prices will come down. i love it. charles: there you go.

[laughter] ashley: thank you very much, charles. by the way, i drove a jalopy, and it wasn't a collector's item. it's been a gradual and small downturn, stocks slowly retreating right up until 2 p.m. which is when the federal reserve released the minutes from its policy meeting last month. the reaction has been pretty mute after the minutes revealed what we already knew, that the federal reserve is still fully day-dependent, and its next meeting will remain a live one with inflation still too high. they also, the fed appears a bit divided, they're not on the same page. the minutes also a reaffirming that the fed does not see a mild if recession at the end of this year, but there's still significant probability for one in 2024. but it is the retailers that are making some of the biggest market moves with a surprising day in the green for target despite cu cutting its full-year earnings forecast. now investors also happy with tj maxx and marshall's participant

tjx companies which beat on the top and bottom line, tjx up 4.33%. jd.com also posted a beat, but that stock down more than 3% on weak chinese economic data that's been putting a damper on these markets since monday. jd.com, by the way, as you can see, down 3.75% and down despite china's economic woes data, meantime, for the u.s. came in strong today. housing starts posting a surprise rise in july with building permits also rising although not as much as analysts had expected. a bit of a mixed bag, isn't it? meanwhile, factory output rose more than expected last month after posting a surprise decline in june. figure it all out. investors, by the way, also waiting on cisco's earnings coming up after the bell. to make sense of all of this, let's go to the floor show. joining me now is carnivore trading ceo dutch masters alongside fox news contributor

gary kaltbaum. thank you both, gentlemen, for being here. gary, let me begin with you. the fed, you know, we were hoping to get a clue from the minutes that were released today, and we found out they, well, they really don't have a clue, to be honest, to kind of repeat what you've been saying. they're divided on what's needed next. they say id some -- said some fed members talk about downside risk to economic activity, then industrial production, housing starts blowing it out of the water. where do they go from here, gary? >> yeah, well, the fed just told us what they were thinking three weeks ago basedded on the information that came in, now we'll wait for the rest of the information that comes in, and they'll tell us again what they think. look, my biggest problem is in two words, bond market. finish i've been saying for a very long while now don't watch the fed, don't watch what they do, watch the bond market, and we are now up to yearly highs while they're telling us inflation's come down a lot. that's a big question to answer.

that's number one. number two is you have oil prices going from $68 up to $83, so the cost of energy and the cost of capital have gone up and, guess what? the market has done nothing but deteriorate leading to fitch doing this, that and the other thing the. and now i the financial stocks which were in a nascent rally off the lows from silicon valley, they're croaking again to the point where citigroup is now at the lows of when it was during the silicon valley debacle. so call me wary, call me worried. whatever numbers have come out now, i think the market looks forward, and i think there's something going on, and i think we're going to find out in the next two or three months. ashley: all right. we have been warned, gary. dutch, let me bring you in. you say that it's 2022 all over again. oil, you say, the only sector that wants to go up. everything else is a short. is so what breaks that pattern?

>> well, i hope that what we see is the s&p 500 retakes that 4500 level and holds. and if it does, then maybe we've got a shot and this is really just a pullback in a new bull market. that's a, that's a big hope and there's a ways to go to make that happen. [laughter] i looked at the charts, i look at the charts and i see a lot of stocks that are, have ripped off the bottom and then have retraced 50%. generally speaking, that's kind of a time to start to see whether they can hold and whether they might come back. but one of -- talking about what gary's saying is, you know, the bond market does need to catch a bid with, and i think that a lot of the smart bond guys that we know are out trying to raise a billion dollars right now, and there's a reason for that. they see the fed stopping sometime in the next 4-6 months and maybe having to lower which

means that if they've got fresh capital that they can put to work today, they're going to make a lot of money over the next 12 months. ashley: interesting. gary, let me e get back to you on the tech side. you know, to dutch's point, everything's pulled back. we had the magnificent seven, of course. any point that you look at these stocks and say, you know what? they've dropped enough that now they're, you know, worth a nibble and get back in? >> not this second. three weeks ago i put out the note i thought tech was about as extended and overlove and overbought as i've seen in a while, and i got out. the last thing i sold was apple right before earnings and then the rest after earnings. and one interesting thing, a few of them are in bad shape. the biggies, i think amazon anding google are still in good shape. there's been a ton of blow-ups in these software area, semiconductors and the like, and technology is supposed to lead the market both up and down.

and right now it is definitively under pressure. eventually it'll stop, it'll lead another bullish move again. but right now i just think you stay away, let the coast clear. i know nvidia reports next week, and that a may be a biggie, but just overall i'm a bear right now on tech until something gives and something changes. and again, i have to repeat, you're supposed to get big blow-ups in a sector during real bear markets, not bull markets, and that has me scratching the forehead a little bit. ashley: yeah. let me ask you, dutch, about the tech side. you said, look, as we talked about the magnificent seven, are you looking at any of those names in particular to gauge market direction? >> yeah. i look at apple and i look at microsoft. and i figure if those two guys can hold, then the market as a whole can hold. since they're so heavily weighted. gary's right, there have been a lot of blow-ups, and, you know, we're seeing a cascading market

that opens up, all the buy on dinners come in in the morning, and it just sells them off. they get trapped immediately, and that is not the sign of a bull. ashley: let me follow up with you, dutch. do you see a recession early next year, sometime next year? a lot more people are saying it. >> i happen to think that we are going to wake up in 3- 6 months and the fed is going to say, holy moses, what happened? [laughter] the economy will have just screeched to a stop, and they're going to have to lower rates hard. ashley: yeah. i would say you agree with that, gary? >> yeah. and all you have to look at savings rates have are plunged, credit card usage have skyrocketed and the interest rate on credit cards is at a record high. mortgage rates is at a multidecade high. cost of capital, cost of energy going hire, the economy goes lower not to mention -- and i have to use the worth insane

growth of government, deficit and spending by this administration that takes the championship belt away from any other administration, and that's not going to have a good effect as we move forward. [laughter] ashley: i hear you. very quickly, i want to follow up with you, gary, on the housing market. a lot is being said about this. yes, housing starts came in remarkably strong the, but overall this is a market that has been struggling. does that impact the broader economy? >> and it's a real tough market. the housing stocks actually have been strong, and what's happened recently, there's really no inventory because you have people that refinanced and had new mortgages at 3%, and new if they move, it's going -- now if they move, it's going to be 7.5%. that's why that's going on. i'm a big believer that distortion comes from the fed that kept rates too low. and all the distortions the fed created usually ended this trouble. so that's just another thing to watch going forward. if it starts moving the other way, i think it moves pretty

quickly and prices start coming down. ashley: right. and, dutch, let me ask you, get back to energy, oil. you say you're long oil and oil services. anywhere in particular? >> we just liked marathon, we bought a little bit of the oil services, we like those. we have adsi is one of ours. you know, 2022 it was the only sector that went up, and if this is feeling a little like 2022 # even if it's just short term, that's really the only place it's going. as it relates to home builders, we were just on the phone with a number of them this morning, and the bottom line is that they're building inventory. if you look at their balance sheets, their building -- they're building inventory, and their sales are slowing, i think. ashley: yeah. very quickly, one question for you both. dutch, does the fed pause in september or goes for another rate hike? >> well, 90% of traders think that they pause. i, you know -- ashley: yeah.

>> -- they usually do the wrong thing, so i'm kind of in the 10%. i sure hope it's the 90% that's right. [laughter] ashley: very good. gary, what do you say? >> well, they spend their two days playing space invaders during their meetings -- [laughter] and i gather we've got a pause coming, but watch the 10- year yield. if we start seeing 4.5-4.75, 5, that will be indicating inflation's starting to kick into gear again, and they may have a bunch more to do. ashley: fascinating stuff. great conversation, guys. covered a lot of ground. dutch and gary, thanks so much for joining us, do appreciate it. >> thanks, ashley. ashley: now this -- thank you. coinbase in the green after it gets the green light to operate a crypto futures trading service. so is this moment u.s. retail customers have been waiting for in we're going to ask the ceo of crypto exchange kraken next. and by the way, the closing bell rings in about 48 minutes from now. "the claman countdown" coming

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ashley: all right, let's take a look at these markets for you with about 45 minutes left in today's session. we are hitting market lows right now, as you can see. the original low for the dow was down 103. the same story on the s&p and nasdaq, we are down across the board as you can see now. the dow off 158, nasdaq down 134. all of this on fears of more inflation as we get into the fed minutes, the fed appears to be a little divided on where to go here but not providing any sense of direction or clarity for the markets, and they are selling off just a little bit more. >> all right, let's move on. shares of coinbase are flat this

hour, slightly higher by barely a tenth of a percent after the commodities futures trading commission gave it the green light to offer crypto futures trading to retail investors. finish this is the first time a crypto-focused platform will be allowed to offer futures trading alongside the traditional spot trading. joining me now in a fox business exclusive is dave ripley, ceo of the second largest u.s. crypto exchange, kraken. great to have you here with us today, dave. let's start there there. a victory for coinbase today. does kraken plan to offer a crypto futures trading on its platforms? where do you go from here? >> yeah, thanks, ashley. great to be here with you. so it's a great question for us. first of all, always great to see a step forward for anything, any company or or any part of the crypto industry, so we applaud that. it's fantastic. it's actually a great question for us. we've offered futures in

derivatives now for over five years in the crypto spate. we have a license -- space. we have a license entity out of the u.k. actually, a multilateral trading facility where we offer our futures products and derivatives out of that space. and is so we don't offer them in the u.s., of course, that requires the license that you just referenced that coinbase attained and, you know, we're always looking to bring our products to more and more geographies and touch more and more individuals out there, so i can't say anything's imminent for, like, a u.s. entry, but, you know, it's certainly out there for us. ashley: you know, interesting, spot etf trading getting a lot of attention. you've got half a dozen companies now hoping to get approval. however, we've seen delays after delays after delays. when do we get approval in when do you think this could all get rolling or maybe not at all in what are your thoughts? >> yeah. good one. i think, well, the easy question is this: i am certain we will

have a bitcoin etf in the at some point in time. i mean, other countries already offer, have, you know, companies offering these products, europe, the u.k. and elsewhere. we know this firsthand, i know this firsthand because we provide the reference rate the these various different products. our subsidiary cf benchmarks, it's the largest benchmark and indices provider in the crypto space. we also happen to be, kind of have somewhat of a front row seat in that we are the selected reference rate provider for the majority of these etf applications in the u.s. now to the harder question, when is that actually going to happe- [laughter] you know, right now the sec, yeah, predictable, i don't think is the best adjective to -- [laughter] describe them. ashley: no. >> you know, i'm hopeful it'll be, or i'm hopeful one of these that are in the queue or several

of them, actually, will get through. i think it's possible this year even with greater possibility that we'll see it at least by sometime next year. ashley: how has the crypto space in general, dave, recover from the ftx collapse, debacle, whatever you want to call it? there was certainly a lot of people saying, ark h, told you -- ah, told you, there's all sorts of shenanigans going on in this space, but has that kind of been pushed to the side? is there, you know, what has been the fallout from that? >> yeah, you know, it's a little bit of both. i mean, we call it a debacle, a fraud as well, right? i mean -- ashley: yeah. >> -- incredibly unfortunate, you know, to frankly see this happen anywhere. this guy who came from traditional finance and came into the crypto space, it kind of hits us pretty hard to see this happen. you know, are we fully past it? in some ways, you know, look, you know, it was never really an issue of bitcoin or

cryptocurrency, it was an issue of a fraudulent, trusted third party which is precisely what bitcoin and crypto looks to remove. and that is the long, long-term path, right, that we see for crypto. you know, frankly, you know, when there are trusted third parties like this, in some ways i hope we never forget, right? we never forget that -- ashley: yeah. >> -- that this is endemic to a trust third party. but, you know -- trusted third party. innovations are moving on and are going to continue to move on. ashley: very good. of course, a big question mark,day, has always been regulation. this is a number of bills being debated in congress. what's your take the on that, and could this put, you know, is your concern it could put a bit of a stranglehold on the crypto market? where are we headed there, do you have any clarity? >> yeah. well, this is a good one.

i think -- [laughter] yeah, you kind of always see, you know, there is that will regulation strangle an industry, any industry, whether it's, you know, financial services or transportation or you name it and so forth. in this particular instance, we do see that regulation is coming, right? you know, across the board. ashley: right. >> europe alreadied had their framework defined. canada's already in implementation mode. u.k. has taken a fairly thoughtful path to building out their regulation. the u.s., you know, we're kind of stuck in the mire of lack of clarity and so forth. so what does that mean? it means that these bills, you know, from our standpoint, they're positives. they're positives. you know, the bill that we see today in the house and there's one in the senate, they're positive for the space, provide clarity and,ly, regulation -- frankly, regulation the right

way as opposed to kind of regulation by enforcement which is really hurting everybody out there. ashley: yeah. i hear you. before we go, dave, i just want to say this, kraken just celebrated its 12- year an resterly. congratulations on that. you -- anniversary. you just recently took the reins as ceo. what's your top priority as it stands? >> yeah. well, thanks, congrats to all the kraken jites as we affectionately call them on the 12-year anniversary. yeah, i think going forward for kraken, you know, it's a number of different things. one, we start with the mission, and so so that's going to be unchanged with the -- with me coming in as ceo. this is about advancing cryptocurrency adoption the achieve economic freedom. ashley: right. >> and for us it's both focusing on the fundamentals which are a lot of what brought us through the, you know, the past 12 years putting clients first, focus on security, you know?

really looking to develop a strong9 platform. but also at the same time embracing all the fantastic innovation of this space. ashley: right. >> bitcoin and crypto. we've made a lot of these innovations accessible and we're going to look to do more of that. ashley: we wish you the very best on that. dave ripley, head krakenite joining us on this wednesday. dave, thanks so much. appreciate your time. interesting conversation. thank you. former nfl star michael oher blindsided the or world when he accused the family behind the famed "blind side" movie of using him to make big bucks. well, now the tuohy family is fighting back. plus, the closing bell ringing now in about 36 minutes. the dow, the s&p and the nasdaq all moving lower. we'll be right back. ♪ ♪

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ashley: all right, fox business alert for you as we head towards the last half hour of trading, the major markets down across the board as you can see. the dow off 164 points, the nasdaq also down 130 points, good for about a 1% drop. meantime, tower semi is getting knocked over at this hour after intel walked away from its $5.4 billion offer to buy the israeli chipmaker. reuters saying the chinese regulators did not approve the deal before a crucial deadline. the proposed purchase was part

of intel's further push into the semiconductor world. now intel will have to pay tower semi a termination fee of $353 million. both stocks down, tower down # 11 #.5%, intel up 3.5%. tesla's stock also, let's take a look at tesla if we can, downpr. the ev maker lowering the prices of the model s by about $960 #0 and the model x by about $8 a 500. this comes less than a week after tesla announced discounts and an insurance subsidy on the model 3 in china. to retail, shareses of tj maxx parent company tjx are hitting a record after the retailer raised its outlook for fiscal year 2024. the stock up 4. tjx reported $12.8 billion in second quarter sales and adjusted earnings per share of 85 cents beating on both the top

and bottom line. and meantime, how about this? it's the rare that a company beats on top and bottom line earnings and then the stock goes lower, well, guess what? shares of jack henry plummeting this afternoon, have been all day, after of the financial tech provider gave 2024 guidance lower than expectations. the tock off 6% -- the stock off 6%, and there you have some of the highlights of some of the trading today. now this kind of weird, interesting, sad story i guess you could say. former nfl player michael to her whose story inspired "the blind side" is now being accused of a $15 is million shakedown by the tuohy family. my goodness. let's go live to jerry will race in the fox business newsroom who has been following this saga every step of the way. >> reporter: hi, ash. that's right. in response to the tuohy family accusation, michael oher attorney don barrett telling nbc news this, quote, we try case in

the courtroom based on facts. we have confidence in our judicial system and in our client, michael oher. we believe that justice will be served in the courtroom, and we hope to get there quickly. now, a lawyer for sean and leanne tuohy alleging a shakedown after michael oher filed a petition to end his conservatorship claiming he learned only this years that the family never legally continued him -- adopted him. the dispute has ignited a firestorm on social media, as you might guess. some posts saying sandra bullock should return the oscar she won for portraying leanne tuohy, but the star who played michael to her defends sandra bullock adding that he was shocked by the unfortunate 4r5u9. -- lawsuit. listen. >> you know, we live in a society today where people are so hell bent on pointing blame on people. and to make a statement like that doesn't make any sense. sandra bullock didn't have anything to do with the real

story. we are reading, you know, as of right now. >> reporter: now, the tuohy family attorney calling oher's accusations hurtful and absurd and saying the former nfl-er received an equal cut of every penny. the proceeds, he says, were $14,000 each and michael was paid as well. but according to oher's petition, the tuohys were paid $225,000 plus the -- 2.5%069 film's define -- 2.5% of the film's defined net proceeds. toher -- oher is asking to be paid a fair hair of the profits along with damages. the tuohys will defend their names. meanwhile, get this, a 2017 video from the reality tv show below deck, that surfaced showing sean i tuohy saying he

negotiate with steven spielberg and harvey weinstein for the rights to their story, so there's a new twist every 5-10 minutes, ash. [laughter] ashley: yeah. think you're going to be on this one for a while, gerri. fascinating. you know, it's sad really because it was such an inspirational story, but oh well. thank you very much, i'm sure there's more to come. thank you. an i.t. services company is up 45% year to date with ties to companies like microsoft and amazon web services. kind rell's ceo joins us next with his take on a.i. and i.t. spending, fyi. the closing bell rings in about 25, 26 minutes from now. we'll be right back. ♪ ♪ you can't buy great conversations or moments that matter,

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ashley: big news in the tech sector from i.t. services company kyndryl. it just signed a deal with a nonprofit health care system in rhode island. kind cell spun off from ibm in 20211 and has some big name tech partners such as microsoft and amazon web services to name a few. the stock, by the way, year to date has charged up over 45%. today slightly down in a down market, but it's been a good run. the ceo, martin is schroeder, joins me now in a fox business exclusive. great to have you along, martin. now, before we go any further, could you explain to our viewers exactly what kyndryl does? what does it do? >> sure. sure. thank you, ashley. thanks for the opportunity to talk a bit about kyndryl. ashley: yeah. >> kyndryl is the world's largest i.t. infrastructure services provide orer, and what that means is that we run the infrastructure that runs the

banking systems, that runs the supply chains, that runs the airline reservation systems, that runs the mobile phone carriers. we run their infrastructure. every one of those organizations has applications. those applications need to sit on a set of servers and storage and be connected and be protected and be resilient. and we make that happen. we're, like i said, the largest in the world by about 2x. but we sit at the heart of the digital economy. we are the company that makes the digital infrastructure work for the companies that matter. ashley: that's very impressive. i want to get into the area of artificial intelligence. obviously, generative a.i., a lot of interest in this space. it's just really developing. is the, has the technology proven itself already are, or are we just in such the early days? and what's the potential, i guess, is my question. >> yeah. it's a great question and one

that we're spending a lot of time with our customers on. so, look, for us a.i., artificial intelligence, shows up in a couple of places. a.i. sits at the heart of our kyndryl bridge platform which is how we deliver our services to our customers. and again, because we're the largest, we know more about how applications in certain environments connected across different clouds, how they work and how they interact. so for us, our a.i. allows us to help our customers automate their system, helps make them more resilient and reduce their operational risk. that's a big part of how we run kyndryl. at the same time, our customers are interested in understanding how they can use a.i. including, as you said, including generative a.i. and while it's still in the early science experience phase for most of our customers, all of the work that has to happen in order to even do a science

ebb peopler again -- experiment again for our kinds of systems including how do you architect the data to make sure you have the right data, how do you make sure it's secure? because in order to use these a.i. systems, you have to move your data around. and once again because we're mission critical, if you ever got to a production use case again for us it would be helping our customers make those systems resilient because once you move into production, it sets an expectation for customers that you're always going to be able to use this. ashley: that's right. >> so for us, it sits at not only the heart of how we work but it also represents a a really good opportunity to grow as we help our customers undertake this journey as well. we made an announcement last week with microsoft, one of our bigger partners, a very important partner in helping our joint customers, microsoft and kyndryl joint customers of which there are many, help them start this journey by architecting

their data, by making it secure and resilient. so this is a huge opportunity not only for the world, but we sit at the heart of the beginning of that journey for most of our customers. ashley: wow. yeah, it's fascinating too. martin, i was going to ask you how the economic picture affects your business, but i would assume based on what you said that if the company's, even if it's tough with these high interest rates, they want to spend money on critical infrastructure, to use your expression. so i'm assuming that because of the services you provide, this is not something they're going to cut back on. >> well, you're absolutely right, ashley. so, you know, the nature of the work we do, the mission critical nature of it says we are somewhat insulated from the macro. having said that, it is an opportunity for us to help our customers run more efficiently because they still want to take advantage of the innovation they see in the technology world. so it really plays this kind of an economic environment really

plays to our strength. so we can help our customers think about how to do things more efficiently, we can help them think about how do they free up some money even though mission critical is insulate from the general macro trends, they still want to invest in a.i. and no matter a what happens in some of those more project type work, you know, a lot of our capabilities are around security and resiliency and reaching the edge of their infrastructures with their data, and there's not going to be, there's not going to be a recession coming in cybersecurity no matter what happens. [laughter] so what we do, the nature of what we do -- ashley: that's for sure. >> -- insulates us. ashley: martin schroeder, ceo of kyndryl, congratulationses on the success of the company and thanks for joining us this afternoon, martin. we do appreciate it. >> thanks, ashley. ashley: okay. thank you. investor appetite being whetted for mediterranean food chain

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♪. ashley: some breaking news for you, hawaiian electric resumed trading after it was halted for volatility. the stock was down 5%. "wall street journal" reported that electric firms. speaking with firms that specialize restructuring advisory work and exploring their options to address the utility's financial and legal challenges in the wake of the maui wildfires. hawaiian electric facing a sell off in its stocks and bonds. it is hit with lawsuits, that its actions before and during the wildfires exacerbated the maui residents suffered. the stock has resumed trading. meanwhile, let's look at the carver group at this hour after

the mediterranean taunt group announced it is first report since the ipo back in june. the carver reported 21 cents earnings per share in the fiscal second quarter, significantly beating estimates after two cent loss. it also reported near $173 billion in revenue. that is 62.7% jump from the last quarter, all very positive. joining me now, carver group cofounder and ceo, bret shulman. bret, congratulations. what is the behind these results at a time when we all know people are feeling the pinch because of inflation and all sorts of other headwinds but your restaurant chain seems to be attracting the dollars. what do you put it down to? >> thanks, ashley. good to be here. i think it is a credit to our team. it is a credit to the results they were able to deliver in the quarter and it is also a

reflection of receptivity to mediterranean cuisine. this adventurous bold favor food satisfying meets needs for the modern consumer, whether health and wealth perspective and changing pallets of our country as it gets more diverse. whether vegetarian or whether you want spicy meatballs and crazy fetta we're able to meet those diversity. ashley: are you saying it is a higher end price point? you would think maybe with people feeling the pinch but you may see fewer customers but that's not the case? >> we've been mindful of all the building economic headwinds that our guests are dealing with outside of the calf have experience. they have focused putting best

value proposition forward for our guest. we're seeing that resonate. we operate in 24 states now. we opened two new states in missouri and rhode island and those states we operate in are all across the country. within those states we not only operate within the city, suburbs, small town environments. we're seeing our food resonate, our cuisine resonate, not just with a broad variety of demographics, we're seeing it really resonate across a broad variety of income strata. ashley: it is interesting. you have 279 locations across the earth or thereabouts. how big of an expansion are you planning, brett? >> we talked about we have a y 32. we had significant growth last few years but forward growth annual basis of 15% plus every year from here forward.

ashley: it is a fast casual restaurant chain. is it franchised out? can someone become a franchisee? >> we're all corporate owned. we do have one partner. ashley: okay. >> airport here, reagan airport, a few more airport locations licensed but all of our other restaurants we're focused on corporate ownership. ashley: i want to get into this issue a little bit. as you expand, obviously you are expanding, have you had trouble finding staff? we speak to a lot of company owners, business owners who say the hardest thing that they face is being able to fully staff their business. have you had that problem? >> we've seen the labor pool really deepening and widening. at cava we talk about we want a place where our team members can build a career, not just have a job. we've been able to attract, retain team members. our staffing levels at every restaurant are at full

compliment and those full compliments are significantly higher than 2019. keep in mind our auvs have grown, average unit volumes grown significantly since then. we have higher staffing levels since 2019. we feel good where we stand from a team member standpoint. ashley: very good. what about the use of artificial intelligence? we talk about staffing and you know, automation is certainly becoming a part of the restaurant space. how are you using a.i.? what are your plans for that? >> yeah, when we think about generative a.i. we really think about technology to enhance the human experience, not necessarily replace it. you can imagine think about it in terms how we free up our team members to deliver the mediterranean way, the great cava hospitality and great cuisine every night. taking complex tasks off of their plate. inventory management, labor scheduling, kitchen, prep

production, cook production, that frees them up to be forward facing to our guests, engaging them to deliver hospitality and great food. ashley: congratulations on the success and continued expansion. thanks for chatting with us. brett shulman, ceo, cofounder of the cava group. thank you so much, brett the, appreciate it. the closing bell rings about four minutes from now, 3 1/2 minutes. we know the dow, s&p, nasdaq on pace for a second down day in a row. there you have it the nasdaq off 150 points. we have been hearing traders on the show pronounce cash is king. our "countdown closer" says there is a way to crown your cash investments. isn't that clever? we have meghan hornman. cash is king, i get that. what kind of money market do you look at to get the most out of that money, that cash? >> you don't really have to take

any risk in the money markets or even using like a sweep account at your investment firm. the money markets are giving you a little bit more yield. you're not taking on anymore risk there they're offering five, upward percent yield. i don't see any reason at this point with the market the way it is, it is facing technical challenges, it is facing seasonality challenges and i think it is facing fundamental challenges. you need to be aggressive here. park the money in cash. have the dry powder. wait for pullbacks we think will come. we're seeing that the past couple days and be able to deploy that? >> do you see a recession coming next year? more and more people have said that. are you in that camp? >> we've been in the camp for a while despite some of the resiliency we've seen in the economy. there is way too many things we think are tacking up against the economy. remember that monetary policy acts with a lag. we haven't felt the full eel effects of that and after the

minutes today the fed may not be done. this is an issue for the economy. tight lending conditions, historically they always lead to a recession or high unemployment. then the consumer is our biggest concern. they have been very resilient. but they're doing spending using credit cards at record high rate. you're looking at what we think oil prices will continue to weigh on discretionary spending. you have the student loan payments. all of this coming second half of the year. we think there is recession second half of this year or early next year. ashley: so you're in the defensive camp until further notice. is there anything that could signal a turnaround in that strategy? >> right now it would have to be the fed and that's going to be from inflation. ashley: yeah. >> and unfortunately inflation is coming down. it is coming down at a steady pace. that's good news for the fed but when you look at an equity market that is up 16% year-to-date and you're looking at consumers still spending very

resilient and a tight labor market the fed can't take their foot off the gas. we don't think until the fed, there is some actual sign that the fed can really pivot and a pause is not a pivot but where they can pivot, that will get us more optimistic about the equity market. ashley: very interesting stuff. caution is the word. meghan hornman, thank you very much for joining us. we appreciate it. as we head towards the end of today's session. we have what, 25 seconds before the closing bell. all the major indices on pace to close lower. you can see the dow off 173 points, s&p and nasdaq posting losses in three of the last four days. [closing bell rings] as we head towards the close that will do it for the "claman countdown," guess what? david asman coming up next on "kudlow." ♪. david: hello, everyone, and welcome to a special edition of "kudlow," i'm david asman in for larry kudlow. president biden taking a