i'm looking straight at the democrats, they doesn't put up any sort of fight for those extra s.n.a.p. benefits that expired last year. get them -- people on the economic ladder, but there was little protest at the same time the huge effort to pay student loans, even to go against the supreme court. it really boggles the mind the white house thought that was more important than the fact that the average household that was on food stamps lost $95, but some lost as much as $a 25 the 0. so here's the problem, when politicians take your rote for granted, they can tell you to eat cake even when your stomach is growling. ultimately, folks, you have to decide what kind of country you want to live in, one that's seeing poor people suffer like this or another where maybe you can pull yourself up by the boot straps. liz claman, over to you. liz: yeah. charles, we've got our eye on two major stories we're following as we kick off the final hour of trade. stocks on track for their fourth straight day of gains.

the s&p, which is up right now about 19 points, has climbed above 4500. it's at 4517 at the moment. and you see that nasdaq, 82-point gain. if we close anywhere in the green, that will mark the seventh win out of eight for the tech-heavy index. and breaking news, hurricane idalia right now blasting over waycross, georgia. the now-category one storm has triggered 15 tornado warnings in its wake and a 16th with storm surge -- 16-foot storm surge has left huge swaths underwater. coming up, we're going to take you live to both georgia and florida for the very latest and show you the damage and show you what is coming right now especially in georgia. now, we can tell you that right now natural gas prices are moving higher by about 4.8%. they stand at $2.79 per million british thermal units, and crude oil well above with $81 a barrel, 8. 63 in the -- 81.63 for a gain of half a percent.

of course, the gulf of mexico is the nation's primary offshore source of oil and gas generating about 997%over of all -- 97% of outer shelf u.s. oil and gas production. kinder to morgan began shuttering operations before the hurricane hit the gulf this morning. all right, back to these back to back to back rallies. even the russell 2000s in the green by 9 points. for the week the small and mid caps are actually on track for a 2.8% gain, but that does not erase a very ugly august that they have endured. the russell has lost about 4.8% month alone. but let's talk about today and this very moment. the big drivers, desirable data. preliminary second quarter gdp coming in at 2.1%. that's weaker ap than expected at 2.4%. and hen you pair that with the adp private payrolls report, this is the precursor to friday july's -- friday's july jobs

report, 1 is 77,000 versus 195,000 estimated. now, slowing growth is desirable because it may signal the federal reserve will end its interest rate tightening cycle soon. i wouldn't bet on it though, but you never know. and for now i the benchmark 10-year yield falling about 1 basis point to 4.113%, definitely still higher than what we saw the last day of july. and hen the 2-year. so the 2-year note well below the 5.1% touched just as recently as 48 hours ago, monday. 2-year right now, 4.88%. but all of this could change tomorrow. let's get right to the floor show. joining me now, cio jack avenue lin and trader sarge guilfoyle. sarge, we're getting some important data points tomorrow. so far this week we've gotten the bad is good data from the alphabet suit of the numbers. soup of the numbers.

but tomorrow's pce inflation numbers -- that, of course, is the the fed's preferred inflation report -- and then we've got friday's july jobs report, how are you positioning ahead of that? >> well, i'm trying to be very careful because what we have is also very light volume. we did get some volume-based confirmation, so this little rally is real. but we don't have the kind of volume we like to see because it is a holiday weekend. so as we get closer to the more important, more impactful data a the, we actually have less participants in the marketplace which is kind of a dangerous thing. so i am trading some of these names that are reporting tonight. i am playing the game. but going into thursday and friday, i am going to be much more or cautious, increasing my cash position going into the weekend. liz: jack, a win is a win at least the at the moment. four in a row. is it too late now with four days in of bull runs to go risk on? you tell me what you're thinking as somebody who's got a lot of

experience and a lot of assets under management9. >> yeah. i mean, i think if you strip away and look at the average stock in the market, they are reasonably priced. you know, we use the 10-year bbb bond yield as a good guide for where the multiple, the earnings multiple should be. and it's telling us that it should be around 17 times. well, you look at the s&p, it's over 20 times. however, the average stock is trading around 17 times which says, okay, i think it's not a bad place to be. we did have a bull position that we put into the market over the last week or so, so i think that is consistent with, you know, kind of this neutral weighting that we have on equities altogether. liz: well, it's kind of interesting, guys, to see that apple is a big leader today. of course, it's heavily weighted for the s&p and the nasdaq. the magnificent seven are still all pretty powerful, are they not, sarge? is and do you pick up some of those names even though perhaps they're in the green? your looking -- you're looking

at of course that, crowdstrike -- okta, couldstrike, chewy. >> i'm long salesforce and crowdstrike, and i have a couple of options plays around that that trade. i'm loaded for bear. not bears, but bear for tonight. [laughter] as far as the magnificent seven, you know, nvidia's basically paid my family this year, so is if i ever meet the ceo, i'm going to shake his hand. i'm still in that name. amd is a related name, that's also been another very good name. i don't know if you want to pay these prices for the magnificent seven, but as jack said, you may want to pay these prices for the insignificant 493, because there are a lot of decent stocks in there fundamentally value ised. liz: oh, absolutely. price to earnings ratio for nvidia right now is at 119. jack, what makes most investment sense to you right now? >> sure. so, you know, we still have to grapple with these higher yields, these higher cost to capital that's going to filter

through corporate america. in fact, if you look at, for example, high-yield bonds, we have roughly a trillion dollars of high-yield bond maturities coming due over the next few years that are going to have to be refinanced between two and three percentage points high or than where those cue to upons are right now. -- coupons right now. so that means quality, quality, quality. we want the highest quality names, and we want companies that have strong, consistent dividend growth. and so that's really the theme we've played so far this year. that strategy isn't up 20%, but it is around 11%, and it's still pretty solid growers with what we believe less downside risk. liz: you're talking about dividend growers like the aristocrats, or are you -- you're not talking about the high-yield dividends, because they've been pretty ugly. >> right. no, this would be dave can tend growers hike -- dividend growers like the aristocrats, but the strategy is not exactly what we're focused on.

we're positioned primarily on quality that does have those aristocrat characteristics. liz: well, look, utilities tend to have a lot of decent dividend-paying opportunity, and i know that verizon and at&t just got upgrades. but is it that? is there a particular sector that you look at? because the energy names have good dividends too. >> yeah, they do, but they don't have, unfortunately, the quality that we're looking for. so, yeah, there is some tech. you know, apple, microsoft do have solid dividend strength. companies like chevron, you know, a solid player in the energy space that's had, you know, a generous dividend but has also had dividend growth well in excess of inflation. so those kinds of names. we like around. arthel: -- archer daniels midland, same thing. generous dividend, strong growth. and then also mccormack, the spice brand. there's a company that is a small cost in the overall

production of food. they have a lot of pricing power, and they have a strong dividend growth history as well. liz: yeah. and you wouldn't be buying these at the highs of the year. i'm looking at adm, it's down about 12% which is not the worst thing in the world. this is actually up 7% this quarter. but, yeah, we don't want to be buying at the height just for that dividend. a good to see you both, thank you very much, sarge and jack. all right, to hurricane idalia, now a category one storm that is streaking right over georgia. and, by the way, guys, if you think cat one is not powerful, just look at this. an enormous i tree upthatted in sol dos that -- uprooted in value dos that, georgia, this afternoon. take a look at a the live conditions of where it's going next, south carolina. you can't even see hilton head at this very moment. for those of you who don't mow the area, it's an island in part of south carolina's low country. you can see the area is

experiencing heavy rain, extremely rough surf, high winds. i don't see anybody out there, and that's a good thing. let's go back to georgia where more than 100,000 people have lost power already, and now residents from florida through the carolinas also is are to worry about risk. c.b. cotton is live in savannah, which is expected, i guess, to see the most dangerous impact, when, just around 8 p.m. eastern? >> reporter: hi, liz. that's correct. this region of the state is definitely, it's been predicted to really feel the major impacts from this storm. and you know, liz, even though it's been the story of on and off conditions all throughout the day, a mix of strong wind gusts and heavy rainfall, we're really feeling that right now, governor brian kemp is reminding everyone we're not in the clear yet, and there are dangers still out there. listen. >> it does not mean that there's not, can't be trees coming down late this afternoon, early this evening in places like savannah,

chatham county and power lines coming down. it's still a very dangerous situation that people need to prepare for as the storm moves through the state. >> reporter: now, with the eye of hurricane idalia crossing into southern georgia, winds topped 100 miles per hour, uprooting trees and blowing roofs off buildings. power lines caused some traffic impact. officials now routeing northbound traffic off i-75 at one of the exits there. tornado watches and storm surge warnings remain in effect as hurricane idalia passes over southeast and coastal georgia, and savannah specifically state and city leaders are keeping their eyes on flooding risk as heavy rainfall coincides with this evening's high tide. people tell us, you know, they've had to really prepare early. >> started on monday preparing. i did the caulking monday when it was still hot and sunny. so depending on when people

started preparing is whether or not they'll be ready. >> reporter: now, as this heavy rainfall continues, people are being urged to avoid low-lying areas where you'll find that standing water because there is a risk that there may be a downed power line in that water. liz, back to you. liz: c.b., take good care. thank you very much for the latest coverage. download the fox weather app, foxweather.com. it has everything you need, especially that up to the second location and the radar, everything that you need. look, you can tell a lot about a tock sector by looking -- stock sector by looking at its job growth. in that adp number we got today, it was education and health services that saw 52,000 private payrolls added during august, the largest gains on a sector basis. so specifically, could health care buck up broader economic -- buck a broader economic slowdown? up next, the ceo of global health care company is here to

discuss major developments in the space. the big changes underway at the company and whether ozempic really is creating fat profit margins. with the closing bell ringing in 48 minutes, the dow jones industrials on pace for their longest winning streak since july 26th led right now by apple and home depot. and, by the way, home depot, hd, is expected to see a spike in sales as rebuilding efforts begin after hurricane idalia. later we're going to take you live to the very town where the storm made handfall. "claman countdown" coming right back. dow's up 51 points. ♪

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[background sounds] liz: global drug distributing giant aher source bergin wringing -- ringing the bell this morning in honor of a new moniker. the company has now officially changed its name to cencora and will now begin trading under the ticker symbol cor. ceo steve collis is here to give us insight into the major headlines in the last 4 hours in the world -- 24 hours not the least of which is the biden administration just named 10 high-cost medicines that will now be subject to negotiation with medicare. a a lot gown -- going on in your world. >> there always is. and we are proud to be a part of this industry which we think is probably foremost in innovation with the tech sector in the u.s. economy. and, you know, the ira negotiations have been, of course, much publicized, and we stand to believe that that

pharmaceuticals are the most efficient form of health care. we have a lot of confidence that our model's very resilient, our manufacturing community's very resilient and we'll continue to innovate. we'll see how this all plays out. lots of journey still on this. liz: right. let's be clear, you guys are in the pharmaceutical services business, and it's really important to to focus on the fact that what you do is very much a part of the the entire world of pharma. but how does something like the medicare changes where they'll now be, all of these drugs -- and we just put up the 10, i think we can show them again. some are blood thinners, others for die can beets. millions and millions of americans need them -- diabetes. xarelto, jar decency, they will now be subject to that, how will these negotiations impact you at cencora? >> cencora, i nearly said -- [laughter] liz: i know, i almost did too.

>> we try to to follow the prescription dollar. so we have some of the best, most prolific customers in health care particularly in the united states and in europe. we serve independent pharmacies. so we want to service the prescription dollar. and, you know, we believe that the prescription dollars will begin -- continue to flow -- liz: no matter if there's negotiation. >> absolutely. because prescriptions are the most efficient form of health care, and we represent so much of the sector, you know, whether it's the largest health systems or it's community pardon me sayses or it's large chains -- pharmacies or large chains like walgreens on benefit management companies like express scripps cigna, so we are, you know, our role is very important in the infrastructure. hence, the name cencora, because we want to believe we are central to the health care economies. that's why we just more and more love this name. a good depiction of what what we do. liz: i was wondering about that, cencora -- >> yeah. liz: core, center. >> that's right. liz: you've got a lot of

employees, what, 46,000? >> 46,000. 60% are outside the united states. liz: i want to keep on this issue of cost because t not just the federal -- it's not just the federal government that is tackling drug prices. the state of texas is in the very early stages of basically, in just two days i guess the bill goes into effect, of a program where eventually it will enable the state to negotiate with canada to lower prices. so they're going to bypass the u.s. prices which are among the highest in the world, and so now you've got states saying, forget it, it's ooh too high for americans. we're going to do what we can. >> a lot of consumers, a lot of people in the industries in general are surprised that only 15% of health care spending is prescription drugs. it's about 15%. actually, we're below some other countries in the world. the idea of texas negotiating, it doesn't really make sense. i lived in texas for 14 or years, loved living in dallas. so, you know --

liz: why? canada's drug prices are three times less -- >> 90% of our prescriptions are generic, and our generic processes are very efficient. i think a lot of the attention goes to specialty. and we do, you know, american -- america hopes to fund a lot of the innovation in the health care. liz: i get that. my dad was a doctor, and is i've been at merck, ooh ivan watched -- i've watched how it took people 17 years to develop a drug. they should with rewarded financially, but what i'm hearing you say is even with the new rules there is an opportunity to still make enough money. that brings me to ozempic. ozempic is this wildly popular diabetes drug that that a lot of people are using for weight process. i mean, their wait list, wegovy is another form of it. your cfo was, in essence, saying the profit margins aren't as great when you really get down to brass with taxes about this stuff. >> we have a very complicated contract process with our customers, and it reflects the

different classes of trade that we serve, the different categorieses of products. ozempic is a refrigerated product, so the handling costs are a bit larger. and generally what we call the part d drugs, the self-administered drugs, it's high volume. a the margins for us are, they are profitable for us, but they are not as profitable as our overall business. but we all, we'll do fine, be happy to partner with the gate innovators in this industry. we have a lot of attention focused on specialty medications, on seven gene therapies where we have unique practices. we hike our commercialization services business which helps manufacturers commercialize their products, creates access for patients. so we, you know, i'm very proud of how the company has deployed capital, how we've deployed resources and, you know, we'll continue to find that prescription dollar, and we'll continue to be an integral part of this community. liz: $ -- quarterly earnings

growth of 17% over the full year. i get that you're a great investment, certainly, as people are looking for that type of thing. but as we finish up, we need more pharmacists. you look at what walmart announced yesterday where they're trying to get people to, pharmacists to take fewer hours, they're working 80-hour workweeks? what's -- we have a problem that's kind of serious here. >> there are problems with the health care labor market. so what cencora can try to do is have our customers be more efficient. we think that we can do more. so let me just talk about manager that's dear to my heart, community pharmacy. we have our good neighbor pharmacy network, over 4,000 pharmacies. those are pharmacies in the community, and we help them be more efficient. we help them manage their patients better, we help them with refills better. so we want to help pharmacists be more productive, and that's a big part of what we want to do

in our future. liz: everybody, be nice to your pharmacist, they are overworked. i have seen that. thank you so much. >> it was a pleasure to be on again. liz: the new cencora rah, and thank you about florida. yeah, we're very worried about everybody in florida, georgia, the carolinas. >> thank you. liz: ahead of the settlement that set cryptos ablaze yesterday, grayscale, bitcoin trust securing a key victory against the securities and exchange commission for its bitcoin spot etf. ceo michael sunnen shine joins us live on set with charlie gasparino to talk more about the next step. this isn't necessarily an absolute green light for his bitcoin etf. we shall see what he expects is going to happen sooner rather than later. closing bell, 36 minutes away. dow, s&p, nasdaq looking to secure four wins in a row, but the major averages still down for the month of august.

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petition for the securities and exchange commission to reconsider its application to convert its grayscale trust into a bitcoin spot etf. could be the first, we don't know yet, but the price of gbtc surged 18% to more than $21 is on the news. the highest it's been since bitcoin hit $31,000 back in july. right now grayscale down about 4%, but, hey, $19.73 is still well up there. all of this happening as we are two days away from a possible response from the sec to bitcoin spot etf filings are from bitwise, back rock, van ec, wisdom tree and invesco. but the guy of the moment is right here. he's grayscale's ceo michael sonnenshein, and charlie gasparino joins us. congratulations. have you heard -- >> thank you. liz: -- have you talked to the sec chair, gary gensler, since this ruling? >> i have not. [laughter] liz: i had not. >>, no, no, a good place to

start. yesterday was a tremendous victory for our investors, the investment community as a whole. there are countless investors that have been waiting for the protections of the e, the -- etf wrapper, and yesterday represents the culmination of years of work that takes us one step closer to a bitcoin etf being a reality. >> have you talked to the larry fink? we had him on -- liz: oh, he was given a huge thumb's up. >> i have not spoken to larry, no. >> okay. you guys are theoretically competitors, right? >> we are prepared for a world in which there are multiple spot bitcoin products, so certainly the advent of other people launching products would make for a competitive landscape. >> let me ask you this, maybe you can help -- if gary gensler would come on, i'd ask him. what was the opposition to this? now, i get the opposition to ripple. i understand -- and judge torres' ruling was kind of, like, bizarre in so many different ways. so i get why the sec thinks

ripple and xrb, its native coin, is a security for a lot of reasons. hay sold it, they build stuff out with it, i get it. i could never understand this wunsch bitcoin -- this one. bitcoin is a, is basically sanctioned by -- stamped by the sec as being okay, right? they say it's a commodity. gary gensler has said it. trading it over an an exchange on an etf kind of takes the sam bankman-fried element out of it, doesn't it? what was their rationale? >> so the only rationale that i can share with you all today and all your viewers is what they've put in their denial orders. they have had fears around risk of manipulation and fraud in the underlying bitcoin market and that that couldn't be adequately protected against should bitcoin be inside of the etf wrapper. >> so in the bitcoin market as it's trading, fraud in the trading. >> that is their speculation that they're -- >> wow. >> it wouldn't be sufficient

protections to thwart -- >> in trading. >> correct. >> why do they allow futures then? >> a great question. >> i mean, a bitcoin future, that's the whole thing. >> absolutely. >> you can buy this via a bitcoin futures product. >> and that's really the basis of the lawsuit. the sec changed its position, it green lit several futures-based etfs, and the argument we made was those bitcoin futures contracts derive their pricing from the underlying coin market and that the cme group have surveillance sharing agreements in place with places like the new york stock exchange where gbtc would be trading as an etf. liz: you can appealing this ruling from questioned that was in your favor. you know they probably will because they want to make their point about this. how much have you spent in legal fees? you are a publicly-traded company. i would imagine that you disclosed some of that, but this is getting expensive, is it not? >> so this has been years and years of work.

gbtc is obviously a public investment vehicle, grayscale is a private company. we find ourselves, actually, today is day 1 of a 45-day period during which the sec has the ability to request a rehearing. during that time period our plan so to, of course, proactively work with the sec, try and expeditiously moving to converting to an etf, but we ultimately do have to wait for that 45-day period to have that final mandate -- >> we should probably unpack that legal strategy a little bit. just based on what i know, judge torres' ruling on ripple was mixed. half of it was a security, it was all over the place. there's daylight to appeal that. >> not here. [laughter] >> explain it. it was, like, all three judges, right? >> so this lawsuit was preside over in the d.c. circuit court of appeals, there was a three-judge panel. they unanimously agreed with the arguments that that our attorneys presented to the cour- liz: which specifically were that the sec was treating other

similar products better than they were you -- >> correct. liz: that you were separate in some way. >> correct. >> futures products. >> correct. that they had created an arbitrary and ca capricious decision. >> what they would say in their defense is that futures products are used by more sophisticated investors who can maybe understand the risk better. it's a spot, you know, and shenanigans -- >> but that's not the question here. the question was about pricing and the underlying price, right? so the fact that they were treating two alike products disparately, right, that's a violation of the apa. >> i'm not saying i agree, i'm just telling -- [laughter] liz: okay. if you had to bet right now, are you going to be the first? because this friday, obviously, they have to come up with some response to everyone. do you think you still have the best shot at being the first spot bitcoin etf? >> there's quite a lot of differentiation amongst the players trying to bring products to market.

the grayscale bitcoin trust is the largest in the world, it owns over 3% of the bitcoin outstanding. it's been around for almost 10 is years at this point, and all the other products trying to launch are merely ideas on paper, many of them actually having gbtc pave the way for them, disclosures, reporting, etc. so we are prepared for a world in which there are multiple spo- >> having blackrock on your side is going to help you. and here's what people are forgetting, larry fink is very close to the biden administration. i'm not saying they're not going to appeal, they probably will appeal. but if they done, i bet you larry picked up that phone. >> we shall see. liz: michael, thank you very much. >> thank you. liz: michael sonnenshein. you were just here a couple of week weeks ago. you were pretty confident. charlie, thanks. we're going to continue to follow hurricane idalia as it makes its way right now over georgia and is heading, as you see right there, toward charleston, south carolina, and the other areas of theline.

but the nightmare far from over in the big bend region of florida. next, we are going to take you live to look at the damages there and the search and rescue that is underway right now. insurance firm allstate hitting a session high in the final hour of trade. currently, it is moving up about 3.25% as insurer -- insurance providers will likely see a rise many claims from hurricane idalia. yeah, we'll see how that affects those stocks. >> [inaudible] liz: yeah. i know, it normally wouldn't be, right? closing bell ringing in 14 minutes. we are coming right back. ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

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liz: we are just getting this breaking news about tesla, "the wall street journal" -- and this headline has just dropped -- is reporting that the department of justice, so the federal government, and the sec are opening up another investigation into tesla, this time over

something called the secret project 42. this is an all-glass house apparently being made for ceo elon musk. prosecutors are seeking more information on the possible use of company funds for benefits and payments made to musk for this. and you can see the stock had been lower at the open, then it punched into positive territory, now it has reversed and is down about a quarter of a percent. back to hurricane idalia. it is currently tearing across southern georgia, but take a look at the right side of your screen. that is folly beach, south carolina, and you can already see the rain is starting the to come down there. the surf has absolutely picked up. earlier this morning, i don't know if you guys saw this on fox news, but fox weather's robert ray was right on the scene in clearwater beach, florida. you can see for yourself how quickly things changed from moment to moment.

watch. >> reporter: hey, robert, how long do you think you can stay are there? i mean, it looks like it's getting higher while you're talking. >> reporter: i think, well, i've got to say, i mean, the water has been gradually increasing all morning, and this is about the highest i've seen it in this pocket. these are incredible, incredible winds coming through here. idalia is throwing haymakers right now into clearwater beach. these are the winds and rain we have seen, and you see the storm surge that i'm walking through here on coronado drive right now. this is as intense as we've seen. liz: that was just between 24 minutes, and there the he is right now live on your screen, robert ray in clearwater, florida. robert, what does the damage look like right now where you are? >> reporter: yeah, good afternoon, liz. so you saw that video from earlier this morning right before or the sun came up as those bands came in, and it was

nasty. it was intense for quite some time. but now you see this, i'm walking through a neighborhood. this is what storm surge has created. and if we can train the camera lens all the way down there, it goes on for a couple blocks, and it is literally block after block in these neighborhoods. but as quickly as the water has come up, it goes back and recedes the that fast as a well. we just with experienced that that in the past 20 minutes, half hour. we were, oh, i don't know, four blocks away9 and the road looked like this, and sure i enough, all the water receded. so this is what we've been seeing all day on clearwater beach from the hotel area to the gulf of mexico side, to the inlet side where the water came in. and we were expecting, liz, up to 7 feet of surge. we got about 4 here. so that is a silver lining. and so pinellas county officials have been surveying the damage all over in tampa, to tampa bay to clearwater beach to some of these barrier islands which, by

the way, there was mandatory evacuations. i talked to the police here earlier today, and they told me that they feel like people did heed those warnings, and those people got off, so there's no injuries here on clearwater beach. yet the storm as it made its way onto the big bend of florida where it made landfall as a cat three, incredible surge in some of those areas, up to 10 feet or more. structural damage and downed power lines. 250,000 people still out of power in the state of florida, well over 150,000 in georgia. we'll see what happens in south carolina. now, liz, governor ron desantis has been updating all of us for days on this storm. he just gave a briefing, let's listen to some of his commentary. >> this is the real deal. you have people's lives that have been at risk. we don't necessarily have any confirmed fatalities yet, but that very well may change. and then you have people whose livelihoods have been turned upside down, and so they need support. >> reporter: they do, they do

need support. and, you know, federal, state and local government are helping people right now, but they're still assessing damage. we are not seeing a ton of structural damage at least here on this barrier island but, yeah, there's definitely going to be structural damage up in the panhandle and likely in places like charleston which is known for its flooding. they're just starting to see this rain. you did hear the governor say there's no confirmed deaths at this point. what's interesting about that -- and i know why he's saying that a -- but the highway patrol in florida is saying that there are two confirmed deaths, and there are photographic incidents meaning -- traffic incidents meaning two vehicles that were in a hydroplane scenarios, hit trees and, unfortunately, people died because of the weather. but other organizations need to confirm that. it's a bit complicated, it's still fluid, and as you see the poor people behind here who have water in their homes, the insurance mess will continue especially here in the state of florida with all these disasters. liz? liz: robert, thank you for

keeping all of our viewers informed. and that brings us to the fact that the hurricane might be a frightening wake-up call for the sunshine state's influx of new residents who like the taxes or lack thereof. the census bureau named=the -- florida the fastest growing state in 20222, and not only is a major hurricane a concern for human life, of course, but according to core logic, more than 800,000 homes ea along florida's gulf coast are right in the hurricane's path and looking at possible reconstruction cost value of $2384 billion. so how -- 2384 billion. how -- 238.4. joining me now in a fox business exclusive, metaverse institute cofounder jason haber. jason, what is this going to say for the state of florida just as so many people over the past couple of years have picked up their belongings and their life and they've moved from california, new york down to florida? >> that's right, liz. it's good to see you, good to be

back on the show. you know, people are not afraid of storms, her afraid of not -- they are afraid of not having home insurance. they're afraid of high home insurance costs. it's a huge issue here in the state. what we've learned is, knock on wood, that's not a good policy strategy. we need more of that from our leaders here in the state, and tallahassee needs to get their act together, and we need to get home -- national carriers immediate to come back to the state of florida -- need to come back to the state of florida. it's a huge problem because soaring costs continue, it's going to push people out of the state instead of into the state. liz: yeah. we're looking at drone footage of roofs just ripped off. you can see into people's bedrooms. basically what -- the sheets that are on their bed, and then the roof is completely gone. jason, according to redfin, in july the median sale price for florida homes was up 11.6% year-over-year to about $404,000 and change. where do how you see prices

landing after a major weather event like this? >> well, actually, i think that this event will have more of a regional impact. right now i'm live in boca raton, florida, where believe it or not it's sunny outside. and while happy it didn't strike here, only halfhearteddedly pleased because we know that means it hit somewhere else. the big bend area you probably are going to see people have some concerns marley if there's been infrastructure damage -- people to move into a community. in general though, storms are sort of baked in the cake when people think about moving to the peninsula. the challenge though becomes the cost of moving -- liz: yeah, true. jason, i need to get to this part of the story because we're running out of time, but there's been a big controversy this week. national association of realtors' president kenny parcel resigned monday amid a cloud of accusations about sexual

harassment, all kinds of issues. my team reached out to his people, and they said the allegations are untrue. but you were pouncing all over this and saying, no, things have got to change. if you could answer quickly, what's the latest on this. >> that's right, liz. today i'm proud to announce we're launching the nar accountability project. it's a grassroots movement with 1,000 strong advocates. we're going to demand change at the very top of nar, the ceo, bob goldberg, needs to go. his whole leadership team needs to go. they need to institute third party hr reporting now, outside the chain of command, and they should allow awe all women to release them from their nda. we need to make fundamental change -- liz: liz: we've got to go. jason, thank you. jason haber. we are coming right back. till on track for four in a row of wins.

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quarter of a percent. we'll keep an eye on this. we're fewer 17 hours away from getting a hugely important inflation metric. it is called the july pce, personal consumption expenditure report. analysts are expecting a month-over-month increase in 2% in both headline and the core. year-over-year they expect 3.3% increase for the headline but 4.2% increase for the core which excludes food and energy. last month's core pce was 4.1% making lowest annual increase since 2021. is another cooler than expected pce reading to surprise us or if it comes in hot the fed won't be pausing? that is the theory. joining us katie kaminsky, portfolio manager at alpha simplex. what are you expecting here and the investment play around it? >> this is exciting moment. beyond this week we're seeing cooler data. we expect it to be higher and

expected it to slow undo the excitement we've seen this week to be honest. liz: fed chair powell gave a pretty hawkish address at jackson hole last week. doesn't look like increase at september meeting but november, there is more than 40% chance here. in that case would that harm the markets? >> i think perhaps it might because in all honestty we've seen the theme all august. we've been trading with equities down. we've seen the dollar up. the market has been focused on interest rates. this week has been a pause but a little upside surprise we saw powell talk about could actually get us back into the narrative. felt like this was a relief rally. maybe it won't hold. we'll see. liz: you were shorting a certain part of the yield curve, the 10-year and 30 year. why? >> oh, yes, that is a great question. we've been bonds shorters since last year because in the

short-term fixed income does not like inflation. it makes sense. they are fixed cash flows and fixed cash flows will not do well until we get inflation down. for now investors should stick to shorter term bonds and those of us in the trading community are thinking about waiting to get into long-term bonds until we see a steeper yield curve, more opportunities in fixed income. liz: yield now at 4.22%. very quickly, you're long the dollar. we'll watch all of that, kate a, thanks for joining us. it has been a busy session. guess what, folks? it is a four-peta, four wins in a row. [closing bell rings] transports coming along with the ride. sales force earnings after the bell. ♪ david: