what's happening with this debt and where it's taking us over this cliff. and i'll say this, we're going to do do our. we have a small majority in the house. we don't have the senate, don't have the presidency, but we can begin to fight against it and educate the american people. it's up to the american people to put us in a stronger place. give us a stronger majority in the house, give us the senate, give us the presidency, and we will turn this thing around for those looking at this. charles: representative owens, thank you very much, i appreciate it. talk to you again soon. >> take care, buddy. charles: all right. in the meantime, folks, no cp effect today. the markets opened lower when the show began, and we're much lower now. it's feeding on itself at this point, there's no doubt about it. buyers aren't going to step in here. fear is growing, right now we're in extreme fear. with an hour to go, all i can say is buckle up, but you've got the best guiding you through. here's liz. liz: thank you, charles. multiple breaking news headlines as we kick off the final hour of trade. right now we are looking at an a

exodus out of stocks. note the nasdaq in particular, it is getting clocked right now, down 256 points or about 2%. look at the vix, or volatility index, it is the vaulting much higher right now by 14.33%. just off the highs of the session here, it stands at 20.14. we need to flag you that the dow has turned negative for the year. now work with me here, a loss of 286 points or more at the close will do it. right now we are well beyond that. we are losing about 457 points on the dow jones industrials, falling below 33,000 right now. we stand at 32,972. the bears drawing blood from the broader market. the s&p point loss stands at 63. investors diving for cover as the vote this just the last 19 minutes to table florida congressman matt gaetz's motion to remove the speaker of the house failed 208-218.

11 gop members voted with all democrats in voting no on this motion the table it or move it aside. right now, many just a few minutes -- in just a few minutes, we are going to get all the details from our capitol hill reporter, hillary vaughn. drama in d.c. and at federal court this in lower manhattan where jury selection is underway in sam bankman-fried's fraud if trial. it's been revealed that the one-time crypto billionaire has not been offered a plea deal. we are going to get a live report from the scene there. and the surge treasury yields continues. the spike you see is around 10 a.m. eastern time in both the 10-year and the 2-year yields triggered by a much stronger than expected jolts report which unexpectedly rose to 9.6 million. the 2-year yield at 5.159%. increasing labor demand has investors anticipating that the federal reserve will keep rates higher for longer, so we've got

spiking yields, dropping stocks and mayhem in washington d.c. let's get to d.c. you're looking at a live picture of the house floor where right now debate has begun on congressman matt gaetz's resolution to oust speaker kevin mc car think. this is the -- mccarthy. this is the first time the house has voted and debated a motion to the vacate the speaker chair since 1910. republican congressman tom cole of oklahoma just spoke. now we see matt gaetz who is the one who has really helmed this effort. it's his gambit to remove gop senator -- gop congressman, rather, kevin mccarthy from the speakership position. let's get right the hillary vaughn live on capitol hill. you can see the dow is down 459 points, the markets do not like what's happening now. what's the latest? >> reporter: right now we're in an hour debate. this came after the procedural vote failed that would have spared speaker mccarthy this

ultimate vote to whether or not to vacate him from his speaker, holding speakership. but the problem is, is that you have 11 republicans in that procedural vote that side with democrats saying we don't want to set aside the motion to vacate, we what want to vote on it. is so they're in an hour debate. after that wraps, they will have the ultimate vote on whether or not to vacate speaker mccarthy. you're going to see that several republicans siding with democrats to ultimately oust speaker mccarthy, but ironically, there is no consensus on who then would fill that position. republicans is are a slim majority, but -- have a slim majority, but they do not have con seven consensus within their ranks as to who would take his spot. in the republican caucus meeting they asked around the room who would support renominating, basically, speaker mccarthy to resume this role. the majority of them raised their hand. it's just a few members that are

able to kick mccarthy out by siding with democrats, but it takes the majority of republicans to ultimately decide who they would put as his replacement. so we're seeing this go, ultimately, this drama unfold on the house floor right now. this is a historic step toward something we have not seen in well over a century, and i think it really points to the fact that republicans are not on the same page. we heard from matt gaetz on the house floor saying chaos would be keeping mccarthy as speaker, but many republicans say that this is ultimately republicans being chaos you can and not focusing on the ultimate goal which is trying to push back against democrats and the democratic agenda. a lot of moderate republicans say that should be their sole focus, but the 11 republicans that voted to ultimately proceed on the vote to this motion to vacate, their argument is that they are not happy that speaker mccarthy did not shut down the government. they wanted to see him take a

stronger stance. they have issues that he is not representing some of their priorities better even if it means causing temporary disruptions like shutting down the government. so republicans really need to figure out how to get on the same page over whether or not they ultimately can find someone that they can symptom the act that would replace -- stomach that would replace speaker mccarthy. if he ultimately stays, they're going to need to figure out a way to get together as a caucus, move forward and do the work of the people that elected them to be there, liz. liz: oh, my goodness. hillary, interrupt us if there is any new development that appears to be hitting the markets or, certainly, lifting them up off this floor. so amid this chaos, the government shutdown that congress just dodged this weekend will rear its head again in just 45 days. coming right up, in just a few minute abouts, senator mark warner of virginia is getting in front of the cameras. he, of course, is if virginia. a huge number of federal workers and armed forces live in this

that state. he is going to join us, and he's about to sound the alarm about the most serious ramifications of what's going on in the house right now have and how to fix this situation. let's bring in our floor show traders, teddy wise berg and scott shellady -- teddy wise berg and scott shellady. scott, even more so as treasury yields spike again today, what are you seeing? how much longer, ask and what happens amidst this situation that we have this d.c.? -- in d.c.? >> well, i mean,ing look, we've lost control of what we're doing in d.c., or at least some modicum of control. i think the bide wen administration's lost control of the economy. i'd hate to be reasoning on the back of that. and at the same time, we havest lost until control of labor. i think the markets are finally waking up to the fact that we've got tumult on our hands, and now that we're going to be in a situation with higher rates for longer, we got used, for 15

years we got used to 0% interest rates, and, i mean, it's going to to be painful. you can't put $6 trillion into the economy, try to take it out, you can't have 15 years of 0% interest rates and, by the way, the consumer is now running on fumes. that's been confirmed. all of these things are just telling me look out. now, we've a had a big move down today, but with higher interest rates for longer and seeing the bond spike we've had now, i'm telling you, this inflation is sticky. it's because of what the fiscal policy we've had happening, the downside of it is the fact that we've lost control of labor, we've got inflation here that's going to be around for a while. yeah, i don't like what i see at all. liz: yeah. the good news, i guess, if congress is frozen amid this society to out speaker mccarthy, then they can't do any more spending. teddy, let me throw this to you. at the moment, when people see red on the screen, they get

anxious. let's flip that narrative. are there stocks right this minute that have fallen enough where you look at them and say these will be the next magnificent seven? >> well, that's a tough call, liz, because at the moment -- sorry about that. at the moment, at the moment there's kind of no place to hide. what i find interesting is that a we've seen other than what's going on in washington right now, we've seen this interest rate momentum coming for months. and all of a sudden it's sort of come home to roost basically triggered, i guess, by the 10-year trading at a new hoe e, a new high depending on which way you want to look at it. and investors have simply awakened, i guess, to the environment that we're in. and all of a sudden 5.5% virtually risk-free in the treasuries or even the money market funds, liz.

you don't need to go to the treasuries, the money markets are all around 5%. and i think it's simply a matter of when you don't know what to do, sometimes the best thing is simply to do nothing. and doing nothing now means that you can earn a pretty big return on your money compared to where we were in the last 10 or 12 years in a zero interest rate environment. is this the new normal? i suspect to some degree it is. it doesn't mean it's the end of the world for the stock market, but for the moment people are simply nervous, not quite sure what to do. and i think smart folks are sort of moving to the sidelines, let the dust settle and see where we are in a couple of weeks or months. liz: scott, i agree with teddy for a retail investor, but retail investors have an opportunity to learn from the gutsiest investors. great fortunes or made or at least begun to be made on a day like this. i'm not pushing people to dive in and buy because who knows what happens tomorrow or in the next couple of minutes.

as scott answers, you know, his question about what might be at least one new magnificent seven stock, can we take a shot of the floor of the house of representatives right now so i can just explain to our viewers the very latest details here. what happened was the vote to table matt gaetz's motion the oust kevin mccarthy, the speaker of the house, did not pass. so now this is an hour-long debate, actually, it'll be less than that now because with it began just a couple of minutes ago. and then if the house adopts the motion to vacate, there will be, according to our chad pergram of fox news, a political earthquake on capitol hill. scott, let's look at the investment side of this. >> well, as far as the new magnificent seven, if i knew what that was going to be, i'd probably be with hole away in aing log cabin with no internet service right now. [laughter] but i do think, i do think that nothing really likes higher

interest rate, liz. i mean, did you see everybody running for the door when it comes to these utility stocks? liz: yeah. >> they're a proxy for the bond market, and everybody was getting out of those -- liz: yesterday. i think it's the only sector that's up right now, if i'm correct. >> right. so so i think that higher interest rates are really going to shake people to the core because, look, it used to be when i was a young man looking for a car loan, 18% was the rates. but that sounds crazy to folks today, and everybody says they should be able to get 5.5, 6 or 7. but what everybody forgets is we've had 15% at zero basically or just over that, right? think about, i mean, how many times have i talked about the negative interest rates we had in bonds? there was probably a trillion dollars around the world priced at a negative when we were really trying to get people to spend. so we're trying to pull people off of 15 years of 0% interest rates to 5.5 now, maybe 7 -- liz: but then, sorry to

interrupt, why are big financials looking quite disastrous in goldman sachs is the worst performer on the dow followed by american express. you know, you don't have morgan stanley too far below when you're looking at the losses here. these names are looking bad. morgan stanley's down 3%, goldman's down 4%. let me check jpmorgan here. teddy, i thought these names were supposed to do well with higher interest rates? >> well, and i agree with you, i would think that they would do well. i think the problem now, liz, is they're sort of beginning to throw the baby out with the bath water. and in an environment like this especially e when we have such a big percentage of our daily trading being driven by programs which are completely agnostic, by the way, when it comes to fundamentals, you know, i don't know what the percentage is, but 70% of the daily line for argument's sake is being driven by quantum computers. they don't care about fundamentals. so you can make -- maybe you could make a great case for the

financials because they should benefit from higher interest rates, and i can give you some pretty good examples including charles schwab which is not a name that you mentioned which would surely benefit from higher interest rates. but basically in this kind of environment, there's no place to hide. but, but at some point the values will, liz, become compelling. we're simply in the there yet, you know? that's the problem. liz: okay. >> trying to pick bottoms in a falling market is like trying to catch a knife. and, you know, it can be dangerous. i think, i think, yes, there are places to go. i particularly like the insurance companies. they are big beneficiaries of higher interest rates, and they have the ability to pass along price increases every time there's a disaster. they raise their premiums. liz: okay. >> but at the moment, i think the treasuries, the short-term treasuries are probably the best place to be.

liz: we're heading back down to the lows of the session for the dow, session low loss of 517. if you like teddy's idea of schwab, it's 4.6% cheaper right now. that's how much it's fallen. teddy, scott, thank you. we are going rolling thunder here because virginia senator mark warner is about to react to the fast-changing developments minute by minute if on capitol hill with house speaker kevin mcdark think's white-knuckled battle the hold on to his job that matt gaetz is trying to rip away from if him. senator warn warner rushing to our cameras as we speak. and jury selection underway right now in collapsed crypto exchange founder sam bankman primed's fraud trial. there he is arriving at court back in august. we've got a live report from the federal courthouse in lower manhattan. the major cryptocurrencies falling right now, driven lower -- we've got to figure by a murky macro picture although litecoin is up a fraction. all right, we're coming right

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liz: breaking news, we are now several minutes into what is a debate about whether to keep kevin mccarthy as the house speaker. bruce westerman is speaking at the moment, congressman andy biggs of arizona just spoke on the house floor. he said he thinks it is, indeed, time for a, quote, change in gop leadership in the house. he was one of the 11 republicans who voted with with the democrats to force a vote to oust kevin mccarthy. that vote should be coming up in about 41 minutes because now senate intelligence committee chair or mark warner of virginia is, he's with us first on fox

business. i should just get your gut reaction on what is going on in the halls behind you. >> well, liz, first of all, i've got to tell you, as intelligence committee chair, i've got no secret intel on the house floor. matter of fact, i'm not sure which is the analogy, is it hunger games playing out or the battle of kens from the barbie movie. and i don't mean to be glib. this is, obviously, an unprecedented event for the speaker. i don't have the foggiest idea how it's going to play out. it's remarkable, you know in we work about 200 yards apart from each other, but it really is kind of separate universes on certain days. liz: "the new york times" has a headline right now that, in essence, says it's -- he's now on track to lose his speakership simply because he worked very hard to keep the government open last weekend with this continuing resolution. >> well, liz are, yeah, i've got to tell you, i don't understand

why that is such a punishable event. i mean, i do not understand, frankly, anybody from from either party that thinks it's in the best interests of the united states for its government to shut down. and the ramifications that has to federal workers, to our military, to all the people that, you know, private sector folks, government contractors who would be put out. and remember, even the c.r., which is, you know, english for, like, all we're doing is continuing last year's budget which means we're not reallocating money. i was down with the ship repair folks yesterday on hampton roads, if they finished a ship two months ago, they can't tart on the next project because they have to continue the ongoing budget. i think it's time to move past this. i firmly believe as chair of the intel committee, one of my biggest disappointments on saturday night was we didn't continue to fund ukraine. they've taken out literally half of the russian military. we've got to honor our alliances. and some of the house members that didn't want to support ukraine but say they're afraid

of china or fear xi jinping, boy, you give putin a free pass, that's the same to xi. liz: we talk about averting a government shutdown last weekend, we may have a different form of shutdown if the speaker is voted out because the paris order has to be putting in a new speaker, correct? i mean, the house can not do business until that happens. this puts an entire branch of the government on the freezer. >> well, at least it puts half of the legislative the branch. liz: correct. >> and we saw the, you know, the way that speaker mccarthy the had to go through 15 is different votes. i think people are sick of this political theater, you know? one of the things that i think would be a great with outcome is if there was a way, you know, in the house we've had this kind of informal rule and both sides have done it that if they can't win with just their own members, just their own team, they don't bring legislation to the floor. that's not what the founders set up.

if there are broad-based coalitions in the house, i think that's better9. if we believe the -- leave the extremes on the sidelines, i think that's better. in the senate it forces us to do bipartisan solutions. liz: well, to that end, what do you think if you could triangulate or at least guess here, what do you think house democrats should insist on if hair going -- they're going to come to the speaker's rescue? could it possibly be with some kind of combination between moderate republicans and moderate democrats that they could come together in a power-sharing agreement where we could actually move forward and run this government? >> boy, that sounds pretty attractive to me, liz. again, i don't want to -- it's one thing, democrats, republicans, senate, house, we are a little bit in different worlds, but the notion -- just go back to ukraine. last week 330 house members voted to continue assistance to ukraine. that's over 75% of the house, yet that's not what happened on saturday. so if we get back to a space

where 75% of the house can agree on certain things, they ought to bring that to the floor and find a way to pass it. liz: that would be nice. i do want to quickly get your thoughts, because one hinge that you have been forging ahead with and looking at is technology, artificial intelligence, what kind of regulations should be there. yesterday we had microsoft ceo satya with nadella testifying in the department of justice trial against google claiming google pays about $10 billion just to ensure that their search, that they actually are the ones to be the default search engine on smartphones. particularly the apple iphone. and that that is not fair. senator, at some point do we not need to see some type of regulation are or maybe see the eventual split-up of google and its search arm? >> well, liz, let's where we completely failed literally for the last 8 or 9 years, and i've

got bipartisan legislation on this, is putting some guardrails on social media. we've done nothing. on a. i. i think great opportunities coming with a.i. i was a tech business guy longer than i've been a politician, but the two areas where i would start at least putting some guardrails, a.i. tomorrow could completely screw up our trust in our public elections and public markets. so if we get all the folks who watch fox business combine with the folks who watch fox news and ms, this bc about elections and say they come together, let's make sure we don't utilize deep fakes in a way to completely disrupt our elections and marketing. that might be a place to start. [applause] liz senator, please join us again. and be careful as you walk away from the cameras, there's a lot going on on capitol hill. we're following it all. dow jones industrials down 474 points. we are coming right back with all the breaking news from if wall street to d.c. ♪ ♪ st in them. at t. rowe price our strategic investing approach

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liz: fox business alert, we are now about five and a half if hours into jury selection for the fraud trial of bankrupt cryptocurrency exchange founder sam bankman-fried of ftx. the judge and potential jurors have reentered the courtroom after a recess that happened about an hour ago, and the former billionaire is, we are told, at the federal courthouse which is in lower manhattan this first day of jury selection is going slowly. 50 potential jurors were greet by judge louis cap hand this morning. -- kaplan this morning. he is first clearing inpanel

jurors from duty -- impartial jurors before they continue the process of narrowing down to just 12. several juror ises already dismissed for various reasons including having a negative opinion of cryptocurrencies overall. but those open slots have been now filled by new potential jurors. kelly o'grady has been live down in lower manhattan outside the courthouse. kelly, how are things moving, and when do we think jury selection might be finished? >> reporter: oh, it's great to see you, liz. we're expecting jury selection to last the rest of the day, finishing up at the latest first thing tomorrow. and this is an absolutely critical part of the process,, because at the end of the day it's not about whether he actually did or didn't commit the fraud, it's about what those ultimate 12 jurors think, whether he did or not. i want to highlight the very first question that judge kaplan asked many of these potential jurors, is there any reason you can't make a fair judgment in this case. is and right off the bat he execs caused over -- excused

over 10 folks. social media play a huge role in the downfall of ftx, and that public record may if influence potential jurors before they even stepped into the courtroomed today. i'll also highlight one potential jurors works for a company that lost money from f ftx. she said she could be impartial, but pressed if it would impact her financially,ing she said not in the short term, but it's unclear whether in the long are term. both the prosecution and defense will have the opportunity to veto potential jurors, so i would guess she would be one of them the defense would veto. today's trial is not about the complicated crypto world. this, at the end of the day, is garden variety fraud we're looking at. he's charged with 7 counts of fraud and and conspiracy to commit. if convicted, he faceses up to 110 years in prison. and by the way, bankruptcy experts have recovered $7.3 of that outstanding 8.7 billion. it is unclear though if we will ever see the remaining 1.4.

two things i want to highlight for you, liz, as we close. first, the judge confirmed right this morning that the prosecution never offered a plea deal. that is an indication that the prosecution does feel they have an airtight case. the second thing, the judge addressed sbf directly. he said you do have the right to testify if you want to even if your defense counsel says that you should not. so, liz, i'm thinking, man, he went to the media. he was very willing to share his story. wouldn't that be a moment, if he testified at his own trial? we'll keep an eye on that. liz: well, anything could happen. kelly, thank you very much. and, by the way, kellies has a very important podcast, it's called the trail of sam bankman-fried. download it at fox news podcasts.com. and, by the way, make sure to watch the documentary who is sam bankman-fried? i, along with a bunch of other fox business experts -- kelly, sandra smith, kevin o'leary, of

course, and and more -- talk about exactly where this whole drama began, how sam bankman-fried first got into crypto and why it had really nothing to do with his passion for crypto. he was just looking for a good trade that could make a lot of money. it is streaming right now on fox nation. let's get you the market alert here. we are now back down more than 500 points at the moment. dow jones industrials losing 502. the s&p down about 70 and the nasdaq, as i keep mentioning here, it's the biggest percentage loser, down 2.25% at the moment, down 296 points. let's look at the dow component, boeing. boeing shares are actually rising in a down market after a report that the united airlines, airline is set to order 50 787 dreamliners. united, it's agnostic. it's also ordering 60 a a-321 narrow body jets from air bus.

we've got boeing up two-thirds of a better. drug developer point pharma moving higher after eli lilly announced it has agreed to acquire the company, and when i say higher, try 85% higher. lilly has offered $12.50 for each share, right now it's at $12.38. so what's so great about point pharma? eli lilly believes this'll give it access to therapies that enable the precise targeting of cancer e cells. investors clearly see a positive future for warby parker after ever core upgraded the company from in line to outperform. shares moving higher by 3.5, a price target of $20 for the stock expecting revenue margin growth for the prescription eye glass manufacturer. ever core estimates 40 new physical stores in 2024 will support war by's retail sales

growth. shares right now stand at $13.74, so a bit of a way to go before $20 the but still getting a bump here. and mccormack losing some of its spice after reporting third quarter sales that missed analyst expectations, attributing the miss to a slower than expected economic recovery in china and the exit of some businesses. the spice maker did raise its annual profit forecast, expecting higher prices to offset lower demand. i use the pumpkin spice, right, in my coffee every morning. okay. would you pay $14 a month to scroll through instagram feeds on your phone without ads in "the wall street journal" says parent meta platforms is working on it right now. what does met spa -- meta investor dan niles think? we're going to ask him next. and purple pride, the minnesota viking fans are among the most diehard in the league. they just released a new

vikings-themed license plate today. you're looking at it right now. approved by the state legislature because all proceeds will support the minnesota vikings' foundation charity which advances children's health and education initiatives. charity is far from the only thing that drives the billionaire team owner who grew up a giants fan -- [laughter] not a vikings fan, but he now owns the vikings. my new episode of my everyone talks to liz podcast just dropped. a poignant yet powerful family story that will lead you from the holocaust to how one house his dad built in new jersey turned into a mega real estate business. and, yes, to ownership of the vikings. get it wherever you listen to your podcasts. we are back in a minute. the dow's till flailing, same with the s&p and the nasdaq. ♪ ♪

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news right now. matt gaetz once again, of course, the florida republican, driving the effort to blow out kevin mccarthy as speaker of the house, he's once again speaking on the floor of congress here. i do want to just let you know because we're trying to keep you update as the market falls that, breaking news, kentucky republican thomas massie just said to the packed chamber that under kevin mccarthy the chamber has never been run better, more conservatively and transparently e. he is, obviously, supporting kevin mccarthy. we are watching this debate play out, and after there will be a vote as to whether to oust kevin mccarthy as speaker,. only the third time in u.s. history that such a vote has taken place. we'll be following it. in the meantime, we need to show you meta shares, reports swirling that the tech giant could start charging users for instagram and facebook.

shares are falling about 2%. before you freak out, if you're with an instagram user, until only be for european users who don't agree to let meta use their digital activity for targeted ads. a cost has not been fully worked out, but it reportedly looks like it could cost anywhere from $10.50-17. is that a month? that's a lot. no, it can't be. meta plans to roll out subscription, no ads, in a couple of months, but one of the reasons dan niles is picking meta in the short term is its ad placement and its eks exposure to a.i. dan niles is here in a first on fox business interview. dan, clarify here. you'd be okay with this, right? >> you like the stock. >> yeah, i like the stock because you're getting good, solid growth for a reasonable valuation, just a couple of points above the s&p 500 multiple. rain, you know, this all come -- and, you know, this all comes

about because the e.u. fine them about $1.3 billion back in may for sending user information outside the e.u. to the u.s. so, you know it's funny, like, people think you should be able to get a service for free and not pay for it and, obviously, meta's a business. they sell ads to support your getting it for free. i'm sure there's going to be some middle ground struck here, so i'm not that concerned about it. and they're using a.i. very well, as you said, liz, to place ads properly and also to recommend videos to you. so i think they're in pretty good shape. liz: yes. and it would be $10-14 a month, but we shall see. it's not coming to the u.s. at least right now, although it feels like one of those fishing expeditions to see, like a trial balloon in a way, dan? [laughter] >> yeah. no, absolutely. i mean, you though how this goes, it's a negotiation process back and forth, and we'll see where it ends up. this is going to tab take some time for, you know, we get to a resolution on it. it's not something that's concerning me right now.

right now what's concerning me more is things like the u.s. dollar going up a lot and the fact that meta has a fair bit of their ref knews, 57%, outside -- revenues, outside of of. earnings, that's what i'm more focused on. liz: you're focused on short-term picks that appear to be the either pure play or very close to pure play. c3ai which nabbed the a.i. ticker similar -- symbol, is one of them -- no, i'm sorry. >> no, that's not mine -- [laughter] liz: including meta have an a.i. angle, but you don't like some of the ones that are pure play. >> well, i think the way to think about it is every company says a.i. 50 times on their call, and there's only a few of them that are actually benefiting. so nvidia is the name that we like the best because unlike many of the others, you know, microsoft's a great example. they say, you know, they obviously are 49% owner of

openai which produced chatgpt, but they guided below the street slightly for their intelligent cloud in june. ine vid ya has had numbers go up a ton after they reported their april quarter and their july quarter. nvidia. that's our leader in that a space. you mentioned meta, which we like. we like google as well. they have, i think, a very good lead e in a.i. they have over nine different services with over a billion users each, so that's a lot of data they can use, and and we bought oracle recently after we with saw the oracle cloud event a couple of weeks ago. and there you're guying it at a 19 multiple, we think they're an incredible number in the cloud. so if you want tech names, a.i.-related, those are the ones that we like. liz: you know, there are, obviously, a bunch of companies in the s&p 500 -- not entirely

500 companies, believe it or not. but, you know, when you look at the magnificent seven which drove the gains for the first half of the year and much of last year, they don't look so good for september in the rearview mirror. >> yeah, no, you're absolutely right. and the way you need to think about it is the magnificent seven, they're up over 85% year to date. you look at an equal weighted s&p, it's down 2% year to date. and that's reflected in the russell that's down 2%. and out of that magnificent seven, one of the things you have to think about is that right now the average is 53% of the revenues is outside of the united states. now, that's led by names like apple that have 57% of their revenues outside the u.s. and don't forget the dollar has gone from 100 to 107 since mid july. so that's a 7% headwind to all of these companies' top lines, and that typically has an even greater impact on the bottom line. so it's not going to be what they report, it's going to be

what they guide to with the dollar being a massive headwind now, not to mention if you have to deal with transportation costs, etc., for a name like amazon, obviously. there's other things, but there's a lot of things that have changed since these companies have all guided in july. liz: yeah. and, again with the u.s. dollar, more than a 10-month high, just a powerhouse at the moment. dan, satori funds beating the s&p last year, beating it again this year. please come back. we really enjoy your perspective. thank you. >> i appreciate it, liz. liz: we're coming right back with the latest on the u ark w strike. look -- uaw strike. look at the vix, it is spiking 14.33. ♪ ♪ verseas tours. i love to give back to the community. i offer what i can when i can. i started noticing my memory was slipping. i saw a prevagen commercial and i did some research on it.

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and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. ♪. liz: more breaking news. ford just announced it is laying off 330 workers in ohio and general motors is laying off about 150 people in ohio and indiana. the furloughs will not apparently affect the plants where the uaw is striking but the companies say the picket something having a ripple effect across other plants. stocks of all three major automakers in the u.s., general motors, ford motor companies, stellantis have union employees with gm hurt the most.

grady trimble outside of the stellantis parts plant in michigan. grady? >> reporter: liz, general motors is it taking a look at a counteroffer it got from the uaw but quote, significant gaps remain. the big three automakers and uaw are still talking but doesn't sound like they're striking a deal anytime soon. and as those talks continue i want to show you the numbers from anderson economic group. they crunch of numbers for the total cost of this strike so far. they say the second week was more costly than the first which makes sense the uaw ramped up the strike in the second week just like it did this week. when you add up losses for everyone involved from the automakers to the workers, to suppliers and dealers and customers, the cost is nearly $4 billion and counting. a lot of americans so far have been pretty sympathetic to the picketing workers cause but the economists who put that report together warns when the innocent

bystanders begin to feel it will affect the generally supportive sentiment americans have been expressing about the uaw's demands thus far in the strike. been talking to the workers here and they tell me they're not worried about losing the public support if this strike drags on. listen. >> we're fighting for what we gave up during the bankruptcy. we're fighting how hard we worked durr the pandemic. dealers are upset because we're picketing. we stayed here in the pandemic so they could get parts and services to their customers. so we want our fair share. >> reporter: gm released third quarter sales numbers. remember the strike started with 15 days left in the quarter. general motors says sales of new vehicles are up 21% from a year ago. so no evidence that the strike is impacting sales just yet. now we're in a new quarter liz, and that could certainly change as this strike drags on. liz?

liz: grady, thank you very much for the update. we're continuing to monitor the house floor. look at a live picture. the house is about to conclude debate on the motion to vacate, to kick out kevin mccarthy as speaker. joining me now, because the markets are having trouble absorbing all of this, bubba trading chief strategist, bob bubba horowitz. at the top of the show, teddy weisberg says it is too crazy and too opaque. maybe better to park money in treasurys. yields are skyrocketing, todd but you have an idea how to go about putting money where it will grow without being open to risk? >> hi, liz, listen i think that i found there are some cds out there. yield curve conversion, short term rates are much higher, i found rates as high as 5.65% as 3 month cd i'm using them at edward jones and cibc and other community banks. there is always some kind of

risk but you are insured. you have your money, listen, with the turbulent times in this market a 5.65% return three months at a time is a pretty damn good return. certainly something i will continue to do until we see some more safety in these markets, although i will not touch my investing portfolio which is hedged you about my new money is going into cds right now. liz: but i'm looking at two year which earlier was up 13 basis points. it's now up five basis points at the moment, 5.156%. why wouldn't you discuss do treasurys at this point? right now let's check the dow jones industrials down 442 points. >> treasuries are fine but i like extra half percent i'm getting and not giving it much time to get. something you can use, within my advice already. so everything works out just fine. i think these markets are in big trouble with the inflation, everything else is going on. i want to be in safety.

i see rates going even higher. we might see over6% for cds before the year is over. >> are you surprised the nasdaq is hard hit today, down 256 points? >> no, liz. nasdaq is up 38%. liz: true. >> where nasdaq will pretty easily coast into the end of the year. liz: okay. todd, good to see you on a very rock and roll day. thanks for sticking with us. tomorrow a fox business exclusive with one of the most important voices in private equity, bravo equity parter in, orlando bravo. stocks dripping in red as debate on the house floor concluded seconds ago ahead of a historic vote to house kevin mccarthy. "kudlow" is all over this next. don't move. ♪