people have to work whether they want to or not. as for the stoppages at the current level, not even close to past levels of workers. over 400,000 in 19. . -- 1974. it's always associated with big spikes in inflation. now, these are not insurmountable, but we do need leadership. and it doesn't seem like political opponents, you know, are out there willing to do this, right? congress is a mess, the white house is focused on an agenda that actually calls its opponents terrorists. so just one thing everyone should have to remember, right? just really be a acutely aware of who we are and how we became the greatest nation on earth. we have seen all these obstacles before. we don't take for granted that we will overcome it, but i have a strong feeling that we can and we will. cheryl, over to you. cheryl: charles, i'm glad you brought up what jobs are being created, because they're not the types of jobs that the economy really needs to the see to avoid

that recession. we are going to talk about it with my guest coming up right now. i'm cheryl casone, everybody, in for liz claman today. we're going to start with a fox market alert. the bulls are actually making a bit of a comeback in this final hour of trading. as you can see, the dow up 25. we had been on the fence just a few moments ago. maybe charles turned it around. i'm going to do the cc effect right now here because you do have the the dow at one point down is 88 -- 188 points at session lows. trying to make this two wins in a row. we shall see if that works out. if the dow can can close up more than 17.7 points, and it's above that right now, it will be back in positive territory for the year. we're closely going to watch this average. now to the s&p 500. as you can see, it is slightly higher, a fraction here, 1.2 -- 1.48. we'd been down 38 points on the lower in today's session for the s&p, so that's a comeback. and here's the final comeback,

the nasdaq. as you can see, up 4 points. at -- 14 is points. at the session lows it was down 148 points. so there's a number of factors that are keeping a cap on these gains in general, at least for most of today until i took over here on fox business. for one, let's talk about this. weaker than expected initial jobless claims. the estimate was 200, the actual number was 207, the estimate was 210, so a little bit lighter than expected. but this still tells us we have a very tight the labor market in this nation right now. this brings us to a second concern among investors, interest rates. san francisco fed president mary daly today says, quote, we are going to keep going until we are confident on inflation's path to 2%. that 2% level, she says, is a long way off, end quote. well, the treasury market's been reacting to this, as you can see. treasuries at this point at

least on a basis point basis are lower, but the 2 and the 10-year still we're sitting around those 16-year highs x and that's been a concern to a lot of investorsers. and then at a big concern for -- also a big concern for the economic landscape as well is oil. so oil has been really interesting because we've seen a lot of upside pressure to oil. now we're seeing downside pressure. so oil is at $8 2k.29, that's almost $2 to the downside. but, again, and that affects the energy sector on the market side. but what's interesting is we've got a 5-week low, down more than 10% in just the last week on oil. what gives with all of this? a lot of data today. let's get to our floor show. joining me now is t3 trading chief strategist scott redler or and john lonski. it's great to have you both here on set. so many things to get through. i'm going to start on the market side with you, scott, and that s&p number in particular. the dow could easily become

positive by the end of the session, but the s&p is really your focus. why? >> because it's really a better barometer of the health of the market. and this week we hit 4216 which was about a 9% correction off the highs, and it happened pretty fast, you know? the problem here is though with all the problems out there and and the macroeconomic landscape, the s&p's still up 11, 12% on the year. nasdaq's still up 32, 33% on the year. so economists are talking about recession that we price in recession, those aren't recessionary numbers the same way the s&p around 20 is elevated and not cheap. so you have this divergence between sectors,ty e very generals in different regions as far as mack can coeconomics and technicals, and finally everything's coming together where the market's realizing rates have to go higher, and things are elevated and chances are, you know, the consumer's starting to feel the rates higher and corporations, you know, that are -- the margins are getting less, it just doesn't feel really good.

cheryl: we've got third quarter earnings that are about to kick in, and many continue to talk about a fourth quarter rally. the question is from where. that's a great point. john, the recession talk is obviously a big kind of overhang right now. we've got the jobs number coming out tomorrow. that tight labor market, this week has been weird with the jobs data because the adp was a huge miss. it was very weak. and those were low paying jobs which tells me that that makes a recession more likely. but then, you know, the claims weren't horrible this morning, and then you've got the september unemployment report tomorrow, and the estimates, 137. we'll see. >> so tomorrow morning, as in what's my line, we're going to find out will the the correct labor market indicator please stand up. [laughter] cheryl: i don't know. it's been so strange. >> right now i'm going to put more money, i'm going to say that perhaps the initial state jobless claims, very low reading for this week, will be closer to

the truth. and and that is perhaps we'll see payrolls a little bit more slowly than they did e in august, 170,000 jobs. that's still quite a few. still indicates a tight labor market. and with that we get a dip by the unemployment rate to 3.7%. but what i'm going to be focusing on keenly and so will many others, what happens to that monthly increase by the average wage. that was merely two-tenths -- cheryl: because that's inflation. >> that's inflation right there, and that's the best indication of labor market tightness as it poses a threat to price stability. cheryl: yeah: and you talk about that, you say that, basically, if you look at the jobs that are being created, charles actually mentioned this at the end of his show, it's, you know, leisure and hospitality, and sometimes people are taking who two, three jobs to make ends meet because of food inflation and oil flakes which i want to the get to -- inflation which i want to get to with you as well. scott, obviously not a good good day for the energy sector because of the oil sector.

but tech has been a nice little surprise whether it's nvidia, microsoft, even google. that's kind of the space you're into right now. >> well, every time it feels like the market was going to break this week, some flows went to tech. mega-cap tech feels like it's safe. there was a downgrade in apple this week, it held in there. google actually looks pretty solid. today nvidia and tesla la when the market was trying to test lower levels, they wouldn't go down and now they're green. so tech is keeping the market intact. but it's just, like, for how long. the 200-day just after looking like it was going to break above a-year high -- 2-year high, you had a historic move in utilities. so everything is so kiss located -- dislocated, it's hard to trust a sector in particular. cheryl: look at the financial sector, trying to get an idea for predictions about how the bank earnings are going to kick us off. it is not a good story at all if you look at the year to year

comparisons. >> but if you think about also when we had all those regional bank problems, you know where the 10-year was? 4.1. now we're 4.8, we haven't heard anything from the regional banks, so what's going on over there? you heard e overseas in europe there was a bank down 25% because they talked about a money raise because they have a bond issuing coming due in 2025, so the question is when does that start to happen here. so the banks are pretty broken a right now. people want to stay away with. but if they turn into a huge headwind, that'll definitely mean some volatility. cheryl: something else we haven't hit yet, john, and that that's this chaos in washington. i can't say other words on television, but it's the spending that's just been out of control. we finally get the short-term c.r., but november's coming around, and you've got another deadline. here we go again. and if you look at the calendar, how many days congress is working. my point is, you point to the debt that we're sitting on in this country as an overhang for the economy.

>> oh, definitely. that's why you have high interest rates. and it's absolutely outrageous. here we are, they supposedly say it's a strong economy. the budget deficit should be no greater than maybe 3.5% of gdp. instead, this year 's budget deficit that is approaching $2 trillion is a big fat 6% of gdp. you cannot do this indefinitely, and yet economists are predicting that the budget deficit9 will stay at a very high 6% of gdp through 2025. and by that time who knows what we're going to be looking at in terms of interest rates, in terms of bond yields. and as scott knows, that can only mean hoe rear p if e ratio. cheryl: you make a great point that at some point it'sgoing to be the markets that are going to force congress to get their fiscal act together because it's definitely not right now. >> mr. market will have a final say on this matter.

cheryl: as he should at this point. we need someone to come in and square with things away. gentlemen, it's great to see you both here on set. >> same here. thank you. cheryl: all right. you do not want to miss the the "mornings with maria" special jobs in america tomorrow ahead of the september jobs report. we're going to kick things off at 8 a.m. eastern time. i'm going to be break breaking those numbers right at 8:30 when it comes out. we're going to have the pregame and the postgame reaction to this number. and as i told maria this morning, it's going to be anybody's game, what this report's going to look like. and also looking for those revisions. well, we've got some breaking news right now. general motors says that it has made a sixth offer to the united auto workers' on you to onas the strike is hitting now -- union as the the strike is hitting its 20th day. details were not revealed, but union president shawn fein is set e to give an update tomorrow at 2 p.m. eastern time as 25,000 workers strike at 5 vehicle

assembly plants and 38 parts warehouses. meanwhile, the actors' union, sag-aftra, is also set to resume talks tomorrow with hollywood studios as three writers on the drew barrymore show are reportedly not going to come back to work. this backlash against her really comes after her show was initially slated to return amid the writer ares' strike. barrymore reversed her course a few days later saying the show would not come back this the show was resolved. doesn't look like her writers have forgiven her. and now workers as kaiser permanente facilities are holding the largest health care strike with more than 75,000 workers walking off the job. at least for the short term. jonathan hunt is live in los angeles just hours away from where kaiser permanente is headquartered and where we're now, i guess, a little more than a day away from, hopefully, this thing taking a break, if you will. jonathan, hello.

>> reporter: hey, cheryl. we seem to be at a standstill right now in talks between the unions and those 75,000 workers who have walked off the streets along with the kaiser executives. they did not talk overnight. as far as we understand it, there are no new talks scheduled right now. so you have those 75,000 workers across the kaiser network right across the country having walk out, hundreds of them as you can see and hear outside the kaiser permanente west los angeles medical center. it is one of the biggest hospitals in the kaiser network. they say they have no choice but to walk out because kaiser has allowed staffing levels to fall dangerously low and wages to fall far behind inflation. and they say it is time for kaiser to stand up and make it right. listen here. >> nobody wants to be out here. everybody wants to be in there doing their job, doing those to

the best of our abilities. however, you know, we have to have proper staffing for that, and the only way we can catch the attention of the higher-ups is to be here today. >> reporter: and you're willing to come out again if necessary? >> absolutely. >> reporter:, now kaiser, of course to, says its priority is also a patient care. in a a statement they told us, quote, kaiser permanente, our industry and our employees are now operating in a new cultural labor and and post-pandemic e environment that we are all working hard to understand. we are committed to finding workable solutions. but weird, no prospect of agreement coming anytime soon. these thousands of workers remain out on strike, so what effect is that having on patient care? well, ciez canner says that its -- kaiser says that its hospitals and emergency rooms remain and will remain open through the duration of this strike, but they admit that non-urgent procedures in some cases are being postponed, that

some medical offices remain closed and that some pharmacies are also shut down too. now, this particular strike, cheryl, is scheduled to go a full three days. that means it would enaround 6 a.m. pacific time -- end around 6 a.m. pacific time on saturday. but if there is no agreement, these workers say they will walk out again sometime in november. and if they do so, that strike will last even longer. and, obviously, that affects the health care of some 13 if million americans. cheryl? cheryl: the largest in history. it's incredible, jonathan. certainly appreciate the update from you and from there as well. jonathan hunt from fox news. thank you, sir e. well, if you want to go around the world in 22 days but you don't want to fly cattle class, got a thought for you. the ceo of private jet company tells us how you can visit the eiffel tower, the taj mahal, the

sydney opera house, french polynesia, other exotic places. there is a price on this. we're going to tell you about it. look at this, airbnb, booking holdings, expedia, trip adviser and the daily travel indication, ticker ooto, all of them, well, they're in the red. a little bit anyway. "claman countdown"'s coming right back. ♪ ♪ baby grand piano. you're replacing me? customize and save with liberty bibberty. he doesn't even have a mustache. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. ♪

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i suffer with psoriatic arthritis and psoriasis. i was on a journey for a really long time to find some relief. cosentyx works for me. cosentyx helps real people get real relief from the symptoms of psoriatic arthritis or psoriasis. serious allergic reactions, severe skin reactions that look like eczema, and an increased risk of infections, some fatal, have occurred. tell your doctor if you have an infection or symptoms, had a vaccine or plan to or if ibd symptoms develop or worsen. i move so much better because of cosentyx. ask your rheumatologist about cosentyx. cheryl: from flights to accommodations, there are a lot of moving parts when it comes to planning a vacation, and sometimes you just want an all-inclusive package so you don't have to worry about each individual hassle. well, in 19 days one company is

taking a maul group with of travelers around the world in 22 days in a private jet. joining us now in a fox business exclusive is the ceo. xi, it's great to see you here. if. >> thank you very much for having me. [laughter] cheryl: my french is not what it used to be. in the best establish we can -- english we can do between the two of us, let's talk about this. what a fascinating idea. you've been in the travel industry for decades or, but i wanted to ask you about the specific trip. where did the idea come from, and let's talk about the financials of it. >> well, the first idea is that when people are traveling, they are very often traveling to discover one place, and they can travel around the world, they can travel in many destinations. but in order to get a global vision on the planet, you have to unify a certain member --

number of conditions. one of them is to go fast in order to get the global idea. in order to go fast without being tired, you need a private jet. and if you have you have a private jet, so so let's enjoy, let's take the most of it and the most luxurious possibilities. the whole idea of the tour is to bring the passenger to experience a unique situation where he wakes up every three days in a new universe. and these travel much beyond the test nation that he, indeed -- destination that he, indeed visited keeps getting global vision on the planet which is totally unique. cheryl: we have a map, i want to show eau our viewers what this is. it arrives back in paris, but as you mentioned, you see some of the most beautiful parts of the world. i was looking at this just

because i wanted the know, rio, easter island, peru, sydney, cambodia, vietnam, india, jordan. obviously, this is going to be one busy, busy trip. so these prices, there's a club safran and a premier safran. does each of these include everything? hotel accommodation cans, food, tours, everything? $10,000 for the premier -- 110,000. the club, 71,000 and change. >> yes. definitely the whole idea is that the traveler must is are only his hands in his pocket, not spend anything. everything is included. the ec curlses, the gala -- excursions, the gala dinner, we are doing extremely sophisticated gala dinner, for instance, in the anchor temple. it includes the excursions and the food, boat, of course, and the drinks. we serve dom perignon aboard our

private jet, we have a private chef that curates special meals for every destination. everything is included, even the prestamped postcards so so you don't have to find some small money to send a postcard to your relatives. [laughter] cheryl: so the trip is next month. it was interesting, because i was looking and doing a little bit of digging here. if you were to do an all inclusive trip from paris to rio for a week, that would be $27,000. but you're hitting 10 countries over 22 days, ask that includes all the food, as you mentioned. bring yourself, maybe your phone and your passport. so it really does seem to be for this type of level of travel that it's a better deal, it's a better price for someone. >> yes, it's a fantastic price, especially still this year which is still at the very good -- it's like a bargain, in fact. considering the type of aecom thattation and luxurious

services we're providing. it's not about money only. suppose you want to visit exactly the points with we are visiting during this tour, and you do it on commercial flight. instead of 22 days, you would need 34 days, and you would not have direct flight as we do. and you would have to -- in airplanes. so it's very good in terms of money, but it's also a very good with deal in the sense that you can get this idea of the global vision of the planet in the best conditions and without being tired. you have four nights, of course, this all the hotels. cheryl: i have to ask you on the actual aircraft, are all the beds lie-flat beds in. >> yes, they are fully lie-flat beds. you have 2 meterses which is more than 6.5 feet between two rows. you can totally lay down. don't forget that all the flights are day flights, so you

don't need so much to sleep during this flight. the longest flight we have is 11, 45 minutes duration. we do directly. this is very important point. we do have the range that permits us to fly directly to every destination. and we have, as you saw in the rear of the aircraft, we have two social places where we install a bar, and you can get to share because the whole idea also about this tour is that -- cheryl: yeah, okay, wonderful: it sounds well. thank you so much. [laughter] no, believe me, i wish i could join you. guy, thank you very much. congratulationses. >> thank you. thank you. cheryl: all right. well, we are going to take a quick break, but indicted ftx founder sam bankman-fried's fraud trial continues today with a focus on the witness stand. we've got a live report from outside the federal courthouse in manhattan.

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cheryl: fox business alert right now, take a look at your markets. the dow is hanging on to that positive territory, if you will. if we can get past above 17 points, the dow would actually be positive for the year. we've got half an hour to go. s&p, as you can see, is lower by almost a point and a half, and the nasdaq is lower by 1.5. at one point the nasdaq was down 148, so these markets have come back but still a couple of red arrows there. let's look at some stocks for you. rivian sinking after announcing it intends to offer $1.5 billion worth of convertible thoses. this comes after a $1.3 billion sale in march. the ev maker also issuing revenue guidance for the third quarter that missed analyst estimates. rivian has been taking measures to trim etc. costs including a 6% -- trim its costs including a 6% staff reduction in february. in other ev news, lucid launching a version of its luxury sedan, a single-motor

rear-wheel-drive sedan. it's got a 410-mile range. sticker price starts at $77,400. this is the ev maker's first vehicle costing below $80,000. comes as rivals like tesla have been cutting prices in an effort to offset higher borrowing costs for consumers when they go to get that loan. lucid down more than 7%. lam weston, stock is moving higher after posting fiscal first quarter profits that beat analyst expectations by a wide margin. the froze then potato seller has raised its full-year sales and profit forecast. stock is up a little more than 9%. the company supplies fast food giant with mcdonald's, and they've been raising their prices to offset rising manufacturing costs. that need inflation story. let's take a look at chlorox, reporting that it will post a loss for the first quarter after a cyber attack that happened in august caused product outages and disrupted supplies and operations. the cleaning products company says it is still assessing how

much of an impact that attack is going to have on fiscal 2024. ever core cut its price target from 160 to 120, and then bank of america lowered it target from 145 down to 120. shares are down 5.5%. witnesses are taking the stand today in the trial of sam bankman-fried. his former college classmate who worked at ftx gave damning testimony against the disgraced founder. kelly o'grady is once again outside the courthouse here in new york city with all of the latest. it's been fascinating to watch, kelly. >> reporter: it definitely has, cheryl. and actually breaking right now, i just got new information from my producer on the inside, and he shared that just taking the stand now is matt huong, who is the founder of venture firm paradigm. he's the the very first investor that we are hearing from in this trial with the prosecution making their case right now. so we're going to get a sense of

why he invested, and this will be key to the prosecution trying to prove out one of those charges which was fraud on investors. now, back to what we've already learned today, you mentioned a former class haut of sbf, it was his roommate at mit, he took the stand. really someone who could speak to the behind the scenes, and he described the operation at best as lucy goosy. for example, one of the things we learned, remember that $35 million bahamas penthouse where the leadership team lived in the prosecution shared text messages between this witness, adam, and sam bankman-fried where the former e crypto king assured him that the residence was going to be paid for bilal immediate da. that was ftx's sister fund. al immediate e da. another thing this witness mentioned is that ftx customer assets, when deposited in the early days, were actually sent to annal immediate e da bank account without the customers' knowledge. when you're proving out a fraud charge, that lack of disclosure is very key.

the big reveal today from the prosecution's examination is while fixing a bug, this individual was a coder at ftx, he found that alameda owed ftx $8 billion in customer funds. sbf was informed of all of this messiness early on, and he even acknowledged to the witness that ftx was, quote, not bulletproof anymore. the witness asserted he quit because he discovered alameda was using ftx customer money to pay loans. the defense had a chance to cross-examine this witness. theta teased him in questioning that he heard secondhand through several employees that they were using ftx funds, so that tarts to bring about doubt potentially in the jury's mind and that he was also only testifying you were an immunity agreement because he was worried that the code that he wrote was used to commit crimes. now, all of this, cheryl, is sparking doubt in the jury's minds, you know, of his motivation, why is he testifying. so the takeaway here really is

that this whole case thus far has been pretty messy both from what we're learning of how the company was set up, but also the prosecution's case. this is very complicated stuff. they're showing spread sheets, they're talking about how the code was built, and that's something where you could confuse a juror so that when they're in the dhix room, things aren't very clear. we will bring you more from the investor testimony when anything breaks. back to you. cheryl: wonderful. thank you, kelly, for that report. be sure to listen to kelly's podcast, the trial of sam bankman-fried. download it at fox news podcasts come. well, a bill that would allow cannabis-related companies to access banking services is now head to the senate. we asked the ceo of marijuana company true leaf what the impact would be if it passes muster in the house. closing bell is going to ring are, we thousand are have about 24 minutes -- we now have about 24 minutes to go. dow is teetering.

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cheryl: for almost a decade, haw a makers have been trying to give legal cannabis businesses access to basic banking services, and now a new bill could bring them one step closer. the first draft of the bill, it's called the safe banking act, was introduced in 2015. since then, several versions have made it through congressional committees and one chamber of commerce but never -- of congress, but never both. that could change with the safer banking act. last week the senate banking committee approved the bipath san bill which offers -- bipartisan bill which offers several amendments to appease opposition from republican lawmakers. senate majority leader chuck schumer wants to introduce it on the senate floor asap. joining me now is the ceo of

cannabis company true leaf, kim rivers. thank you for being here. >> thank you so much for having me. cheryl: so how optimistic are you at this point that you can finally get to go with this legislation and move on for, frankly, the safety of cannabis businesses across the country? >> yeah. i mean, listen, we are further this time than we have ever been, the first time we have successfully made it through a senate committee. we have passed the house floor seven times, so we are very optimistic in the progress and believe that we will have will have a positives result on the senate floor when it reaches the senate floor which we think could be pretty soon here. cheryl: okay. it's interesting too, even with this amendment, you know, i've been kind of going through the data here, and it gives these banking regulators broad discretion. i think there's a concern still even in the current form that there might still be some, it would be possible for reregulaters to discriminate against certain businesses.

is that still a concern for you in. >> section 10, which has been the point of contention between certainly, you know, republicans and chem cats in the house -- democrats in the house and the senate still has a little work to do. we believe there will be likely some further tweaks to that is section between now and hen when it gets to the white house. i will say i think great progress has been made as it relates to opening those lines of communication and really being able to to i understand the heart of the issue. whereas before in previous years there's really been a stonewalling that's occur canned and, again, section 10 has been a primary concern. i think it is important to note that section 10 does not solely apply to cannabis businesses. it actually affects a wide range of businesses. so that also to us is a little bit of a positive scheft in that this really -- shift in that this is really no longer about whether banking for cannabis companies makes sense. we have unanimous or as close as possible consensus that actually

is the case. now we're talking about a more nuanced banking provision that, again, affects a lot of businesses -- cheryl: do you think the banks will be on warning, if particular it seems to me that the regionals would greatly benefit from from this because you've got to target banks that operate in the states where cannabis is legal. >> yeah. i mean, there are a number of banks and, actually, a large number of increased banks, you know, reaching out to let them know that they are planning to bank canada's companies. so so that absolutely, i would expect a large number of banks to want to participate in this growing business and, of course, if we see rescheduling, it's only going to become an increasing, you know, business for a variety of banks acrosses the country. cheryl: the other piece i think is so interesting is about the federal home mortgage banks because that allows them to loan, to create mortgages, to give mortgages out to people that actually work in the industry that actually own cannabis businesses. think that's a fascinating part.

what do you think this could mean for tax reform? you know, obviously, these a states that have ratify cannabis see a great revenue opportunity. of course they do. [laughter] huh -- but how would that work, do you think that would lead to federal tack reform for the cannabis industry and is that possible when it's still not federally legal? >> right. those are kind of interrelate. one, i do think it can't be understated, we have thousands and thousands of employees that work for state-legal cannabis companies in the united states, and our personal banking relationships are absolutely effective. i myself have gotten letters of close accounts from a number of banking institutions, some of whom i've had relationships with for 30 years, so that's a real thing that affects thousands of people, thousands of americans. and secondly, i would say as it relates to tax reform we're subject to 280e which means we, we're part of punitive tax code. we're taxed the same as, for

example, a heroin dealer. [laughter] so i do to think -- literally. last two years we paid over $235 billion in excess taxeses to the federal government because we are a state-legal cannabis company. cheryl: just to be clear, kim, we have to run, but the reason this matters so much is because in the states where cannabis is legal, these shops are victims of crime. and i see it happening all over -- >> that's right. cheryl: we've got 2,000 illegal cannabis shops in this city, and they're operating cash businesses, and criminals are going after them, and people are getting hurt and attacked and sometimes worse. >> that's right. cheryl: i just want to make sure everybody understands why this is so important. kim rivers, thanks so much for being here. >> thank you. appreciate it. cheryl: well, we've got a lot more coming up. nonpartisan political group no labels taking umbrage at the way kevin mccarthy was oust9 as the house speaker. is there dissension in the ranks of the group? charlie breaks it coming up next. closing bell is going to ring 13 minutes from now and, as you can see, we're down 14 points.

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♪. cheryl: contentious conference call between members the non-partisan political group no labels over the ouster of former house speaker kevin mccarthy. republican members blaming democratic members for voting for mccarthy's removal saying their actions violate the group's central mission of bipartisanship. joining us with more, charlie gasparino. this story couldn't get more whacked out. >> you would think no labels would pick up from this, we need a third way, get away from the contentiousness going on in washington. mccarthy was ousted with votes of eight republicans, the hateful eight they call them and democrats. it is counterintuitive. there are republican members of congress and democrat members of congress of no labels there are the donors and supporters, people behind it. i have sources that were supporters. they were on the call.

700 people on the the hunter bidens of people on the call 7:00, all hell broke loose, kind of what happened on the floor what they ousted mccarthy. the republican members of donors of no labels to the democrats on the call, there were a lot of cross screaming no what i understand, they just violated the no labels bipartisan policy by joining you know eight knuckleheads from you know, out this in outer space land, matt gaetz and his crew, to get rid of mccarthy after mccarthy crafted a bipartisan compromise on the debt ceiling okay? when that was broached it became a screaming match from what i understand. what does this mean besides everybody screaming at each other at no labels. this underscores, people talking

them about possible third way. cheryl: rfk, jr.? >> i don't know if they go there. anybody from joe manchin, larry hogan, you hear names. joe lieberman is part of this thing. glenn youngkin's name comes up. it shows you when you kind of mix ideologies how crazy it becomes. there is an internal battle. it is a fragile coalition let's say. if you're thinking about going no labels in the future i'm telling you this thing might not get off the ground because what happened at 7:00 during that call. it is a fragile coalition. i want to switch gears to blackrock. interesting. i was at a semifor conference the other night with my producer ellie. we have listened to some of the speakers. one speaker was interesting. semifors is new publication, covers a lot of finance and public politics, started by ben smith, long-time journalist used

to run "buzzfeed" at "new york times." at semifor, gary cohn, former number two, worked with trump at the nec. one that caught my eye is mark weed man. the guy head of client relations, head of client for blackrock the big money management firm. a likely, i shouldn't say likely, possible successor to larry fink when he retires, if he retires. you never know, larry is 70 and still going strong. they asked him about esg. you guys are getting a lot of you know what pushback on esg. he made two comments i found tag. number one he he said, there is demand for esg. esg was capitalism inspired, there are a lot of tree hugging investors out there in blue state pension funds, and individuals. that kind of made sense to me. the second thing was he said we talked about it too much.

cheryl: put their rep tanks? >> that is where he took a little dig at larry, larry was evan gellizing about this stuff. that was interesting, i love larry, i love the fact that he talks. he is at least on the record, he is honest, he is a good guy and puts his money where his mouth is. he believes there is an economy in green. almost like a tech revolution when we go there if we go there, how we go there. there is a need for it. he always said there needs to be a transition because you will get inflation. i like him going out there but, based on what weidman said you will here a lot less talk about esg. cheryl: i'm fine with that. charlie gasparino. thank you so much. i'm good. great stuff. closing bell is going to ring. we have got three minutes to go. markets are flat. if we can get to, higher 17 on the dow, some kind of quick

surge here that would take us positive for the year. right now we have red arrows across the board off session lows. let's talk about this constellation brands down 3% after the beverage maker reported earnings. the alcohol producer saying its wine business suffered from softer demand but raised annual price target on strong demands for its beers and spirits. our closer has another alcohol maker as one of his picks. intrepid capital and ceo mark travis. great to have you here. what what is that pick, mark. >> that is jose cuervo one of the oldest companies in mexico. i like to buy things people particularly use particularly in my home state of florida. you need tequila drinking on the beach, you need ac when you are on the beach and when you are lost you need garmin technology to help return you safely. those are a few of the

securities we own at intrepid capital funds. cheryl: we were showing beckel sab, that is a way to may this obviously with the tequila company. you were talking about garman. what do you make of garmin and apple compete particularly on the watch which is very profitable lines of business for each company. you're picking garmin. why? >> garmin is ubiquitous. i talk a lot about what i call public companies that are privately held and that is a little tongue-in-cheek but you have got the founding family of garmin, the namesakes have combined to make the name garmin that own $4 billion of that security. so i feel like i'm going to be well-treated but everything from one of my retrievers to handheld gps, flying around in an airplane is using garmin technology. i recognize that you know an

apple watch it is ubiquitous and certainly some attributes there that compete but i'm quite comfortable that over time we're going to be well-rewarded as a co-owner with a families that started garmin. cheryl: i also am seeing these other picks, waskco, that is air-conditioning company, markle, insurance company and very interesting picks very out of the box thinking. that is what you need when you have a rough market. mark travis, thank you for those picks. here we go. a lot can happen. numbers have to settle. [closing bell rings] we have 14 seconds. we'll see. joining us metaverse cofounder, jason maybe per. markets too close to call. that's it for me. "kudlow" is next. ♪. larry: hello folks, welcome to