dancing, reading a poem or miss maple could read one of her poems. a schoolteacher, beloved, macy's, you might be doing the right thing. this market trying to find some equilibrium, but it's being held down by the bond market. it's become the central story. these yields are hard to explain, and they certainly keep going in the direction that none of us want to see. the last hour of trading is going to be really, really wild, so i suggest that you buckle up. now, the good news is you've got the best in the business glidin. liz claman. liz: we'll try to live up to that. splitting our focus due to major breaking headlines. we're going to divide the screen here. markets at the moment have reversed and are mostly down. the dow jones industrials had been up 163 points. it is now down 108. the s&p lower by 15. the nasdaq down 74. russell 2000 is the only one in the green, up 20 points.

husband members right now propelled -- house members propelled by the or urgency of developments both here and in the middle east are trying to vote in a speaker. right now the house has taken a recess after the first vote in the last hour for republican representative jim jordan of ohio fell short of the 217 minimum needed to win his bid for speaker. democrat hakeem jeffries has the most votes but still short of the minimum at 212. the importance of this vote cannot be understated. until a speaker is elected, congress cannot respond to emergencies or crises is. and the high stakeses in the middle east definitely constitute a major crises in which the u.s. is playing an a increasing role. tonight president joe biden will depart the white house to head to israel, jordan and egypt. this as incoming hamas rockets fired directly at cities to the north including tel aviv continue to rain down. 4re67b days after -- eleven days

after the surprise attacks in southern israel in which 1300 israelis were tortured, raped and murdered, forensic scientists at an emergency dna lab set up to identify the remains say some bodies may never be identified. and as the humanitarian crisis in gaza sparked when israel began retaliating turns dire with food and water dwindling, the importance of the house speaker vote is taking on heavy heavy weight here. for the very latest on where that stands, fox news senior congressional correspondent chad pergram live on capitol hill. i've within watching your live feed of your camera, and you are rushing up and getting all the sound bites. they're taking a recess right no? please tell us what exactly is going on. >> reporter: they took the recess because they really don't know where they're going to go next. we just got a statement from the spokesman for jim jordan indicating that they want to have a vote later on. i was told by a senior source that they hope toed to have

another vote later on here. keep many mind what the deficit was here, just how many republicans voted against jim jordan on that first ballot. some of those votes were protest votes, and i spoke with a senior source who said that they thought that on a second ballot that jim jordan would make up some ground, but he might lose some additional people. and i asked, well, is it a wash? and they said, yes. the question is whether or not they forge ahead. the inclination is that they would try to go ahead because they want to force the issue and maybe turn up, you know, some of the volume against some of these republican members who are voting for somebody besides jim jordan. they think that they might be able to, you know, convince some of these people to come across the finish line. but that deficit is pretty significant. that deficit is more significant than kevin mccarthy faced on any of the roll call votes, those saw is roll -- 15 roll call votes back in january to get there. we had votes for lee zeldin, former republican congressman, not even a member of the

institution. you had one member vote for thomas massie. i mean, they were all over the map on this, and that's a problem for jim jordan. again, some of those are protest votes. some people just aren't going to support jim jordan. the problem is that that turning radius when you can only lose 3-4 votes depending on what the vote looks like, again, because it's a moving target, it's a magic number depending on i how many people vote, we're told, for instance, tonight they will get a little more support. gus bilirakis, the republican representative from florida, he will be back. he was out of town earlier today, had a funeral to attended. he does support jim jordan, so they pick somebody up there. but the question is do they harden some of this opposition. i spoke with carlos gimenez, the republican representative from florida, and he said to me earlier that some of the people or who are opposed to jim jordan did not like what he called the strongarm tactics here, threats and so on and so forth. he voted for kevin mccarthy on

the floor, and there's some republicans who, in fact, and carlos gimenez has been by far the most vocal a member in that camp to bring back ken mccarthy. we don't know that we're going to get there, but what is starting to happen now is an increased conversation about do they try to empire power by -- empower patrick mchenry, maybe make him the acting speaker, they would vote on that. and what that would do is allow the house to start business, deal with the middle east, pass a bill to fund the government to avoid a shutdown, pass aid e to israel. there's a lot of things that they have to start get rolling on here. and i do get the sense here in the building that some of the people who are opposed to jim jordan willing to give him one more shot, maybe two, but after that, katie bar the door. liz: chad, thank you very much. the stock market cracking a bit under the weight of the international headlines and and a host of developments on wall street. you can see all of the majors down. nasdaq, s&p are in the red. again, the russell clinging

to -- well, i wouldn't say clinging, that's a pretty good percentage gain of more than 1%, up about 20 points. quick headlines on three stockses. goldman saks' shares enduring a very choppy session after they reported a quarterly net revenue beat of $11.82 billion versus the estimates of $11.19 billion. but the stock just a couple of minutes ago hit session lows. profits dropped a billion dollars year e over year to $2.06 billion. stock has traded as high as $316 and as low as just below where we are right now, $307. we're at a $307.75 at the moment. we should check on nvidia, we're going to do that throughout the entire session. right now the leader in a.i. chip manufacturing is one of the worst performers on the nasdaq. in fact, i believe it just turned -- touched the worst performer at the moment on the nasdaq 100. shares down 5% at the moment in light of the new u.s. expercent restrictions on u.s.-made advanced chips and and software

to china. now, on the flipside, vf corporation topping the s&p 500 leaderboard. this is the parent of vans and the north face. big retail company here. rallying 12.5% after the wall street journal reported that activist investor engaged capital has built a wig stake in the company. engaged is pushing for changes including steep cost cuts. the retail sector very much in the spotlight at this hour after september retail sales came this much9 hotter than expected. the consumer showing no signs of slowing, but could sticky inflation eventually wear on spending? and aside from all of that, where do you put your money at the moment if you want to put it to work? let's bring in our floor show, ubs managing director jason katz and circle squared ceo jeff sica. jeff, i will begin with you. as you look at the -- what do you, you know, the horizon across the pond and in the middle east plus the numbers that we've gotten that would

indicate the federal reserve is not done hiking interest rates, what do you interpret from both of those? >> well, i think if you look at the market, the market last week got hit with this horrendous news last week. and the market did fairly well considering what, the news they had to digest. and what we're seeing now is the focus as dismal as the headlines are, the focus has been on the federal reserve. the focus has been on the price of oil. and what i see is oil is the key right now. and especially what ends up happening with iran. if they get involved. keep in mind, they control the strait of hormuz which is where a lot of oil flows through that supplies the world. so if iran gets involved and we see oil prices move up and the federal reserve backs off their potential of slowing down the interest rate increases, i think we're head for a difficult time. liz: so you look at the strait

of hormuz and, again, jason, this does matter to or americans here in the united states who are investing in let's just say exxonmobil or chevron or or some of the foreign oil companies like hell and bp. shell hitting -- shell and bp. shell hitting a 52-week high. the strait of hormuz is that crucial choke point as jeff correctly points out where basically, you know, you look at it between the gulf of oman and the arabian sea in the persian gulf. do you pour into oil stocks? oil has been remarkably just west texas intermediate's been remarkably calm. >> the short answer is, yes. the group is up, what, only 6% on the year? it doesn't compute when you have oil probably heading to $95 a barrel predicated on what jeff here has shared. liz: why do you say probably? right now we've got west texas, $87, just a third of a percent. >> we're in the early innings of this conflict, unfortunately. it looks like it's heating up.

and i think the world's getting the memo that while israel and palestine obviously on the margin don't affect the oil market, their neighboring countries do. so oil's probably doing a beeline, in our humble opinion, to $95 a barrel. when you have an try that for years was encouraged -- an industry that was encouraged the cut production, raise dividends, buy back stock, now they're reversing course. you're seeing m&a activity pick up, you're seeing production slightly pick up. so i think there's a great opportunity. it's one of the laggards relative to the rest of the market. very investable here. liz: okay. do you like the u.s. or foreign? >> both. any and all. anything with with a pulse regarding oil, i think, is buyable at these levels. liz: jeff, let's bring it back stateside. is there any play to be head with, for example, the u.s. car makers during this uaw strike? you've been watching that. and the big three, depending on which way the negotiations are going with the autoworkers' on

you yo -- union, up or down? >> i think that what's happening, i was supporting the workers, but what the uaw is putting the consumer in the position where they're going to be forced to go buy non-union cars. because the prices of manufactured cars in the is going to increase dramatically. you're going to have a lot of -- the big winner in this, as unfortunate as this sounds, the big winner is mexico because a lot of the production is going to move offshore. so i'm very worried about the big three in the u.s. i'm very worried about their future.. i'm worried about the workers in general. i think the uaw has overplayed their hand, and i think they're headed for some really difficult time. liz: jason, the fed. let's go back to that. all roads always lead to the fed. they look at what is a very, very interesting picture, and

i -- and devastating, certainly, from the middle east perspective. do you think that jay powell and company are in essence saying, you know what? let's hold off on the rate hikes until that cools down? >> sure. they've taken cover in terms of what's happened in the mideast. it's no coincidence that subsequent to those horrific attacks all the fed peek has been, hey, the heavy lifting's been done at least to some extent. the long end has come up precipitously, let's see what transpires. but they can't in the face of what we're facing or potentially facing with good faith raise rates right now. so i think this next meeting is definitively a pause, and and we're probably done with respect to raising rates. liz: okay. so december meeting, 38.7% odds of a rate hike. 57% that there's a pause. so both november and december. but then if you look at january, 41%, it's starting to rise because we know what we just saw with retail sales. jeff, jason, thank you so much for joining us. all right, well, so retail

sales with the american consumer showing no signs of slowing down. is the retail ice age about to recede, or is it quietly growing colder? legendary retail executive mickey breaksler d -- drexler, former ceo of the gap and j.crew and founder of old navy and madewell joinings us live in studio on that and more. take a look at the consumer discretionary bull etf the, ticker symbol want. up 63% year to date, and over one year up 33% but flattening this quarter. "claman countdown" is coming right back with mr. drexel. don't go away. ♪ ♪ the this is american infrastructure.

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liz: yet another sign inflation is -- i feel like it's superglued to the u.s. economy. retail sales rose for the sixth straight month in september, a sign albeit in the rearview mirror that american shoppers are not done shopping. month over month sales grew .7%, more than double the .3% expected. year-over-year sales rose 3.8%, the most since february. the hottest categories for shoppers, specialty stores, online sales and cars. now, the weakest, clothing and electronics. millard drexel knows clothing better than just about anybody if out there, he is the founder of iconic american fashion brands old navy and madewell, the former ceo of gap stores and j.crew and now the chairman of alex mel's. mickey, let's e get to it. what do you make of those numbers? what does that say, and is it too rearview mirror-looking?

>> well, you know, .7 never impressed me. but, you know, these are some big corporations. they're mostly -- you have amazon discounts, and you have walmart. and, look, i'm in the clothing business for my whole life and that .8, it should only be that good -.8. what i make of it is -- by the way, i don't always believe all the numbers i see. i don't know how you get those numbers -- liz: after all these years, and you've known, you've looked into this, correct? >> well, i don't know who says the numbers -- inflation, the fellow who was measuring or the woman whos' measuring inflation -- who's measuring inflation has not been in a supermarket, obviously, for a long time, has not tried to buy a car, does not eat in restaurants. so, you know, the reality is i kind of learned that what i think is kind of close to what it might be. liz: so we've talked a lot about a retail ice age and is that goes back to, obviously, the financial crisis.

we saw that, not to mention during the pandemic we saw so many bankruptcies. things got a lot better and now we're starting to see hints of bankruptcies. the christmas stores. just yet, rite aid. for all different reasons, obviously. is this the tip of an iceberg or nothing to worry about? >> now, everything is personally i think it's very late many coming. in coming. because there are more square footage a per capita which is kind of a common thing for years and years. and i think -- i'm not familiar with the financials of all those companies. no surprise. and the drugstores on every corner. so they're commodity companies. bed bath and beyond, you know, they kind of earned the right to go bankrupt. and i think more are coming. liz: it's just the birth and death of capitalism in play, correct? competition, etc.

>> i think birth and death of too much choice, too much out there, too many discounters which, nothing against them, gee sellers. and i also think the goods don't excite me. but, you know, that's ooh my own personal -- [laughter] liz: because you've been in the business for a long time. you know what to look for. by the way, love the get-up. you look so chic. you mentioned amazon, mickey. amazon finished its prime. it said its second day of prime last week reported sales outpacedded last year. >> wow. liz: however, a company that works up the statistics discovered that year-over-year you only saw a .2% move to the upside. so is everything is sort of putting into perspective. does that mean that consumers are prioritizing their spending and it's not on discretionary things? >> oh, i couldn't agree more, discretionary. and that's why the apparel. who needs to buy a new shirt or

pants? you can wear the old ones. and electronic, i assume it's impacted by that. liz: yeah. >> but, you know, yeah. but, you know, the amazon sale, last year i paid $80 for air pods on sale, and this year they were $140 on sale. that's a serious inflation. liz: now, can i deduce that appling somehow has convinced people to keep spending on their products? is there somebody who's doing it right, who's actually sort of the best in play at the moment? >> oh, you know, i was on the board with steve for 6 years at apple. -- 16 years. they were the best. i can't respond -- i'm not a technology person. are. liz: what were you doing on the board then? because you're retail, right? >> well, no. steve, you know, i did store stuff. and, you know, good board members usually have good logic and common sense, because in the apparel business any board member really understands the fashion business. but i think apple's -- look,

they're a necessity in america. who doesn't walk around with the iphone? it's kind of like a monopoly, in my mind. liz: if you could give me a sense of what you see on the horizon, and i'm hot just talking about outright bankruptcies. back in july, so just a couple of months a ago, moody's put out a warning, and they do very deep dives here. they saw that defaults, they expected defaults in retail and apparel will actually jump from the 6% to 8.6% in the next year. what do you think? >> i'm not that smart, but i wouldn't argue with that. because i always say name a retailer who doesn't have to be around anymore, because you can buy the goods any place. you know, it's the market, it's brands, and tjx, tj maxx when people say who's the best, they're the best. because they are in such a strong position with their, they

call it off-price. a lot of goods are made for them. but if you go online, you look at every business there is, just do google sale, half the time you've got it. liz: do you see any competition of alibaba, shein, the chinese companies? >> you know, i have no idea. there's always someone around who has vision and a certain amount of creativity where they could, in fact, beat the competitors. but i don't know. shein, you know, it depends on how you like quality or not. if you like quality, you have the specific markets. but, you know, people when buy those clothes really buy disposable clothing. so -- liz: what are you most worried about, as we finish up here? >> most worried about -- what? liz: just overall in the business of retail? >> well, i'm a chronic e

worrier. [laughter] liz: oh, we must be if related. [laughter] >> i don't know who isn't, but they don't admit it. [laughter] i worry about -- well, we're a small company. we have no outside investors which i'm very pleased with, but i worry every day if we don't make the comp sales today my mood is up, it's down. that's how i am. i can't change that after all these years. liz: mickey, thank you so much. really appreciate it. thank you so much. we have a multibillion dollar hostile bid in the travel industry, choice hotels going after another budget chain with an eye-popping offer. we're going to tell you who and for how much of in today's pop stocks. and ferrari announcing today it has begun accepting cryptocurrency for all models sol here in the united states including -- models here in the united states starting at $338,000. [laughter] coming up in a fox business exclusive, the ceo of ferrari

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- it gives you the opportunity to compare side by side. - of the top three, i found two that were better than the ones i got. - it's looking like they could possibly save me quite a bit of money. - compare all in one plans, all in one place, ehealth. - [narrator] ehealth, your medicare matchmaker. liz: breaking news, we are getting information and video from a deadly tragedy in gaza at this hour after an explosion at a hospital in the north of the gaza strip. hamas is blaming an israeli airstrike for killing up to 500

men, women and children. we need to tell you that the israelis are not denying an a explosion took place. they do tell fox news they are investigating. israel also provided this statement, quote: a hospital is a highly sensitive building and is not an israeli defense forces target. the idf is investigating the source of the explosion and, as always, is prioritizing accuracy and reliability. we urge everyone to proceed with caution when reporting on the unverify claims of a terrorist organization. and meanwhile, reuters is reporting that palestinian authority mahmoud abbas has canceled his meeting tomorrow with president joe biden following the deadly hospital blast. no details on the reasoning behind that. it may be because he is working to get over to the gaza strip from the west bank. we're keeping an eye on that and all the details that come out of it. dow jones industrials has pared some to have losses here, down 26 points. let's get to choice hotels

making an offer to buy wyndham hotels after wyndham broke with off discussions about combining the two chains. the parent of the quality inn hotel chain is offering $90 a share, valuing the deal at a $7.8 billion. wyndham right now is at a $74.97. now, choice hotels said it first made the bid for the parent of days inn hotels way back in april. wyndham's board of director didn't like it then, they don't like it now. they rejected the latest offer calling it, quote, opportunistic saying it undervalues wyndham's future growth potential. vmware shares on the move as fears grow that chinese antitrust regulators may take additional time to finalize e the sale to broadcom, down 7.33%. broadcom, uric -- down 2.5%. last year broadcom said it would acquire the cloud computing company in a $61 billion cash and stock deal. the transaction could also be

impacted by what we already told you, today's decision by the u.s. to further restrict the sale of nvidia's high-end chips designed specifically for the chinese market. the u.s. department of commerce says the new rules are intended to close loopholes that popped up after last year's restrictions on a.i. chip exports went into effect. those earlier restrictions banned the sale of nvidia h-100. that is the processer of choice for a.i. firms here in the u.s. so chinese companies bought a slightly slower version call the h-800, but that's going to now be banned as well. so is as a i said throughout this hour, because nvidia's considered one of the seven sort of miracle stocks, we've got nvidia down 4.6%. off the lows of the session but down $21 to $43945 a share. intel's lower by 1.6%. advanced micro devices down 1.5%. and there you see vmware,

there it is the, it is popping 12.8%. now, most of these componentses, by the way, are all packed into the philly sox index, the semikicker index. earlier it was down -- semiconductor index. at the moment we have the socks down 1%. down 1%. intraday though it is off the lows of the session, hit right around the time that the world became aware that the administration is going to ban the export of a.i. chips. apple's ceo tim cook making a surprise visit to china. cook cheered on gamers playing the new honor of kings game at an apple store in china. cook's visit comes after about a month after release of the iphone 15 which has, from reports, seen slow sales in china, lagging behind huawei's 5g connectivity smartphone. apple shares down 1%. rumors about a spot bitcoin etf sending the crypto popping yesterday.

maybe somebody did a little profit taking and splurged on a ferrari gtv which costs a cool $333,000 or. there it is live. the luxury car maker will now let you pay for a new car like that with bitcoin, ether and usdc. we're going to be talking to the ferrari ceo next about the italiae world of crypto as paym. live picture of that ferrari in front of fox business but, more importantly, the ferrari ceo joins me in studio next. and aye got the maker of the ferrari bagels on this week's everyone talks to liz pod to cast. who in their right mind would

make bagellings when there's so many shops certainly here in nyc? adam goldberg. he's the founder of pop-up bagels. he tells me in the brand new episode e that just dropped a couple of hours ago how he went from selling flood mitigation equipment to starting a bagel business out of his house. you have got to hear how during the pandemic lockdown he began trying out bagel recipes. his creation began winning awards and celebrity investors. hear how he got lines around the block right now at his new store in the bagel capital of the world, new york city. you can download everyone talks to liz on amazon, apple, spotify, iheart radio, wherever you get your podcasts. closing bell, 25 minutes away. we are coming right back with much more on the markets and the ceo of ferrari. ♪ ♪ (sfx: stone wheel crafting) ♪

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>> it is just an example of the pent-up interest in crypto. we are hearing from clients around the world about the need for crypto. mine, when you think about -- i think some of this rally is way beyond the rumor. liz: he's not the only one hearing about the need for crypto. that was a blackrock ceo larry fink on "the claman countdown" yesterday emphasizing what has become global interest in cryptocurrency and using it as payments after an a incorrect report hit the tape yesterday morning that the sec had green lit blackrock's spot etf application. as a blackrock and others await approval of their bitcoin etfs, ferrari is waiting no longer. the luxury sports car company has announced it has begun accepting paymenting in bitcoin, ether and stable coin usdc here in the united states. ferrari said it's making the move at the request of its clients and dealers. it's partnering with bitpay to process the crypto transactions

into traditional currency to protect the automaker from price swings. right now it's swinging to the upside. bitcoin's up about a quarter of a percent to $28,488. we've got etherium pulling back by about 2% to $1,562. ferrari plans to allow crypto payments in europe starting in the first quarter of next year. joining me now in a fox business exclusive, ceo benedetto vigna. i've got to hear, benedetto, about the demand that you say you have seen. and it's not just from customers, it's from the dealers too? >> yeah, this is true. u.s. is a very important market for us, and we listen a lot to the leader, we listen to the client. and you said it, we -- for us, it's all about speed, it's about leading the market. so we wanted to address the clear request if our clients because especially the new client considering that 40% of new client are younger than 40 years old, some of them is

cryptocurrency. we want to make life easier for them. liz: and they want to spend some like on this car. this is a live picture of the 296 gtb, and and it's about $338,000 to start? >> yeah. it's not spending, it's investing. liz okay, oh! [laughter] you're a good sales guy. let's put you with on the screen with the car at the same time. and as we do so, you know, at this price until take about 11 bitcoin, i was doing back of the envelope math, so it's not exactly precise, but 11 bitcoin for that car. >> yeah. liz: has anybody -- you've already begun -- >> look, there was strong demand coming from u.s., so should move the client soon. and the u.s. is on the leading and then europe. liz: ferrari. let's talk about the choices. bitcoin, ether and stable coin, usdc. >> yeah. liz: why those throe?

>> -- three? >> because we want to make sure we offer a wide opportunity, wide opportunity the to the, to our client. and thus we want to find the coins that are very sustainable. because it's important that when the cryptocurrency get, you know, tested on the data centers we are sustainable. so we want on one side three coins, on the other side, we want to make sure they're all sustainable. so that's very important for us. liz: the demand for luxury e vehicles is very impressive. it's held up. and if all we have to do is look at your stock. year to date it has been quite a winner here. up about i want to say is, well, have we got this here? up 67% year-over-year, up 45% year to date. who is your number one customer? tribe that person. >> -- describe that person. >> yes, i would like to say the success is doing pretty well, but we always want to stay, how do we say, full weight on the ground. it's important always to keep

alive these cautious approach because things can change. so we have always to think that we have to be prudent, and we have always to do very beautiful cars for our client. the client, we have pretty much -- depends on the geography. what i can tell you that today the new client that are approaching our world, worldwide, 40% of the new client are younger than 40 years old, and we have a lot of women. liz: and do they ask for electric? i mow that you expect to have an all-ev ferrari by 2026, i believe? >> q we will unveil it q4 of 2025. liz: oh. >> yeah. liz: tell me if you've gotten real demand and interest for something like that. isn't it the roar of the engine that people love? >> we have different kind of client. the client who will stick the always to -- client will enter our world only through electric, and then we will have client that will have both. and what is important for us is to show that we in ferrari, we

are able to take any kind of technology and we provide our client unique emotion when they drive our car. liz: any idea how much that will cost? >> about a -- look, when you -- liz: pushing. >> you are doing your job. but russian -- luxury also means keep some secrets. so let's wait. usually we announce the price when we unveil the model, so we have to keep a little bit -- liz: okay. one last question. as we look at the gtb, it's absolutely beautiful. formula one gaining human popularity around the world. i do have to ask you about the formula one grand prix in austin, texas. three-time champ has recently commented he's open to a future ferrari move. what's your thought on can -- >> look, is important for us. racing is in our dna. we started as a racing and then we went to sports cars. the good part of a company a like this, ferrari, where there is formula one, always remembers

us that each race of formula one is a kind of a shorter, faster moving forward our life. because in one hour and a half, you can see everything. everything can can happen. so i think it's important that formula one you have, you have the right team to keep working, to keep setting the -- liz: max? i'm asking -- [laughter] >> i understand that you're asking, but i'm telling you that formula one is very important for us. [laughter] liz: okay. you can't blame me for trying. it is wonderful to have you, benedetto. thank you for coming here exclusively to talk specifically about crypto but also about the demand for luxury cars. >> thank you so much. liz: wonderful the you. securities and exchange commission chair gary gensler, speaking of people who are for or against crypto, starting to rethink esg when it comes to the sec's priorities. charlie's breaking that story next. closing bell, we're about 13 minutes away. dow jones industrials down 52

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♪. liz: we want to bring you an update to the deadly strike at a gaza hospital that we told you

about a few minutes ago. it is being blamed for hundreds of deaths and casualties. the israeli military now claiming it was not an israeli airstrike but a failed rocket launch. the idf now says, quote analysis of idf operation a.m. systems indicates a barrage of rockets fired by terrorists in gaza, passing in close proximity to the al alli hospital in gaza at the time it was hit. intelligence from multiple sources we have in our hands indicate islamic jihad is responsible for the failed rocket launch which hit the hospital in gaza. we have growing corporate backlash against esg. that is environmental, social governance investing and it has got the securities & exchange commission reconsidering certain aspects of its controversial climate disclosure proposal. charlie gasparino has the scoop. >> we do have breaking news on

this. larry fink is behind some of this. that would sound odd to most people. larry fink who has gotten a reputation of mr. esg, he actually lobbied gary gensler sources telling fox business network on this esg proposal you're putting out, this is the corporate disclosures that gary gensler wants -- liz: force companies. >> force companies to disclose the corporate footprint, not only that, but disclose the corporate footprint of suppliers,. liz: carbon. >> carbon. not just them their suppliers something down the food chain of their corporate ecosystem. it is really costly. he told him to stop. it is very interesting he told him to stop. looks like he is stopping. what we're hearing from sources inside of the sec basically that proposal has been put on hold for now. they're going to reevaluate everything. gary gensler hinted that in his recent senate testimony. basically said listen we had a lot of comment letters. they had thousands upon

thousands they need to reevaluate them. we'll extend the comment period. they're clearly backing off a bit of esg. where it goes i can't tell you. fink had a role in this. if you attack larry fink being a zealot on esg he is not the zealot you think he is based on some of these actions. there are two issues here, liz. broader disclosure of corporate which may come in more watered-down version but what happened today is very interesting. the compliance team at the sec, monitor every company and brokerage. esg used to be on the list. now it is no longer. this is an sec under gensler that embraced esg, that is running away from it right now. liz: wow. >> now why is that? it is an election year. you can't have esg when you have inflation, let's face it. liz: also prohibitively expensive for smaller companies, forget bigger companies, they

can absorb it. >> smaller public companies you know, this is like a huge cost. liz: how can they be responsible for every carbon detail of what their suppliers do. >> the whole thing is nuts. but gary gensler went off the tracks. let's face it gary gensler anomaly works for joe biden, he really works for elizabeth warren who push as lot of this stuff. remember whose book he is virtue signaling, it is elizabeth warren and far left of party. liz: larry was here yesterday. wish we knew it yesterday. >> i'm sorry, it is my reporting. blackrock has no comment. by the way, is there tension in here of some type? liz: heavy and thick as ever. >> thick, like, like, i mean i never, i never knew -- liz: oh, my god. >> i never knew talking about crypto and larry fink would just lead to like wicked testosterone spikes in me. liz: you and neil cavuto. thank you, charlie, very much.

>> all right. liz: we told you about nvidia getting slammed after president biden cut off china from more u.s. made chips. nvidia down 4 1/2%. separately tesla reporting tomorrow. part of what the street calls the magnificent seven. i call them the miraculous seven, "magnificent seven" that dominated the s&p 500. our "countdown" closer has an etf rivals the mag sieve meant seven without exposure to individual tech names. george with morris harris. that is not true, it has got exposure to many individual names. it is the s&p 500 equal weight technology etf. what's in it? why does it look better to you? >> well, liz, "magnificent seven" are magnificent. they are wonderful companies. they're highly profitable. they are gigantic and they won't be able to grow as fast as they

used to. in conventional market cap weighted index they're overrepresented and giving too much rift for too much forward-looking reward. on the contrary side technology is going to drive the economy, productivity going ahead and equal weighted tech etf is going to give people exposure to the technology world but not the dominance of seven wonderful but possibly oh priced company that will grow at single digits where technology will grow at double digits. it is a time to broaden your bret, keep the bet on technology but walk away from "the magnificent seven" at least in terms of their doll nance of your investment portfolio. liz: top holdings western digital, qualcomm is in there, trimble, akamai. what are your other picks?

veritex, nbr, grayscale bitcoin trust, very interesting names here, george. >> liz, just very quickly, varitek is regional banks. regional banks are unpopular. banks too big to fail. they're doing very, very well. the two regional banks that failed were really asset management companies masquerading as banks. silicon valley bank, republic bank. most regional bankers are cautious, conservative, even dour people. they are aren't exposed to the vagaries that those two failed companies were regional banks are very cheap, like seven, seven, eight times earnings and their prospects are much better than the experts are crediting them for. look to the regional banks which are down 40, 50% from their highs to rebound, possibly in the hopefully near future. liz: george ball, a pleasure to have you as the bell rings. it looks like the dow is trying to claw back there into positive