this guy didn't even know or understand bitcoin. all he was doing was stealing people's money to make his political donations, to buy his luxury real estate. and so what i want to see is i want to see those that you brought with up, how does wall street back a guy and they don't even can ask questions like who's on your board of directors? a $34 billion corporation and they don't have a board of directors. and so there's a lot of people that need to be held accountable. where are the notes of gary gensler who meant with this guy twice? charles, testimony in this case was that sam bankman-fried if gave $10 million to the administration -- charles: yeah. >> -- for the purpose of access. and he had -- charles: all right. john, we've got, we gotta leave it there, my man. i love your passion. go get 'em. and now, liz claman. liz: thank you. let's keep the passion hot here because we've got a rough and tunnel thing bl day on wall street that looks actually like it's easing up just a bit as we

kick off the final hour of trade. look at the dow jones industrials, down 40 points. low of the session, down 291. so a big comeback here. the s&p 500 down 19 points, but we've got breaking news on the nasdaq. right now it is still falling deeper into the correction hole, right now down 122 points. of course, it tumbled into correction yesterday. right now the tech-heavy index though is well off the lows of the session. you can see low of the session a loss of 277, so we've chopped that in half. yesterday though the composite suffered its worst day in eight months, clocking a 318-point loss are. alphabet really led the dive into correction with a bruising 9.5% loss on weak cloud results, the google parent getting hit again this session, down $2.69. off the lows, but that's good for at another -- about another clip of 2. yesterday was the worst performance for the stock in three and a half years.

microsoft's 3.1% gain wednesday was not enough to cushion either the nasdaq or the dow, and today it's pretty much almost erased yesterday's rallies. right now it is down 2.7%. we gotta show you ibm right now. big blue, dow component, bright green, up 5.25% thanks to a third quarter beaten on both earnings and revenue propelled by its watson xa.i. which basically allows businesses to build, train and deploy their own generative a.i. models. it was rolled out here on "the claman countdown" a couple of months ago. intel was the worst performer on the dow yesterday. it's a big day for the chip maker which reports after the bell. analysts are looking for profits of 22 cents on revenue of $13.55 billion. investors are really hoping that intel will prove the worst is behind it both in its pc chip business and its higher margin data center chips which have been lagging lately.

but ford, ford is the earnings report on deck in 58 minutes that will, no doubt, get the most attention since the strike by the uaw began 441 days ago. -- 41 days ago. shares have fallen about 8.6%, but now the uaw has reached a tentative agreement with ford, the first of the big three automakers to cobble together what appears to be a deal. let's go right to the scene in langhorn, pennsylvania, where jeff flock can get us the numbers and and the deal and where workers will head back to the assembly line. >> reporter: yeah are, liz. first, a breaking report from the detroit news. they say that uaw negotiators are close to an agreement at gm and stellantis too. we can't confirm that. our source, someone who's familiar with the negotiations, tell us there are active negotiations with gm and stellantis, but we can't confirm they're close. could be. you asked where are they going

back to work. that we know, ford has a tentative agreement x that has now restored folks at three different ford plants. that would be the wayne assembly plant in michigan where they make the ford bronco, the kentucky truck plant, that is where they make the super duty trucks, and then the chicago ec e employerer plant. so those vehicles will be back on the production line very shortly. we learned all of this last night from shawn fein, uaw president, and uaw vice president chuck browning, and they made the extraordinary step last night of saying they're going to end their walkout before the contract has been ratified. that is unusual. normally, that does not happen. they don't go back to work until they've got the vote. didn't do it now. why is that? chuck browning explains. >> we're going back to work at ford to keep the pressure if on stellantis and gm. the last thing they want is for ford to get back to full

capacity while they mess around and and lag behind. >> reporter: you wonder what they're getting, liz, and that is, if you look at the numbers, a lot of money. [laughter] starting becames for a new worker -- wages for a new worker, they were making about $16-17 to start the, up 68% by the end of the contract. top wage earners up 33%. overall, the increase a 25%x they will get 911% of that in the -- 11% of that in the first year of the contract. big money coming in. cost of living adjustments which had gone away after the contract, after the bankruptcy, those are being restored. shorter progression to the higher wage tiers, retirement savings increased, and they will get a new right, that is to strike if there is a closure of a ford plant. that has never been granted before. ford's reaction to all of this, pretty muted. jim farley saying that, and i

quote him now, we are focusing on restarting our kentucky truck, michigan assembly and chicago assembly plants, the ones i mentioned. 20,000 workers back to work. strikers and ones to be laid off or had been laid off, and soon they will have a full lineup. as chuck browning said, you know, it puts the pressure on gm and stellantis. if ford's making and selling vehicles and these guys are still on strike the, well, that's not pretty. so, you know, detroit free press, to repeat the headline, says they are close to an agreement at the stellantis and gm as a well. we will see how that goes, liz. it's been a wild ride on this one. and it continues. liz: that is very big news. and we're just watching general motors it's down just about a quarter of a percent. let me look at stellantis at the moment, down 1.5%. this is big news, that the detroit free press is giving through you, jeff. let's just hope that ford sort

of broke up the block decade there, right? -- block decade there. >> reporter: it did, yeah. normally this would be a pattern that the other automakers would follow, but this year we said, you know, that's -- all bents are off this time, you know? what they didn't get, the uaw didn't get from ford was the battery plants. they wanted the battery plants to be included in this contract. that didn't happen. gm has apparently already agreed to that. it's not going to be a strict pattern, but we'll see. i guess we'll see. liz: okay. jeff, interrupt us if you get more. thank you so much. fox market alert, the nasdaq is not only falling into deeper correction, but it has dropped below the 200-day moving average for the first time since march. week to date losses now total more than 3% as big tech -- make it 2.25. earlier it was at 3%, but we've come back here. big tech continues to drag down the major with average there. meta, one of the biggest laggards on the session, we should check that. it is down 2.6% after the

facebook parent issued conservative guidance for the fourth quarter. listen, it's had a banger of a year. meta's cfo also made comments about a softening ad market due to the geopolitical unrest. in this all is on the backdrop of several hotter than expected data points with less than a week. until the fed's interest rate-setting meeting for november. first read on third quarter gdp, unbelievably strong, 4.9% versus estimates of 4.3%. plus durable goods growth, this is big ticket items that last more than 3-5 years, september came in much higher than expected, 4.7% versus 1.7% expected. and tomorrow we get the fed's favorite inflation gauge, the personal consumption expenditure. expectations, a gain of .3%. with the major averages set to close at their lowest level since may, is this final shakeout? is this the time to start buying? joining me now, dutch masters

who's been making trades, i don't know, in the last 48 hours, and we gotta get to andy brenner who's digging down into why the market is coming back right now. let me start with you, andy. why is the market at least chopping many of the losses in half or more right now i? >> liz, it's all about interest rates. yesterday interest rates got crushed. they were down 10-15 basis points. this morning they came back a little bit. at 1:00 you had a very good 7-year auction, and at 1:30 you had janet yellen out there saying we're going to cap interest rate expenses, that things aren't that bad, that we expect interest rates to come down, and that has doubled where five years and the ten years are. they were better by 6, now they're better by 11 or 12. and we've seen that core lated with the equity markets coming back a bit. liz: so it's the falling bond yields at least on the shorter end that we've seen. the the 6-month, the 1-month, the3-month, those are coming

down. we still have the 10-year falling -- >> right. i think -- liz: 4.85%. >> 4.85. at one point it was 44.97, 4.98 overnight, so that's significantly better. liz: okay. and that absolutely helps the markets. look at the dow, now down just 58 points. dutch, you've been making trades all over the place. particularly considering that the nasdaq -- i was getting calls from college kids,why is the qqq falling so much? that was about four hours ago. >> right. liz: here we are, it's trying to come back, but it did go into correction yesterday, and you went long. >> yeah. we're, we like the tech trade here: we're usually a little early on our calls, so here's what we see. we think the fed's going to have to lower rates faster and sooner than they're letting on. and we actually think that by this time next year we could see the 10-year at 2.5 or 3%. i mean, really a lot lower.

we don't want to be short here the market, we don't -- the stock market. i mean, we're not bond experts, but we don't operate in a vacuum. we have to see what's going on everywhere and how it affects, you know, what we're doing in trading. but we really like this, this is the last kind of leg down. this is where the big tech stocks that have been holding everything up for so long are finally repricing. now that they're repricing, that's sort of the last leg. now, like i said, we're usually a little early. there's going to be maybe some more selling to go, but we are getting close to where we're going to have a nice platform to trade on the long side now. liz: well, and you're also saying everything at this point you say gets better, completely opposite of what leon cooperman told us yesterday where he said where there's a shift in sentiments and it's, the market's just going to be adrift. but i do have to also bring this up, andy. we've got first-time jobless

claims which were a bit hotter than expected, higher than expected. this is the thurm that you want to see come down and fewer people joining the unemployment roles -- rollings. this time it went up a bit. that certainly makes the picture stronger to what dutch just said, and you believed that the fed is done. we saw ecb make no move today on its interest rates. >> that's right, liz. we've gone out last week, we did it on a competing show, sorry about that, and we said done, done and done, and that's what we believe, the fed is done. today we saw said the same thing about the ecb, they're both done. and i think dutch is right on to something. i said that i expect a year from now the 10-year to be 3.5, they're 4.85 right now. so i think we're going to see a pivot from powell next wednesday in the presser similar to what jefferson said maybe about two and a half weeks ago now. i think the fed is very concerned about the term premium, in other words in english, what long rates are

going. so where long rates are. and i think it's worth the equivalent of about three tightenings, and i think fed's very concerned about that. i think powell and jefferson are concerned about that. i don't know what any other fed governors are thinking. liz: i will forgive you for cheating on me, manager that dutch never does. >> never. liz: dutch is always on "the claman countdown to." >> we love you, liz, we love you. [laughter] liz: dutch, where else did you go long? >> yeah. i love petco health and wellness which is woof, w-o-o-f. it's a real kind of come off the bottom trade here, 3.30, $3.40 with a $9 book value. we also bought some natural gas etf, b-o-i-l, boil. we think there's going to be about a 30-degree drop in temperatures next week, so could boost that from, you know, a 64

area to a 70, 72 area, so that could be a decent trade. and we bought some qualcomm. we really like, you know, what's happening over there. we're in touch with the people that they seem to be hiring because we went to college with them, and these are now guys that are being brought over there, and we think we could see that battleship turn and really do something great. liz: dutch and andy, as always, thank you. rocking and rolling here. again, off the lows of the session. let me just check, the dow down 932 points. i'm glad -- 92 points. i'm -- warren buffett wading further into the oil patch as berkshire hathaway now boosting its stake in occidental petroleum to, this is huge, 25.8%9. stock is barely higher, but as crude prices flirt with 2-week lows and consolidation in the sector kicks off, oil field equipment supplier baker hughes is cashing in. we're going to talk earnings, where he sees the most demand in

oil or natural gas with the ceo next. when crude prices fall though, well, there's often a domino effect, and here you see it. bp, chevron, slb, valero, exson mobile, they are all lower today. "claman countdown" is higher, as always, charlie gasparino's on the sam bankman-fried testimony, breaking news on that. not to mention former israeli prime minister ehud barak. stay with us. ♪ ♪ ect their money with chase. wooo! tools that help protect. alerts that help check. one bank that puts you in control. chase. make more of what's yours.

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company is considering buying crown rock, a privately-held texas energy producer valued between $0- 15 billion. -- 10-15. apparently, it's in play. supposedly, according to reuters, there's a bunch of companies including diamondback who are looking into this. this just three days after chevron said pending shareholder and regulator approval, it's going to acquire hess for $53 billion. and two weeks after exxonmobil announced its merrier with pioneer -- merger with pioneer natural gas. there's the actually one name that is positioned to have a seat no matter what. baker hughes makes the nuts, bolts, pipes and production equipment for the entire industry, and the stock is rallying 3.33% right now after its quarterly earnings report. let's bring in ceo lorenzo similar snellly joining us live. you beat on both the top and bottom line, but what really steams to be driving the stock

was this infrastructure rhode island of orders -- flurry of orders. what does your energy/tech segment include? >> yes, coming off a strong third quarter and the results we posted yesterday evening after the market closed and the call this morning really showing the strength the across the totally baker hughes portfolio. and we said at the beginning of the year we saw tailwind across both oil field services and equipment as well as industrial energy technology. and on the industrial and energy technology side, it's really the momentum we're seeing around natural gas and lng. we're seeing a big uptick in the lng projects and we're, obviously, the provider of liquefaction trains and, again, this quarter and the third quarter we announced an uptick of the venture global agreement as well as then -- [inaudible] ask we're continuing to see a good pipeline of lng pipelines going -- projects going forward.

liz: everybody knows this is much cleaner than crude, but tell us exactly what's the driver of that. we have had major geopolitical criseses. obviously, russia invading ukraine has crimped oil exportation making the price volatile over the past year and a half, and now we've got the meddle east disaster that is going on -- middle east disaster with the hamas terror attack. is that really the dreier that a lot of -- driver that a lot of customers are saying, you know what? let's just move to liquid natural gas? >> i think, liz, the it's a couple of factors. and we've seen this over the course of the last couple of years, and we went out with a projection that by 2030 we need 800 mtpa of installed capacity. and it comes to the trilemma, affordability, sustainability and security. and when you look at natural gas request, the best way is to

transport natural gas by lng, and it helps to really solve that tridilemma. one thing that isn't going away is the demand for energy. so there's an opportunity to continue lng expansion. liz: i read that back in july. i read that report. i found it very interesting. but at the very top of it, it's energy the security. so to that end, with the hot spots around the world, that's got to be one of the drivers, correct? >> it is one of the drivers and, again, the countries are hooking for security of supply -- looking for security of supply. liz: right. >> so there's an opportunity, again, through natural gas. and if you look at u.s., for example, the export terminals of lng and the abundance of natural gas within the united states, it's able to travel to europe but also to asia. and, again, lng is one of the ways in which you can have security not just in the short term. natural gas is really for the

transition and destination of energy. liz: yeah. you did $85 billion in orders dr the quarter. the company announced that part of that was selling something like 21 subsea trees. now, when we hear those words at "the claman countdown," what is a subsea tree? explain how it works and how much revenue that's expected to bring in in the future. >> yes. and it really speaks to the oil field services and equipment side of baker hughes. and as you think about offshore activity the, you mentioned, you know, chevron and hess, and you may know, for example, exxon with hess has guyana fields out there and their offshore, subsea. there's many developments like that around the world, and the 321 trees are associated -- 21 trees are associated with projects we're executing which

are offshore, deep water, won in africa, also one in europe and, again, it's the opportunity to extract the oil and the gas from the subsurface. liz: it is great to see you, lorenzo. we're watching the stock, nice to see one that's solidly green today on a day with where we're seeing a lot of red, so thank you. >> thank you, liz. liz: we've got trouble in toyland are at this hour. despite the success, huge success of the barbie movie, mattel fails to impress with its earnings report. we're going to tell you what happened here. and hasbro also taking a hit today. what's going on in toyland? oh, no. all right. we're going to get you the scoop next. ♪ as a fiduciary, i promise to put your interests first, always. i promise that our relationship will go well beyond just investment decisions. it's the intersection of your money and your life where we can make the biggest difference.

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liz: okay, still in the red. dow's down 43 -- 143, for a second it looked like it was going to punch into the green. didn't happen. the s&p down 32, the nasdaq down 1632, again, having early been lower by 277. this is not the worst number we've seen. not all fun is and games for toy merricks at this hour. mattel reported quarterly numbers that beat analyst estimates, that's great, boosted by the buzz surrounding the barbie movie, but the company warned of a slowdown in sales for the holiday season. mattel down 7.6%. it's also the maker of hot wheels and says the demand for toys is down as consumers these

more money to buy essentials right now. hasbro down 11.5%, it cut its full-year sales forecast. the maker of play-doh expects revenue to drop 13-15% year-over-year. hasbro's entertainment unit also took a big smack in the third quarter as a result of the writers' and actors' strike. we are going to find out how bad the cracks really are. how not really bad they are. maybe they're just fractures in the foundation of barbie's dream house tomorrow when the mattel ceo joins us right here on "the claman countdown," 3 p.m. eastern. comcast was one of the big laggards on the nasdaq 100, down 7.8% after reporting a surprise loss of 18,000 broadband customers. the company did report that revenue at its theme parks jumped more than 17% for the quarter on the strength of its international theme parks and some of its domestic parks. a big, big hit, super nintendo world.

invisline is out of alignment. down 24.5%, cutting it annual sales forecast. you know, part of the biggest chunk of losses for the nasdaq is this, the teeth aligner, manufacturer also missed analyst estimates for third quarter earnings. morgan stanley cut its price target from 415 to $378, it's at $91 and change -- 191. and steeple chopped it from 290 to 250. private equity firm silver lake working on a plan to take endeavor group private. endeavor right now popping 24.5% on that rumor. silver lake, which owns 71% of endeavor, put out a statement saying we firmly believe in endeavor's business and are not interested in selling the shares in endeavor to a third party there are in the entertaining bids for assets that are part of endeavor. endeavor group holdings includes talent agencies wme ask and img. israeli tanks move into gaza

as the war against hamas inches closer to its next phase. former israeli prime minister ehud barak is with us next. he served as israel's defense minister. he will tell us what we should expect to see when it comes to israeli military's next move. he also has some strong words for the current israeli prime minister. and we have some sad muse to report. legend dare wall street investor and dear friend of "the claman countdown" byron wing has -- byron wayne has died. he was known for his annual list of ten surprises widely followed by investors around the world. he grew up in chicago, what a great story. he was orphaned as a teenager before gaining ad mitt dance to harvard. he worked for a chicago ad agency, then served the country in the u.s. army for two years before starting a long and distinguished career on wall street. he worked mainly for morgan stanley and then blackstone.

wayne appeared here on "claman countdown" multiple times to share his wisdom on financial markets, politics and economy. he was 90 years old. byron, we will miss you, your kindness and your expertise. to get lost in investment research. get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you, and help you find the right investments. so great getting to know you, let's take a look at your new investment plan. ok, great! this should have you moving in the right direction. thanks jen. get ongoing advice; and manage your investments in the chase mobile app.

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liz: the israeli defense forces are still poised for a ground invasion into gaza a this afternoon nearly 20 days after hamas terroristests invaded the country and thoughterred thousands of israeli civilians -- slaughtered thousands of israeli civilians. israel announced that overnight as a part of its defensive mission, it conducted a targeted raid in thorne gaza, then withdrew -- northern gaza, then withdrew the tanks and are still waiting on israel's war cabinet before a full blown invasion. israel now says 224 people are believed to be held hostage in

the tunnels underneath gaza as a families with captured loved ones spoke on capitol hill earlier this afternoon. i want to bring in former prime minister of israel ehud barak when served with the idf for 35 years including as chief of staff from 1991-199 -- 1995. welcome, prime minister. we've seen several of these targeted raids, ask if they're described as, quote, softening the battlefield in order to make it ready so that there will be that opportunity to go in and, as it has said, get rid of hamas. however, we don't want to really understand -- we want to understand what those targeted raids mean, how many more and when we can expect to see a bigger move. >> look, the objective color wily for the political echelon to eliminate the military capabilities of hamas and to put an end to its brutality. this cannot be complete by

airstrikes. i don't like to use the word inevitable, but almost let's say inevitable a ground force invasion either through deploying -- thousands of boots on the ground -- [inaudible] or to have several smaller ones but in many corners of the place always looking for a targets. every installation, every rocket launcher, every munition depot, every training site, every communications center, every office. and the people who participatedded in this, they are barring baric attack on our citizens and were determined to execute. no country on earth would allow

such a kind of more rouse -- liz: of course. >> -- a few hundred yards from its border. liz: of course. no country would allow this or stand for it. of the four hostages who have been released, they've given some is intelligence to the idf of what the tunnels were like and the system. in an invasion, what does that mean for the hostages who are till there? how do you extract them safely while they are guard by hamas? >> it's one of the probably the uppermost priorities,ing any operation. and even before the operation to rescue these hostages. it's too sensitive to discuss it. there are more than one way to sink a ship, none of them are bulletproof and and sure to be successful, so it's, in a way, it's irresponsible to dive into details. but we have to bear in mind that the whole operation, i know that

to achieve objective suffer a from a difference of strength. one is the hostages and the other is the risk of spreading to the north, hezbollah border,. [inaudible] we are commit to -- but we are fully aware that our universal support will erode quite quickly with the accumulate aring thurms of civilians -- numbers of civilians who would be hit. and the last one, very important one, is -- we make it the heavy version and three months or six months from thousand we fully clean the street from any physical assets or capacity of hamas. to whom do we pass the torch, to whom we will give gaza. liz: exactly. exactly. >> all of these elements are

intricated and complicated, and it will be a realtime development. only a world covenant can decide how to -- the supreme commander of the -- liz: yeah. and prime minister netanyahu is waiting to hear from that war cabinet. let's bring it here to the united states. it is extremely disturbing to many americans who follow the values of this country, one of which is not to cheer on terrorist groups that invade countries and more people. so many students, college students around the nation have been supporting and cheering on. but more importantly, professors. there was one at columbia, and yesterday leon cooperman, the billionaire investor who has donated $50 million to columbia, was on the show. here's what he said, and then i want your response because you were educate at stanford business school. so listen first. >> i think these kids at the colleges have [bleep] for

brains. we have one reliable ally in the middle east, that's israel. we only have one democracy in the middle east, that's israel. okay? and we have one economy tolerant of different people, you know, gays, lesbians, etc., that's israel. so they have no idea what these young kids are doing, and that's one of the reasons i wrote my book. the real shame is i've given to columbia about $50 million over many years, and i'm going to suspend my giving. i'll give my giving to other organizations. liz: you have been aligned with stanford for many years. are you still after a lecturer thered had separated jewish kids, jewish students in one of the classes, put them in the corner and called them colonists? >> look, i think mr. cooperman is right. [inaudible] 45 years ago a short time, but

as is my suggest protest of -- jews and some gentiles who protest against this behavior, it's kind of moot in the academic world to ignore, to start to think very shallowly about israel and to easily forget the atrocities and to go immediately a kind of -- slaughtering of innocent civilians and our response to get rid of daish-like organization. we cannot apologize for the students.. i really wonder about the professionals. i think thinking about humanity, about -- and it's like they lived fixations on -- whatever, some kind of --

[inaudible] we should be much more open minded and sensitive to realities. liz: all right. well, it's interesting. can't wait to hear what stanford says or thinks, but they haven't been that vocal. ehud barak, former israel hi prime minister, thank you very much for joining us. we'd love to to have you back soon as this very, very upsetting story develops. thank you. >> thank you for having me. liz: the judge in the fraud trial of former ftx founder sam bankman-fried has sent the jury home and is holding a hearing with sam bankman-fried one-on-one. why is he doing that? charlie's going to break the story next. here's how crypto stocks are trading today. coinbase, high. blockchain, marathon, digital, they were all up yesterday. today they're coming down with the rest of the market. "claman countdown "is coming right back. dow jones industrials once again heading south, now down 24 # points.

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on, what else we know about this arrangement is charlie gasparino. >> the judge is essentially interviewing him. i don't know if you can call this testimony or not, i think you can. this is the judge essentially checking with him, what he knows, whether some of the stuff he will blurt out is admissible. he says don't say that. i think they're trying to figure out if he is mentally capable, that is my view. let's put it this way for a defendant to testify in a case like this is wickedly unusual. i've seen people facing a lot less jail time that don't do it, you know what i'm saying? for him to do this, you know, he can get obviously eaten up by the prosecution. by the way this was a very fast case. the prosecution didn't call all the witnesses they could have. anthony scaramucci's name popped up. i told you he could be call and

he wasn't. liz: caroline ellis. >> and few insiders around him to do it. him being on the stand is kind of interesting because you know's a potential witness against himself and the prosecutors know this case inside and out and the judge is trying to figure out if he is crazy. liz: he is also probably trying to make sure that he doesn't bring up inadmissible evidence i would imagine. >> i just think, liz, when was the last time you heard, elizabeth holmes is not facing 100 years in jail, by the way, lot less, got the book thrown at her. she didn't take the stand. martha stewart was facing a year and she didn't take the stand. liz: as you said yesterday it is a hail mary. >> a hail mary i just can't imagine it going well for him, the judge is saying, dude, make sure you're okay upstairs. tomorrow i think is the big day. that's when the, the, that's when i think -- liz: bring the jury back. >> bring the jury back.

we'll hear from him. we'll get i guess, i guess the defense goes first and then the prosecution? that is how i kind of think it is going to work here and we'll get an interesting, you know it will be not be andrew ross sorkin interviewing. it will be the u.s. attorney for southern district -- i have nothing against andrew. journalists have to be fair and balanced when they did interviews. prosecutors don't. they are rabid dogs. it will be interesting to see how he comes out of this. double-talk is very difficult before a judge. the judge i think will interview him to describe his language. he goes off the tangents talks about this, and that, i had this lawyer look at it. the judge will basically tell him you have to answer the questions, specifically. so again, we'll be on "the claman countdown" tomorrow giving you the highs and the lows. probably mostly lows for him.

liz: well, we shall see. thank you, charlie, very much. the closing bell, five minutes away. so let's look where we are now. for a minute there it looked like we would take a run for the flat line, not so. the dow jones down 246 points. the s&p down more than a percent, that is 48 points lower. nasdaq has been two ugly days, down 218 points today. obviously deeper into correction territory. this is the worst two day performance the index has seen so far this year. we await earnings from two nasdaq components, intel and alpha belt. showed disappointing growth on the cloud business. google beat on the bottom line. we have raymond james chief

markets strategist, matt orton. you still like google, and you choose alphabet over microsoft. why? >> liz, good to see you and i like alphabet's business because at the end of the day with the market is so focused on cloud and artificial intelligence but it is leading a multi-hundred billion dollar business behind. the cloud computing aspect of alphabet makes up 2% of revenues right now. so that is a small component and while google does still have ground to make up with respect to a.i. what was encouraging from this report that youtube spend was up, advertising spend, which is a good barometer for the overall consumer beat expectations so the core of alphabet's business continues to be incredibly strong and whenever you get 10% plus pullback on news like this, when the earnings estimates were beaten both on the top and bottom line, that's a good opportunity. i don't ashley like to move into

stocks when there is such uncertainty but when you have such a high quality business i think it presents a unique opportunity for investors who may have not participated in some of the rise earlier this year. liz: well sure, and you look at the point they are now and they certainly look like they're discounted, not all the way down where people would hope but apple's down, microsoft's down, you know, "the magnificent seven," most taken a hit. year-to-date meta, wonderful, but it has taken a hit today. i want to broaden the discussion, we finished the former prime minister of israel ehud barak, we know defense names in the united states are contributing in a big way to help israel defend itself. dutch masters who was at the top of the show, we didn't get to it he has gone long company, aero

environment, avav. you like general dynamics particular. why? >> so the overall aerospace defense part of industrials has been a real tough place to be so far, liz. these companies are beaten up and what has happened really over the past 20 years or so globally countries underinvested in defense spending and really after the russia ukraine crisis broke out, you're seeing more investment. you're seeing increase of percent of gdp but not just the u.s. but other countries around the world on defense spending. i think the israeli conflict that just broke out was really a highlight there needs to be spending and general dynamics is leveraged both to missions, it is leveraged to machinery, leveraged to marine which is growing 15% year-over-year. so you're seeing really good growth from this company. it just has been beaten up. from a valuation standpoint it looks attractive and from a secular growth standpoint.

liz: you're ahead of market strategy you look at what the fed might do, the fed's favorite inflation gauge, the pce. we'll be watching, reporting on that, it may affect the final hour of trade. what do you expect for the markets toward the end of the year? >> i think the fed is done hiking. we know inflation is a challenge on a number of fronts but i think interest rates being high are restrictive enough to have the impact that it wants on the economy because no one wants recession. the fed doesn't want a recession. it is a by-product of constraining inflation but we're on a tangible path back towards 2%. when i've been telling clients lean into quality. [closing bell rings] >> matt, great to have you. matt or the ton. torma tell's ceo joins us for a breakdown on earnings. much more on the markets, see you tomorrow. ♪. larry: hello, folks, welcome