from not necessarily video games or social media we know there's a direct correlation with mental illness, depression, and of course sleep. there's something called the google effect. there is been a couple of studies where they said were to give you a bunch of information the computer is going to store it for you so you can reference at all times the other group they said you are not going to have any way to remember so you have to remember it, the people that were told there was no computer they tend to commit it to their memory and their able to recall later on versus the people that are relating on technology that could be a detriment and increase our risk for dementia and alzheimer's because we are not creating the core memories. doctor saphier, congratulations again preorder the book, love mom@foxnews.com, lauren simonetti is here for liz cl claman. >> i am lauren simonetti, the market is closed for presidents'

day but the news continues and we are on it. we begin with a potential megadeal in the financial sector the wall street journal says capital one is buying discover financial this would merge two of the largest kind of car companies in the country and could be announced as soon tomorrow. the takeover is expected to value discover at a premium to the 28 billion-dollar market value, here are the takers to watch dfs for discover nco after capital one which is the ninth largest bank in a major credit card. will watch this the level on the s&p 500 goldman sachs again lifting the year-end target 25200 and back on friday, the s&p closed at 5005 so goldman sees a 4% rise from where we are right now. it's as big tech will have to continue to do the heavy lifting but we asked could and should the magnificent seven continue to have an outside impact on the broader markets. deutsche bank noting the

combined market cap it of the seven companies would be equal to the stock exchange in the entire world, this raised concerns about overconc overconcentration, drawling in comparison to 201,929, we all know what happened in those years. while magnificent seven number and video reports on wednesday, look at this she are up 50%, that is this year, but they have more than tripled in the past year, we will also get reports tomorrow from walmart, home depot and palo alto, look at the calendar at the imager not later in the week, let's get to the floor show kenny polcari and scott shellady joining me now, good to see you guys. lauren: everyone we know and myself says i wish i bought nvidia back with or amd, how much exposer should investor have the a.i. when these companies have become so

expensive. >> you have to have some exposure let's not kid ourselves, it is the future, the exposure is going to depend on who you are and where you are in the lifecycle, if you were 20 you will have much more exposure to a.i. dennis 6-year-old because of where you are in the lifecycle. that question is a legitimate question but there is a lot that you have to take into account when you answer, nobody should be completely head over heels into a.i., you have some diversification but certainly younger people that have more time on their side would be more exposed or should be more exposed. lauren: nvidia when they report on wednesday, if they don't/expectations is that going to be a gut punch for so many investors who are seeing this tripling of the share price in the past 52 weeks. i'm to be very careful and leery of stocks that dominate parties they go to over the weekend and

this weekend everywhere i been everyone wants to talk about a.i., the magnificent seven, and video specifically. if their numbers are not fantastic i still think there's an opportunity you'll be able to buy a pullback i just have a personal problem buying something up three times where it was a year ago that is hard for me so i wanted to come back before i chase it but it smells a lot and feels like what you just mentioned maybe the year 2000, here's a different side i think the s&p was trading 60 times back then and now the stocks are trading around 23 times. and also by the way they are making money, the.com bubble stocks were making any money back then, however, that does not mean you shouldn't hearing this from your grandma and right into nvidia i would be more patient and that's how i would play it.

>> i would say nobody should be surprised. i fully expect when they come out on thursday or wednesday whenever they report i suspect the stock will back off, they have taken a right to the top. we've seen this in the other tech names they come in report and beat on all the numbers and offer great guidance in the trader types, they lock in the profit and take their money off the table, you just set it up 50% this year and were only eight weeks or nine weeks into the year, it is crazy to think. lauren: just to put a bow on the nvidia story i want to talk to you about a couple other things there revenue is expected and i giggle because it's expected 237% of over $20 billion they keep rising by the hundreds of percent, it is crazy. >> what happens if it rises 235%, the good be disappointed in the going to sell the stock

that's ridiculous it is. lauren: scott to you, goldman sachs comes out in the second time the reason the estimate on where that is only 500 closes in there now at 5200 does not seem realistic to you or you think it's going up even more. >> i think this could be a heavy lifting done the magnificent seven those things are going to elevate and you have to remember the one big thing we cannot keep looking at the academy and think the stock market is going to do that we dumped $2.7 trillion in economy and it still find it his way to the stock market regardless of the health of the economy, right now the path of least resistance is higher although i don't think it should be going higher that i would see a five or 10% correction between now and the end of the year but that doesn't mean you could be up 4% from where we are right now at the end of the year i

think to be a bumpy ride and i would be very careful as you can see with bidenomics those are not doing well because the bottom half of this economy if you don't own stocks if you don't own real estate in living month-to-month paycheck to paycheck you are getting killed with a bifurcated economy in a think things will be difficult but at the end of the year we see another 5% from where we are now, i really do think you will get opportunity between now and then, absolutely. lauren: be quick on this but i sense the caution and i hear the caution and i feel the caution walmart reports tomorrow are they in a sweet spot for the type of economy that were in they basically own the food store or are you worried about the consumer at all levels pulling back? >> real quick the last number for retail sales dunk a lot of folks are only looking at that think you we're going to have to cut rates walmart is well-positioned if you listen to

the cfo he's noticing people are not buying the clothing in the electronics they're going down to food and they don't have a big margin on the food. they're even worried about letting themselves go forward. i think there in the sweet spot but the sweet spot doesn't mean it's going to be that sweet. lauren: deutsche bank says rate cut you how to open yourself up to the possibility that there could be 0 interest rate cuts this year by the federal reserve and would you agree with deutsche bank? >> i'm absolutely in that camp i don't see why there would be rate cuts economy is strong unemployment at store close job market is strong, wages are rising where we circling the drain that would force the fed to say we need to cut rates to save this economy it's not evidence of the biggest mistake that the fed can make right now if the data stays the same is to cut rates. i don't see it at all and i don't think you're cutting in march or may they start to say

june putting us in the window of the six-month presidential election when they should not do anything it would be difficult for the fed to convince us that they suddenly need to cut rates in june when all the data points to the opposite. lauren: i matt hunter mountain over the weekend i spent $6 on gatorade not to mention the high cost of everything else and i was not the only one so it seems like the consumer is okay with it maybe just used to it or you think you're completely tapped out? >> i think the consumer is getting used to it i hate to say about we have the rising prices for a while the consumer is getting numb to it were still up 3.4% inflation prices are continuing to rise, they're not coming down there just rising at a slower pace, i hate to say it but janet yellen set it to weeks ago she does not expect prices to come down and people should not worry about that because the wages are going up it makes no difference to you which is confusing to me anyway. but one way or the other i think

people are numb to it now. lauren: we all unite, everyone can unite around one theory that inflation is killing us, kenny polcari. scott shellady, thank you for the time. all this week fox business is talking to the top players in the housing market of how to find him hidden gems were the hottest markets are and how to circumvent high mortgage rates and high rent prices. at next will talk to real estate dynamic duo dolly in jenny lens and what is a very hundred $55 million ruling against former president donald trump mean for his real estate empire and for the business of real estate in the empire state we have a live report next. "claman countdown" coming right back. ♪

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lauren: the fate of former president trump new york real estate empire hanging in the balance following the $355 million ruling against him, kelly o'grady is outside trump tower in manhattan with the details, why other new york businesses might pack up and leave new york state. >> that is right this is sending a chill through the new york business community the concern being if this can happen to former president trump if he can be targeted as some are characterizing this as what is to stop the same fate for real estate developers or other industries in new york as spokesperson for the trump campaign shared the statement on that matter, every member of the new york business community no matter the industry should be gravely concerned with this gross overreach in brazen attempt by the attorney general to exert limitless power were no private or public harm has been

established one major hedge fund manager says it sets a precedent for every property owner to be arbitrarily guilty and others are questioning why even stay in new york given the business climate. >> i would never invest in new york now and i am not the only person saying that you think any foreign institution or any private equity firm or pension fund would touch new york? no that is why new yorkers should be concerned. the path forward may be bumpy for the former president himself he will have to put a 450 million if he pays the fine that would include interest even if he appeals it would go into escrow where he would have to post a bond the big question how we will cobble together the sum he could sell new york real estate assets but that could be premature if he wins the appeal, he also may not have enough on hand cash to reach the sum what

makes it trickier, the moratorium on financing efforts, he cannot get a loan under the ruling from the chartered institutions for three years which means he cannot borrow from anywhere except smaller institutions were his friends. the appeal comes next, definitely not a smooth path for the president ahead. lauren: as we wait to see how this ruling affects his ruling assets the promise of spring is starting to heat up in the real estate market across the country. look at this the median price of a home last month $409,000 that is up 3.3% from last year according to realtor.com but that is nothing prices are much more than that in these cities, syracuse new york law home price listing jump 18%, new york city prices rising 17%, i thought people were moving out, let's bring in experts dolly and jenny lenz one of the top real estate brokerages in new york city they

join me on the fox business exclusive, welcome, who is buying new york city real estate right now? >> is very interesting regarding the trump situation we are seeing a lot of foreign investment again japanese and chinese national specifically they are buying big-ticket headline homes in their buying lots of other homes in looking to get more homes. big foreign investment back in new york city they like a little dip in their coming in strong. >> i was reading an asian investors spent $60 million on a new york city apartment. >> we will see more and more of that as the spring season unfolds were pretty excited about it. >> definitely excited but are you concerned that foreign buyers keep coming in from china even if you look at florida that's where you see latin

americans, europeans and even canadians with a lot of money buying up manchin. >> i think it is a good thing it helps our economy we have manchin taxes and a lot of things were we collect money directly on every sale, we are delighted except brokerage commission. >> residential real estate makes up 5% of gdp alone that's a big deal when you see this happening it's exciting for us and 2023 was the worst year on record in 30 years for home sales we were at 4.09 million units which was a million fewer in the year prior and a million fewer than that were excited to see transactions and hoping the fed cuts interest rates which they have not done yet towards the end of the year which will make a lot of would-be buyers on the sidelines common and transact. lauren: do you think that will really help supply. how so, can you define it? >> it will help supply because

people immediately when we see a little down ticket interest-rate people jump to open houses and call us about a home just a tiny little drop. if we see a substantial drop below seven or and people really buying, that is always a problem that will increase pricing demand always increases pricing. people are in a conundrum do i jump it at a high rate or a jump in later with a high price. >> were suggesting to a lot of buyers if you can, by now because you can always refinance later but fewer buyers in the market now to compete with. that means setting up good habits. lauren: that's a really good point, rates feel prohibitive and are for a lot of potential buyers but if rates come down as expected you could refinance.

>> exactly. there are fewer buyers in the market as i said so maybe you can get an okay deal on a price and refinance later. do your homework and get ready to buy. lauren: what about seller concessions what can we expect and what are the questions to ask if your potential buyer you like a home and about to pounce but maybe want a little bit more. >> in the new construction arena we seen mortgage rate buydowns we have seen discounts at close were flexible closing terms or any monetary incentive for the buyers to buy new construction homes obviously it's harder for the average jane to do those things but you can ask for a lot of concessions, upgrades and we even see whatever sellers giving the mortgage rate buydowns. >> she went to a bank and said i want to offer any buyer mortgage rate buydowns i want to mimic what new homes are doing and she made a deal with the bank and it's great to open the floodgates as well on the particular home. were also seen seller financing.

were talking about a generation that does not need the money they're selling their home they can afford to get financing for a couple of years while we see the interest rates go down and there's a lot of that going on right now so there are many ways to increase your chances of being able to afford the home. lauren: where you see mortgage rates at the end of the year, i know you crossed your fingers and said hopefully under 6% but is that where you actually see them. >> no i don't but i'm hoping we at least approach that number because it's a huge difference that opens up the floodgates which is bad news because inflation goes up. it is always really teetering between all these things they have to hold an account. as many stakeholders is not just homebuyers. lauren: final question, how hot is florida right now particularly naples? >> were in florida right now and

it's so hot a little better price concession because naples is a seasonal area so people want to sell now versus weight over the summer when you have a lot of buyers going up north but naples is very, very hot all of florida and tax states texas is becoming a new financial hub and i read j.p. morgan has more employees in texas the new york which is pretty crazy but florida is still hot and people like the low taxes and low crime and it's always sunny. lauren: now the high prices, there are more than 180 homes in naples listed above $10 million. >> unprecedented. very interesting how that pans out but i think in general it is here to stay. lauren: dolly lenz, jenny lenz. thank you so much. fox business will 0 in all week long in the series hitting home rebuilding the dream we will examine all the issues

homebuyers are facing and give you top tips from america's real estate experts to help you find and buy a new home, you have to find and be able to buy it, that is all this week on fox business. higher real estate prices are not the only problem squeezing americans, you were looking at it the cost of food has been rising steadily. next the philadelphia wholesale market to see how expensive food is really getting the apple as in the stock is down 5% this year and antitrust report out of europe take another bite? stick around to find out.

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lauren: we have a fox business alert, nintendo closing down 6% in japanese trading today after bloomberg reported the company told some of the game publishing partners that it is delaying the release of the new switch until after the holiday season meaning next year, the report said marce in the u.s. new tender shares are up by 10% this year, of course the market close today, china's sayinge today, china's saying is hiring 4000 people and it's going to invest half a billion dollars in artificial intelligence like intelligent driving systems they plan to launch 30 new products over the next three years in the volkswagen back firm ceo says

2024 will be a knockout round for the chinese car brands and the sea of blood competition, take that tesla is what they're saying, their rival be why d is planning to launch a number of high-end luxury models this year in the hong kong stock market following it says it will formulate a plan to buy back more shares in december warren buffett company had a proposed buyback of $30 million of stock and apple is facing a potential fine for the european union after a formal complaint from swedish streaming giant spotify they say brussels is set to find apple fiber to $40 million in early march and antitrust rules by hindering access to streaming rivals through the app store, apple at 18231. from apple to the cost of the actual apple inflation is rocked consumers this past year and food prices have only known one direction north january cpi

revealed the cost of food was up 2.6% over the past year end up .4% from the previous month with that we go to jeff flock at the world's largest fully refrigerated wholesale produce terminal and that the philadelphia wholesale market who knew that you were outside. >> now i know. what a day to be inside but they call it america's biggest refrigerator and some of the guys that do business guys and gals are really getting squeezed by inflation you mentioned the overall number, take a look at it broken down that's 5% when it comes to folks eating out in one point to percent for the grocery store prices. but the market cells into both of those markets and it's pretty tough going for these guys, take a look at the picture from inside it's pretty massive a full quarter-mile of stalls of

various folks purveying their fruits and vegetables and are getting squeezed right now, the cost to them they are the middleman, the cost to them are still high but consumers are hesitant to pay the high prices, we talked to one of the folks inside selling fruits and vegetables saying here is how it is working. >> or customers definitely resist the higher prices and we feel it where maybe they wouldn't purchase so much as they normally would they hold back a little bit. >> have to make it tough on everyone. where is the worst food inflation of the country or where was it last year, right here in philadelphia 7.4% overall in 2023 it was high everywhere albany, syracuse and baltimore in terms of urban areas the highest food inflation and a lot of things in the cpi

were down in clothing is down and is it it is not more expensive now, it's been more expensive through covid so it's a cumulative increase that kills you. it went up and never came back down, what goes up sometimes keeps going. lauren: my weight has not gone back down you think that would put everybody on a diet, jeff flock, thank you. >> lovely as ever. research shows that bitcoin tends to rally over 30% now in the eight weeks leading up to its having with the date set for april 19 the presumed bull run begins today at next we talked to crypto fan anthony about whether bitcoin is set to surpass the record high is it going back to 69000 and then some? we will be back.

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lauren: crypto currency, look at this. over the past year the price of the token has rocketed bitcoin doubling up 113.3% ethereum 74% next rp up a measly 42%, what is the next catalyst it could be bitcoin having event one month from today were two-month from today i should say but my question is is it by the rumor sell the news, bitcoin is coming up into that event then it sells off after? we ask anthony investor in a fox business exclusive, what do you think of my theory. >> bitcoin matters if you go back to economics, anytime you have the market that no one knows about or doesn't have the same opinion is going to have an impact. we saw a demand shock with dts

in capitals pouring and now have a supply shock, 900 bitcoin coming into the market and you can get under 450, bitcoin per day. naturally they have tons of demand at a decreasing incoming supply the price has to go up to accommodate everyone read we see this happen over and over again it may be less of 8% move for an aggregate dollar is supposed to be meaningful over the coming 18 months. lauren: how high does the price go. >> bitcoin's prices have gone up hundreds of percent i would be shocked if bitcoin went over $100,000 in the next 18 months but also the ground is moving a little bit, there's a lot of different things that are occurring new types of investors are coming into the market. lauren: who are the types of investors. >> bitcoin is one of the favorite assets of any wall street investor wall street investors have been suffering returns because he can keep up with index and equity market they now have the ability to put a little bit it get into bitcoin etf 1 - 2% of the equity

portfolio and i would use the returns and hopefully help them compete against index on top of that they can allocate capital to the best-performing asset for the last 15 years, wall street the smartest investors the biggest capital pools in the world have been boxed up from the best investment the world retail got to front run these people in the ready to allocate, that will receive $10 billion loan into the ets. lauren: november 2021 bitcoin record 60 hi thousand, windows 869,000 again. >> short-term prices are most impossible to predict. my guess we will see somewhere around there before the end of this year, something like that. lauren: window the go 200? >> i think the having is a meaningful moment and what we see historically there is three prior times were the having occurs in 18 months a new all-time high, historically when we hit the having we have a been at all-time high, the etf are driving the price higher $52000 we were at 42000 when the ets got approved. this continues, there is a chance we could be near an

all-time high at over at the all-time high but we could be closer to an all-time high when it occurs. lauren: gary gensler at the sec solid through your industry in the spot bitcoin etf working in investors favor, do you think of do the same thing and approve a spot either etf. >> i don't see that happening in the next time that he could do it which is in q2 of this year, think eventually they will have to approve not only bitcoin and ether but many of these and it's going to become if you go back to the '90s people talked about internet companies now were talking about property same thing will happen here people will talk about the assets of the stock would be crypto and the weird thing in the corner in a be the mainstream thing and they're all good to be etf's. lauren: many people are starting to get their heads around bitcoin we can understand bitcoin and may be either a little bit but still launa, joyce quine, have an ets can potentially be? if you do for one do you have to do for all work you do for two but said he gives a thumbs up,

what about the others. >> is a 5535 ets before they occurred if i remember correctly there could be thousands of etf's. when you see even sp y there is sp y levered sp y, the inverse sp y there's always things you could do to get ets around civil asset so i think that's coming for bitcoin but a lot of these will have etf's in the future. lauren: doesn't feel like the wild west? that's exciting but it's also dangerous. >> volatility works both directions when your long and it's volatile, when it's volatile to the downside you don't like it because it goes against you you need volatility for returns if you look at the best-performing stocks of the last 20 years they were hyper volatile amazon went down and up down and up over again but if you get a stomach volatility and selected the right asset a principal of warren buffett, by grade assets and hold them forever, there's hundreds of millions of people around the world that think bitcoin is the next asset and after the buying

and holding. >> and i ask you a personal question what was the cheapest that you bought bitcoin at. >> i don't remember, i think the first time publicly that i was on television i talked about it was in the bear market of 2018 at $3200 and they were laughing at me. lauren: because it was cheap or expensive. >> it was down 80% they thought it was going to 0. lauren: durable and watching a backup, aside from bitcoin what tokens do you like. >> i think there's an entire basket, i don't want the individual tokens, my big bet is on the all coin etf providers so people are bitcoin etf's but will provide the other ones i think there is an interesting thing were bitcoin's prices are up a lot over 100% over the last year but coinbase outperformed bitcoin, micro strategy upper foreign bitcoin. you want to own bitcoin to own bitcoin they could take self custody but you also would have exposure to the equities that will have levered returns on top of the asset and they will follow exactly what we've seen happen in the bitcoin need. lauren: diversification of the crypto arena. it boggles my mind with all the

negative headlines we've had investors are not scared. >> that tells you that opportunity and all the negative headlines are actually marketing for bitcoin, two things that drive marketing campaigns, there is no ceo or executive team there is no marketing depa department, price is a huge driver as the price goes up more people talk about it in more people understand what the asset is in the second thing the negative headlines, a lot of people when they see someone attacking something they say that is interesting why don't they want me to buy that why is that a negative thing and now that we have the internet and a plethora of information people can critically think for themselves and bitcoin is a big winner. lauren: if you were to value the entire currency industry what is the number. >> if you asked the hard-core that it's a trillion dollars a bitcoin only and other people look up to industry, it's too have trillion give or take right now i tend to think that this will become tens of trillions of dollars in value over time and really young people, this is a very large percentage of their portfolio so they will continue

to allocate to the assets in the go up in value it it'll look very similar to an equity portfolio crypto portfolio or any asset that is there today. lauren: last question what would you say to someone when they say what is the use case for bitcoin it's not like i can buy a cup of coffee, technically you can. >> you can do that stuff, the simplest way to think about it, right now 50% of americans have no investable assets they save 100% of their wealth in u.s. dollar, the dollar gets devalued because of inflation, literally half of our population is getting their savings devalued by inflation now there's an asset where you can save and put all your money you can put 1 - 3% and saving bitcoin and the asset will contain pit and should continue to depreciate faster than appreciation. lauren: thank you for coming on, some folks say major weight loss drugs are forcing people to spend less on food they are costing states of fortune up next on how local governments are tightening their budget right now.

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♪. lauren: as ozempic craze takes the nation which storm a new benefit to glp 1s has come to light, cheaper grocery bills. according to morgan stanley with

12% of u.s. households taking glp-1s like ozempic, with governor very and man jar row, they're seeing groceries decrease six to 9% after they start the medication. when they are saving in the grocery aisle they may have to cough up more at the pharmacy. gerri willis is here to explain why some states are considering ending insurance coverage for the drug. i didn't know it was covered by insurance in all instances. how many states are covering right now? >> we're seeing fewer and fewer. california and other states provide coverage for glp-1 drugs. 35 states including d.c. do not. one state, north carolina will spend 170 million on weight loss drugs this year. they estimate if they keep doing the same thing they will spend a billion dollars by 2030. for that reason they're stopping it. the state is discontinuing supportive drugs like ozempic

when used for weight loss but continuing those with diabetes. they are a small portion of users, 3300, with the 20,000 users. it the reason? it is all about the cost? >> this one drug is being cone assumed by 22,000 people, there are 700,000 people on the state health plan. this one drug is being consumed by 22,000 people. had the potential of doubling the individual premium next year. >> reporter: meanwhile the numbers of employees using the meds has increased 731% in three years. some of the users are 12 years old. lauren: unbelievable. >> reporter: each prescription costs the state $800 monthly after rebates. not just states struggling with the costs. one blackstone executive recently estimated glp-1 costs could put companies out of business. the cost will only accelerate because as more and more kids take the drugs, guess what they have to do it for the rest of their lives.

you have got to think this is printing money for -- lauren: it is not one and done it is forever? >> it is forever. lauren: that's why some of the food companies are worried too because if you have a certain portion of the population on drugs forever they will not want to eat all the pringles. >> reporter: that's right. you've been talking about that a long time. i heard you on "varney" for a long time. lauren: we disagree on that but, gerri willis thank you very much. i was going to say the closing bell rings in seven minutes but there is no closing bell today because it is a holiday and the markets are closed. stock index futures however, they're higher on this presidents' day holiday. dow is indicated just up 16 points. look at the nasdaq up 44. that is quarter of 1%. nvidia reports on wednesday. that is the he will fan in the room right now -- elephant in the room. medtronic is reporting tomorrow morning before the opening bell. health insurers from humana and

united health, increase of medical procedures of seniors returning to hospitals after the pandemic and getting elective surgeries like knee replacements. with that in mind our "countdown closer" likes another name in med tech, we have gradient investors mike finger. you like bio med. i was reading knees are 40% of its revenue? >> yeah i mean this company used to be a hospital bed company but they have acquired their way into the bone replacement business. so hip, knees, shoulders, sports medicine, all those things are part of their business now, the biggest part, what really drives it. lauren: what about mrn is the ticker. it is an oil and gas company. i never heard of this stock. i think the reason is it just recently ipo'd, what do you think of it? >> i like this company because it is a really true under the radar company right now. when you think about it it is an

e&p company, just like a lot of e&p companies we know of. they explore oil and gas in the u.s. they are based out of oklahoma. they mostly drill and acquire their gas property, oil and gas properties in the oklahoma area but it just ipo'd in october. when makes this a little different than the average energy stock, their main objective is distribute their operating profits. that makes them a limited partnership. the market was waiting to see what they would come out with for the first quarter. they came out with 95 cents for a quarterly dividend. which puts their annualized yield at 20, 21% which is, you know the stock is way too cheap and it is operating way too well to have a 21% annualized yield. so i think dividends remain strong and the company's stock will rise. lauren: we're looking at it now. can you say the name of it for me. mac national resources?

>> mach natural resources. the ticker is mnr. lauren: never heard of it, thank you very much. what, broadening out, in the macro sense of things, do you think that we've kind of gotten ahead of ourselves, a little bit euphoric right now or is that not the case? is there more room to run broadening out if you will? >> i think the market is kind of getting a little bit tired here. we had a great november, december, january. the market went up a lot. the narrative because it went up, look the economy is doing well on its own footing. the fed, inflation is coming down. the fed can cut interest rates without heating inflation. i think that got limped a little bit last week on both sides of the equation. we saw the, the inflation data came in kind of hot last week. it wasn't really like it was off the charts but it was greater than expected which was a

disappointment. then on the other side we've got some economic data, we're starting to see cracks in this economic exuberance a little bit. consumer sentiment missed the numbers. retail sales came in a little light. there has been revising of q1 gdp downward, lower. big companies outside of "the magnificent seven," companies like ups, cisco, deere, they gave a little cautious guidance on their profitability. so the narrative that the economy is doing so well, that, and inflation is cooling so quickly that the fed can cut interest rates i think that's not the case anymore. lauren: yeah. as you said -- >> i think -- lauren: as you said, mike, cracks are forming in the euphoria that is out there. you mentioned ups. yes, they were cutting 12,000 workers. they are many companies feeling heavy, if you will, right? they're slashing jobs in order to slash expenses. do you think layoffs are

becoming normalized? do you think companies that don't need to lay off workers are saying it is kind of accepted now? we're going to save money and announce we're cutting some jobs, even though we might necessarily need to, maybe knowing that their pricing power has diminished, so they need to support their bottom line? >> well i still eunemployment rates at record levels. if there are layoffs, i think you see layoffs more pronounced in the tech industry. that is more of a function the tech industry way overhired and now they're rationalizing a little bit as they're starting to focus more on profitability than just revenue growth at all costs but you know, the bottom line is, is that we're still, unemployment is still around 3.7, 3.8%. it is still historically low. i still think if anyone wants a job in the u.s. they can still get one these days? there is some concern out there, it is not showing up in the

unemployment numbers yet. lauren: is there a pullback you expect? if so, how much, and when can we expect it? >> yeah. and i want to, you know, clause that with i do expect a pullback. i want to say it is a normal pullback because we see these in the markets all the time and it wouldn't shock me at all in the back half of february or sometime in march, that we see somewhere between a five to 10% pullback as the market digests this new hotter inflation data, as the market kind of assesses that the rate cuts may not come until the way back half of 2024 and that there are a few cracks in the economy like we discussed earlier. so i think there will be a little bit of digestion there. i think the market may pull back five or 10%. i still believe structurally we're good, any pullback, sounds cliche but i would buy it. lauren: mike binger, thank you very much. we're back in action tomorrow when markets reopen. kudlow- david: h