blessing that so many people want to call america home. on the illegal side, folks oturu bureau statistics, they have no idea where 1.7 million got aways are at this very moment, let alone whether they're working. listen, we know here in new york city that one of five hotel rooms at this very moment being used as migrant shelters. that's not helping obviously the cost of shelter, which is one of the big things of inflation. there's also a crime element and again, they need to ask the two new york city police officers shot by migrant robbers yesterday and we love immigration and that people want to live here but we want to control the border. i think liz agree withs that. lauren: yeah, db of interaural agree.

you can go back to andy grove at intel. charles, wait. are you hearing about all the chatter regarding the rate cut in july? charles: yeah, three firms officially on july and that's the scuttlebutt and maybe that's why the market keeps reversing and not in the july camp, ask me after the job's number. liz: moham moham mohammad al aas there's a chance and we mitt session highs a few moments ago and stocks on the move to the upside here and russell can't

get out of the way and still down about 22 points. bond yields on the other hand are stumbling down the stairs and see the biggest divot at 10:00 a.m. eastern when the april jolts report hit the tape. two year yield at 7.18% opened at 4.81% and dropped to a low of 4.75% upon the release, which showed job openings in april came in at 8.059 million. that misses the 8.35 million estimate and new number is the lowest since february of 2021. a bit of slowing in the jobs market. fewer jobs at mississippi miss and going and will microsoft moving higher and the company confirmed a business inside a report that it is cut ago thousand jobs in the azure cloud division and mixed reality headset arm and alphabet shares

down a fraction on sweeping job cuts news. oil recoiling to a four-month low and it's $37.35 a barrel. six month picture here, flat. price of wholesale retreated 13% quart tore date and not a bad move and great for consumer and not great for energy sector and second worst performer right now. bitcoin and ether gaining and they're up for a 1% move and that token is used to conduct money transfer on ripple network

and going for etfs on the way for approval bitcoin and'they are and -- ether and going for it and where is the sec lawsuit going against ripple stand? we can't ignore nvidia and continues to puff out its chest and this morning in the red and nvidia hitting another draconian day record and we're at 1,158 and change per share and gain of three quarters percent and ai case chip leader moves higher and amd and intel both debuted new semiconductors of the trade show in taiwan we've been telling you about and see them moving lower and advanced micro-devices moving down and intel down a percent and stock index down and remains lower by just under 1% s. that a sign that maybe for the moment

investors are become ago bit inured to sighny ai objects and going for the tech sector and joining me is investment manager and cio eric friedmann. today pat gelfand data singer dropped a -- pat gellsinger drop adducesy and steep discount to -- dropped a doozie and the ceo jenson wang. woo we're not dependent on any specific chip and it's very clear that jenson is dominating this and liz: is that 472 billion in client asset s?

>> it's the problem and place and the space we're most enthusiastic and remains business to business technology and you have companies trying to get bigger, stronger, faster and not so much by hiring people but really through enterprise technologies and if you look at constraints in the chip space for those leading, the demand story will be there for some time and i think this is a environment where cfo cap x spend is the most important thing at science and consumer opportunity and that cap x spend is very consist and we think tech has a place here and not the only thing on your portfolio and our favorite sector in the s&p. liz: as quickly as they were in the green and s&p and nasdaq are now in the red once again. we are seeing indecisiveness here, gene. do you agree with every ick to have tech in your portfolio? >> yeah, it's a good balance to your portfolio and the --

liz: wait a minute, ballist? that's like saying everybody needs this in their portfolio. >> it's going to be huge and don't know how huge it'll be. the thing with keeping the technology is expectations are priced in significantly higher and mag 7 for example has driven s&p 500 earnings growth this year and dramatically relative to s&p 500 and more importantly it's expected to widen when you look at expect taces and we worry about the frothiness of mag 7 and s&p 500 and last week software names and ai names came in beating expectation and lowering guidance dramatically and worrying us and priced to perfection right now and worrying us.

>> 'em saying and chattering away the last 48 hours and ordering 9 billion worth of them and possibly 3-4 billion worth of them alone. i get that nvidia captures their imagination but you said there are other places, not only place tech should be in the portfolio and where do you find fetor l ground? >> on the chip point, wise to point that out and layering on that and hearing from china and a desire to have more of the state and enterprise focus of chips that really focuses issue of that and we still think there's a real disparity between large cap and small cap and earnings revisions and we went out on large cap and we've been buying and use some of the

weakness in april to step into a big ore way equal energy has been a disciplined sector and it remains the best and that's a spot to be getting capital and equal weighted s&p 500 and sector level with the energy mixed in here. liz: hate to point it out to everybody but the dow just lost more than 100 points and liz: you're talking alaska the healthy pullback and likes of what we saw last october. >> exactly. liz: are we going to get it? >> i think we are.

we're on the rate cut this is year. liz: oh, dude. >> second of all, consumer is being impacted and look at data from pce and slow down and fed can't ignore that and first quarter gdp and second quarter gdp under pressure and first of all, valuations and pe ratio is 21 forward earning ands near term pullback and late october of last year and healthy pullback. there's a lot of cash on sidelines and earnings growth looks got laired this year. little cashing came in and bounced the market right back. liz: won't see it long 124 >> no liz: gene and eric, thank you. stay with us who knows how this hour will end. crypto faithful on the edge of their seats and not just because

they're waiting for full approval of the spot. ethereum etf is xrp exchange traded fund now possibility and it's been a long shot after the security and exchange commission and now the ripple ceo is up next on fox exclusive going with the etf inevitable and could politics be working in his favor. brad garminland house is our guest coming up. crypto stocks racing higher and coin base, marathon, high block chain and micro-strategy and riot and up from one and case of high block chain, 7%. "claman countdown" is coming right back. dow holding off 70 points of gains.

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liz: over the past week, ethereum seen 33.5 million of inflows and pushing total monthly inflows to over 21 million. pending one last sec approval and -- fec approval and it's one last spot and xrp and cryptocurrency used on ripple's money transfer network be the next to flow in etf market and joining me live in a fox business ex-clues sieve ripple ceo brad garlinghouse in studio

no less. word on the street is't either e ether etf is going to come alive. >> that's a big deal and further opening the markets to more people want that to access and bitcoin etf went live in january, and you saw $10 billion. i think two months to reach the same level it took gold etf to reach in a year. and interest is high and it's going to do very well. liz: becoming more pragmatic about cryptocurrency and the approval process. >> they got dragged kicking and screaming across the line and if they're dragging their feet and fight around the etf, likely the same outcome would happen and it's frustrating to go through

the courts and getting those positive outcomes and unfortunately liz: y'all didn't have that loud of voice. feels like you do now. what about xrp etf and speaking on consensus to 24 conference a -- 2024 conference a week ago and inevitable and xrp and solano and et cetera, et cetera, xrp in particular, sec tried to throw you down in court. don't you think that generals gd company might say that one, no way? >> they're making life difficult for those they've lost in court and last week in austin was that people don't want just exposure

to one commodity and gold and exposure to silver and exposure to other commodities and makes sense to me. people forget not that long ago that sec got involved and digital was second largest and they can ask if it's security or not and approve etf. they contradict each other and contradict themselves and very difficult to follow. liz: let's not assume all our investor audience understand what xrp is. it's the token or coin that ripple, which is a money transaction site and you're getting paid in xrp and something that people can buy whether they use ripple block chain. >> correct. xrp is a digital asset and not

different from bitcoin or eth. it's dick emberd cal gold and thrived because of that. eth, there's a lot of excitement around the smart contractors capabilities and xrp is extremely fast on a per transaction basis and inexpensive and gas fees and transaction cost of other to tokens. ripple using xrp. liz: you charge whoever is moving the money 0.00001 or something lick that. the main competitor in that space is swift. that's the society for worldwide interbank financial transactions. that's the global one that many people use and they charge much more. >> yeah, swift has been around for 50, 60 years and the frustrating part for users of swift, it's not changed in 50 or

60 years. the architecture of how it works, it's slow, expin sieve and quite error prone. some studies have shown 6% of all swift attempts to wire a swift transaction end up in errors that bounce back and takes days to get back. liz: what about you guys? >> xrp transaction and payment flow for us is realtime. it's instant, cross border. and the power thing is customers don't have to prefund the accounts. swift is prefunding and dormant capital in other banks around the world and using xrp and ripple net, our payments network and don't have to prefund. liz: suddenly coming alive cryptocurrency in the past week and bitcoin back above 70,000 and some makes the connection between that and roaring kitty reentry into the world. reactivating his account on reddit saying hens $115 million worth of game stop shares.

see any connection between his sudden owe merri bowl generals and the cryptos moving higher. like in 2021 with the meme stock and people diving into cryptos? >> yeah, this is driven from a political basis. united states remains largest economy in the world and has been kind of backwards as its approach to cryptocurrencies. countries like uk are way ahead, japan, singapore, switzerland and we're really behind the rest of the world. >> we do, we have 24 offices around the world. the voice of crypto and xrp has gone up. liz: it's money. you yourself given a total to 15 million to fair shake, the lobby firm that cryptocurrency people are filling the coffers there and suddenly you have

donald trump saying i'm the crypto president. you have joe biden making some noise about, you know, come on, lay off the regulation as little bit. you guys suddenly have a voice. you're the kitten that roared in a way. >> yeah, less about the roaring kitten and more about the machinery in the united states move and act. we haven't yet seen the biden administration. they've said things but haven't followed up with actions and can't make the campaign and incredibly smart and strategy and i can has a lot of passionate people.

liz: xrp, etf, when? >> it'll probably be 2025. liz: next year. all right. >> not too far away. liz: good to see you. and if that happens and comes to pass. >> thank you. liz: a day after paramount shares topping s&p 500, stock's reversing and what happened at annual shareholder meeting today that has investors turning tail? charlie gasparino has the scoop and shareholders of bath and body works are scrubbing themselves of the stock. it's swirling the s&p 500 drain down 12.5%. tell you why when we come back. ♪

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addressing invest source here in new york city this morning assuring them that the company's most important goal is "driving value for shareholders". redshone, who of course controls the shares in the company, didn't address the elephant in the room that she'll mulling the terms of a deal reached between paramount and sky dance media, a deal she's said to be irked by. >> i'm glad we cover this story how we do. if you listen to baseball and cnbc this morning. i'd be doing the deal anno announcement.

last night i said, things blow up. liz: things blow up. >> i said it, they're still negotiating. they're still negotiating and i think it's a fair thing to say the negotiation haves hit a flip, a hurdle, whatever you want a euphemism or cliche and not a done deal for a reason. what i'm hearing from insight. let's back up a minute. she can change her mind tomorrow saying this is the best you're going to get and keep the ice cube of the melting company and she can say we'll sell. he's fluid within minutes possibly fluid and at the end of the day, she announces the deal. reduce the value of almost

30,000 feet and 4 billion instead of 5 billion and combine via a new company and her payout would be less and to achieve that common shareholders going to get more. giving you again -- liz: to make them happy. >> they would sue under a deal that made her rich. everybody walks away and skydance gets paramount. let's unpack this a bit if you're just watching, this is a crazy structure. not unique. fox has a similar structure and controlling shares held by a family or individuals like mr. murdock and his family have for us. in this case, the controlling shares of paramount is owned by something called national musement, which is controlled by the red stone family and her father, the former deal maker create it had, and she's now in charge of that . she controls harper lanes mown.

>> they can sue saying you violate your fiduciary and have a stake and courts will adjudicate that and including the ones in delaware and the chchancery court. what's the growth model? streaming, movies? don't do that great anymore. liz: cbs, selling cbs. there's not a lot here maybe mtv

can bail them out. liz: this happened in the last couple seconds and it happens. >> what's the last time you watched real world? is that still on? i'm still old. liz: we're not that old. >> beverly hills 90210. was that on tv? liz: that was my life. >> but that's true. charlie, thank you. spotify raises prices at stock pop store today and warner bros discovery does the same and not so much. down about 1% after wbd hoping to capitalize on popularity of hbo's house of the draconian gone dragon ahead of june 6 season 2 premier and announcing monthly cost for ad-free versions of streaming service max will rise by a $1 to $16.99. annual ad-free plan increasing by $20 to $169.99 a month.

carnival and fellow cruise rivals floating to the top of the s&p 500 with stronger than expected wave season. it's considered a peak period in the months after christmas. carnival also popping after it announced it'll fold pno cruises australia into the carnival cruise line and up 5.13% and norwegian up 4% and royal caribbean up 3%. ugly picture here is bath and body works and sitting at bottom of s&p and heading for the worst day since 2021. sharesdown 12.25% after retailer offered disappointing second quarter guidance and revenue declined by 1% in the fiscal quarter and lower sales of candles and hand sanitizers. shares of very top and raised by $5 to $220 and stock up $206 and

change right now. research firm expects a boost in the conglomerate software capabilities and acquired carriers building security business for $4.95 billion. honeywell raising sales and profit outlook for the year and based on that acquisition. the greatest fear of ai critics may already be coming true. one company has cut its marketing cost by $10 million already by using artificial intelligence. how many jobs were vaporized in the process? one company holds the $10 million in saving ands swedish ceo of buy now and pay later are here on the good and questionable side of ai revolution and a fox business exclusive. you've heard of taylor swift economy, there's also lady gaga economy and she's created a lot of jobs and start when had this guy, joe jermanota was a young

father of two toddlers and his mom said many years ago she was getting rid of family piano. joe that didn't play said, sure, we'll take it. what a life altering and brilliant decision that was. in my latest everyone talks to liz podcast episode, joe shares how 2-year-old daughter now lady gaga, yes, began banging on the piano keys before starting one of the most successful pop music careers in history. you got to hear it. download on apple, google, spotify, i heart radio or wherever you get podcasts and we now have a twitter handle@talk to liz claman and let me know what you think about each episode. the "claman countdown" is coming right back.

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liz: all kinds of threats and promises that ai might bring but a article out today has really brought it home and undercoverred a personal way from chief of staff and hot ai startup anthropic titled my last five years of work on futures of site palladium and at 25 years old, she who works at anthropit, chief of staff believes her working days are number 3-d-5 years because artificial intelligence may take over her job. that's coming down for strategies and announced what the effort reaped and ai has helped bring in $10 million in markets cost savings from the company and does that come at the expense of jobs and what kind of jobs and clerna --

klarna ceo joining me now. this is stark and interesting and one thing strikes me about what this employee is saying and that is that technology moves forward, industry moves on and if it didn't, we'd be using typewriters and buggy whips. >> yeah, glad that's true. there's a slight implication on the right wing of the political spectrum and the fact there's always going to be new jobs and going to suggest progress. i would find myself a bit in the middle and there'll definitely be jobs that will disappear with the technology and then a lot of people may find new jobs and if you're a 55-year-old translator that works and may be hard to train and it's a youtube influencer and you have to think about the people that may be affected with the prerequisites.

jot truth is there's already a bigger venture for us where it was about $40 million and that was primarily in custom service and now we have to remember that we outsourced to agents and the companies they outsourced to with hundreds of thousands of agents and ai assistant taken live then replaced work of 700 agents bay push of a button and fortunately for those individuals, they would continue to serve other customers of those customer service companies and longer term such jobs on the line and i think in the markets thing that we announced one or two weeks ago with the $10 million, here we've seen a lot of implications for the more simplistic copy, translation and

day-to-day jobs and categories of things like that . so, yeah, we've seen it across the board actually. and klarna stopped hiring 12 months ago and we're shrinking as a company because there's about a 20% natural attrition rate and people leaving companies for other people staying for five years and we're not hiring and actively shrinking as a company and that is due to the implications of what ai means for us from an efficiency spectrum. liz: that's a bold spectrum meaning you can run way smaller and be as successful and regulatory backdrop here in the united states and consumer financial protection bureau given all of you guys 60 days and now it's less than that, to start complying with certain rules that they say will make you guys operate more like the credit card industry, which has a heavier regulatory hand on it. but you've disagreed with that . you've said trying to compare

with the credit card industry is like comparing apples to key wees and are you -- kiwis and are you complying or fighting it? >> we're complying and some degree i think we're coming back to political and there's success profit and it's due to poor regulation and reducing and trying to switch between two banks in the u.s. and old issues that we have at hand. banking industry means i'm not ann arris and don't believe in the society without any rules and i think banking regulations is benefiting from some rules. we just need smarter rules. rules that basically make it super simple to switch and going to protect some of the bad behaviors of the acting and it's a little soft and won't necessarily make a big

difference and most of them are here and woulds likely apply for things that we do and i'm concerns we're comparing to credits and credits is a $6 evolving bill and fixed installments and not charging interest and interest free for the majority of the product and it's a different type of credit and the type of credit we offer is one that's healthier to use than the one of the credit card and that should somehow also be reflected in the regulation. liz: seb, i know at some point you're going public. we want to see you before then. thank you very much. have a great day and thank you for talking about both ai and the regulatory backdrop. >> thank you for having me. it's always fun. liz: you got it. u.s. job market remaining remarkly solid as federal reserve sticks with the higher for longer inflation strategy and will companies start

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her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity.

their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. liz: okay, fewer than eight minutes to go before the closing bell rings and suddenly we are seeing some green on the screen here. the dow was up most of the session up 143 points right now. s&p holding on to about eight points. let's see if that can hold in the next eight minutes. we've got the nasdaq up 28. russell languishing to the downside by 23 points. next wednesday the federal reserve wraps up the two day interest rate setting meeting. cancel all plans, watch fox is about. who knows what the markets are doing. the markets are pricing in no cut at the june meeting. that hasn't changed. there is an 18 1/2% chance of a cut in july. and of course september we always knew would be the first but now july? weird. our "countdown" closer says not

weird. the fed should cut sooner rather than later. he thinks there is a scenario where we would see a july cut. he is allianz chief economic advisor, former chief of pimco, mohammed he will el aryan. head of st. anthony's college. july, is this real? >> that is what sheeted do. will they do it, probably not. the fed was so traumatized by the big mistake in 2021. they took a view at economy got it completely wrong. they looked at past data, excessive data dependent. because they're so reactive we will not see it in july, but they should do it in july. liz: why should we? we still have data that shows a muscular, when it comes to statistics a muscular economy? it is not arnold schwarzenegger muscles but looks solid today. we have the jolts report, sure

it missed estimates. we still have eight million jobs that are open. we're getting the may jobs report on friday. tomorrow we get the non-manufacturing services pmi. that is where we see the sticky evident inflation. why should we cut in july? >> tomorrow's data extremely important. the service sector had a big influence on inflation and growth. we can look at it tomorrow. so far we've had disappointing retail sales, we had disappointing pmi manufacturing numbers, today's jolt vacancyies were considerably below expectations. citi has this index of surprises and we've had nothing but negative surprises. all that is saying to us the economy is slowing much faster than most people expected including the fed. liz: you think retail sales have been misses? >> we saw the number last friday. liz: but you know that

jay powell goes by threes. he wants to see a trend, not even threes. he would like to see much longer trend, right, before he makes a move? >> that is where the policy mistake comes in. liz: ah-ha. >> monetary policy acts with a lag. you're riley targeting the economy of tomorrow but if you do that based on yesterday's data, you're likely to get it wrong. but i understand why, you know, liz they have got 2021 so wrong when they decided inflation was transitory, when people including us were telling him it is not transitory, pay attention, they're afraid of making a major strategic call and i think that is where we have the risk right now. liz: well, the risk is there but when we talk about inflation it is not just services, it is the cost of shelter, housing, very sticky. how do you get that down without causing a mistake? >> so again, interesting data, in the last few days listings are going up. so for a long time people held

back from putting their homes on the market and the inventory was really challenged and that meant that ironically prices went up even though interest rates had gone up enormously, we had never seen that before. now we're seeing supply coming onto the market. so i think you're going to see most of the major components starting to correct but will that happen in time? that's the big question. liz: pending home sales came in down 7.7% actual down .6 of a percent so yeah. case-shiller, prices are still hot. >> they are because we didn't have enough inventory. i think that's going to change as well. liz: what else will change? we've been talking about a.i. we just spoke with sev of klarna, he wrung $10 million cost savings using a.i. when you say cost savings, let's be honest he doesn't have to pay people anymore to do these things. how will that affected economy?

have you modeled for that? >> if you look what is ahead of us 50% chance we soft land, meaning inflation comes down, we sacrifice some growth but not too much. there is a 15% chance that generative a.i., life sciences all these revolutions actually make us bigger but not hotter. meaning we can grow even faster but without inflation. and there is 35% probably going into recession. that is what we're looking at. if you are optimist, 15, 15, 35% is good. pessimist, looking 35% of recession. say that is really important for investors. investors have to embrace the whole distribution an recognize this is what we're looking at this. is very uncertain economy. we entered 2023 with people saying 100% probability of recession and the u.s. economy surprised on the upside. unfortunately we entered this year a little bit too rosy and now the economy is slowing.

>> we should show a two-year, three-year of all the major indices so we can indicate how the market continued to climb as inflation has come down from 40 year-highs of june 2022, right? sew what do you think happens when the fed does cut sell on the news. >> i think is it is pliesed in. but what is major important developments at the corporate level. they have is strong secular tail wind. they are actually doing things that are not just changing what we do but how we do it and they have a long runway. you can tell lots of good stories. that has been keeping the market up and earnings have been keeping markets up. liz: am i hearing you say buy those five? >> i'm saying you have to keep an eye on valuation, but if they do sell off they certainly would be interesting. the other thing we have to figure out is interest rate expectations. we entered the year we thinking

market that the fed would cut seven times. now reduced it to one. now two. we've been all over the place this is really difficult economy to forecast. liz: send 10 seconds two or three or one cut this is year. >> i hope we get through. i suspect one or two. liz: mohammed, great to have you. we can talk tomorrow after the data is out. you're always welcome back after the data is out. >> thank you, liz. liz: mohammed elerian here. the dow looks to gain 40 points. nasdaq in the green up 28 points. [closing bell rings] cme group pottery duffy joins us in a fox business exclusive. that will do it for the claman countdown. kudlow is next. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so after allowing roughly 10 million illegal