actually surging. i think that has something more to do with appreciation for freedom of speech but i want to share a chart that grabbed my attention most of the day and that's from the gallup. confidence and consumers. it is in free-fall still. it's plateauing a little bit but look how far its come down. church, believe in church it's only 32% of people have a great deal or quite a lot of confidence. banks only 27%. public school 29% which i think is way too high. speaking of too high, congress is at 9%. that should be down to 1 or 0%. tv news that's right, 12%. we probably deserve that as an entity. interestingly the supreme court though is at 30% and it was 25% just a couple years ago, so there are areas maybe you were starting to feel a little bit more confidence in. i wish i could say that about the market today, liz. liz: yeah, and semiconductors, charles, we have multiple breaking news headlines hitting the tape as we kickoff the final hour of trade. take a look at nvidia that has

just fallen through it's 50 day moving average. right now the stock is at $114.93, and 50 day moving average $115.50 that's a key level and when you look at what the high for nvidia was at least so far it's about $140.76, so we are seeing a pretty significant sell-off. we'll show you the semiconductor index. that's down more than 4%. the markets overall right now are enduring a pretty serious sell-off. not all but much of it is due to some ugly earnings reports. the blue chips are deep in the red now down 398 points led down the rabbit hole by visa's quarterly revenue miss. the s&p is sinking 114 points, or about two full percentage points here. the russel appears to be escaping at least the worst of it. it's down 1.5% but that's not as bad certainly as the nasdaq which is getting clobbered right now. it is losing at the moment 612 points, very close to session

lows. the drop in part fueled by alphabet. the google and youtube parent posted a double beat on earnings last night but investors are sending the stock down 5.25% right now, or $9.46 to $172 and change on concerns that the massive spending on a.i. infrastructure, google said $25 billion year-to-date, is not seeing enough pay off yet. none of this is sitting well with the vix. look at the fear index. speaking right now, 22%. see where it stands at 17.97 just a few minutes ago it went above 18. that be a three-month high investors are grappling with the risks and worries some of it geopolitical. israel's war against hamas front and center as israeli prime minister benjamin netanyahu is speaking live right now. he is well into his speech before joint session of congress. lots of standing ovations here. you can see him shaking hands

as he finished up. moments ago, the israeli prime minister said "israel will do what it must to return security to the northern border." he also gave a nod to some fraternity brothers in north carolina for having protected the american flag against pro-terrorist protesters on that campus a couple of months ago. big, big standing ovation for that moment. fox news cameras catching up with elon musk on capitol hill. the tesla ceo was personally invited by prime minister netanyahu to attend that speech before congress. possibly a welcome distraction for musk whose stock is getting smashed by the earnings wrecking ball. shares are lower right now by 11% to $219 and change. this after the ev maker posted the fourth straight quarter of earnings misses, the lowest profit margin in more than five years and deliveries down for two straight quarters. analysts also lamented that all of elon musk's enthusiasm or

most of it on the conference call were for products that don't yet exist like the robotaxis and the humanoid robot. tesla the biggest laggard on the nasdaq and second-worst on the s&p. put all of this together and is it fair to say that the bulls have seen perhaps the last of the summer top? let's get to the floor show joining me jpmorgan managing director phil camparelli and scott redler. phil what do you think? >> we're in a new chapter, liz so as an asset allocate or when i look at price action like this i think okay, you had apparel number earlier this month, but then followed up by the cpa number and when you put those two things together, this means that the easing cycle is now into focus and one of the reasons why all of these tech names did so well and i was on your show talking about it because of free cash flow an the ability to withstand a high for longer environment. if we're in a world where rates are moving lower over the next few quarters, and the economy importantly is coming into better balance so cpi isn't

as hot. the unemployment rate goes above 4% you have to be able to rebalance your returns and your equity market and that's what we're seeing. i don't think we're going into a recession. we have only 15% probability of recession over the next 12 months. this is more okay, can the rotation trade continue. can you get better balance in the equity market because the economy is moving into better balance. liz: scott you were the one who more than a month ago said, you've seen the summer top certainly for the semis. you look at the index and its been a while since i've seen this p fall more than 3%, nvidia falling through or testing that 50 day moving average. what does all this tell you? >> if you remember june 20 we we're looking at the summer top and that was a great spot to reduce some of your allocation to semis. i think the smh was up 64% for the year so it's a leading indicator so it's good to watch. the s&p i believe was up almost 19% and the q's are up 23 or 24% so when the semis trend lower, and they make lower highs, you have to notice that's

when traders switch gears, get more tactical, have more cash. short rallies and be very careful buying dips and that's the kind of environment we're going to be in for at least the next two to maybe seven to eight weeks, and i don't think we're close to this little summer low. it was easier to call the summer top and i think we have levels below we could be looking at. liz: the tendency is to say well google, which by the way beat on both top and bottom line but google is spending too much on a.i. and look at tesla, tesla missed on a couple metrics but phil? bill dudley of the new york federal reserve, this morning put out a note urging and this guys a pretty much a permahawk, urging the fed cut rates next week. >> yeah, so liz, not so fast. liz: what does he know that we don't? maybe that's what's at work here for the broader sell-off. >> i'm not sure, liz. i think that again, we don't have a recession, the economies into better balance. we think they go in september to 100% priced in almost but they go in september but i just don't

think they need to be in a rush. i don't think there's a fire when it comes to the labor market or the inflation numbers falling quickly, that would allow them to move very quickly, so we are on the careful and methodical size because jerome powell doesn't want to be arthur burns who let the food off inflation too early and jerome powell doesn't want that. atlanta fed gdp now is above 2.5%. trend growth in this country is two so i'm not really sure what he's looking at but we're in the camp of careful and methodic. liz: rotating where right now, scott? >> it just started to rotate to the small caps to the bios back to the banks and we saw that on the cpi. at this point i don't think -- liz: which banks sorry large financials or regionals? >> well the regionals were being down the most so they are the biggest bounce. i don't think overall that's where you should be moving forward from here. they kind of already reverted back to that but as far as dudley wanted to cut rates i don't think it happens . this is what the fed wanted. they raised rates so the economy could slow down so the labor market could cool so prices can come down and the s&p is not

even 5% off the highs so they are going to act now? usually back in the day like the fed would cut rates when you're 20% off the highs. here we're not even five so i do think it's a little bit of chatter and i don't think it happens. september could happen, because by that time, maybe the s&p will be seven, eight, 9% off the highs, sentiment will be so poor that then, they cut rates, we'll get some kind of rally in the fall and i do think the highs of the year aren't in, but this isn't the spot to allocate funds i think we go lower the next four to eight weeks. liz: as i'm sitting here watching we've got the russel down 1.5%, s&p down 2% and of course the nasdaq down 3%. gentlemen, thank you very much. phil, scott, always a pleasure to have you. especially on a rocking day like this where we need these balanced voices. not everything is getting soaked by the bears, the sun is shining on n-phase energy as the energy tech company that makes ev charging stations. battery energy storage and solar micro inverters bucks the market sentiment. details on why it is popping.

still, amid this sell-off straight ahead. and as we watch this nasdaq sell-off tick-by-tick you've got to tune in tomorrow or set your dvr for a live interview with nasdaq chair and ceo, everybody is coming to the "clayman countdown", that's why you got to stay with you dow jones industrials down 4 temp427points, much more straigt ahead. a perfect day for a family outing! shingles doesn't care.

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liz: fox business alert. you see on the bug theory is the nasdaq still down about 616 points. a lot of high fliers losing altitude amid this broad based sell-off but not enphase energy. the solar and battery system supplier missed earnings and revenue estimates, but the stock is up 13.25%, after the company

gave a sunny outlook. they said the third quarter earnings are the healthiest they have been in a year and also its california business has stabilized. a stock called lam weston, we don't talk about it but these shares are getting fried. this is the potato supplier to most restaurants and all the way at the bottom of the s&p. that's a 52-week low as the stock loses 27%. the company posted disappointing fiscal fourth quarter earnings, and also said it expects 2025 to be another challenging year, as global restaurant traffic and frozen potato demand softened due to inflation. hawaiian airlines losing altitude at this hour on reports the department of justice is unlikely to approve its planned $1.8 billion sale to alaska air. so you got hawaiian holdings down 9.8%. alaska air down three-quarters of a percent. sources say the anti-trust regulator may sue to block

the deal. that's pretty much what they've been doing with many deals and they may do this as early august deadline nears. microsoft says it will use lumen technologies network equipment to expand its capacity for a.i. workloads as part of the deal, lumen will tap the tech giants to cut costs. microsoft is looking to meet growing demand at its data centers and you see the dichotomy. microsoft is expanding its a.i. workload capacity day by day, right? and that means racks and racks of servers will be cooking on high heat to make it all come together and that's where it comes in. its data center cooling technology has made it one of the hottest artificial intelligence infrastructure plays right now. on the heels of blow-out earnings the ceo is here in a fox business exclusive on how much hotter or cooler

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liz: so, we know the tech stocks are getting hammered at this hour but we wanted to look at two of them. intel is falling by about 3%. intel has actually been holding up much better than some of the other names due to the fact that perhaps they manufacture mostly in the us. nvidia, and we told you this at the top of the hour, has fallen below its 50 day moving average. right now it is down 6.25% so if you missed the gains it's 6% on sale, so right now, it's at $114.96. this as the wall street bears tighten their clues on tech. today's sell-off not just affecting companies that missed on earnings like tesla. it's also coming for companies that reported powerful and

robust results, like vertiv. so its been a huge momentum play over the past year, provides digital infrastructure solutions to help keep critical data centers up and running. the stock right now down 13% but up year-to-date by more than 240%, or year-over-year 240%. its become a very popular a.i. play because since a.i. computations are such a strain on data centers, vertiv solutions are needed to keep those systems cool and working. the company posted a top and bottom line beat for the second quarter, $0.67 earnings per share, 1.95 billion in revenue. why is the stock down? maybe the babies getting thrown out with the bath water. joining us on a fox business exclusive, from vertive ceo geo. i mean, listen. when you look at your numbers, and you look at your outlook, which was very impressive, it's almost as if the sell-off is a

blip. is it not? to what do you attribute the fact that investors are not coming to your stock on a day like this? >> look, we just, first of all thank you for having me here, liz. it's great being in your show. clearly, we have printed very very strong second quarter and it's combined with the first quarter was strong is a very very strong start to the year, and we have beaten all financial parameters and we have lifted our outlook and our guide for the rest of the year, so we're very very happy about where we were going. it's a bad day in the market and certainly, the techs are in the sector of that but we're here for the long run. we are very strong. our orders are strong.

we were 57% year-on-year with our orders and our pipelines are growing, so we are very confident in the future and again, it's the long-term what we look at and it's a long-term in a very very good industry, in a very strongly growing industry. liz: you just referenced the 57% jump in organic orders growth. that popped out to me. i need to know about the current quarter because this gives us a window into whether some companies are scaling back, who knows. that's where you really come in as a valuable voice for our viewers. does the current quarter look like it is on track to do as well, better, or maybe slightly weaker than that? >> what we have guided is a growth year-on-year for the third quarter. also in orders and we believe that the market, the underlying

market continues to be strong, and our pipelines are strong, so there might be some quarter-to-quarter sequential reduction in orders, but from a year-on-year standpoint, the strength continues and will continue in the out quarters we believe. liz: that strength, in a way, depends on the spending that has been extremely big for many of the bigger tech names, and for example, google. google reported last night, and google beat on both the top and bottom line too, but in the quarter, google appeared to have spent about $13.2 billion up 91% year-over-year on their a.i. plan and offerings. that's where people begin to wonder, if they're not seeing enough of a return, is that going to slow? here's how sundar the ceo of google put it on the conference call and i'll have you respond. >> we are seeing tremendous

momentum from our a.i. investments. more than 1.5 million developers are now using gemini across our developer tools, and we recently unveiled new models that are more capable and efficient than ever. year-to-date, our a.i. infrastructure and generative ai solutions for cloud customers have already generated billions in revenues and are being used by more than 2 million developers. liz: he said billions in revenues, but the first half of this year, they've spent 25 billion. they didn't break out exactly what he means when he says billions, but not asking to comment on google's numbers i'm just asking to comment on what you're seeing from your biggest customers. >> well, what we see is a pipeline that continues to be strong, and a pipeline of opportunities that continues to grow. we believe that the a.i. build-out is a very long-term trend and we'll continue in the out years, so this is what

we see in the market. this is what we see and we hear and we see happening, talking to our customers, and we see it in the opportunities that are in our pipeline, so we are very very encouraged by what we see , and specifically, by the acceleration that a.i. and the infrastructure built for a.i. is looking like as we look out in the next part of the year and the year out. liz: well you have been one of the biggest beneficiaries. i was looking at your market cap a year ago. a year ago, vertiv's market cap was at $5 billion. this quarter it's at $34 billion. that's just an incredibly huge bump. two of your biggest customers are intel and nvidia. what about somebody like elon musk whose launching x-ai? >> i don't want to go into details of the individual

customers, but -- liz: i thought i'd try. >> but we are i would say one of the biggest players in digital infrastructure, so we pretty much see the entire market, so i'd be surprised if we, you know, there are parts of the market that we do not see , cover, and go after, so i'm very happy about that coverage. and that coverage shows a tremendous potential for the market and for the company. liz: well the entire sector shows potential. it's just a matter of whether there is a pause and people take a breath but we'll continue to watch your numbers and your business. looks like a lot of demand. thank you so much for coming on vertiv. >> well thank you, liz. thanks for having me. liz: any time. so huge news out of washington d.c. the israeli prime minister riveting congress and the nation in the last hour met with thunderous applause by a joint

session of congress. what the leader of one of america's strongest allies said about its nine-month long war with hamas terrorists and the support america has been giving. we'll get a live report, and legendary silicon valley venture capitalist alan patrickoff, he's a democratic supporter here on a fox business exclusive on whether he's throwing his support behind kamala harris for president and how he thinks she would treat big tech if she were to win the 2,024 race for the white house. the "clayman countdown" coming right back. nasdaq increasing losses here down 634 points. new centrum menopause supplements help unpause life when symptoms pause it. with a multivitamin plus hot flash support. daily zz for quality sleep. and enxtra for focus and clarity.

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address to congress but the applause he received from both sides of the aisle during the speech drowning out the protesters, especially when he said, "israel will win and that he will not rest until all the american hostages still trapped in gaza are home." he also slammed those protesters for calling israel a colonialist state but there's so much more to this speech. fox news senior congressional correspondent chad pergram live on capitol hill. i was watching this. a lot of people in the newsroom were listening to his message and it looked like there was at least some bipartisan support of what he was saying. >> absolutely. dozens of democrats said they would not attend in protest and fox counted about 28 senate democrats in attendance. michigan democrat taliib did attend holding up a sign that said war criminal as netanyahu spoke. netanyahu embraced the relationship between the us and israel. >> america and israel must

stand together. >> [applause] >> because when we stand together, something very simple happens. we win, they lose. reporter: democrats who refuse to attend the speech accuse the us of stoking the war in gaza, approving military aid for israel. netanyahu refused charges the money contributed to genocide. >> the prosecutor of the international criminal court has shamefully accused israel of deliberately starving the people of gaza. this is utter complete nonsense. it's a complete fabrication. >> [applause] >> it's not because israel is balking it. it's because hamas is stealing it. reporter: us capitol police called in cops from new york city to guard the capitol during the speech. a massive fence encircles the complex. one demonstrate or said they converted the capital into "fort netanyahu" guarding it with dump trucks and snow plows.

netanyahu had a message for the demonstrators. >> for all we know, iran is funding the anti-israel protests going on right now outside this building. when the tyrants murder women for not covering their hair, are praising, promoting and funding you, you have officially become iran's useful idiots. reporter: netanyahu said when israel fights the huthis in hezbollah it's fighting iran. he says if israel is shackled, "america's next." netanyahu said expedited military aid could hasten the end of the conflict. liz? liz: what really struck me, chad, was when he called out the university of north carolina fraternity brothers for protecting the american flag when the other college protesters were traying to burn it. i mean, it is a free country, free speech but these college protesters, columbia,

harvard, penn, cornell, it's just amazing and i'm sure he was so horrified when he saw it but to see the response and the standing ovation he got when he called out those bad protesters at least as he saw them and then the unc boys, it was just a pretty interesting moment. i counted like two minutes of standing ovations. reporter: yeah, there was big bipartisan applause at that point and they even started to chant usa, usa, usa. liz: chad pergram live from capitol hill thank you very much. vice president kamala harris was one who did not attend the address. she opted instead to give a keynote speech to zeta phi beta sorority in indianapolis. her decision to skip it feeling speculation about her policies surrounding the israeli hamas war and that what looks like should she clench the democratic presidential nomination and possibly win the november election but if there's one area of policy harris has already made her opinions clear on it's artificial intelligence. as the white house a.i. czar, she brought the chiefs of open

a.i., microsoft, google to agree on voluntary safety standards. she also led a white house executive order mandating how the government would use and develop a.i. and has continuously pushed congress to pass a.i. regulation. i want to bring in one of the most prominent voices in tech investing the early investor in many names, alan patricof, co-founder and chair joining me in a fox business exclusive. alan can you perhaps guess what a harris presidency would look like for artificial intelligence and what perhaps a trump presidency would look like? >> well, i don't think anyone can guess what a trump presidency would look like from any respect. it's so unstable and you never know what you're going to get from day-to-day so i'll leave that aside. in terms of kamala harris, i think you'll get consistency. i think she will certainly carry on what president biden has

initiated from every standpoint. i don't think she's going to deviate strongly. i think she will probably have emphasis in one area or the other according to her own preferences and one of the things she's been very clear about is her feelings about a.i. and the fact that it needs to have some form of either self-regulation or government regulation to make sure that it's not going to become something that is a danger but rather a benefit to society. so i think she's constructive. listen, she is from california, so she understands california issues, and i think in the long run, you'll get a very positive, stable thoughtful response from her that will be open-minded and will be reflective of what the country needs at this particular time. liz: whoever is president has to thread a needle. do they not because on the one

hand, the us right now is in the leadership position when it comes to a.i. technology and development. it isn't always ever thus. i mean i remember with nanotechnology the chinese were jumping ahead but with this we don't want to kill that innovation but by the same token, we've already seen some serious issues with artificial intelligence, the deep fakes, et cetera, and so they have to figure out how to tackle something like that. that's going to take a lot of money. do you think that right now, the money, the big spend on a.i., for example, with google spending $25 billion for the first half of this year alone, do you think that some of that is actually going to cool off a bit as we have a mini bubble, perhaps, burping, bursting or popping. >> well i think, liz, you're reflecting a little bit of my own thinking. i've been through too many booms and busts before and as excited as i am about a.i. and i don't know how anybody can't be, we

are clearly in a period of irrational exuberance where there's enormous euphoria about what possibilities are available with this technology, and i don't want to diminish the fact that they are enormous potential whether it's biotech or healthcare, supply chain, no matter where you look, the benefit of machine learning, the benefit of accelerated information acquisition is going to be good for everybody. on the other hand, everybody is rushing to put a.i. at the end of their name, or something with a.i. in the front to add in any marketing effort. some indication that they are playing in this game that like everybody else, so we have seen not just google but whether it's microsoft or apple or hundreds of other companies who are pouring lots of money in and

when you have that happen, there are going to be winners and there are going to be losers and probably fewer winners and a lot more losers, and you see it springing up every single day. you saw it last year and i think it's continuing dramatically into this year, and i don't see it stopping. i mean, people can't afford certainly public companies but private companies, to not have some program focusing on how to use a.i. in their business. liz: yeah, it seems like you've got to be in it but you need the money to spend it, and either way, who knows where this technology goes. alan good to see you. thank you so much for calling it for appearing. we appreciate it. >> thanks for being here. liz: alan patricof. keep it here on fox business for special coverage of president joe biden's address to the nation tonight at 8:00 p.m. easterneastern. the session lows are still down

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liz: agreed on virtual plan to no nate a presidential candidate before august 7th. the report says vice president kamala harris could be nominated as democratic presidential candidate as early as august first. democrats are also expected to name a vice presidential candidate before august 7th. and as we continue to watch that, we got the nasdaq down about 601 points. pretty much a broad-based selloff in stocks all day long. here is the question, does the green back have new competition. bitcoin is moving higher by a fraction here at 65,907. we're looking either they are lower. xrp up nearly 5%. ahead of the nashville bitcoin conference stated to kick off tomorrow.

20,000 bitcoiners are expected to descend on moose i can city to hear all kinds of proposes and ideas. let's get to charlie gasparino gas. who has a scoop. >> it is ellie tariq's scoop. i worked with her own it. it is interesting and big, particularly if it unfolds the way they make it unfold. we do know that president trump is speaking, so is vivek ramaswamy. this will be a big thing later in the week. i believe it begins tomorrow in nashville. trump is slated to speak on saturday. on friday, tulsi gabbard will do a fireside chat with cynthia lummis the senator from wyoming, either on friday or saturday, lummis is going to unveil, this is the plan, things could shake this up, we got this from multiple sources. i would say go to foxbusiness.com. we have the full write up, we posted it imminently with this hit. essentially wants to introduce legislation that makes bitcoin

part of the fed's reserve currency. the fed has all sorts of currencies in reserve. they want, she wants bitcoin to be part of that. now what's the interesting wrinkle here is not that she wants this. she wants president trump's, the republican nominee's buy-in on this and that's what they're working on right now. so it would be a huge thing for the crypto industries if at the bitcoin conference, cynthia lummis says we have this legislation, we're going to push this, but we've got president trump's blessing on this. whether trump endorses this, i can't tell you. a lot is still in flux. liz: bitcoin as world's reserve currency. >> not world reserve. russ dollar as world reserve currency. that won't happen. the fed holds stuff in reserve, gold. we're off the goal standard but there is gold in fort knox still

you know? they want bitcoin, the object is to make bitcoin part of the fed's asset mix. again, if this does happen and it takes a lot to make it happen. you need presidential buy-in. you need to get through congress. there is a lot of skeptics out there particularly in terms of mainstream economists, particuarlily economists in trump land. we should point out steve moore is quoted in ellie's story, saying why would you want to do this? how, this might be unsettling. read the story. we lay it all out, let me tell you something, this bitcoin conference could be a doozy and it could be a doozy on a lot of levels. we should point out vice president harris, democratic nominee, soon to be official democratic nominee trying to get her to join. trump is there. she said no. she has a lot on her plate, picking a vice president. liz: rfk, jr. slated to speak.

>> vivek will speak. will be wild, i was thinking of going -- liz: i'm surprised kirsten gillibrand, is she not going? shy and she and cynthia lummis cosponsored the legislation. >> one of the reasons why kamala harris wouldn't go, the democratic party is not liked in the bitcoin community. as soon as we reported yesterday, on "the claman countdown," tyler winkelvoss, okay, if you go, if she goes, she needs to tell us why she hates crypto, is was something snotty. the democratic party has a lot of catching up to do with the crypto community. the trump administration, he is not just president just yet, the by the way the polls are very tight. the trump campaign is looking to mine voters, 20 million, 50 million voters. there is a lot of potential voters there. the democrats are trying to get back in the game.

mark cuban is talking about that, the pro-crypto tech billionaire, so there is a lot going on. this conference in my view will be pretty big. from what i understand it will be crazy. by the way, i don't want to say that woman filmed outside the nashville nightclub, what was her name? i can't remember her name. she is apparently showing up and talking about -- liz: no, i don't. even if i did i would not tell you because this is your story and you get to tell it. >> you know what i'm talking about. liz: i do. >> apparently she, it has been advertised she is going. liz: then it is, then it is a free-for-all. >> trump, her? liz: charlie, thank you. >> okay. liz: very much. closing bell, folks we're about six minutes away. the bears are tearing through the markets at this moment. we just hit new session lows. now we have the dow down 522 points. s&p is having the worst day of the year, down 128 points now. that is a loss of 2 1/3%.

biggest loser far and away is the nasdaq. it is down 639 points or 3 1/2%. russell 2000 down 2% or 45 points. anyway you slice it it is a broad-based selloff. it is not just tech, but other sectors as well. earnings released shortly after the bell could herald a better session tomorrow, turn it around, who is coming out? mcdonald's ibm, ford, chipotle mexican grill are coming out after the bell with their quarterly numbers. right now everybody is in the red. i would call ibm flat. a lot of people are watching ibm. ibm is way more conservative about throwing money at a.i., doing it in a very targeted precise way. we'll find out now the a.i. efforts and offerings, they are b2b, business-to-business, that could be a driver of stock, depending what numbers they bring out. schaefer etf president, sean

o'hara, u.s. bank cio, with 480 million in management, eric friedman. let me get your idea of the selloff? anything alarming or just overdue? >> probably overdue, to your point earlier. this is a technology focused selloff but it is spreading out to other categories as well. we would be more concerned if credit is selling off in a big way and isn't. high-yield bonds is off maybe a quarter of a percent. this is strikes us limited to technology. probably more downside pressure next couple days. we are bullish, opportunity to get more aggressive, do so own piece by piece basis. don't need to get too aggressive to put everything at work. liz: sean, i'm looking at financial stocks, big financials in the red, discount retailers in the red, department stores in the red. evs mostly down here, high-end retail. you like retail here.

is retail waiting for its moment in the sun? >> well, thanks liz, for having me, retail is sort of a tale of two cities as probably are most sectors but there are names in the retail sector coming out of covid we rearranged our balance sheets and moved past the big inventory overhang. we owned gas guess back in the day. you were probably sporting a pair of guess? jeans. liz: back in the day. >> back in the day. a dollar's worth free cash flow per share, to over four dollars worth of free cash flow per share. their sales continue to grow and their earnings continue to grow and their stock trades at six times earnings, a 6% dividend. the environment like this with the big selloff. i don't think it is unexpected. every bull market hassleoffs. the real question, have we gotten ahead of ourselves on the earnings story? is last night's earnings announcement going to ripple through the other names? if that is the case you start to

look at names like guess, hewlett-packard enterprises a poor man's way to play super micro. they're delivering servers to the a.i. data centers. their orders have gone from 400 million in a year to 4.6 billion. that trades 15 times earnings with a 6,% dividend. you can move away from big names and still participate. liz: it is true. but, eric, when you look at perhaps some overextended runs of big tech names, is there a sector where you're saying let's get client into here now? >> areas we're probably most excited about, liz, number one would be equal weighted s&p. it is a way to get in touch with the entire large cap sector base without being overly exposed to technology. that is probably the first order of business. we would recommend for clients. the second era is probably more specific is energy. there is very good capital discipline across energy providers. maybe downside risk at the

headline level to energy prices that would be a good chance to step in to get a bit more aggressive. we like consumers. there will be differentiation across consumers. that is a chance to be involved with higher end retailers, a space we continue to like across the discretionary space. liz: that is interesting. lvmh is struggling. we know what happened with burberry a week ago. we look at the vix, volatility index up 25%, standing at 18.0, at a three-month high. anything alarming to you that we're seeing at the moment? >> i think people are starting to wake up a little bit. i said in my notes, the trend is your friend. that may have broken the dam on things. this has not priced risk on equity side. 24 times on earnings and 35 plus for the nasdaq. credit spreads are historically

a low range here. perhaps we have people are starting to reorient hair positions here, that maybe we've gone too far too fast sort of like last year so we should position for more risk and owning more high quality names. liz: eric, really quick, we're one week away from the dow announcement, from the fed announcement. what do you think will happen? a surprise rate hike by any chance in july? >> probably a punt until september. that is probably the most likely outcome. signaling but no action for the fed in this current month. liz: wow. big day. thank you, both of you, big voices we appreciate it, sean o'hara, as always eric friedman. s&p and nasdaq have lost their gains for the month. they are both now negative for july but heck there are two more days in the week. [closing bell rings] the dow losing about 493 points. a big show tomorrow once again. that will do it for us. "kudlow" is next. ♪