i love a good short squeeze my man. groupon, by the way it has come across the screen a couple times so i'll check it out. thanks a lot my friend. real quick my two cents on jay powell and the fed, right? here is the thing. the fed doesn't work for you unless you're a banker. the policy choices will never help you unless you're already wets it. wealthy. in fact, woodrow wilson who imposed the idea he still signed on it later on said he ruined the country in the great industrial nation by making it a system of credit. now to liz claman. liz: a lot of people max out their credit cards to start great businesses that are still alive today though. charles: good point. liz: charles thank you very much. all right call it the jay powell jitters. at first, stocks were kind of in a holding pattern just slightly lower but with 59 minutes left to trade in the session, and less than 19 hours before

federal reserve chairman jay powell speaks the picture is darkening and you know, we should show you the intradays because they tell the story here. dow jones industrials down 222 points as you see kind of cruising along in the first half of the session and then taking the dive downward. we've got the s&p 500 at the moment lower by 47 points. the nasdaq is getting hit the hardest. it is down 259 points, 1.5% loss there. tech by far the worst performing sector of the session. the jitters are not surprising overall though we're about to get what could be the clearest sign yet from federal reserve chair jay powell whether the central bank is or is not on the cusp of cutting interest rates for the first time in more than two years, so all four major indices kind of biting their nails here. that sign will emerge from the grand tetons of jackson hole, wyoming, where central bankers have descended for the economic policy symposium, and where jay powell will speak tomorrow and could signal the cheaper borrowing

rates are around the corner, at the fed's september policy meeting. interestingly, instead of moving down, look at treasury yields. they're moving up. two year yield back above 4% it's gaining 8 basis points right now, 10-year yield up 6 basis points to 3.86. perhaps these are moving higher on the belief that sure, the fed may cut but only by 25 basis points, not a bigger 50 and won't make promises about what comes next. powell desperately, make no mistake, wants to see the rate hiking cycle displayed on your screen for all its glory which began in march of 2022 followed by eight pauses in a row. he wants to say that he has tamed inflation by bringing it down from the 40 year highs in june of 2,022 year and he has so far but if the fed leaves rates where they are much longer, does he put that soft landing for the economy in peril? stocks fared not just well for the entire tightening cycle but incredibly

well for the first, since the first rate hike two years ago march the dow climbed 21%, but you want to see something crazy? the s&p, it is rocketed 28% higher during that same period of time. the nasdaq jumping 31%. the russel 2000 up 6%. the russel 1,000 the bigger of the russel mid-caps up 27% and now we're starting to get some yellow flags within some earnings reports about how much more cautious consumers have become. how resilient can the market remain if revenues across many sectors continue to slow? let's get to the floor show joining me now market rebellion co-founder and chief market strategist mark lopreski. you two trade through market sunny days and market hurricanes so let's call this one clouds on the horizon. john, macy's comes to mind after it warned the luxury consumer out there has become more discriminating, i guess you could read that as worried. jobless claims rose slightly, more than expected last week so how much longer can wall street

climb this wall of worry? >> well, it's an interesting question, because of the fact that everyday we're waiting for the next big event, right? the next catalyst and i think obviously, the thing that we're staring at right now we stared at it all week has been about mr. powell and what is the fed going to release to it as we get closer and closer we're right there, bumping up against it for friday. that's what we've been looking for. i know the earnings cycle has donna mazing and been absolutely incredible this year and once again in this particular quarter but it's more importantly now just focusing on the fed. that is what about 80% of what the markets are looking at right now, and it's a matter of do we think it's a quarter? do we think it's 50? everybodies got their opinions but i can tell you i think jay powell has given us the blueprint it will be 25 and if it's more than that i think you've got to wonder are we going to be more concerned because of that or is the quarter enough? liz: yeah, is the quarter point enough. mark, let's just move it right

to what does well if it's a quarter of a point? you start to see this sell-off with the markets at the moment. i mean, it's not huge, but it's steadily gone down. >> the sell-offs accelerated a bit today but i wouldn't read too much into this , liz. think about how we performed coming up to this point with the much-anticipated -- liz: which we showed you. >> 10 a.m. and look, the reason we aren't getting 50 basis point cut tomorrow from jay powell is because that would signal there is no soft landing. somethings really really wrong, so i think my moneys definitely on 25 basis points tomorrow. liz: well where, okay, that's what it's on? where is your money in? where are you putting it right now? >> well so listen. after watching the resiliency of the american consumer which has shocked everybody, myself included, specialty consumer discretionary names like we saw so far this week, tj maxx, walmart, target, companies that have managed to continue to attract consumers to lower prices. as the fed cuts rates, cost of

capital comes down, we've already seen some prices in core goods starting to come down. that spending in those particular names is going to continue, and maybe even accelerate as people like to go and buy not just what they need to have but what they want to have. liz: yeah, i mean, tj maxx has just been on a terror at 33% over the past year. pete? what about you? when you look at the landscape at the moment, where okay, let's expect 25 basis points at least at the september meeting. what looks tasty to you out in the markets? >> i like the way you put that, tasty. i think the tasty that i see right now is certainly in the financials and i mean the investment banking side of the financials. i'm talking about goldman sachs and morgan stanley and cit i'm and jpmorgan. when you look at some of the profits there, liz it's absolutely incredible and the investment banking side you're talking about 50 perrer up to 150% when you look at goldman sachs. these are huge numbers that they've been able to put up.

i don't think it's over the first half of the year, that's great. i think it's going to look even better in the second half of the year. i think when we talk about m&a and all of the different things, ipo's all of that that involves into the investment banking world that's an absolute home run. i'd also even add to that you can go into energy. you can go into energy and i'm not talking about oil. i'm actually talking about the demand for uranium is going to be absolutely off the charts. not necessarily in the next six months even, but over the next three, four, five years, when you consider all of the demand that you're going to be getting from those data centers from a.i. all of that. it is going to be in demand and you've got to have something very sustainable. it can't just be wind. it can't just be solar. its got to be nuclear and i think we're going to see more of that and fames like camico and others could do very well off of that. they had a great start to the year. they kind of paused for a while now. i think that's still an area you should keep your eye on. liz: chips today though getting

hammered here. mark, do you get the sense this is just one of those days where people are taking profits ahead of what could be the news that's expected? >> yeah, 100%. i'm not reading into too much of the sell-off and of course what gets sold off when people start to take profit the stuff that's gone up. the risk capital, the mega tech stocks. talking to traders on the big hedge fund desks as we try to do over 300 of the hedge funds that we've spoken to have $1 billion or more in aum, still have mega cap tech in their top 20 holdings we don't expect to change. liz: let me show you the dow 30 the laggards themselves. it is intel, microsoft, it is amazon and those are the three but intel is the worst performer, and it's just important to note certainly the chips had an incredible run-up themselves so trees do not grow to the sky, people. pete, mark, great to have you both thank you, very very much. this is unbelievable. it was a pandemic darling before

riding right into a ditch. now peloton investors hopeful for so long are hopping back on the bike and pumping up the stock. wait until you see how high we're going to show you and tell you why in just a moment and later, forget chocolate and peanut butter. chips and chassises may go best together as volvo gets set to rollout its new ev outfitted with qualcomm snack dragon. qualcomm and volvo ceo's are live here to show you and tell you all about it in a fox business exclusive. so much ahead. so glad you're with us, the "clayman countdown" is coming right back, dow jones down 190 points.

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liz: fox business alert we have individual stock stories here look at advance auto parts sputtering out down 16%, shares hitting a anyone month low after the auto retailer missed on earnings in its second quarter report. that's not the only story. advance auto parts also cut its full year profit forecast to between $2 and $ 2.50 down from 7.75 to 4.25. advance auto parts also divesting equipment parts company world pack to carlo group in a $1.5 billion deal. that comes after increased pressure from shareholders to sell the world pack unit in order to increase competition with autozone and o'riley automotive. the deal with carlyle is expected to close by the end of this year. peloton shares getting a boost of energy, big time. look at this 40% gain in the stock. the home fitness company's turnaround plan beginning to start to pay off as losses in

its fiscal fourth quarter report narrowed. for the first time in over two years peloton reported revenue growth while sales also grew for the first time in nine quarters. peloton said it expects to deliver meaningful free cash flow of at least $75 million for fiscal year 2025 but subscriber growth remains unlikely. peloton also said the ceo search is still underway, and narrowed its list of candidates. year-to-date, peloton shares are still down but, you know, nice to see certainly that it's up 40% but still, at a deficit of about 22% since 2024 began. shares of popular schoemaker crocs up 1% as wall street is bullish on hollywood actress sidney sweeney, williams trading upgraded the footwear company to buy from a hold and hiked its price target from 163 to 163 from 135. it's at 142 and change right now

after it named the emmy nominated actress as the global spokesperson for its hey dude brand. the first said sweeney whose the star of "anyone but you", this girl's hot, could attract young consumers and help reverse the negative sales trend at hey dude. snowflake shares are melting here down 13.25%. this is the cloud and data analytics company. it reported a fiscal second quarter beat and raised its full year guidance but the street still very concerned with its decelerating product revenue growth. snowflake reported sales up 30% year-over-year as good as that sounds it's a s slow down. morgan stanley analysts say the results were good but, "not good enough." adding that snowflake is far behind rivals in developing artificial intelligence-related products. shares have fallen about 41%

year-to-date. well, a different number here. we are just 75 days until election day, and it is a big, big day for both presidential candidates. former president donald trump visiting the southern border at this hour, as vice president kamala harris gets set to take the big stage at the democratic national convention. we're going to get you all the details from the arizona border and a preview from the dnc in chicago. we might also hear more tonight about harris' plan to strengthen the american economy and her plan to fast-track the american dream of homeownership and fast-track it to reality. the ceo of homebuilder hovnanian enterprise s is here to give us his state of the housing market. the "clayman countdown" is coming right back. stay with us. this is clem. clem's not a morning person. or a night person. or a...people person. but he is an

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liz: we have some breaking news former president donald trump visiting the southern border at this hour. moments ago, the former president walked along the border wall in montezumma pass, in arizona. expected to remake remarks at any moment. he met with families of the loved ones who died at the hands of illegal immigrants. in chicago tonight it is a very important night at the dnc for vice president harris. she is expected to accept the democratic party's nomination. the nation will be watch together see if she reveals any

important details on how she plans to handle the border, the american economy, national security, and more. madison alworth has been covering every second of the dnc for us joining us live inside the you fighted center in chicago with more. madison? reporter: hey, liz. so tonight is the opportunity for vice president harris to make her pitch to her party and to the nation to be upgraded to president harris. we expect that we're going to hear about her personal background. we do expect she will contrast herself against her opponent donald trump and there's hope she will go into more policy as you just mentioned, but i'm not holding my breath because at this point she's really only laid out one area of policy and that's economic policy and frankly, that policy does have a lot of people concerned. even though there have been very few details around execution and how this be funded, harris reiterated the need for her plan this week. listen. >> we believe in the future of our country. we believe in the future where we lower the cost of living,

for america's families and when i am president i will bring down the cost of groceries by making sure markets are competitive and fair. reporter: but without full details as to how this be paid for , analysts said that the plan could add nearly $2 trillion to the national debt. looking at some of the specific items, expanding the child tax credit enacted during the pandemic would cost 1.1 trillion and her plan to provide $25,000 in federal down payment assistance to first time home buyers would cost 100 billion. now, people want these things. they want affordable housing and affordable goods, but economists argue that spending like this would only make inflation worse, driving up the prices of those very same goods. making them more expensive and there's also real concern around her price controls issues and her initiatives that she's announced there. harris is promising a first-ever federal ban on price gouging

for food and groceries but many argue price controls don't work and its also not been made clear how they would determine if price gouging is even happening. food producers pointing outgrows restore margins were at 1.6% last year. and again, no plan as to how this be paid for. harris has said she would raise the corporate tax rate from 21 to 28% and that could help fund some of these spending initiatives but this is just part of the pie, liz. we haven't heard from laser when it comes to her foreign policy or energy policy so there's concerns those would come with a price tag. a lot of hope we get more from the policy but what we'll likely hear about is hope and joy. those are the two words that have been used to describe this convention and the speakers and harris herself. liz: on the one hand, right now, america is pumping out record amount of oil, record amount of energy. we are the leaders, so people ask well what's her plan? well she just left it how it is

we're at a record; however, it is really strange when you look on the website, because we've done this and there is nothing about the policy or the plan so people really are waiting to hear this before they make decisions. big night madison, thank you very much. >> absolutely. liz: be sure to watch fox business special coverage of all the speeches at the democratic national convention beginning tonight at 7:00 p.m. eastern time. madison just mentioned vice president harris' proposal to offer $25,000 to first time home buyers who have a two-year history of on-time rent payments. rising housing costs certainly represent a huge hurdle for many be home buyers. the median home price in the united states is at a record high right now, and according to redfin nearly 1 in 10 us homes are now priced at over $1 million. that is also a record. still, in the face of that headwind, leading homebuilder

hovnanian reported very strong earnings this morning and shares are up 13.25% right now hitting a multi-year high on multiple positive metrics including more than 11% growth in total revenue, 38% growth in income before income taxes, and an 11% increase in the full year income guidance. hovnanian enterprise chairman and ceo joins me in a fox business exclusive. i thought this was a tough market. you're selling homes at a fast clip just when the latest gallup poll found only 21% of americans say it's a good time to purchase a home. how are you doing what you're doing with this data that we've just presented that doesn't look as healthy? >> well, it's a difficult time to buy an existing home, because there is a very very low supply. it's half of the normal supply. 2.2 million homes for sale be typical. that's bad if you're buying an existing home. it's good if you are a new homebuilder building new homes

to the market, because the choice is otherwise pretty limited. liz: okay, so that's excellent. you're in that part of the business that seems to be working. what do you make of vice president harris' plan to offer about $25,000 to first time home buyers who do have to show that they are responsible with their rent payments. it's not just willy-nilly tossing money around. but what do you make of that? i would imagine you think that's terrific because it could spur your sales. >> well there's no question the first time home buyer has been really squeezed because of affordability, between cost increases and interest rates, housing has just become a lot less affordable especially for first time home buyers, so it be very beneficial from that perspective. no doubt in addition, it be helpful for homebuilders as well, but the most important thing be getting first time home

buyers into the marketplace. liz: the problem is, when i think back to 2004, 2005, a lot of first time home buyers were too easily getting into a new home, and they weren't ready for it and then we know what happened after that. we had the mortgage implosion crisis, so how do you kind of make sure that you bridge that gap very carefully so that nobody falls in? >> sure, well that was a very different issue. what really happened there was the sub-prime issue. people were getting mortgages that had no right to get a mortgage. they were not really qualified. i think what's being proposed is mortgages for people that could be qualified and a tax credit for people that be qualified. liz: we don't want to see a repeat of 2008, 2009, the great recession. >> no. liz: we're nowhere near the 2 million housing starts that we saw leading up to the housing crisis that

happened, but how do we get back to that number at all? because it's housing starts, that's your business. s. t>> there is no question wee been underproducing for a decade the average number of homes in this country. it's going to take a while to get there, especially with interest rates where they are, and costs where they are. affordability is definitely challenged, but we're doing our part. we're planning to grow quite a bit. we've made major investments inland. we're increasing our community count. we're very excited about our ability to produce more homes and help the housing shortage that is occurring in this country. liz: well maybe the log jam is breaking up or at least the frozen ice over the housing market, because realtor.com said there are locations where it is much easier to buy a home. in fact nine out of the 10 top places where they say it's much more of an easy prospect to

get a home, are in florida. to what do you attribute that? because obviously everywhere we see a lot of zoning and regulation rules that prevent more building. >> yeah, so there are parts of florida that have been a little more relaxed in zoning, which is helpful, because there is not a lot of land. you've got the everglades in the center and the beaches on the end so there's a limited amount of opportunity. based on that builders have been building more homes in florida and it's helping the supply. there's no question about that. i don't think it's over-built and the number of months supply is still below normal, but it's better than it was just six months ago. liz: yeah, for those of you wondering the tenth was in lubbock in texas, so nine in florida. can't talk about housing, without talking about mortgage rates. tell me what you're seeing

because in this current quarter, mortgage rates, i believe are very close to a one-year low. they are below 7% which was crimping any kind of activity for both sellers and buyers. a year ago 7.23% for a 30-year fixed. today, 6.49%, so, are your current quarter numbers going to look as good as the quarter you've just reported? >> well, there's no question the lower rates are going to be much more helpful. more people will be able to qualify and i think that's going to mean more new home sales. it's the first time just the last few weeks that mortgage rates have been lower than they were a year ago. it hasn't been lower than a year ago for a long while, so i think that's very helpful. liz: very helpful. people are finally seeing some light at the end of the tunnel when it comes to high rates. ara, thank you very much. >> you're very welcome. liz: ara hovnanian.

volvo snapping up chips for the latest electric vehicle offering teaming up with qualcomm and putting its snap dragon cockpit platforms into the new ev suv, the ex-90. what does that look like? how much does it cost? what can it do? up next headed out to qualcomm's campus to speak with the ceo's of qualcomm and volvo cars about this fire breathing combo. jim rowan join us live from san diego. it's a fox business exclusive. and my newest episode of my everyone talks to liz podcast becoming one of the most popular, whose that guy? he is the ultimate secret weapon for anyone who travels but doesn't know how to unleash the power of points. the famed points guy is the leading voice when it comes to maximizing loyalty programs, points, miles, credit cards, so we brought in brian kelly, the founder of the points guy, and i shake him down in this episode, make him spill detailed ideas, the ones he uses every time he travels and how he

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liz: fox business alert. tesla has just been toppled from europe's ev throne for the first time ever. bmw sold more electric vehicles in europe than tesla did. during the month of july the german auto maker sold 14, 869 ev's in europe as tesla sales dropped 16% month-over-month to 14, 561. tesla shares tanking about 5%. bmw down about 1% today. meanwhile, another european auto maker is also encroaching on tesla's turf. volvo's first half ev sales got

a 53% jolt higher over year-over-year and volvo's about to make an even bigger splash on september 4 with a revamp of its ex-90 suv decked out with qualcomm snap dragon digital chassis technology. the expanded partnership will equip it with the cutting-edge infotainment systems that allow passengers to experience so much more than ever before. to qualcomm ceo cristiano aman and volvo jim rowan. i guess you just drove the ex-90 cross-country from the charleston, south carolina factory to where you join us live now which is in san diego, california campus. did you take route 66? how long did it take utility? >> well the old rout route 66 s the intent but i drove that car from a production facility is this is the first time that volvo has ever done a brand new model and launched it outside of europe and we used our

charleston facility for the first time to build that car. it's a fabulous car and great to be able to drive it off the production site and get on the open roads and enjoy the majesty of the united states scenery and some great music en route. liz: i'm enjoying the majesty of your accent. i want to get that out there but so, jim, how much did the partnership with qualcomm have to do with this rollout here in the united states and what difference did you feel with all other comparisons to any other volvo cars now that you've got the digital snap dragon chassis in there? >> well, what we're seeing is that this convergence now is coming into the smartphone, of course has been around for a long time and we got to know each other when i was working at blackberry so i had that relationship with qualcomm, you know, for well over a decade, and has always been impressed by the amount of innovation and the amount of power management

that they put into the products and it just seems like a really natural place for that to be in the car so it gives us a really high quality, low latency, really crisp and very very responsive digital cockpit and that's really what the customers are expecting these days. liz: you've got the realtime review of somebody who was stuck in that car for hour-upon-hour. what do you want future drivers of this vehicle to know about how different it is now that it's stuffed with so many qualcomm chips? >> look first of all, liz, we're incredibly proud of this partnership. as jim said we've been working together in the past. this is a partnership that comes at a time that the automotive industry is going through a lot of transformation. we know as consumers look into the new car, they expect a lot of computing power. they expect a lot of features and what i like about this partnership, all this technology that we work so

hard to create, a company like volvo and that's what jim and his team does, is bring all of that to the consumer, and the fact that it's through that technology that the consumer interact is incredible cars and it's really changing the whole experience. the cars now a computing in space like your phone, like your laptop, you're going to get entertained from the car. you'll work from the car. you'll drive the car, and i think this is one of the most exciting times in the industry for innovation. innovation really separates having the companies, that are going to be successful and that are not going to be successful and like i said, we're incredibly proud of this partnership. liz: and it's quite a partnership. it is an absolute commitment. how many qualcomm chips average will be going into the ex-90? >> i wish i had an exact number on that but that really depends on how many cars we sell, so the easy answer to that is let's hope it's a lot, for both my

sake and for cristiano's sake. >> i'm going to add, we have this platform that we're working with them on the digital cockpit, and through this computing unit, you power all of the screens in the car. you have information that come from all the different sensors, and you have to experience it to see it. i think what's done by volvo is incredible and seeing not only the quality, the rendering but the amount of functionality that you get right in front of you and you do that in a way that's actually not distracting you should definitely try it. liz: well i think people really want to try it and i think jim, they want to know, beyond the connectivity of great, you get in, your phone syncs radio, you can speak to it and it talks back to you. beyond that the feel of the drive. i think that has been what's missing and listen, the complaint is, and i drove a tesla, it was not a great ride.

the model y was not a comfortable ride. do the chips also weigh in when it comes to the actual as we say the chassis, the drive? >> well i think everything is advanced, so we'll start to see this high computation can add value to the customer and the infotainment and the driver and information systems but also, we continue to evolve every part of the car, so the ride quality, the comfort levels, you know, the infotainment stack itself, is the quality within the car and that's one of the great things that you get when you marry that hardware. we are almost 100 years old company. you realize we've been selling cars in the usa for 70 years so we're a real heritage brand and of course when you've been around for 100 years you learn how to do things that other companies haven't quite figured out yet and then if you also progress and have the mind to bring in the new technologies to that heritage knowledge base that we build up over the years then that's where the magic happens and that's where i think

you'll find the in the ex-90 when hopefully you'll get a chance to drive it. liz: many a car company went under because they didn't innovate and they didn't hook up with other partners who could do exactly what you've just described. how easy is it to churn out these chips now and i ask you because taiwan semiconductor just broke ground on a new plant in germany and while the arizona plant is under construction, companies are really waiting on this fab plant to start churning out what it can. how much does that change your supply time, if you were to have fabrication plants much closer to qualcomm's headquarters? >> i think there are a couple questions you ask. the first one, how it takes to produce those chips and to design those platforms. look, we operate in a very fast cadence. i think that's a little bit coming from our mobile heritage which is you have a technology that cycles very fast, and then,

you add to that the ability to build safety grade chips and co-design i think the whole experience of an automotive company and i think when you see how fast we can bring technology to cars and the great example is the new car from volvo. the other question is we're very excited about geographic diversification of chips. i actually want more factories in more places. tsmc is a great partner of us as well as other foundries such as samsung and qualcomm will make use of all foundries that become available and geographic all diversification of foundries is a very important thing. we've been saying that for years. liz: you're open to being agnostic on all levels when it comes to fab plants who can churn these out for you? >> that's correct. we are one of the few companies that has fuel design of the leading node. liz: great to have you both and jim before we go, what feature did you find you were using the most in the ex-90 as you

traverse the united states? >> i'm going to be honest we have a fantastic new sound system with dolby atlas and i listen to a lot of really nice music and today, and cristiano and i were in the car and he treated me to some of his choices as well which were very good choices. liz: okay, fess up, what was your choice? >> hard rock. liz: [laughter] okay. so, no taylor swift there i'm guessing with you guys. >> well that wasn't our ride but i'm sure it'll play taylor swift very well in this upcoming digital chassis. liz: you have to take selfies of you rocking out in the car. thank you so much for unveiling what you're going to officially unveil on september 4, the ex-90 with the digital chassis made by qualcomm. thank you so much. >> thank you. liz: good to see you both. investors looking for wisdom with so much uncertainty in

the markets, so is it time to turn to one of the best investors of all-time? today's countdown closer channels his inner warren buffett with a few stock picks that will do well no matter what happens with the economy, and we'll head back out to jackson hole, wyoming live, where edward lawrence has been picking the brains of fed heads ahead of chairman powell's big speech tomorrow. more on countdown, on the way. dow is down about 194 points, red on the screen today. what does a good investment opportunity look like? at t. rowe price we let curiosity light the way. asking smart questions about opportunities like clean water. and what promising new treatment advances can make a new tomorrow possible. better questions. better outcomes.

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liz: "fox business alert." the u.s. jobs market got another indication today of softening. initial jobless claims, we get them every week, rose 4,000 to 232,000 for the weekending august 17th. that is higher than the 230,000 economists were expecting. continuing, those are people who continue to show up on the unemployment lines, rose to 1.836 million. the highest level of unemployed since november of 2021. so these numbers are another sign that the labor market is slowly deteriorating and gives the federaserve perhaps more ammunition, more air cover for a rate cut in september. edward lawrence has been in

jackson hole, wyoming at the kansas city fed economic policy symposium. edward, you spoke to number of federal reserve officials about everything, jobs, state of the economy. what jumped out at you. >> reporter: even the philly federal reserve president, those job numbers, are in line what we're seeing with a slowing economy. we're hearing a unified message around patience for bringing those rate cuts down. >> i believe we're at a restrictive stance but we're not overly restrictive i think yet. i think banks and businesses have adapted to where we are in this policy rate range and i think, we have time to really consider what's going to happen in september. >> reporter: so he is a voting member next year. so is boston federal reserve president susan collins who says that the consumer plays into any calculation of rate cuts. >> i think a gradual, methodical pies once we -- pace once we're

in a different policy stance is it likely to be appropriate. >> reporter: retail sales are up, 1%, but credit card debt, delinquency rates are down 9.1% and credit card debts. are you concerned about the weakness in the consumer being able to spend and what the breaking point is? >> i'm looking at both of those things. i'm seeing continued resilience in consumption. there are stress pockets in areas where i'm paying careful attention to. >> reporter: she is seeing stress pockets. i tried to nail down the philly federal reserve president about those rate cuts and how big they would be. listen. >> the thing that i have heard consistently is just take rates down but take them down methodically. when you went up, we understand why you went up quickly but that was hard for us to absorb. let us absorb these changes over time. and i, i believe that, that we

should take our time. we need to keep moving. what matters is that we commit to keep moving, not whether it is 25 or 50 or two or three this year, it is a process that matters. >> reporter: so is 50 on the table then for this? >> we'll see how the data, the next couple weeks what the data is but right now i would just like to start the process. >> reporter: so it feels like a 25 basis point cut in the next meeting. maybe a pause after that. maybe one more cut this year. the fed chairman maybe would put a button on this tomorrow morning when he speaks, liz. liz: it will be a big one. the final hour of trade after that even bigger. edward, thank you very much. we'll be watching. edward will be back tomorrow with us from jackson hole with an interview with atlanta federal reserve president rafael bostic. bostic is a voting member of the federal open market committee. you don't want to miss that

interview 3:00 p.m. on "the claman countdown." the dow is down 231 points. it is nasdaq close to session lows, down 329 points or nearly 2%. investors are facing some serious economic ed winds, including a slowing job market, high interest rates, stagnant housing market, election uncertainty. yes, interest rates are possibly going to start coming down but with all the headwinds time to go back to buffett investing, right? today's county down -- countdown closer says he has three stocks should fare well no matter the market winds. we have jack oliver who of course has been a berkshire disciple and a buffett dissign pep. when you say, do exactly how buffett picks stocks and pick those names? >> well i think i would, thank you for having me, liz.

great to see you as always. i think i would go back to i think what buffett said during chairman greenspan's era if he said, even if he had the minutes, knew what the federal reserve was going to do it wasn't going to change his investment approach and his stock picks at that time. while it is interesting and fascinating to discuss whether we'll have 25, 50, 75 basis points of cuts, long-term investtores should focus on companies where there will not be a huge swing factor for them and perform in all market environments. liz: gotcha. >> i don't think the managers of the companies are say i will not release this new, amazing product because the fed will not cut 25 or 50. we take that approach. liz: your approach, three names, waste management, warner music group and ken view. what i find interesting, you saw warner music was mispriced. buffett was always looking for lower priced companies that are

really owners in the world in which they operate? >> yeah, correct. i think the common thread through all these companies are resilient revenue. management, we have to have the waste hauled and taken away every day. with ken view over a billion consumers using products like knew knew interest gina, wash their hair every day. warner is sticky product. music subscription services are not going away anytime soon. [closing bell rings] liz: jack so very, thank you very much. markets in the red today, who knows tomorrow with the big jay powell speech that will do it for us. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. we await the last night of what has been a completely policy-free democratic convention. the question is, anything going to change? more on that with vivek ramaswamy in just a moment. but first up,