for the afd. the headline from independent journalist said the us has lost interest in the french elections. i think they have because i suspect that they are afraid that people in this country will learn that folks who actually live with the policies, they don't want it. in fact they really have come to hate it and why? they don't have our prosperity. for all the things that you might think are wrong with america, american-style capitalism is just absolutely the best. we want to tweak it from time to time but we don't want to ditch it. take my word for it. no don't take my word for it. take the voters in europe. take their word for it. liz claman, good to see you. liz: yeah, i wish it were under better circumstances, charles. we've got a major sell-off here folks. welcome back to the real-world, everybody. on this first trading day of september, typically known as one of the worst months for stocks, september of course is living up to its rep after notching its 26th record of the year on friday, the dow decided to do a complete 180.

the blue chips are cratering right now down 615 points. we just touched a low of the session a second ago of about 622 points to the downside and then even though the s&p is recoiling 111 points right now, the most since the market's august 5 meltdown, let me leap frog over for a second to the nasdaq because here inlies the problem. it's not often that you see the tech-heavy index fall bias many points or at least close to as many points as the dow falling but the nasdaq is down 535 points, driven by investors turning tell on the a.i. semiconductor trade, let's put that up, the index is struggling here down about 7% at the moment and look no further than the biggest a.i. chipmaker darling of them all, nvidia. shares are plummeting right now by 8.7%. they are on pace for the largest percent decrease since april. okay, so folks some of this is

simply risk off after the long holiday weekend. some of it is investors rotating into other areas of the market that they think might be more fertile like consumer staples, real estate, healthcare, but it's also follow through from last week's disappointment in the semiconductor maker's future outlook. shares down more than 11%. well now it's 13.7% over just the past five sessions. just about every other chip name is following nvidia off the cliff so if the chip stocks are the worst performers on the s&p, boeing's right there with them. it is the biggest laggard on the dow jones industrials shares are falling 112 points or 2%. you can't say the aerospace giant without saying it has had so many problems and today the big problem is wells fargo effectively downgrading the stock to a sell from a hold saying the jet maker faces cash flow problems as it navigates delays of jet deliveries and safety investigations. right now at 159.86, boeing is

very close to a two-year low. but this market swoon could also be driven by investors waiting on the one piece of data out this friday that could make a very big difference on whether they see days like this as a buying opportunity or a sign of longer term danger. let's take it to the floor show and fs investment troy gieski and wealth management senior portfolio strategist david deets. guys we're talking about the august jobs report comes out friday the economy is expected to have added 160,000 non-farm payrolls during the month. that would actually be a rebound from july's surprisingly weak 114,000. david i will start with you is it dangerous to buy the dip ahead of friday's labor report or look at the nasdaq. we switched the nasdaq over to the bug because the percentage drop here of 3% is pretty significant. or will they be kicking themselves like they did august 5 or the day after for not buying on a downdraft

day? >> so liz it's all about your time horizon. we know that september is the worst performing month going back through history. indeed the last four septembers we've been down 4-9%. having said that statistics show if you bought the friday before the labor day weekend you have a 72% chance of being up by the end of the year. the fact of the matter is the jobs report what does that tell us? it tells us what last months employment conditions were. stocks were all about looking forward and look what you do have to look forward to. 10% earnings growth this year. analysts are projecting 14% next year. they say don't fight the fed. the fed has told you they are fighting with you now. it's not if. it's going to be whether a quarter point or a half point and up to 1% by the end of the year. interest rates are coming down, people are coming out of the money-markets. i think longer term that bodes well. liz: david is all in, troy. of course september always a treacherous month. are you in on a day like this? >> yeah, i think david's right we're more than likely still in a secular bull market however in

the short-term, to his and your point, september is treacherous month. you know, we re-elevated valuations back up to 21.6 times earnings which is a post-tightening record and as a reminder we're only 21.2 times earnings coming into the tightening cycle, and in the mag7 minus tesla, was about 35 times, so we seem to be hitting that sealing around 21.5 times, and you could argue the catalyst for this was the weak manufacturing number but manufacturing has been in a recession for quite some time so if you have dry powder, you might want to keep it dry for a little while longer and then play the seasonality of november-december after avoiding some of the negative seasonality of september. liz: what troy is talking about is the august ism pmi, purchasing manager's index the manufacturing indicator here. it did come in weaker than expected, 47.2 versus 47.5. you know, people wonder oh, my

gosh, is that a bull market? i don't hear either of you saying that but troy you say it is not an entry point when the nasdaq is down 527 and looking at nvidia which is $30 less now than its annual high? >> yeah, i think you have to be patient, and i think that's one of the thins investors are grappling with now given the elevated valuations in public markets where can they turn for growth and look at things like market private equity where 94-96% of all of the jobs for companies of 100 more employees are employed as market private companies or you can look at areas now the interest rates have dropped and you have less bargain hunting in treasuries at private credit where you can still have very attractive yields without the crazy volatility that we see in the fixed income market the past several years. liz: okay, david one thing for sure is we have gutsy viewers waiting for a day like this.

there is just 13 s&p 500 companies that have positives, actual buy ratings by 90% or more of the analysts who cover them. we'll put some of these on the screen. micron, united, delta, slb, schlumberger, halliburton, we'll cycle through some of these. you point out that these are names that on a day like this people might want to consider because analysts have done some pretty big homework here and they know they are pretty good names at least. >> yeah, absolutely, liz. even nvidia is on that chart with 90% or better buy ratings but the target price is only 10-11% more. the top five, they are talking about target price is 50, 60, 70% the top is micron technologies which is down by 0, 60% not trading at the note bleed valuations that nvidia has and they may still get the a.i. game together for them. of course the next two are airlines and everyone hates the airlines but the fact of the matter is we all want to get out and travel. the pandemic is behind us and it's going to outpace the gdp in

terms of air travel over the next 25 years and we're big on oil too. you look at the energy sector, the lowest pe in the market the best dividends with halliburton and schlumberger, and if you want to not run up before 2030 you have to keep exploring and they are two of the best. liz: but troy points out that there are some fundamental, i'd say worrisome yellow flags here, right, troy? that is that bank lending has tightened severely and people are extremely concerned about the fact that they've suddenly found religion and said okay, we're tightening lending. this is just not going to work for us. what's behind that and why should people be nervous? >> well, and again, i want to be overly nervous in terms of the fact that we do think this economic expansion should continue. we think this is a healthy correction, not the start of a new bear market but you know, if you look at the banks themselves, banks when the failure started last year and some of the flight occurred they really constrained lending dramatically.

in fact bank lending has stagnated since last april and that's what's opened that window for private lenders to step in and not only lend to corporate entities but also, lend in the real estate market. so i think with every cautionary flag they create an opportunity like david was obviously mentioning some of the stocks that got hammered that still have reasonable valuations. just like when you look at the pullback in bank lending, that creates an ample opportunity for private lenders to step in so we're kind of seeing it as glass half full. we're just saying in the ultra short-term, just be cautious if you're looking to aggressively buy this dip because we could easily see more downside over the next several weeks. liz: but the blue chip names and i don't just mean dow component names david but one is a blue chip. earlier it hit a record high. ibm. ibm was up earlier. now it's down barely, but it's down with the rest of the market. what do you see in a name like ibm? >> well what i see in ibm is dividends and you know, quite

frankly, dividends could come back into people's favor. the s&p dividend aristocrat index only up 10% this year. the s&p 19% normally it's the other way around and we're looking for dividends that not only are solid but growing looking for the dividend aristocrats grown their dividends for 25 years in a row i'll give you chevron, i'll give you realty income, and j ms. semiconductorrers have 40 great brands in 90% of american households no matter what the manufacturing index is people go out and buy their jiffy peanut butter and hostess cupcakes. liz: on top of it all dividends galore. troy, david, wonderful to have you both. if you're bullish it's a very rough day but stay with us because we're starting to fall and hit important metrics so we'll be watching this. japan may be a very strong us allie but nipon steel's takeover of us steel is getting really political and that's got

the stock moving at this hour. we'll tell you who said what about the impending deal and how, yeah, us steel is trading right now. and later the new school year kicking off, education visionary sal khan is here live revealing how hes using a.i. to help students and teaches put in an a-plus performance you need to hear this more "countdown" on the way nasdaq down 543 and dow losing 624.

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2.9%. we've got this fox business alert. if at this point you were saying let me buy a credit card. i believe in the us consumer, if you had to buy one credit card stock what would it be? well bnp paribas made its decision the firm giving credit where credit is due by upgrading shares of visa to outperform at the same time it downgraded rival mastercard to neutral. bnp slapping a $325 price target on visa implying 17% upside to where it's trading now which is at 278 bucks and change, up about 1% on a down day, as formatter card bnp expressed valuation concerns. shares are trading at a 33 multiple. bnp expects mastercard's revenue growth to slow mastercard down a quarter of a percent now. let's talk pizza and pepsi. shares of papa johns and pepsico both bubbling up after securing a long-term partnership extension. papa john's says today it's

renewed 10 year contract with pepsico as its exclusive beverage supplier for restaurants in north america. it will also support papa john's marketing efforts through additional investment. we've got papa john's up 1%, pepsico jumping 2.25% so you think well what's that doing to coca cola? the tie-up is not hurting coca cola with a deal of its own with 7-eleven. launching today, are you ready? the coca cola oreo slurpie. [laughter] oh, i'm rushing out to get one. coke shares hitting an intraday all-time high of $73.29. it's still above 73 right now and of course, that is a very big move. three-quarters of a percent to an intraday all-time high. take a look at unity software the platform that allows gamers to create and build immersive video game content is rallying 2.5% had been higher on the left side of the intraday picture there, after morgan stanley upgraded it to overweight from equal weight.

the brokerage sees potential upside opportunities in unity's core business segments. even though shares have cratered 59% year-to-date, morgan says unity has 70% market share. they like it. they like it a lot. and kamala harris putting a big x on nipon steel's pending purchase of us steel. shares of us steel, ticker symbol x are falling 5.5% to more than two month low after the vice president said the company should remain domestically owned. former president donald trump said he would stop the sale to japan if he were to be elected president in november. up next, the stock of a more than 100--year-old company is looking like a spring chicken, as it dives head-first into the so-called circular economy. the ceo of eastman chemical is here to share the unique way he's turning what we've used in

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liz: yeah, so markets, that graphic is so in your face right? so the fear is pretty palpable on wall street

the vix, the volatility index, is speaking to its highest since early august. it is right now, up 29% to 20.08. let me just tell you though august 5 this was more like 60, so it's not as bad as august 5 but there's definitely some agitation in the markets. let's look at the markets dow jones industrials down 600 points, s&p 500 losing 112, the nasdaq biggest percentage loser down 3% or 542 points. the big leader to the downside, the biggest drag here, the wrecking ball at the moment is technology, specifically a lot of chip names. listen it's the start of september. traditionally, not the pretty its month ever for the bulls. let's get to this president joe biden today touting his administration's investing in america agenda, which he says led to local economic development, better infrastructure and lower healthcare and energy costs. now, as part of this agenda, the department of energy

established the office of clean energy demonstrations which manages more than $25 billion in funding to help scale emerging technologies that it believes are needed to achieve climate goals and reach net zero emissions by 2050. you may be surprised to learn that not all the funding is going to untested start-ups which is often the case. in fact a 100--year-old all-american company is the latest beneficiary of 375 million in funds from the program. eastman chemical has been quietly modernizing introducing recycled products that people use everyday and has become a key component in the so-called circular economy. and by the way eastman chemical celebrating 30 years of trading on the new york stock exchange. ceo mark costa joins me now. i mean, we've seen time and time again that the government gets an idea and they start pouring hundreds of millions of dollars, sometimes billions into untested companies that just a year or two later are under water and

then eventually don't exist anymore. tell me how you were able to get the attention of the energy department to give you this money and what are you using it for? >> well i think the ira program and the doe's approach has been novel in this case so their focus has been on we only want to support technologies that really can be scaled, our economical and will have a positive result so eastman has been doing recycling for a long time as part of kodak before we were spun off to become a public company, excited about that now on 30 years. we had practiced this technology for recycling x-ray film but now we've built the largest world's largest recycling plant where we can take polyester waste whether it's bottles or textiles and take what's headed to hit lapped fill and go back to billing blocks and remake the polymer and add in a 90% lower carbon footprint so it allows to detach from oil and most importantly resuring jobs back to america. today we'll buy that

fossil-based or recycled from china. we build these plants here in the us and create a local regional economy, jobs here, closed economy, better carbon footprint, everyone wins. liz: okay, we heard about recycling bottles for more than a couple of decades here. you need to tell our viewers what's new. molecular recycling. you've built two facilities. one is in tennessee. you're putting one in longview, texas, the next one doing one in france. >> right. liz: can you just explain, it breaks down the plastic down to its original components and then you can remake it into something else, the cyclical -- >> exactly so today traditional mechanical recycling takes a bottle, chops it's up, washes it, through baking soda and melt it back into a bottle. it degrades over time and it can get impurities in there, whether it's bpa or color contaminates whatever else. we take the plastic and with just methanol, chemical, we zip it back to its building blocks and purify it so we're remaking

the polymer identical to what we do from oil today, but from plastic. we can do that constantly renewing the product, purifying it to be totally safe and food-grade and creating a circular economy where nothing ends up in a landfill. liz: you're making all kinds of things including denim? this is interesting because obviously the clothing industry is one of the biggest if not the worst additions to the landfills, all around the world. fast fashion is horrible for the planet. so how do you hadsweave this into denim? >> we're making polyester fiber wherever it ends up going whether it's textiles, clothing, reuseable plastic water bottles we have a line of specialty last beings we're focused on so the solution is take the polyester garbage and all these different uses that are now using oil and in the future can just use waste which is much better on natural resources and i really think the regional part of creating jobs in the us is a

huge part of what the doe also creates. liz: the fact that you guys have been around, you are tried and tested should make a lot of people feel more comfortable. you know there's a lot of skepticism about the sustainability, green energy, climate efforts and things like that because many of these companies are fly-by-night. you guys are not, so what has been your biggest success up until this point? i know that you are making food packaging for norwegian cruise lines. i mean the cruises have packaged stuff. it's just a horrible, you know, situation when they've got so much trash on board these ships. tell me about the dranique. >> we have a polyester product that goes into housewares, drink wears, it goes into water bottles et cetera and we can take this recycled content and remake that polyester plastic for these reuseable cases and it really allows a reuse of product

as opposed to ink is el use plastics being thrown away you can reuse it like all of mcdonald's in france. it's all reuseable now. it's not disposable. you create this circular economy and how everything is playing out so it's a people on einternational success to create these economics and profitable. you build these three plants, from those investments, and so you've got a very good return for shareholders, so it's profitable, premiums are being paid by customers and we can do this at largest scale ever, and really providing solutions. liz: before we go how many people are you going to hire in longview, texas? >> several hundred people get the benefits of the jobs. liz: fantastic and you'll train them? >> absolutely. there's a lot of community and investment we'll make as part of the contributions from the incentives from the doe. liz: since you went public, your stock is up 353% year-over-year. you are also into the green and

a dividend of 3% we're watching eastman chemical and thank you. >> absolutely. appreciate it. thank you. liz: come back again. school is back in session. yay, tech searches for its role in the classroom and what is that? in a fox business exclusive, sal khan reveals how he's using a.i. to help students and teachers alike. not just the kids. wait until you hear how the teachers are using it. clayman countdown is coming right back. stay with us.

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intel down 8.8% is the i believe the second-worst performer behind boeing on the dow jones industrials but actually now it's the worst toggling back and fourth but now it's intel that's the worst followed by boeing and caterpillar and their global foundries is also in trouble here. dow jones industrials overall down 661 points very close to session lows which we've been marking new session lows every seven minutes or so. s&p 500 down 123 points, two full percent there and nasdaq down 584 points or three and one-third percent. we're doing a lot of math here and while it might not be the most wonderful time of the year on wall street according to the classic staples commercial because the kids are headed back-to-school to learn all kinds of math, right? but by the end of the week, virtually all of the nearly 50 million elementary, middle and high school students in the us will be back in the classroom, and one of

the biggest debates in school districts across the nation is over the use of technology in the classroom. some schools banning the use of cell phones while others are trying to integrate new technologies like artificial intelligence into their curriculums without turning a.i. into a crutch. to one of the most outspoken proponents of tech in education the founder and ceo sal khan. welcome back. thanks for coming. >> good to be here. liz: we're on our toes today, doing all kinds of math as the markets continue to take a step lower here, but 20 years ago, you started tutoring your little cousin in math on the internet and when your other cousins i'm sure you have a lot started demanding you help them too you launched khan academy which is this the right number 165 million registered users? >> that's the right number. we've come a long way. liz: how have you seen the use of technology changed since you

launched? >> oh, there's so much there and one thing we always try to point out, it shouldn't be about the technology. it should be about what goal you're trying to solve and for us it's always about how do we give access our mission is a non-profit is free world class education for anyone anywhere so a lot is access and large parts of the us if you're in rural alaska, or a lot of even inner city schools don't offer world class rigorous courses in say calculus or physics o or algebra 2, so we want to personalize so students learn at their own time and pace and master concepts if they didn't learn it well the first time so that's our goal and we've done that using technology. the internet is a way to scale and reach a lot of folks. software to help personalize. a lot of teacher tools to give them more data because they know if you're in a class of 30 students those 30 students are in different places. typically you see three grade levels, how does a teacher reach those students individually so we've used as the role of technology. what's changed i think, 15, 20

year ago when i got started. even assuming that a school had broadband at least the school in the united states and it had a laptop was not a safe assumption. now it is if there's one silver lining from the pandemic it's maybe that, and i think it's now mainstream to think of proper uses of technology and you mentioned ironically, the school my kids go to which i helped start called khan lab school we don't allow cell phones during the day but we do use technology to help personalize and we do use artificial intelligence and hopefully thoughtful ways to make sure it's enhancing the learning. liz: but here we have this brand new challenge of integrating artificial intelligence into the curriculum. without it, basically, turning into here are the answers to the test before the test kind of thing because these kids have to actually do the work. so how have you been able to do that and i'm sure teachers as well are dying to put it to work in a way that helps them with their lesson plans, not

just helping the kids do their homework. >> that's right. when we first saw the technology and open a.i. had given us a preview six months before chatgpt had come out and what she showed us was more advanced than what chatgpt was. it was obvious to us that could be really useful for doing the goal of personalizing making it more world class. world class education has always been a dialogue with an amazing tutor, or teacher. imaginaries to the el was alexander the great's personal tutor. what if we could scale something like that or at least artificial intelligence could approximate aspects of it. but to your point it could cheat, la has nate where it makes up facts and might have safety issues if kids try to do sadie things so we've been trying to do a lot of guardrails, khan migo is our a.i., it usually asks leading questions not trying to give you the answer. everything is viewable by parents and teachers so there's transparency there, if a student tries to do something shady with the a.i. it actively notifies

teachers and district officials and we do a lot of work to make sure the models themselves are as good as possible at doing things like computation and math and facts. the teacher side is really interesting because we've been talking about khan mino not just as a tutor for students and there's a long way for students to do what they might do but a teaching assistant. most people don't realize teachers spend 10, 15, 20 hours a week sometimes doing things like writing lesson plan, grading papers, writing progress reports. a.i. can do a lot of that stuff so now, that 10-15 hours a week could hopefully become more like 1-1.5 hours a week. liz: we talk a lot about chatbots and khanmigo is an educational chatbot overwhelming because it's so brilliant. i want to let our viewers see how it works. let's do an algebra problem before we go. we have a big stock market sell-off but i have to show this. here is an algebra math problem.

3-2 times 9 plus 2m equals m, so how does this chatbot help the student without telling him or her the answer? >> yeah, you could see there the student has to know the answer into the a.i. said no i'm not going to tell you the answer but how would you approach it and then the student tries to do the next step and the students making a mistake. they distributed that negative 2. this is the most mathy i've gotten on live television but they distributed that negative 2 incorrectly and the a.i. didn't tell them the answer. like hey, hold on a second you want to distribute a little bit carefully and back in 2004 when i was tutoring my cousins and i was a hedge fund analyst back then so i'm very familiar with your world this is almost identical to the type of interaction i had with my cousins when i was chatting over instant messenger, whatever we were using at the time so it doesn't do everything a tutor would do but it's starting to get awfully close and we already have several hundred thousand teachers and students using it in for the most part public schools and i suspect by the end of the year we'll be looking at

1 million and there's hundreds of thousands of teachers already using it to do their lesson planning, and what's really exciting a lot of folks know this computation, the a.i. especially if using the more advanced ones are very expensive. you report on nvidia and the cost of those chips et cetera. microsoft gave a massive grant, $32 million to khan academic so we can give this technology state-of-the-art technology typically cost a lot of money for free to every us teacher. so all these tools are absolutely free for teachers and we're trying to make it as accessible as possible for districts. liz: they should be doing that even though their stock, microsoft is down 2% today but up over the past year, about 26%. that's your old world, sal, hedge fund land. thank you so much for joining us and you're doing amazing work. >> thanks for having me. liz: folks i just want you to turn your attention to the nasdaq for a second here. it just fell more than 601 points a minute ago and you can see that right now, down 594, it is really getting slammed here,

and as it craters the dow down 709 points is down 1.7% so much more important to look at the percentage losses here. s&p down two and one-third percent or 130 points. well, as you can see , september is here and so are the bears. this is the worst month for stocks, usually, and that is proving true but today's countdown closer says the one sector that's dragging us down the most right now is the one you should absolutely not short or be under weight. "clayman countdown" coming right back. stay tuned. er pancake? from full house... ...to empty nest... ...to free birds. vanguard personal advisor can help you prepare for every chapter. we got this. that's the value of ownership. when the sawdust settles and the engine roars the thing you care about is a job well done.

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...if you could find what you want, all in one place? show me paris. xfinity internet customers can enjoy the ultimate entertainment experience and save on some of the biggest names in streaming, all for just $15 a month. get the fastest connection to paris with xfinity. liz: google, apple, nvidia on your screen so we wanted to look at the mag7. these are the three worst. we've got nvidia tumbling 9.6%, alphabet down 4%, worst day for the nasdaq since july 24 and then apple down 3%. ahead of the big event, right? in a week or two, where they unveil the iphone 16. again, some people would say buying opportunity, big action here. ishares semiconductor etf see it's the semis that are really hammering the markets at the moment right now down 7.9%.

you have to go all the way back folks to march of 2020 to see that level, so this isn't just one-day, okay we're having a bad sell-off. this is like somethings pulling. charlie: it's the red sox, get it? get it? liz: we don't like the red sox. charlie: get it? liz: i get it. i get it. a few months to go until election night, donors for kamala harris remain concerned about her seeming lack of economic policies as well as what some are calling draconian measures like biden's tax on the ultra-wealthy which some of her wall street advisors are recommending she avoid. i'm not surprised, charlie. charlie: my wonderful sense of humor? so quick. just so you know, i've been writing a lot about this. the sort of economic advisor take on kamala harris' position.

liz: kamala. charlie: i couldn't get it right. but in any event, so, i actually, and i've written about this i reported it on your show, got the full monte from one of her outside tech economic advisors, who made these following points with her. nothing everything is on the table. nothing is, everything is on the table. nothing is off the table. this whole notion of a wealth tax, unrealized capital gains tax is not committed, whether you believe it or not . the counter-argument is it's in the biden budget. she says she supports the budget, it's actually the biden-harris budget, but this guy said wait a few weeks to figure out exactly what she wants. he's saying you're going to be surprised. she's not going to be a socialist or what is it?

trump call her kamala? but, you know, she's very centrist. she wants to know, this is what he told me, the roi, return on equity, return on investment, i'm sorry, of every single policy she has, and that being proposed, and she's going to have a concerted plan. now, i shot back and said, well she's vice president. doesn't she have some clue right now? and he said his words, i'm not saying i agree because i don't but you're asking too much of her. she just figured out she's going to be president, stay tuned she will get it right so be prepared for something that i don't, i mean, listen. it wouldn't surprise me if she didn't come out with a plan but what he told me specifically is that there is going to be a plan. now if i had to guess this plan would have to be before the debate next week, right? you at least have some meat on the bones to discuss, so i would just keep an eye.

i'm not quite breaking news but this is a little scoop-age. she's supposed to have a plan before the debate and she's not wedded to this crazy proposal where you tax even for super-rich people unrealized capital gains and open the door, it's totally of sort of the capital market structure where you want people to invest and you want to tax them when they made a lot of money. not when you think the stock goes up. liz: you don't want it to be punitive when it's -- charlie: could we show a chart, a six-month chart of donald trump, djt, because this is worth noting because if you were taxed on unrealized capital gains on donald trump you'd be getting killed and you'd be losing money because the stock is way off. there isn't almost a day that goes by t t that hadsdjt -- liz: it's at $18.11. charlie: it's a nasty six-month

chart. look at that. liz: down 53%. charlie: there's something going on with this which i don't know other than it doesn't make any money or maybe -- liz: let's just stop there. it's losing money. charlie: yeah, and tough to get subscribers to have growth because even elon is having a hard time or maybe there's a counter cyclical, a bet that trump won't win the election, so you know? kamala harris' up in the polls. or maybe it's just that, who knows but in any event, you see now if you remember. i think that traded as high as 50? liz: 79. charlie: you imagine if you got taxed on unrealized capital gains? you would have been taxed at 79. you've got to pay extra taxes, and then six months l later it goes down to 18. liz: this is for people who -- charlie: are rich. but still it's crazy. liz: well it's punitive.

charlie: why would you want to buy stock? don't you want people buying stocks? liz: there has to be a way where people who are worth more than $100 million, at least pay the same tax rate as people like our floor crew, like you, me? charlie: no, i agree, but they do pay a lot of taxes. they pay most of the taxes in this country. trust me on this. i pay a lot of taxes and by the way, i'd go for -- liz: you do but you're not the 100 million. those guys basically -- charlie: who said. liz: oh, do you have a good agent? charlie: yeah it's me. i'm not worth 100 million. liz: we've got a scoop there. charlie: the thing i said about kamala is scoop-age. she's supposed to have a plan, soon, according to this guy, but i bet it's coming before the debate and she's not wedded to the unrealized capital gains idea that's been netted even fln

though she supports the biden budget. that's the kamala writ-large. liz: the markets look really ugly. closing bell we're four minutes away. oil let's look at oil for a second right now. couple of things at work. we've got oil down 4.5%. it looks like it's very close to going below $70 in the after market session let's flip it to energy stocks and again, you know, you've got for example, opec plans to proceed with its output hike, which be more supply. price goes down. we shall see and if the economy were to be slowing we'll know more friday with the labor department report from august, then that means perhaps people would useless oil. september we've said this over and over. it historically is known to be the real damper of the markets but let's not just wave the red flag yet. one of our countdown closers has a sector pick.

he says you can not short and it happens to be the worst performing sector today joining us now 8 billion in assets under management scott ladner and b. riley wealth management art hogan. before we get to anything give me your thought on what's behind the sell-off? >> i think three things and you hit on most of it but you think about the fact we've been up nine out of the last 10 months and historically both september and october are very volatile and we had a ramp at the close on friday end of the month style with no one around to play. we had some to give back but when you start selling this , liked to, for whatever reason, when that starts to happen it just becomes self-fulfilling so semiconductors worst performing group and nvidia down, you know, eight or 9% right now so the thats the biggest piece of it. also oil, weak as you mentioned in the setup but it's a lot of seasonality. no real change in economic data though slightly weaker, ism number but this is

welcome to september folks it's going to be a bumpy ride. liz: [laughter] as it usually is. scott the very sector hammering most of the market which is semiconductors is the one you say you can not short, but would you be adding here? >> [laughter] thanks for having me on a day liked to liz, appreciate it. i think art got it right. there's know the anymore data today, and i think we closed on friday, today is the first day people are really back, and so we are getting some of the stuff back and then it's obviously fairly volatile, but we're not seeing el e elevated volume bute getting basically normal volume that's very unusual, but on the semiconductor idea, look, this is just too big of a play. it's too big of a space to be for the next couple three-years as the a.i. theme continues to play out and the broadening of

types of companies that are going to be investing in, the capex associated with a.i. and buying these chips is just only getting larger and larger. that was actually the key takeaway from the nvidia earnings is the breadth of companies and industries in the united states that are investing in a.i. from everything in healthcare to autos to anything you could think about. liz: scott and art, we really appreciate you putting an exclamation point at the end of a day like this where the dow looks to close down 638 points. >> [closing bell ringing] liz: the nasdaq down 580 i'm just looking at the vix, volatility, scorching up 34% let's see what happens tomorrow. larry: hello folks i'm larry kudlow. former president donald trump will speak at the economic club of new york luncheon on thursday. that's this thursday, and that's