arrested for it. but it is about, certainly, culture. but it's also about if you've been socialist and you think handing money out works -- charles: kelly? >> i also think this is a broad term, right? immigrants, the chart wasn't just about illegal immigrants -- charles: no. it's about the net, right? you have these places like belgium and places like that, there's an onus to come here and work, i think, and i think that's the big difference. and that, i think, western never lose. unfortunately, we're losing the last topic. >> no! charles: you've got to come back and talk about that one. it's a good one. kelly, tammy, thank you very much is. liz claman, over to you. liz: you know, charles, u.s. steel diving at the moment, actually off the session lows. at the moment it's down 19% of it was down more than 20. right before 2 p.m. a washington post report hit the tape that the biden administration is preparing to block nippon if steel's purchase of the domestic

steel producer. the stock tanked, as you see right here, right around that time. and then it was promptly halted. when it resumed trade a few minutes later, moments ago john kirby confirmed that the administration believes u.s. steel should remain in u.s. hands and not be sold to japanese company or anybody else for that a matterful we've got more on this coming up, but we're watching it very closely. let's get to the border market. stocks slightly down. they've been up today as well. the dow jones industrials lower by 83 points after a big drop yesterday of about 626 points. s&p down 2221, we've got -- 211, we've9 bot the nasdaq lore by 81 points after falling about 577. russell 2000 down 9 points. unlike yesterday, the real action not in the stock the market, but in the bond market. look at treasury yields. we're putting up the 2-year and the 10-year on the screen. 22-year which closely tracks the federal reserve's policy decisions, down 8.6 basis points

to the 3.779%. 10-year yield down 6.1 basis points to the 3.77911%. -- 3.771. oh, my goodness, do we have a flat yield curve here finally? looking at this? we should flip it over because as a recently as august 20th, the-year was 4.05%. while shorter term, shorter-dated treasury yields are still at or above 5%. you've got the 1-month at 5.2, 3-month if at 5.08%. when you take into account sort of fresh jobs data we just got today, these 5 handles might not hold much longer. maybe, i'd say sort of, sort of fresh because new jolts number is actually from july, not even august. but the latest read on job openings and labor turnover missed. the expectations was for 8.1 million job openings, but the actual number came in at 7.67 million, the lowest since

january of 2021. the number, and then you combine that with other concerning signs, causing some serious reverberations in the stock market, particular names as well. investors who don't even own dollar tree are watching it fall 25% in this final hour of trade. the discount retail chain, worst performer on both the s&p and the nasdaq by a long shot. so at $61.25, you're looking at about an 8-year low. it wasn't just a wide earnings miss that triggered this drop. on the earnings call, the company warned that even households with more than $125,000 in income have pivoted from buying what they want to buying only what they need. and i know it's kind of a hard the make comparison between dollar items and $40,000 semiconductors, but after what happened to nvidia yesterday, it's not entirely off base. in the broader market selloff yesterday, the a.i. microchip stock the got crushed to the tune of 99.5% which sliced off

$279 billion of its market cap. that's the largest one-day loss in u.s. history. right now it is slightly lower by 1.6%. it had been up just a bit earlier, but right now nvidia's at $106.31. so when you see stocks on opposite ends of the spectrum like nvidia and dollar tree getting clocked and it becomes more evident that the federal reserve is firmly in the interest rate-cutting mode, that means yields will soon fall in lockstep. where is a yield-hungry invest e, maybe some of you out there, hunting for enticing opportunities to to turn? let's get right to the floor show, blackrock's global fixed income guru rick reider. i cannot tell you how many people in the last 72 hours have said the me, yeah, i had my money parked in treasuries, but that game's going to be over when the fed cuts rates, so where do i find yield a's around 5%? >> i mean, the nice thing about picked income, the fed's still

sitting at a 5 a.38, you can still lock in 3 to the 5-year yields in thingses like investor grade credit, agency mortgages, you've, we're yielding almost 7% when you take 6800 today. of 680. pretty attractive in an environment where you're going to lose this weight. the market's pricing in a lot of what the fed is going to do but, boy, i think the fed's behind the curve, and i think they're going to have to move to to get that rate down to a 4% fed funds rate certainly over the next year or so. so, no, i think the need for income, the demand for income is intense, and i think that continues. liz: well, people are spoiled. you've not to admit it, they've gotten really spoiled with 5% money markets. those are disappearing already. 5% on the 3-month, the 11-month, and they've just rotated over and over again to make sure they get that fall coupon if -- full coupon. but give me a sense of where the next mace to go is for people watching. you've got a fund that has --

you launched it here on the show. >> yeah, that's great. liz: several months ago. it is now gaining so much attention because it's still got, what, a 5% yield? >> no. so we're literally almost 7 when you take, actually, the full horizon rate of the return, it's well into the 600s. so it's super -- 6s. it's super attractive. we have talked on the hoe for a while about stocks are attractive and cash. like you say, you get over 5%. all of a sudden the pendulum has shifted. you know, the stock, because of where stocks are have gone to, if you take the trailing 12-month earn earnings pe, it's 24 and change. like, that's not that interesting anymore. i still think equities will do their job, they'll be fine, but they're just not this idea, i'm going to go to the promised land because i've got seven stocks that'll drive me higher and it'll push the whole s&p 500. you can build income, if you can clip 6.5-7, think about it, that's almost equity-like return, and like i say, if you can lock it inned the for 3-5

years, that is super attractive. liz: well, let's talk about the 6 yield that in equity land actually exists in names like verizon, at&t. a little bit less, about 5.4, but verizon's at 6.22. there's a belief that they're going to hike that. and then a name like, for example, realty, realty income. that one's yielding 5.0 to7%. 5.07. and you get that no matter what the stock does, right? >> so a couple of things. first of all -- by the way, big demand over the last few days as people are rotating more into defensive. and, by the way, a lot of the financials are interesting if you believe you get some steepness in the curve. listen, i still think that makes sense. i think owning some equities that have some income, listen, you've got to the marry that to what is the growth, are they really going to be able to grow earnings, but i think income-pollution stocks not just in the u.s., there's some in europe that a make sense, i think it makes sense. you think about the paradime of

the economy slowing, dollar tree, you look at what the fed report said today, economy's slowing. we are slowing. if you can clip income and then it becomes really attractive, i think you should lock some of that in. liz: okay. one of the things people are concerned about if they leave their money in treasuries, for example, and the rate goes down, you still have to pay taxes on the income that you're getting, the yield that a you're getting. >> yep. liz: and so you don't want that to be winnowed down to 2%. >> right. liz les so what about whether it's pgim, 4.75%, rphyx, 5.5%. the fees that are in there -- >> yeah. liz: -- the they don't eat away as much, correct? >> so, first of all, you know, every fund is different. how they're using interest rate exposure to get it, how they're using emerging markets. what i think is interesting now, you can still buy high quality assets. bink is low a-rated.

liz: barely any risk. >> right. we're not talking about, gosh, i've got to really stretch and buy argentina. if you can still get those sorted of yields and we're running our average interest rate exposure about 2.7 years, so we're not going, you know, i don't have to take 30-year exposure, flat yield curve, why do i have to go to the long end of the yield curve? i'll keep it in the intermediate part, reasonably high quality is and just slip clip that coupon -- liz: and i can pull that money if i need it. >> that's right. it's daily liquidity. it's instantaneous. so that's a pretty -- like you said, over 4 billion, i think, listen, i think personally when i look at my investment suite of things that i buy personally, it's like, or you know, get me more income. and even after a tax, by the way, the other thing i would throw out there, inflation's run running 2s. so think about it historically, real rate of return, we live for years where interest rates, you know, to buy yielding assets, you were getting nothing after

tax. that real rate of return with inflation too if you're clipping 6.5-ish, pretty darn attractive. liz: friday we're getting the jobs record, expectations 160,000 non-farm payrolls added. the yachts -- jolts number jolted a few people, that's why you see some of the bond yields dropping at the moment. you concerned at all? do you think that there is even the slimmest of chance that the fed could cut by 50basis points in a couple weeks? >> the market's price anything a 50-50 chance of 50, so i think, you know, there is a reasonable chance. i think the odds to, i think this fed wants to move slowly. i think they're going to want to do 25. this payroll report, you know, you go through periods of the year where the payroll report's a big deal and other times -- this is a big deal. this payroll report is going to be significant. people are going to study what's happened to average hourly earnings, the rate, are you growing the labor force. the unemployment rate's gone up because we had more people -- liz: if there is a miss on friday no matter how small, does that a change anything about

what you've just told our viewers about investing? >> no. i mean -- no. liz: even if the market gyrates? >> the market will gyrate. will rates come down faster? a bit. but, no, i still think it's going to be okay. liz: great to see you. thank you very much, rick reider. folks, hormel foods not cutting the mustard with investors at this hour. why is the maker of spam getting sliced and diced? find out next. plus, will tom brady cut the mustard in the his new job as an nfl broad ca caster? ahead of his debut this sunday at the dallas cowboys/cleveland browns' game on fox, browns' owner jimmy haslam joins us live to game the g.o.a.t.. "claman countdown" is coming right back. dow jones industrials down 744 points. ♪ -- 74 points. ♪ ♪ (vo) a law partner rediscovers her grandmother's artistry

and establishes a charitable trust to keep the craft alive for generations to come. from preserving a cultural tradition to leaving a legacy, a raymond james financial advisor gets to know you, your passions, and the way you enrich your community. that's life well planned. everywhere but the seat. the seat is leather. alan, we get it. you love your bike. we do, too. that's why we're america's number-one motorcycle insurer. but do you have to wedge it into everything? what? i don't do that. this reminds me of my bike. the wolf was about the size of my new motorcycle. have you seen it, by the way? happy birthday, grandma! really? look how the brushstrokes follow the line of the gas tank. -hey! -hey! brought my plus-one. jamie? after careful review of medical guidance and research on pain relief, my recommendation is simple: every home should have salonpas. powerful yet non-addictive. targeted and long-lasting.

i recommend salonpas. it's good medicine. ♪ hisamitsu ♪ ya know, if you were cashbacking you could earn on everything with just one card. chase freedom unlimited. so, if you're off the racking... ...or crab cracking, you're cashbacking. cashback on flapjacks, baby backs, or tacos at the taco shack. nah, i'm working on my six pack. switch to a king suite- or book a silent retreat. silent retreat? hold up - yeeerp? i can't talk right now, i'm at a silent retreat. cashback on everything you buy with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic.

rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts.

ryan t. writes, "moving is stressful. can you help me take one thing off of my to do list?” ugh, moving's the worst. with xfinity, you can transfer your internet in just a few taps. just a few easy moves. did somebody say “easy moves”? ♪ ♪ oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪ ooh, ooh. -let's keep it professional. professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xfinity app. bring on the good stuff.

liz: fox business alert, let's look at a shares of hormel foods. they are getting devoured by the bears at this hour after they missed on third quarter seams and cut the annual -- sales and cut the annual revenue forecast. the company that owns skippy peanut butter blamed lore prices for commodity including turkey and fresh pork. hormel cited a production disruption at its planter s' manufacturing facility until virginia. the stock right now stands at $30.80. investors are bailing on zscaler after the cybersecurity firm issued weak fiscal 2025 the revenue and profit. the disappointing outlook comes as zscaler sees enterprise clients cutting back on security spending. really? not a good idea, maybe? zscaler did, however, beat on the quarter just reported with

earnings and revenue both jumping more than 30% year-over-year it's getting no credit for that at the moment. the stock is down 19 on the session. -- 19%. but ahead of tomorrow, ceo jay chaudhary is ready to a talk to you about the outlook, 3 p.m. eastern tomorrow and also reveal z kaler's -- zscaler's to progress in a.i. and what he sees for the future of his company. if you can't watch it, set the dvr. another a. i.-focused tech name head ad in the opposite direction, getlab is up 19%. this is the software development platform k and shares are on pace for their largest percent increase in more than a year. it's spiking after a beat and raise quarter. the company nabbed a flurry of price target hikes from various firms following the report. and chip maker amd ramping up competitive efforts. shares are climbing 2.5% after

announcing that the company has hired former nvidia executive keith trier to lead its -- trier to lead its global a. i. markets. the success of buy now, pay later start-up zilch belies the company's name. the fen-tech ceo joins us next to take a victory lap after its first ever profitable month. will it beat rival klarna to an ipo? and kamala harris speaking in new hampshire at this hour, right now, you can see a lye picture there. just about anyone thinking about starting a buzz should be listening intently. we'll get you a live report on her new offer to the small business world. more "countdown" is on the i way. ♪

♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. presentation looks great. thanks! thanks! voya provides tools that help you make the right investment and benefit choices so you can reach today's financial goals. that one! and look forward, to a more confident future. that is one dynamic duo. voya, well planned, well invested, well protected. ♪ limu emu... ♪ and doug. (bell ringing)

limu, someone needs to customize and save hundreds on car insurance with liberty mutual. let's fly! (inaudible sounds) chief! doug. (inaudible sounds) ooooo ah. (elevator doors opening) (inaudible sounds) i thought you were right behind me. only pay for what you need. ♪ liberty, liberty, liberty, ♪ ♪ liberty. ♪ daughter: hey, dad. dad: hey, sweetheart. daughter: what are you doing? dad: i'm gonna clean the fence. daughter: it's a lot of fence. dad: you wanna help me? dad: aim at the wall, but get closer. daughter: (gasps) what the?! daughter: alright. dad: side to side. when you work with someone who knows a lot and cares even more... you can do this. ...you're unstoppable. (♪) wow... are you kidding me? you can do this. at truist, we believe the same is true for banking.

liz: fox business alert, we've got one sector helping consumers cut costs. we just told you about a dollar tree and how even households with $125,000 in income are cutting back. well, can cutting costs is expected to explode by billions over the next decade. according to future market insights, the global buy now, pay later industry is expected the reach $11.16 billion this year and exceed $800.2321 -- 80.221 by 2034. one company in the sector just became profitable. it's still. one of the largest buy now, pay later firms. zilch. it's not public yet, but it just reporteded an operating profit

in july after just being launched four years ago. the company topped over $1390 million in annual -- 130 million annual revenue run rate for 100% year-over-year growth. the company officially launch inside 2020, it was created in 2018. but it hit its profitability milestone in a very short time compared to others like it. it's considered a double unicorn meaning it has scored a valuation of over $2 billion. let's get to the cofounder and ceo, phil belamont. congratulations. this is really impressive. i need to know the driver of this. obviously, you probably would say something like we have a great platform, we make it easier to buy now, pay later. but do you sense that there's a little bit of an economy that's weakening globally that's helping people come to buy now, pay later? >> well, thank you very much forking having us us on, great to see you -- for having us on. you know, for us the mailstone, you just mentioned a whole bunch

of stats. the milestone that's so exciting, and i'm so proud of the team that we got here as fast as we did. to the answer your question, we're doing something a little bit different. so in the market you see a lot of companies going to the point of sale with merchants so, you know, they're lending money to merchant customers at the point of sale. and this is really, we feel, it's a commodity. it's really crowded. it's a race to zero in a lot of cases. in zilch's case, we go directly to the cuts her. we own the customer relationship. and this way we have directs access to that first party data. we can see everywhere the customer is going, we quite literally are in their hand x. if every time they spend, we have this first party data. merchants can then target customers in a highly, highly, highly effective way, convert them almost 50% click to sale conversion, and he can do this in attribute sales in real realtime. and we're taking that ad revenue

and subsidizing the cost of credit, we're providing deals and offers and rewards. so this is really quite unique. and that's, i think, how we mansioned to get here so quickl, growing revenue 100% year-over-year and now margin 45 president year-over-year. we're really proud of that. liz: and you should be. you said something that a just caught my ear and that was that you basically cover any interest. you have these credit cards, so basically anybody can have the credit or debit card, and it'll be paid off interest-free with install. s. how do you do that? how are you able to do that? >> that's a great question. and so the unique model that we have with zilch is we started looking at the market and said how is it we can find a sustainable way to bring the price and the cost of credit down for a mass market consumer. and so what we really did is we followed the money. we actually looked at where our customers are spending this money when they borrow it.

and it's no surprise, they're buying items. they're buying things. and what's interesting is that these companies today are spending billions of dollars in ads to big tech companies. all a of us are then clicking on those ads, we're pulling our credit cards and paying billions in fees and interest to credit card company. zilch is changing that. customers come to our product, they tell us where they want to shop or what they want to buy, we drive them to the appropriate store and generate ad revenue from those brands, and we're using that ad revenue to subsidize the cost of credit. in a lot of cases, to absolutely no cost at all. and in some case, to the very low cost. and this is no interest rate and no if late fee. liz: see that, to me, is interesting because you're the first advertising subsidized buy now, pay later site. but it's very clear now for people who are interested in watching this company how you are able to do that. it's unclear in some of the others. speaking of some of the others,

many of them are here in the united states. affirm has gone public. it has done pretty darn well. it's very well established. but suddenly you start the hearing from the regulators here in the united states about more deeply regulating buy now, pay later sites to make sure that consumers fully understand what they're getting to into. the united kingdom and europe tend to be heavier with the hand of the regulation. so what kind of regulatory sort of ham-fisted feeling do you have over there that is different from what you expect to have here in the united states? >> well, just to be clear on this, we've always said from the start you're lending to customers, you have to be regulated. we're not sure why this is a debate really at all. you know, so when we launched zilch, we were regulated from the start. we build the company in a regulated way. today we have 15 state licenses in the u.s. as well. when we launched our pilot program in the u.s., this was with federal partners, so we

were a completely regulated product. and in the u.k. today we are one of the only regulated products at scale in the u.k. still today. and so we are seeing regulators in the u.s. take the same approach as what we've seen regulators like the fca in the u.k. take. and i think we've seen just recently a couple of states announce that they are going to put this under regulation. we think that's the right thing and customers should experience the protections with us being a regulated product. so we certainly advocate for this. some of the other companies you allude to in the market, some of which, you know, we were inspired by as you mentioned, these guys are operating in a regulated way. oh, of course, are not -- others, of course, are not. and we think that hurts the industry, it does not protect the customer, it confuses the markets. and we actually think we need to push everyone into regulation. you can do this with a great profit margin, you can operate the business profitably. it makes a lot of sense, and you have to protect customers. that is our stance.

liz: okay. before we go, you guys are expected to go public sometime next year. will you beat your rival klarna to the punch? >> cha's a great question. [laughter] -- that's a great question. at the tend of the day, we are, obviously, we've always said publicly that we want to list the business. we're taking a couple of fundamental steps in that direction. we're excited to have just the point where mark wilson -- liz: let me just jump in. i mean, i know you've had conversations with the nas -- nasdaq, the nyse. come to the u.s. let's here. as a matter of well, we've had great conversations, and i have the say we're just waiting to see how things play out. we've obviously just had the election in the u.k., we're waiting to see what policy looks like, and the company is growing 100% year over year, so we really need to take this decision the at the last responsible moment the get this right. liz: philip, good luck, and thank you so much. >> if thank you. liz: the nfl season kicks off tomorrow, but cleveland is set

to rock on sunday. cleveland browns' owner jimmy haslam is here to talk about the season opener against the dallas cowboys, a new long-term partnership with huntington bank shares and the debut of the g.o.a.t., tom brady set to head to cleveland to call his first game for fox. america's game of the week heading to cleveland, a a ka best location in the nation, and so are we next on "countdown." ♪ ♪ if

dear doctor k, i used to think i was never meant to be beautiful. i was teased because of my teeth. i didn't like the person looking back at me in the mirror. i never thought i could afford dental implants. you and your team work within my budget and helped me feel confident in the plan we made together. i love my new smile. thank you. congratulations. you have a beautiful soul, cynthia. finance the smile you want for as low as one forty eight a month per arch. schedule a free consultation. when the sawdust settles and the engine roars the thing you care about is a job well done. but when you get your tools from harbor freight something about the job feels different - your wallet. whatever you do, do it for less, at harbor freight. ♪

a perfect day for a family outing! shingles doesn't care. but shingrix protects. only shingrix is proven over 90% effective. shingrix is a vaccine used to prevent shingles in adults 50 years and older. shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. an increased risk of guillain-barré syndrome was observed after getting shingrix. fainting can also happen. the most common side effects are pain, redness, and swelling at the injection site, muscle pain, tiredness, headache, shivering, fever, and upset stomach. ask your doctor or pharmacist about shingrix today.

it's payback time. all these years, you've worked hard. you fixed it. you looked after it. maybe it's time for your home to start taking care of you. we've invested in our home, we've worked on it, we had a whole lot of equity just sitting there, you paid down the mortgage, invested in your home. i guess, you could say, your home owes you. if you're 62 or older and own your home, learn how you could access a portion of your home equity to give you cash. a reverse mortgage can put more money in your pocket by eliminating your monthly mortgage payments, paying off higher-interest credit cards, and covering medical costs. look, finance of america can show you how a reverse mortgage loan uses your built-up home equity to give you tax-free cash

for almost anything you might need just eliminating the mortgage payment freed up a lot of cash for us i get to do what i want when i want finance of america customers talked about the counseling they got along the way so they know how a reverse mortgage works, and how their home could help pay them back when they need it the most. i have no more worries anymore the fact that we're still in this home, means so much. it's done everything for us that we hope it would do for us. call now to receive your free no-obligation info kit. the kit shows you how to get you the cash you need using your home's equity with a reverse mortgage. find out how your home can start taking care of you. call this number. the worry every single month to make that payment was gone our customers' homes are taking care of them.

maybe, your home could do the same for you. call finance of america, the country's #1 reverse mortgage lender and get your free info kit. call this number. liz: breaking news, vice president kamala harris on the campaign trail in northampton, or new hampshire, at this moment. he just it should speaking outside the throwback i brewery in her first visit to the granite state since 2032 the 111. the brewery used federal small business credits to install solar panels for its operations. she's using to occasion to spell out an ambitious and some would call generous plan to help small business ifs she wins the

november presidential election. edward lawrence watched the whole speech, he's live at the white house with the specifics of the small business agenda. edward. >> reporter: exactly. and she's targeting these small businesses saying that, hopefully, the tax deductions he's -- she's going to offer will turn the tide of momentum. what she's going to do is she's going to the raise the deduction level that a start-up business can make from $5,000 to $50,000. a campaign official saying the business could wait until it turns a profit the claim that deduction. the vice president wants to also cut red tape through occupation alliances to make it easier to expand across state lines. she will pressure if states to reduce regulations. a senior analyst at the nonpartisan fax foundation say this is the plan could -- would cost $20 billion over 10 year, putt, the american action forum put a number on the red tape that companies haved that to deal with under the biden-harris administration, adding more than 85500 rules that cost businesses

$1.4 trillion to deal with $8500. in addition -- 850. in addition, regulations added more than 267 million hours of paperwork. and men you add this plan with the plan to the raise the corporate tax to 28%, economist art laffer says the tax plans may not make sense. >> all of that came, in the corporate tax cut paid for itself. this is one of the problems i'd have with kamala harris, that she doesn't understand this stuff. and if she tries to raise that corporate tax rate back up to 28%, it's going to undo the magic that was done by trump's corporate tax cut. >> reporter: he says it's keeping money here in the united states. a higher corporate tax rate would is send that money elsewhere to the more tax-friendly countries, liz. and i also a marked -- i know you're talking to the owners of the browns coming up, they play my commanders october 6th, you're welcome to come down to keyes to watch it can -- d.c. to

watch it. liz: you mean, i'm welcome to watch the commanders get crushed by the browns s that comma you meant? [laughter] -- what you meant? >> reporter: voted down on this one. [laughter] liz: thank you, edward. edward lawrence. we are 4 days and 46 minutes away from america's game of the week starring my cleveland browns as they take on america's team, the dallas cowboys, at 4:25 p.m. eastern on fox. now, last year the the browns wested the nfl's best defense led by miles garrett, who else, right? but due to a litany of injuries particularly at the quarterback position, they fell short in the wildcard round losing to the houston texan ises. audiences won't be just tuning in sunday the see how deshaun watson performs, they will also be glued to the tv to see tom brady call his first finishes fl game in the broadcast booth for fox. so the lights are going to be bright, and the pressure is on for the browns to defend the newly-named huntington bang field against the guys and their

high flying -- the cowboys and their high flying defense. joining us now, jimmy haslam along with the huntington bank shares ceo, steve sty flower. jimmy, i don't care if tom brady or bob uecker calls the game, i'm psyched for the browns to crush the cowboys. what is the excitement level for tom brady to be the main nfl analyst for the first time ever? >> i think it's really high, and tom, of course, is a -- was a tremendous football player, and he's really sm so there's no doubt he'll be a great announcer. hats off the fox for doing it. but the real excitement happened yesterday when steve and i were fortunate enough to announce a new naming right for what was formerly cleveland browns' stadium to huntington bank field. and steve and i have known each other through some relationships we had in columbia over -- columbus over the last several years. we are incredibly excited to have huntington bank and steve as our partner for a very long time. liz: welsh steve, why browns? --

well, steve, why browns? this was a great opportunity for you. of course, this relationship began with the columbus crew which jimmy also owns, the soccer team down in columbus. but tell me how this conversation came about, because naming a stadium is a huge financial commitment. >> it is. it's also part of a broader partnership that a we are delighted to have with the browns and especially jimmy and dee haslam9 and the entire team there. now, this started in the short period of time ago in columbus, jimmy was coming in for thing soccer all-star game -- for the soccer all-star game. now, we've known each other for years. i've been admiring them and how they operate, and we're sponsoring the stadium in columbus, so we see the values that they have every game. and jimmy if saw a me said, look, there's a knew -- saw me and said, look, there's a unique opportunity the here, but we don't have a lot of time. he mentioned the opportunities around this partnership, and i said, well, let's go at it.

and five weeks later we a had an announcement yesterday. couldn't have been better to workings the teams were great, and and i am so excited. and i know our colleagues are too. this is one of the best franchises in the nfl, and with a great owner, a set of owners and values here. liz: you don't have to tell me that, steven, okay? can i just say i know? if. [laughter] what a great franchise the browns are. and i have to put up with my floor crew, telephone. [laughter] most of them giants and gents' fans. i mean, really? -- jets. does this mean with the huntington bank logo right there on the browns' stadium, does this mean that you're giving up on that idea of a $22.4 billion dome -- $2.4 billion dome? i know the city wanted you to stay in downtown cleveland. >> new york not at all, liz. we have been very clear that we're going to to work both angles, staying at existing site and building the new domed

stadium about 12 miles away. i'll let steve speak for huntington and his organization, but i think they're going to to be long-term partners of ours no matter what we decide, and we hope to have a decision by the end of this calendar year. liz: will you migrate, steve, when that happens? >> absolutely. we're signed up for 20 years and with options to go beyond, and this is a long-term partnership. it's like a marriage here, and our teams are working incredibly well together. we're absolutely thrilled. we're with the browns if they're in the current location can or at my new location. liz: jimmy, hmm, i'm holding a nick chubb jersey. i have so many browns jerseys, but i know he probably won't play in the first couple of games. so many injuries. and last year we just watched quarterback after quarterback fall to injuries. we weren't the only team, many teams lost their quarterbacks and their backup quarterbacks. tell me what your backup quarterback, jameis winston, is going to do. does it make you feel a little

more comfortable, having him back up deshaun? >> well, he was the number one pick coming out of florida state, he started a lot of years in the league. he's a quality person, he's a great leader. he and deshaun have an outstanding relationship, and he'll be a great backup quarterback. obviously, we are very, very convinced that deshaun is the right guy to play quarterback and we're excited to see, hopefully he'll stay healthy, but what he can do for the browns this year. liz: a financial question for both of you really. the nfl, jimmy, has said it will now allow private equity firms to take the i believe it's at least a 10% chunk of nf if l teams. are you considering brings any investors in? do you even need that kind of help in. >> well, i think, first of all, there's 322 -- 332 the teams, and they all have different situations in terms of liquidity needs and estate planning, family cash or asset needs, and i think the nfl did a great job of starting slowly and only

opening it to 10% with still about $12-14 billion of capital. so we have no plans at the current time to do that. i think in today's world i would never say we're never going to do it. we don't have any current plans, but i think some of our partners do, and it'll be interesting the see how things play outover the next four months. liz: steve, you're a bank guy. the market is pricing in at least a couple of rate cuts, possibly one coming in just a couple of weeks. what does that mean to the banking sector? >> i think it's going tock good news for the -- to be good news. the curve has been inverted for a while. this will start for to put it in a more historic norm, and for those of us that have spread income, almost all the banks do, this should be a positive step. and it will be for us as well. liz: thank you both. and, jimmy, oh, my god, i'm going to be bolted to the television set on sunday. go, browns! >> thanks, liz. thanks for having usen. liz: you know, i've got guys here -- marco, be quiet. [laughter] my floor crew --

>> go, browns. liz: yeah, right. go, browns. go, dogs. >> thank you, liz, for having us on. liz: you got it. thank you so much. u.s. steel is on the move downward today as it deals with the my upon steel drama -- nippon steel drama, could be in jeopardy. former president trump has a view on the steel deal. it's not just the biden administration that wants to stand in the way. charlie gasparino is next with that on "the claman countdown." ♪ if. ♪ ♪ yeah... one of us always had to be first. first! first! [continue bickering in background] hold on, guys! [car honk] first. yo today, we're first together. we love you, mom and dad. thank you so much for making it possible. ..u .

- i got the cabin for three days. it's gonna be sweet! what? i'm 12 hours short. - have a fun weekend. - ♪ unnecessary action hero! unnecessary. ♪ - was that necessary? - no. neither is a blown weekend. with paycom, employees do their own payroll so you can fix problems before they become problems. - hmm! get paycom and make the unnecessary, unnecessary. - see you down the line.

leo! he's there when we wake up, he's there when we leave, he's there whenever we come back home from school, he's just there always. mash it up doofus. ever since we introduced him to the farmer's dog, his quality of life has been forever changed. he prefers real, human-grade food. it's... ...like real food! it is! he's a happy dog now. he's a happy, happy dog. he's a happy, happy, happy dog!

ryan t. writes, "moving is stressful. can you help me take one thing off of my to do list?” ugh, moving's the worst. with xfinity, you can transfer your internet in just a few taps. just a few easy moves. did somebody say “easy moves”? ♪ ♪ oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪ ooh, ooh. -let's keep it professional.

professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xfinity app. bring on the good stuff. liz: so let's get back to this u.s. steel story that broke just after i want to say 1:45 p.m. eastern. the shares are still in real trouble at this hour, down 17%. they had been down more than 20% on reports the biden administration will block japanese firm nippon steel's $14.9 billion purchase of the u.s. steel giant. the report comes on the evening of former president trump's big economic speech at the new york economic club here in manhattan where he may expand upon his own trade plans and how he feels about this potential merger. charlie gasparino, you'll be at the speech. charlie: i'll report for you exclusively after the speech.

it's at noon. i think one of the issues here is not just the biden administration saying no to this. it's the fact that you literally have two, it's not joe biden anymore. two presidential candidates, kamala harris representing the dems now, and trump wicked into the protectionism bracket so to speak. both have said they want to kill this deal, so whoever gets elected is probably going to kill the deal, and then, you know, u.s. steel has to sell to someone, and the weakest hand is probably out there somewhere, where they will have to close plants. this is serious serious stuff. for some reason, both presidential candidates think it's a smart economic idea to keep a steel company, with a us company not with japanese company. this is not a chinese company. this is a japanese company. the last i checked the japanese are one of our major allies across in the world. they are a democracy.

i mean, listen this is not world war ii. they are as american as you can get outside america. they are capitalists. they are going to, they want to take over u.s. steel and make it better. liz: but if they don't, u.s. steel said if this merger doesn't go through we'll close plants. charlie: by the way, there's a us company thinking of buying it. it's still, it's not a strong hand. nippon steel is a very strong hand and i've been doing a little diving into the economic policies of trump and kamala harris and, you know, i've been writing about it but i did a deep dive. we don't know much about harris' stuff. she still has yet to put the blueprint. we might see it before the debate so keep an eye on that. it be a news story if we see a blueprint before the debate. people like mark cuban are promising me there's going to be some blueprint.

the trump stuff is kind of out there. one of the interesting things about the trump economic plan, it's pretty pro-growth until you get to trade. the wall street research says that its dived into his trade policy which is tariffs, 10% across-the-board and 60% on china. chinese goods says that it's the highest tariff sort of regimen they've seen that's been seen since the great depression, where we know there was wicked amounts of trade wars. now, maybe president trump is just bluffing. maybe this is a negotiating point for better trade deals but clearly if you take him at his word, man, this is one protectionist president if he becomes president, and i wonder if harris, if there will be that much daylight with harris because she's always been very left wing and, you know, on trade policy, so we'll see. i will tell you that people like cuban have told me that she's not going to go full-on tariffs

like trump. they did tell me that. we'll see but right now, they both literally have the same -- liz: you mentioned the other company that wants to put in for u.s. steel, but this administration isn't friendly to any kind of us/us mergers because they are worries about monopoly issues. charlie: i think they will allow this. liz: how can they not? charlie: they are killing it on a ground like national security we need to keep steel in the us. liz: charlie thank you, charlie gasparino. dow jones industrials in the green up 22 points with the closing bell ringing five minutes away. the s&p it's a little too close to call at the moment. it's down 8 points could flip around and follow the dow. nasdaq down 51 the russel 2000 down six. nasdaq on its way to the fourth day of losses out of the last five. you know, there are many metrics when it comes to deciding whether to buy a stock, including product line-up and leadership. raymond james financial is a

really good example of the leadership piece of this and the product. the stock has shot up 480% since paul riley became ceo in may of 2010 and now, he's getting ready to hand over the reigns to the company's cfo in fiscal 2025. ceo paul riley joins us now, in the flesh. thank you for being here. >> it's great to be back on the set, liz. liz: what do you think is the main sort of characteristic that you brought to the company that has been able to promote the stock and have it do as well as it has? >> well the stock is the result of a great team and a 15-year good market also, but it's really carrying on the same culture that tom james started. putting the advisors and clients first, making long-term decisions, you know, our 3a ratings by the rating agencies so that conservative long-term outlook and not worrying about next quarter. worrying about how we're going to do over the next five years and tom started that. i've kept it going, and i know

paul will equally do as well of a job. liz: under you, assets under advisement came up to $1.5 trillion. what do clients want most? we've got a lot of people watching right now who are always on the hunt for the right wealth management, the right team to really help them grow their money, not just protect it. >> right and it's simple. i think they want someone they can trust to give them solid advice. someone that knows the business. knows the market, but each individual is different. their wants, their needs, their plans, what happens in their life and they want someone that can really guide them through, not just how to invest but how to invest to reach their goals. liz: what are the top concerns on client's minds right now? >> i think it's the economy. it's things, you know, seem like they are slowing down and they are wondering if the market will still continue to grow. we've called people said soft landings the last three-years, you know so the question is does it really slow down and how much?

so i think they are concerned but not scared to death yet. they are still positive. liz: you've been through multiple slowdowns. of course the dot com implosion. the financial crisis, the pandemic. does this economy come anywhere near the horrors of those that we saw where mass job losses, those kinds of things where it wasn't just your neighbor who lost their job. you lost your job. >> certainly not like the financial crisis and the other events tended to be smaller. you know, i think the economy slows down, but it doesn't stop and, you know, it's robust. we'll see how long the consumer will continue to spend and, you know, there's a lot of uncertainties, we'll see what the fed does with interest rates. if they lower it somewhat and holdup i think the economy will do just fine. liz: obviously the stock market has been on a multi-year bull run, as the "wall street journal" called them 401 can millionaires but the question is how long does it continue and

does it concern you that we haven't seen a 10% correction or more? i mean, i guess the s&p back in october did but we haven't really seen that moment where you see a break and then the stock market then grows back together stronger and continues the upward move. >> i think that's inevitable it will happen, that 20 or 30% correction maybe, but the economies in good enough shape. i think it will come back and in ways it's good for the market if you hang in there, and not bail, you know, on the rise which a lot of individuals as market falls get afraid and miss the upturn. liz: okay what's your best advice to the new guy coming in? >> he has been around since tom james and i went through a transition. he's seen it. he knows the values. he knows the firm. he's smart. he knows what he doesn't know. he's humble and a great team with him so i'm excited. this has been one of my goals is to make sure there's a good transition. liz: you see m&a on the horizon?

for you to be purchasing and growing? >> we're always looking but organic growth is number one and when we find a firm that fits our culture we're game and we have the financial where with all to do it. liz: so good luck. are you going to do golf or what are you going to do in your retirement? >> i'll be a full time executive chairman so you can't get rid of me. liz: will you hover like howard schultz over at starbucks? >> no, no, i'll be in the background if he needs it. >> [closing bell ringing] liz: job well done. tomorrow zscaler ceo and minnesota vikings owner with green on the screen for the dow and the transports we'll see you tomorrow. larry: hello folks welcome to kudlow i'm larry kudlow. well, fear on the campaign trail is what it's like trying to figure out vice president kamala harris' policy agenda. kellyanne conway in