carvana had its day when you look at the chart you see how it fell and now coming back up and coming back fast. also, we have different consumers today. people don't want the traditional model of walking into a showroom, a car dealership. carvana is the place to be. some of these stocks that have been left for dead, some of these fallen angels can really make a lot of money and that's the kind of companies that the we really look for. we're also looking for the dividend plays. taylor: okay. that's been the theme. taylor: we'll have to do that next time because unfortunately we're out of time but this really was such a pleasure, hillary, really appreciate it, thank you. meanwhile, thanks for having me on the show. that is it for "makingoney" don't worry charles payne is back in the hot seat come monday. make sure to watch big money as well 1:00 p.m. eastern, but for now we hand it on over to liz claman. liz: taylor, the cops showed up and said turn the music down on

the fed rate cut party. taylor: i can't help it. liz: it was bound to happen. the stock market rally triggered wednesday by that jumbo interest rate cut is scaling back, just a bit. we do have red on the screen at the moment. the dow has been actually higher at one point up 113 points, but right now, down 23 after a 522-point run-up yesterday, so you've got that. any gain for either the dow or the s&p would mark a new record, but nothings guaranteed especially today, because it's triple witching friday. at the close, $5.1 trillion in quarterly options, and futures contracts expire, and that could, because it sometimes does, unleash volatile trade in the underlying stocks of those contracts. so we're keeping an eye on t the s&p shaving off 1 points from its 95 point gain thursday. if the s&p just like i said with the dow manages to grip the green at the close, that will count the 40th record of

the year. yesterday's leadership sector, tech and by extension semiconductors, stumbling this afternoon and that's pushing the nasdaq slightly under water, down 62 points or about 1/3 of a percent. still holding on to most and this was stunning yesterday, 440 points it tacked on at the close. let's show you the week-to-date. these have been three day charts, the week-to-date of the russel small and mid-caps because unlike the rest of the majors the russel has seen a gain every single day this week and even if you include the 17 point loss right now the russel looks to end the week up 2.5%. let's get to the dow heat map because we've got to show unique. the ceo stepping down, is a step up for the stock. nike the leader here, on the big board of dow 30, blue chips up 5.75% followed by ibm which is up 1.5% so it's the leader by a long shot. after the bell last night, ceo john donahoe, who was the focus of a bloomberg article headlined the man who made nike uncool was

pushed out making way for the new guy who actually isn't so new. elliott hill, who started as a nike intern 36 years ago, and rose up to head consumer and marketplace, will be the guy who enters the c-suite. nike has struggled but yeah, that deserves applause at least. hard work gets you to the top hopefully. this year the stock has been a mess, in fact, down about is that 21? 21%, since the beginning of the year, as brands like on and hoka snatched up market share. as nike moves higher fedex is struggling, but losing the fight today. the shares of the package delivery company down 13.8% at least right now, it has been just a bit lower during the session as well. it's at the bottom of the s&p, after a weak quarterly report and a down shift to its fiscal 2025 revenue and earnings guidance and we should check on apple if we can. little bit of a tim cook bounce after the apple ceo arrived at the flagship store in new york

city to hand deliver the new iphone 16 models. coming up a live report on what demand looks like, and what one major competitor is doing today, to try and rain on apple's iphone parade but it's not raining on the stock it's up about 1%. in the meantime breaking this afternoon, that hadslone descenter to the fed's rate cut is giving her reason to why it should have been smaller brian belski, chief investment strategist at bmo capital who just called out a new street-high target for the s&p 500 of 6,100. brian, 6,100 by year-end no less. what's behind this bullish call? >> well thanks for having us. we actually wrote the report earlier this week, and then waited for the fed announcement and then published before the open yesterday knowing that we would probably see some sort of volatility and we did.

a reaction first to the upside and then the downside obviously right after the fed announcement and then yesterday's news, we were lucky enough to get the report out before that, but this is all part of our 25-year secular bull market call, liz, that we've had in place since 2009. we're in year three as of next month of the new cyclical bull market. to us this feels a lot like our early days in our career back in 19951996 when we were young strategists when we were picking stocks and really liking the us and i think that's where we are, especially given where interest rates are, this goldilocks economy, we're going to have a soft landing and we're returning to normalcy in terms of bond yields, earnings growth, valuation, and yes market performance. liz: your last target increase was all the way back in may so you aren't one of the guys constantly switching. we know who those people are on the street, but you are very very specific when you make these calls, but this one,

really requires a massive run-up by december 31, so because we're at 5,600 at the moment so give me a sense of which sectors you believe are going to get us there, so our investor audience can maybe start thinking about adjusting their portfolios. >> it does, and just to go back on the changing of the target thing. the last time i did it, and changed the target like this , to the upside, was 2009 so that really should tell you something in terms of when we were upgrading our targets to 2009 as the year progressed but you know, we continue to leave that when you see this type of move the first nine months of the year its happened eight other times in market history since 1,950 year where we had a 15-20% move to start the first nine months and the typical rally is 6-7% and we think we can get a little bit more, why? because we do believe there's more money coming out of fixed income, more money coming out of private equity coming into equities. why? because so many people missed this move, liz.

they are still negative and still think of a recession and i don't know about you but i'm not going to try to outsmart the fed. the fed is the smartest person in the room. they are saying soft landing. they are saying 2% inflation. they are saying still 4-5% unemployment. when you have 4-5% unemployment that means 95% of the people in the united states have jobs so that's not a recessionary environment, so i think this bull market is still relatively early and it's all about stock picking. less about the overall market, liz, but more about stock picking, so areas within financials and technology especially. liz: well let me get back to the original question though. if that is the case and you are correct, which areas of investment will get me there when i look at your breakdown, there's one area far and away you are overweight and that's information technology 30% of the portfolio you say should be overweight there when it comes to technology. why? after such a big run-up. >> well, there's two parts of that. for about 10 years we've talked about the big parts of tech

knowledge becoming the new consumer staples and you just talked a little bit about apple and mr. cook and new york city so apple, microsoft, netflix, google are your new consumer staples where kind of where the opportunities we think from a fundamental perspective is the next tier down and that's why we've been adding more to our positions in oracle and palontier and amd and qualcomm. we think those are going to be the ones that really start to see a lot of leadership the next six to 12 months. from a financial perspective, we love the money center banks, we love the asset managers and the broker dealers for the theme of scale but we also really really love the very small mid cap banks because of the relationships that they've built and the trust they built with their commercial customers and their private customers we think loan growth is going to be very positive. liz: okay so the smaller regionals. i'm looking today at big financials, and they are in the red, well mixed picture really but interesting to see particularly if you stretch out the regional bank index. let me just look at the kre.

we had it up for one second. its actually done pretty darn well this quarter. quarter to date up 18%. brian it's good to see you okay he's calling for 6,100 folks. remember the name, brian belski of bmo. we will be watching it and we'll have you back before that for sure. thank you. >> thank you. liz: nike not the only company whose top dog is out and activist investor battle has just drawn ceo blood at the company known for its blood oximeter devices. what's happening to masimo founder and ceo joe kiani and how is that stock reacting? later we take it to frank mccourt the billionaire battling to get control of tiktok. what's his plan if he play places the winning bid for the chinese social media giant. plus former minnesota state senator billionaire glenn taylor talks 2024 election, the economy, and how his myriad of business investments are

doing in this economy. the "clayman countdown" is coming right back. dow down about 34 points. (♪) (♪) voltaren... for long lasting arthritis pain relief. (♪)

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liz: fox business alert. breaking news the federal trade commission is suing three us health companies that negotiate insulin prices. the three are on your screen and they are pharmacy benefit managers. the suit targets the three biggest, pbm's, united health group optum rx and healthcare mark and cigna, and cvs is taking the bug its hit at 2% the commission says the drug middlemen boost their profits while artificially inflating costs for patients. tell us something we didn't

know. the ftc may also recommend suing insulin manufactures eli lilly, sanofi and novo nordisk in the future you've got sanofi down 1%, novo nordisk down 5.7% and eli lilly up about 1.25%. fox business, shares of us homebuilder lennar are on sale the stock is getting nailed down even after reporting a third quarter earnings beat. what's to blame for the drop? lennar forecast weaker-than-expected gross margins for the fourth quarter related to buyer incentives. so when you incentivize people to buy, and incentive them by cutting price, your margins go down. the ceo does remain confident a stronger more broad-based demand cycle is ahead. lennar down 5 and one-third percent. fair to say high end home and furniture office and furniture maker hopes so too, and herman miller office chairs among its

brands blaming a weak housing market for its disappointing results. the company swung to a loss in the fiscal first quarter, missed on revenue, and provided weak second quarter guidance. on a bright note, their recent investments in operational capabilities are driving significant margin improvements. still, investors are fleeing the stock it's down about 13.6%. sellers are also chipping away at semiconductor equipment maker asml after morgan stanley downgraded the stock to equal weight. morgan citing a spending slowdown in the memory chip market. weak orders from intel and poor visability into china demand. morgan stanley did, however, note that asml will see a strong 2025 due to a.i.-related demand. right now the stocks pulling back by 3.7%. and med tech and wearables company masimo gaining ground right now after investors voted to oust its founder and ceo joe kiani from the board.

activist investor which has waged a bitter boardroom battle this year gained two board seats in the recent vote bringing its total to four seats out of six. analysts expect joe kiani, who built up this company, founded it and grew it to step down because he's previously said he would resign if they won control of the board. the stock is up 8.5%. masimo is known for successful litigation with apple over apple watch's pulse oximetry technology. today ceo tim cook opening the doors of the firm's flagship fifth avenue store in new york city on the day of the new apple watch, and iphone 16 launch, but what's happening? thousands and thousands of miles away in china, apple's key market? we've got you a live report from the apple store. that is next. and billionaire frank mccourt jr. joins us to talk about social media apps on the iphone specifically tiktok, as that chinese-owned social media firm

argues against its ban in court this week, we're coming right back. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities.

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investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? (♪) or, let curiosity light the way. at t. rowe price, we're asking smart questions about opportunities like clean water. and how clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price liz: breaking news. intel has just been halted and it has moved pushing nike out of the top spot on the dow jones industrials. it is now up 5.8% the "wall street journal" hitting the tape

with this report. qualcomm has apparently approached intel about a takeover in recent days. so you can see intel which has really struggled in the past year, and especially at a time when all of the chipmakers have done quite well, putting out a lot of artificial intelligence options. it has fallen 55% year-to-date but it is moving higher now, on this prospect. again, paused for volatility, just a second before we came back on. i'm looking at qualcomm which is falling about three and one-third percent at the moment. we're going to be watching all of this but again the "wall street journal" and dow jones reporting that qualcomm has approached intel about a takeover, and that, according to the journal, is happening in the most recent days. well let's keep with tech here. tech fans lining up to get their hands-on a new slate of apple products which hit store shelves today. the stock right now up 1.25%. some of the new devices include the apple watch series 10,

the air pods 4, and of course, the new iphone 16 models, but if you ran to a store, for the company's highly-touted apple intelligence features, you may be disappointed because those do not rollout yet. they supposedly do in october. one analyst at ubs said "half-baked introduction of apple intelligence" would dampen demand. well what are the customers saying? susan li right there, live outside the apple store in new york city, with reaction. susan? reporter: as always, you know the die hard apple fans line up bright and early to get their hands-on the next generation a.i. iphones but this afternoon, we do see lines dwindling. it is emptying out. last year we did have lines all the way down the block, but two reasons for this , as you mentioned, the a.i. software doesn't rollout until next month, and we do live in 2024 where iphones are delivered now straight to your door, but we did have apple ceo tim cook

on-hahn this morning to open the doors, greet the first customers. fans that were eager, still to get their happeneds on the nextt iphone. >> before it was like i was waiting one month, two months, but today i don't know. >> i'm interested on the new apple watch and also the new air pods. >> apple intelligence, i'm just waiting for it to come out and use it a bunch. i love the use of a.i., so this is going to be fun. reporter: now despite the crowds at the apple store this morning some analysts say the iphone 16 might not be selling as well as the 15. they pointed to lower pre-orders, also shorter wait times, which wait possibly less demand especially for the higher-end pro models. delays of the a.i. software one reason but then also other analysts more bullish saying this delay in the a.i. software could lengthen out the iphone 16 sales cycle which might be bullish in their view, but one

selling point, those generous telco subsidies. trade-in, if you trade in your old iphones you get a free iphone 16 upgrade also $1,000 back on longer data contracts. and you heard that from at&t and t-mobile who said that the iphone 16 is selling as well, if not better than last year. now, over in china, we do have one of apple's largest domestic rivals, huawei, also launching their new try fold $2,800 phone as well, three screens that turn into one large tablet on the very same day that the iphone 16 available in-stores. apparently some buyers were fuming they couldn't get their hands-on it but i'll tell you that apple ceo tim cook told me in the past that china is the toughest most competitive smartphone market in the world. china the third largest market for apple, europe being the second-largest and don't forget, liz, that with the a.i. software's only available in english, until next year, 2025. liz: the battle continues, but

as one analyst said, apple and china are attached at the hip and what matters very much to apple sales is what happens in china. susan great report, thank you so much. folks, intel has just resumed trade, and it is speaking now 6.7%. this after the "wall street journal" reported that qualcomm has approached the chipmaker about a take over in recent days, and speaking of recent, intel has recently halted its share buybacks, it has thought about maybe splitting off its fab division, its fabrication division where it makes chips for other companies, and it has had a real problem catching up in the a.i. race. right now, we're looking at intel up about 6% this is very volatile trade. i want to look at qualcomm which had been down a second ago and now it is further lower by about 4% for qualcomm. again, we will continue to watch this story as it develops. well thousands of apple fans

line up to get their hands-on the latest iphone it's the applications on the phone that are under the microscope in d.c. this week, a blockbuster, four year long study by the federal trade commission found that the social media and streaming giants out there are essentially conducting vast surveillance programs on their users. collecting data, creating profiles, including on miners, and sharing it all with advertisers. the ftc investigated companies including amazon which owns twitch, meta facebook and what's app, alphabet youtube, x, snap, discord, reddit and bytedance which owns tiktok. these companies profit from the data and fail to protect their users. the new report gives more ammunition to my next guest, he's billionaire entrepreneur frank mccourt jr. crafting a bid to purchase tiktok so he can fix these issues. frank the report calls for congress to regulate these companies. they have done nothing to regulate these companies. even just to protect minors.

what do you think about this ftc report? will it have any juice to move congress? >> well, hi, liz. i think the ftc report is great, of course because they're now stating beyond any doubt that these apps, these are a problem, right? they are taking our data using it in ways we haven't even permissioned it to be used so i think it's great. it's just this is not new news, however. you and i have been talking about this for years. liz: yes we have. >> it's better now that, it's being socialized more broadly. reason i started project liberty though is to actually pivot to a solution to this problem, because we can recycle around this problem, you know, all day lock and we're not going to solve it. we need to put forward solutions and thankfully there are solutions and so that's what we're focused on so i'm glad the ftc came out with a report so more people can understand the harms of this technology but now let's focus our collective attention on solving

the problem. liz: where does your bid for tiktok stand? this week as you know, monday was the first day of this federal lawsuit and of course, tiktok is trying to battle being banned or being forced to sell its us arm to a us company. was there anything that the tiktok lawyers said that you saw that maybe gave more meat of their bone of their effort to try and stay alive or on the other side, how did you think the judges handled? >> well, look. the read i got from our attorneys is that the government's case is very very strong, and as i've said to you and others before, we believe that governments case will be upheld. we believe bytedance will be confronted with a sale or shutdown. we believe in turn they will eventually sell the us tiktok without the algorithm so that's why i launched the people's bid and i thought monday was a very good day for us because i think we've moved closer now to bytedance having to make a decision about either shutting

down the app for us users or selling it. by the way, the ftc report about surveillance and taking people's data this is what tiktok is doing but now we've realized this is what our own platforms are doing as well and i understand of course that the 170 million americans information going to beijing is different than it going to silicon valley but it's both in both cases, it's scraping and surveiling us, it's autocratic, and taking advantage of us and that needs to stop. liz: absolutely. it needs to stop, and they will not self-regulate so everybody should get their head out of the clouds especially in washington d.c. and think that they are going to self-regulate. i know you can't talk specifically about exact numbers, people, money, but your website says the project liberty collaborating with guggenheim, the law firm kirk land and ellis, et cetera. and you would transition it to a digital open source protocol.

how would that help create a better tiktok that doesn't, if you accusation is they are manipulating americans and they are thinking, or who knows what else, that would change all of that? >> yeah, you know, what i've been saying over and over again and my colleagues at project liberty have been saying is we aren't fixing this problem until we give individuals control of their identity and their data. that's what needs to change and that's why we propose moving the 170 million users of tiktok over to a protocol that would allow all the users to have their identity and their data in their control. agency is critically important. right now, we're being manipulated by a few big platforms or chinese communist party. this needs to stop, because it's leading to madness. it's undermining our democracy thoroughly contaminating our information ecosystem and the harms to kids are real and it needs to stop so if we can just move users over to a new

protocol, think of it as digital empowerment as opposed to digital exploitation this can be fixed. this is an infrastructure issue, it can be fixed. we're living with internet tech stack that has been driven by an economic model and a few large platforms scraping all this data and using that privilege. let's now unlock the data, return it to the rightful owners. digital rights are human rights. liz: frank, we will watch every step of the way, with you and project liberty are able to accomplish. thank you so much. >> thank you, liz, i really appreciate the time. liz: frank mccourt jr.. 45 days to go until election day. former gop politician and billionaire glenn taylor is here next, to talk about the race to the white house. democratic vice presidential candidate tim walz is the governor of taylor's home state of minnesota. what does he think about

the harris waltz economic plan? and as a young boy frank lorenzo lived in the direct flight path of laguardia airport in queens, new york. he became fascinated so much so with the planes flying over his head, low enough where he could count the rivets on a fuselage. he went from that to an unbelievably successful career in the aviation industry with legendary status. ceo of continental and texas international airlines and he was the godfather of the peanuts fares, low cost fares so everyone could afford to fly. frank's innovations were so spectacular he's made the history books. you've got to hear how he went from that wide-eyed kid living in queens, looking up at the jets over his head to running the largest fleet of airplanes in the free world. listen to my brand new everyone talks to liz podcast episode it drops this weekend, frank

lorenzo, tells how he took over and changed a highly-regulated airline industry. it's on apple, it's on google, of you listen on spotify it's there too. iheartradio, wherever you get your podcasts. "clayman countdown" is coming right back. the dow is punched into positive territory by 20 points and yes, we will take another check of intel when we get back on this "wall street journal" report that qualcomm was interested in buying intel in the past couple of days. clem's not a morning person. or a night person. or a...people person. but he is an "i can solve this in 4 different ways" person. and that person... is impossible to replace. you need clem. clem needs benefits. work with principal so we can help you help clem with a retirement and benefits plan that's right for him. let our expertise round out yours.

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at old dominion freight line, we deliver them this way. this way uses technology and goes the extra mile to do things the right way. the delivering promises on time, every time, way. liz: fox business alert we've got to show you the up to the second trading in intel right now. intel moving higher by now 6.7% after the "wall street journal" reported that qualcomm approached the chipmaker in recent days about a takeover. why? well, intel has been having some real challenges amid a big run-up for most chipmakers but to date, intel has fallen 55%. we should check on qualcomm. of course qualcomm best known in

the past for making the chips that go into smartphones, but they have expanded broadly, working on a.i. chips, not to mention chips for vehicles. so they have really been on a good run themselves. qualcomm at the moment intraday is falling about 3% on that news. we'll continue to watch this fast developing story. democratic presidential candidate kamala harris has taken the stage right now at a campaign event in atlanta, georgia, looking at live pictures from there. the president is at the cobb energy performing arts center and is expected to focus her speech on repro ticketmaster ever rights amid the battleground states abortion restrictions. she also just said she would like a second debate with donald trump. meanwhile, gop competitor trump has no events scheduled today but will return to the campaign trail tomorrow at a rally in wilmington, north carolina. the next debate that is on the calendar is october 1 but it's the cbs vice presidential

debate between republican j.d. vance and democrat tim walz. currently governor of my next guest home state of minnesota, and a fox business exclusive, former gop minnesota state senator billionaire owner of the minnesota timberwolves glenn taylor is here. glenn put your political hat on first. what do you make of the current state of the presidential race? >> well, what i learned about politics is that anybody that tells you they know what's going to happen doesn't know what they're talking about. there's just too many thins thas that can happen in the next 60 days that can influence the election that's this close and therefore, i think we just keep your promise up and watch what's going to happen and look for mistakes or something special that would happen and i think it's too early for me to guess. liz: you speak from experience, certainly, having served in office in the state of

minnesota. of course the governor, tim walz, is running as vice presidential candidate. i would imagine you're familiar with him. how do you assess him because you as a very big business owner with your hands in many different businesses, in minnesota and elsewhere, would probably have a good sense of this. >> well, i'm going to give you two kind of views. number one he's a friend because we're in a small community. he was a teacher. our kids had him, so i know him that way. when i was the governor, when he was the governor i could call him personally and he would take my phone call so that's one thing. but i think the other thing you're asking is about as a politician. i would just say we had a state that had an excess amount of money, so we have a lot of cash on hand and yet in turn, he with his party, raised the taxes on lots of people and lots of businesses and lots of items, and i don't think that was necessary, and i'm just afraid

when somebody is used to doing that, that that's what we can look forward to in the future. liz: well, kamala harris, of course the top of the ticket there, has said and proposed this plan to hike taxes by 4.1 trillion by raising the capital gains tax to 28% from 20 as well as a new tax on unrealized gains of 25% for americans making over $100 million. you as a billionaire, have you been of the ilk that billionaires should pay more, a bigger chunk, rather, than the rest of us? where do you stand on that, because this gets touchy. we don't want to punish successful people with higher taxes, but we got problems where the low end is truly struggling. >> you're exactly right, liz. this is a complicated thing. i don't mind paying taxes. i really don't, if they are used for good things. what bothers me is i see so much

waste and misuse of money in that sense, so my answer to your question is as long as i could see that the money is being used for helping people make sure they eat well, to get good medical care, good education, i don't mind paying the taxes because i'm successful, but it hurts me to see when the money is wasted on some of the things that the government has now funded, so, you know, i think people like me are always in the middle of the road saying they will support it if it's a good cause. liz: boy, redundancy, waste, fraud, and abuse, i wish we could really get our arms around that at the federal level. let's talk a bit about what happened on wednesday. now i ask you to put your businessman baseball hat on if you can, and the federal reserve did an outsized cut to interest rates to the benchmark interest rate of 50 basis points versus 25 basis points. the statement by jay powell, the head of the federal reserve,

was that he really felt that with the employment picture slowing slightly, he doesn't want to get behind the curve. he sort of called it a recalibration if you will. do you think that this was necessary, this large a cut? >> i don't know if it's necessary but i think, i'm okay with it. i think it's going to disrupt the market and some good, some bad, but i think that'll be helpful. i mean, the businesses that i'm in, some of the businesses need help. maybe they are borrowing will help them, and but i think it'll make some changes. as far as acquisitions of companies, you know, lower the interest rate a little bit, maybe it'll be more acquisitions, so i'm okay with it. it's a little risky, but i think we maybe needed a shot in the arm. liz: yeah, well, a shot in the arm suddenly now the dow is up 97 points. it had been lower when we

started the show. glenn i mentioned at the top you have your hands in many different businesses not just the timberwolves but you do golf courses and all kinds of things but your passion project is envoy, which is a hearing aid technology company. big news is apple has its new air pods on the shelves. yours is a publicly traded company that is medically-focused. apple looks like it's trying to turn its air pods into hearing technology for people who have hearing loss. i mean it's a smart move, but tell me how you view your company through the prism of maybe the competitive world where apple's trying to muscle in. >> actually, we look at what apple's doing as something that will enhance our product because we're doing a cochlear product that's different than anything that's out there. our cochlear device actually takes the hearing in through the ear. apple's device, will enhance

that, so however we're able to help our clients here, we think that the apple device will be able to even enhance that, so we see it as helping us. it's different than the cochlear devices that are out there now, because they use a different system to get the hearing into the body. liz: i'm looking at your stock of envoy right now it's up about 2.5%, and quarter-to-date up 38%. you've invested $100 million of your own money into this , and we thank you, because so many people across the nation are suffering hearing loss and as the nation ages, the graying of america, we need this. thank you, glenn. >> you're very welcome. liz: please come back. securities and exchange commission commission hair gary gensler's fate hanging in the balance with former president trump vowing to fire gensler on day one. those are his words as he courts

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>> on day one i will fire gary gensler an and appoint a new sec chairman. who believes the america should build the future not block the future. liz: promising to fire their arch nemesis securities and exchange commission commissioner chair gary gensler may have scored him some points in the moment but gensler is staying put whether wall street likes it or not and charlie gasparino says he's mapped out a plan to make sure of it? charlie: we should point out that i'm getting this from sources that are connected with the sec that know gary gensler. his comment to me was a little bit flippant. if you're saying he's telling, this is through his spokesman, if you're saying he's telling people this , as normal, you and your sources are lying. so it's was something like that. it's in my new york post story about this but then i ask, well, is he planning to stay and

that's where they just went silent, so what i am hearing from people in d.c., people connected to the sec, know him, is that he's drawing up plans to stay longer, even if trump wins. now, what is his game plan? we should point out the way these terms are said, i believe the chairman is a five-year term. the way the law works, the president can't exactly fire a chairman, like you're fired get out of the building. personally, or you're fired, you're off the sec. the building thing i'll address in a second. liz: okay. charlie: he can designate to say trump wins, he can designate a designated chairman and if gary gensler doesn't leave, gary gensler can stay until the end of his term which i believe is 2025, 2026 i'm sorry so it's another year, and here is where it gets really complicated. carolyn crenshaw is another commissioner, democrat. she's up, her term is up.

if joe biden and just play this out. if joe biden reappoints her, there's a democrat senate which would confirm her, and trump wins, even though trump will pick the designated chairman, gary gensler could be the de facto chairman because the democrats would hold three seats and trump just can't get rid of those three people. the republicans will have two seats, and gary gensler could be the de facto chairman and this is what people are talking about in washington right now. now if kamala harris wins, it's easier. he'll just call up elizabeth warren, the progressive senator and say go to bat for me and she will probably say, you know, let him finish out his term so it looks like he could be around for a while. now when i wrote this story, washington buzzed up, i mean went nuts. i was getting calls from a lot of gop people, lawyers, who could be the next chairman. they're coming up with plans, trying to develop plans to make

sure even if gary gensler doesn't leave, and trump wants him out, how to get rid of him. liz: if trump wins. charlie: how do you get rid of him if he doesn't want to go. one plan i heard was to lock him out of the building. i'm not kidding you. figure out a way to revoke his, i guess his id where he can't get into the sec building. liz: in this day and age you've got to use a key card. charlie: that's what they are talking about to keep him out of the building and if he can't get in the building he can't vote and, you know? this is a 2-2 tie because remember there's five commissioners on the commission, so that's what we're talking about. a lot of gamesmanship. people think he's going to play the long game and he's going to go to war with donald trump, if donald trump wins, and even kamala harris, it's a lot of democrats on wall street that don't like him. you know that, right? so he can pull the string, just call up elizabeth warren but it's the trump thing. again, you know, when i can't

get in the building you know what the that means? liz: you're fired. charlie, thank you. memo to self. call the i.t. guys. closing bell ringing in less than three minutes the week the major averages will all see gains, again for the week, it's a mixed picture right now, but the big winner of all for the week, the small but mighty small-caps. the small but mate it small caps, the russel 2000 looks to have gained 2.1% this week. our count down closer says it is now the time is now for the small caps to shine. get them in your portfolio, he's bernstein private wets management senior investment strategist roosevelt bowman, the firm's asset under management is 125 billion. does this surprise you this move with the small caps? >> not really, because small caps are benefiting and typically benefit when rates go down but you have also a really good environment in terms of risk appetite.

liz: tell people why they benefit when rates go down, like what the fed did cutting rates by 50 basis points. >> absolutely, small caps, they are typically borrowing money and we think about loans. they aren't big enough to issue bonds so they are borrowing loans. that interest rate, the fed funds rate and floating rate loans in particular, really important to have those rates go down. they can borrow money more cheaply, get those products out to dominate market share and entice investors to buy their shares. liz: it should not surprise anybody with this rate cut that the small caps are doing very very well. so which areas of the small caps? >> yeah, so i think one thing before we get to that even is it's not just rates, but it's also the broader environment. you need rates to move lower, but also, strong risk sentiment, better economic activity, calmer equity, volatility. we saw a couple weeks ago, we saw rates move lower. it was not a good environment for small caps but because we did not have those other factors that are really important. i think when you look at small caps this is where active management is very important. when you look at small caps,

2023 40% of the russel 2000 wasn't profitable so this is where deep research is important in thinking about which sectors you want to lean into. equity sectors, we are more defensive. we've been of the view economic data is likely to slow down meaning leaning more into healthcare, away from utilities and materials. liz: by the way speaking of data the pce for the month of september, for august, rather, comes out next week, so roosevelt we've got a lot of data on inflation, we'll see how that comes in. great to have you. we appreciate it. fireworks on this friday, it is the dow's 29th record close so far this year. >> [closing bell ringing] liz: s&p and nasdaq down for the second day for the last three but up for the week. what a week its been with the federal reserve finally cutting rates for the first time in about four years, so much more next week. larry: hello folks welcome t