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tv   The Claman Countdown  FOX Business  September 25, 2024 3:00pm-4:00pm EDT

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mom and my son just moved to miami but before that, all my kids, all three of my kids lived within 40 minutes of me. >> when times are difficult you'll lean on family more than anything. charles: what else? >> real money. not dingal dollars and cryptocurrency that's coming. charles: the stock market doesn't care because as long as money is coming in and fiscal stimulus and more, people can't equate the stock market. charles: that's a good one.
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liz: breaking news and kicking off the final hour of trade. the dow jones industrials losing 262 points or about two-thirds of a percent and the nasdaq down 10 so no records and any gain for either of them would be new record but the nasdaq is clinging to a few points in the green up four at the moment and russell 2000 taking the biggest percentage hit down 22 points or one full percent and the source of much of the tension coming from a wellspring of geopolitical issues and not the least of which is russia and some inter-days here around 12:46 p.m. eastern and the dow was already in the red hit session lows as did the s&p the military political situation was changing dynamically in the world and a number of clarifications are proposed to that and the conditions for use of nuclear weapons.
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no surprise gold is hitting another record high and it's seen as flight to safety up $7, 26 and gain of a quarter of a percent and bond yields and two year yield, we've got that up about 5.3 basis points to 356. that's still hovering near two year low and 10 year yield approaching 3-point #% and 3.7 and will up 5.6 basis points.
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it's up 100 and gaining three and a third percent. the acquisition target and this is going out for power companies and getting highly charged and constellation of 4% and vista better by 6.5% and then you see the spider utilities etf up half a percent and lots of other news and going for them and going for the speech and expected to outline the economic plan and will she take a pro business stance and startup and going for the congres congressman ro khand coming up live. probably investment strategy and ahead of u.s. ebbing fioty
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training strategy, stuart kiza. the bar to drive stocks higher is getting a lot higher and the should we expect record over record and going think the next few days and extenned here and economic data is disappointing and i told you we had 150 jobs created back in june, that would have felt low and i think if we get that next week, the market might actually liz: nice records and the fed cut rates by 50 basis points last week. do you think the market is getting addicted and we're just looking before the show at the fed funds futures and the odds
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of a 60 -- 50 basis point cut have now gone up to something like 61% and going for selloffs. >> i'll do a bit of two handed economist but not too much. >> yield curve for a second, hit 2% inflation, which we probably will, will likely have a 3% fed funds rate and a 4% 10 year bond, which has happened and the 10 year so where the market particularly in large caps can get ahead of itself is thinking there's a huge tail wind for the fed cuts.
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liz: it's taking an outsized hit and not sure why. catching the bid for the small caps? >> it's a mix and you'd like, think lower rates are positive and going for the last quarter and we've been recommending people if you like that smaller cap stock, focus on smaller profitable small cap and 700 stocks in the russell 2,000 and that category and way to have access for the smaller stocks without going like liz: i'm
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looking at home builders and housing markets and they're in smaller ones or related stocks and mortgage originations today and refies and week over week and going for them on the 30 year fixed and people are getting excited about that as a way to pinpoint that and going to point to two things from a sector standpoint physicals and steepening of the yield curve and also in line with the quality idea and small cap dividend growers like the dialing up the quality and that's particularly overweight financials and going to take advantage of the steepening
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yields. liz: what are the steepening of the yield curves? >> that's going for that >> having good eyes on the real estate holdings on the balance sheet. liz: stuart, payrolls, labor markets. they look like they're starting to slowly correct. we saw the unemployment rate go higher and how concerned are you about that? >> getting down to 100k type payroll levels and accelerating on the borderline between this getting hard landing as opposed to soft landing and we think that negatively impacts risk reward. we're recommending people do it is be careful about how to invest and getting back to the fed comment, the fed cutting 50 because of gradually getting back to 50 is positive and
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cutting 50 and worried about the labor market and different environment. >> we think you need to be careful and own higher quality stocks and get it back to you and political risk and be careful and real confidence for the labor markets and liz: more risk and reward. liz: thank you both so much. all right, we're looking at dow down 255 points. the week started out bumpy already for ford and general motors but today both stocks are heading a bit into sinkholes. what did one thing wall street auto analyst say and do that has shares of votes stalling out. we'll tell you next .x democratic presidential nominee kamala harris set to deliver the economic speech in just the next few minks. we're going to get reaction from the democratic congressman representing s silicon valley, o
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khanna. the claman countdown returns after this. ♪ ♪ oh in a valley, where the mountains glow ♪ ♪ are the hardest-working folks ♪ ♪ that you ever could know ♪ ♪ now the farmers work the land ♪
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liz: morgan stanley slashing the tires of analysts and downgrading the entire sector to in line from attractive and taking aim at ford, general motors and rivian and jonas cutting rating on both ford and rivian from overweight to equal weight and chopping gm to underweight from equal weight. sites three issues, challenging auto market facing rising costs related to ai and autonomous features, falling prices due to buildup in inventory and fierce competition from china.
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online betting company outlined a $5 billion buy back plan and detailed a long term growth strategy and expects to achieve $21 billion of revenue in 2027 and representing annual growth rate of 14%. loring outlook for gross profit ma r gin in the west coast region and price and pressures home price increases are more likely in the coming spring.
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no love for love. east airline shares are dropping 4% after "the wall street journal" cited internal memo revealing new cost cutting plan. discount airline will reduce service and staffing in and out of atlanta to stem cash bleed from unprofitable roots and the memo indicates the airline will add red eye flights to and from hawaii. they come amid activists pressure and augustmented reality and upgraded versions of ray ban and meta smart glasses to include ai capabilities and meta quest 3svr headset is the cheaper version going to start at $299 compared to apple vision pro headset priced at hefty
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$3,499. you've got meta plat for the purposes up 1.5% and it's a tale of two eyeglasses and the stock is dropping to session lows right after apple down about 1%. hezbollah takes aim at heart of israel's commercial and business center for the first time ever. the terror group robbed a missile at tel aviv and while the attempts failed and military interceptions and israel status startup nation and intercept the financial toll the wars are taking and we're going live to tel aviv next for the on the ground response for cofounder of one of israel's biggest vcs. stay tuned. we're coming right back. ♪
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liz: you're seeing first ever attempted missile attack by hezbollah on tel aviv israel. this long range projectile was one of dozens of rockets fired from lebanon by the terror group early this morning and they used david slang air defense system so intercept and destroy the missile that was fired. israeli prime minister benjamin netanyahu re-lesioned a video statement saying "we're delivering blows to hezbollah it could never imagine. i cannot give details on what we're doing but i can say we're determined to return citizens to the north of their homes". close to 100,000 israelis from that area have been evacuated in recent months. idf chief of staff general also said that the military is preparing for a possible ground operation and shea should expect
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a strong response and repair themselves. israel strikes in southern lebanon come as nearly 12-month long bombardment by hezbollah and firing thousands upon thousands of missiles at israel in solidarity in terror group hamas. israel and other countries to try and secure a ceasefire with hezbollah. joining me now on a fox business excusive is cofounder and partner michael.
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>> terns of thousands of israelis moved out of their home and go back and international communities condemning hezbollah and get the lebanese people in order and get israel to defend itself and nothing else matters and the international community and needs to stop. i will tell you the fire in tel aviv, i work in tel aviv and travel from jerusalem every day and people were working because hezbollah.
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liz hamas in gaza and hezbollah in lebanon and iran sent a drone swarm and houthis in yes, ma'am and yet the u.s. and other allies are by now begging and you thinkerring israel to deescalate and allowing southern lebanese to return home and wanted citizens in northern israel to return home but northern israelis scurrying away from the area and evacuating since october 8 and point out what is the global world in the understanding about this situation. >> the drone wound ago couple of people in the port, that's in the south. there's an attack in israel coordinated by iran. our brains are innovation and
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incredibly brave soldiers at forefront of the battle for western civilization and battle for democracy and battle for freedom and battle against radical islamic terror and arab partners in the region and identify got to tell you something and he wills not a time for compromise and kids are defining generation and showing like they did with a greatest generation of america and after the world wars in the following. they'll be supported and absoluted by the world.
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pharmaceuticals and monday. liz: it's quite amazing but can startup nations that creates and contributing under the sustained bomb boardment and what are you seeing as venture capitalist? >> i'm going to surprise you, liz. we put out more since october 7 and any period sin the beginning of the fund. axel and bray lock opening officers in israel putting local people on the ground and everyone in the worship god understands that military
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battleground and israel is accelerating and applying ai in multiple areas from battlefield and chemistry and the hottest companies in america and the world. they're in full support of israel and they tweeted about it today and not only incredible collaborations going on on that front. israel will be at the forefront and battle hardened young people ask kids are ceos of innovators of next generation of innovation across the world and that'll be amazed by what comes out of here. lauren: very, very trained and motivated and at advanced coming out of the military. this should malter a lot to americans and even those that don't focus on it and a lot of u.s. companies have operations in tel aviv let alone what if
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there's a grouped movement and on behalf of israel and moving into southern lebanon and whatever the military decides, they will decide at this point in time and and yuppies need to
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understand unlike many america and many of the technologies coming out of university and spirit and innovation out of the young kids sacrificing on behalf of the country unfortunately because of cousins and on october 7 and more now and in the war that's been tremendous sacrifice in pain and at the same time and going for them to innovate and global market and going for the u.s. and people love freedom and democracy and people that value capital markets and innovation. you'll see an increase in that because the values are shared and going to make sure of innovation serving humanity and going for that. liz: michael, thank you. the tel aviv stock exchange
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gaining 54% over the past year. that's since october when we see this tragedy. >> it'll be economic innovation, liz, you'll be at the forefront and coming in and i invite you to come have coffee in tel aviv and do live shows from here. liz: you're speaking my language and come and cover it. michael, thank you so much. we appreciate it. we appreciate it. thank you. >> thank you. >> what the harris walz campaign is call ago major speech, democratic presidential nominee kamala harris is set to deliver her economic vision in pittsburgh. will it be enough to cut into gop rival donald trump's advantage among voters as far as their perception of who would better handle the economy? we ask california congressman whose constituents are in the heart of silicon valley. ro khanna joins us next. ♪
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liz: kamala harris has taken the stage at economic club of pittsburgh to give a much awaited speech to outline the economic plan. she just note that had while the federal reserve can cutting interest rates last week making it easier for americans to get on the path to home ownership. she said "let's be clear, it's still too costly for the middle class right now and there's work to be done". gop rival donald trump spoke at an event in north carolina where he reiterated his import tariffs and tax cuts and criticized the biden harris economic tax record. grady trimble in the record with the events and major highlights. grady. >> hey, liz. we've been monitoring harris' speech and she hasn't made the substantive policy announcement that we're -- announce el pasos that we're expecting and keep monitoring for that and we've heard from the campaign what we might hear in the speech as it's
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happening. one is tax incentives to spur manufacturing in the united states and washington post reports vice president harris will express support for universal child care and paid family leave. thus far she's sort of retold the story of her own middle class up bringing and related that to how americans are struggling today. she's blamed the former president for helping build the economy that she says doesn't work for the middle class but only for the wealthy. progressive policies like a fracking ban and today expecting her to describe her economic policy as pragmatic and common sense and further herself as a capitalist we're told to try and refute attacks from former president trump and other republicans who call her a socialist.
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u.s. economy lost around 24,000 manufacturing jobs in august. she did it three and a half years ago and been there for almost four years and she didn't do it. reporter: both candidates talking about economic and tax policy and the former president pushing to lower the corporate tax rate from 21 to 15% and vice president harris on the other hand supports raising the corporate tax rate to 28%. we'll keep watching this speech that she's giving right now, liz, and bring you any updates. liz: thank you very much. we're trying to monitor this as well.
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liz: with both candidates hitting two crucial battleground states, whose economic pitch is enough to sway key voters in north carolina and pennsylvania? joining us is democratic congressman that represents california sill chronovalley ro khanna. congressman, we heard early and we're still waiting to hear more granularity and heard about the campaign official from the harris campaign that capitalist that she understands the limitations of government and ought suggest to take them from wherever they come and also wants to work in partnership with the private sector and entrepreneurs and why hasn't she said this early on so far yet? >> well, she should emphasize that and that's the biden harris policy and that's going to do that in the speech and talk about how we're going to become a manufacturing superpower and going to reduce our trade
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deficit and talk about the manufacturing that she and president biden brought back with battery plans and electric vehicles and with solar manufacturing and talking about now financing steel manufacturing in this country, aluminum manufacturing. what are we going to do about stellantis shipping jobs to canada and mexico and how we're going to build the auto industry. she needs to drive home those themes. liz: what does she need to say, in your opinion, to move the swing voters or the undecides out there? >> she needs to say they've gotten a raw deal for 40 years. that the establishment has shipped their jobs to china, mexico, we hollowed out this piece -- liz: i'm sorry, a raw deal over 40 years in which democrats, some of that time, were in charge. democratic president. >> yeah, i would say both parties were to blame. they were both parties that came in and went to corporations and said we want cheap consumer goods ask we want shareholder
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profits and not going to have steel in america. not going to have aluminum in america. we're going to let our auto industry go away and say president biden started to rebuild manufacturing and she's going to double down on that and can't rebuild manufacturing and factories and investment in the work force and this is how to build the modern steel industry and has a better vision than president trump and contrast it with trump on who's going to get the job done. liz: she spent quite a bit of time in california certainly as a senator and of course as a san francisco district attorney. you know her, give me an example of where she's been pro business. >> california has s silicon valy and driven the growth and has a good relationship with many of those technology leaders and
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even trump, president trump would acknowledge that we want to have ai and we want to have innovation and we want to have these great entrepreneurs in america helping us build industry here and this is what to talk about silicon valley and contributing to the nation and world. liz: silicon valley was a fire hose of job creation on so many levels. that's your daily wick. silicon valley big business people, billionaires are starting to take sides and we can put up who's on which side on the harris side, you've got reid hoffmann, reed hastings and i can't even see these they're so tiny. going for the coastline and on the trump side, you have david sacks, [inaudible] elon musk, et cetera. joe lonsdale. where's the money going? who is raising more?
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silicon valley specifically? >> i'm honored that all the people you mention support me, but what they want to see is policies that are common sense. they want to see us champion building in america and see the unleash our innovation potential across the country. it's not about money. i'm a posed to having super pacts of big money in politics s and championing innovation and who will build manufacturing and innovation across america better. i do think that we need more specificity for vice president harris on that and i'm hoping we'll see that today. liz: talk about specificity on crypto. the crypto vote is fast becoming an important one. you have taken the lead in having all kinds of discussions in washington dc trying to get the attention of democrats to basically say, get on board with this. it's a thing. we now have all kinds of et fs
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for people getting in on crypto and etfs and do you have any insight as to whether she's supportive of taking off the leash on crypto and led letting it run? or a more restrictive focus. >> i was encouraged and she see as place for digital assets in the united states. look, you can't be against bitcoin or crypto and saying i'm against the iphone or laptop. it's a technology. yes, we need smart regulation but it's a modern store value and a modern payment system. it's a modern version of gold for a lot of young people. i want those jobs and i want that industry. this is a broad spectrum of financial innovation. what about salt. talking about taxes under president trump and the gop. what turned out to be mostly blue states like new york and california.
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lot of people perceive that as republicans taking aim at blue states almost punishing them. would she bring that back? donald trump talked about suddenly reversing and flip-flopping and saying he'd bring it back. >> she actually would. i'd glad to see president trump flip-flopped on that issue and penalizes middle class, upper middle class folks and a lot of states like new york and california. i'm for a cap. if you're making millions of dollars and there should be a limit to what you can deduct but can't be $10,000, which is what the trump tax plan did and hiked middle class taxes for a lot of people in my state of california. liz: okay, just to be clear, she is for bringing back the salt. >> it's not limited but more than $10,000. liz: congressman, good to see
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you and thank you very much. we hope to have you back between now and the election. a lot is developing in the next couple of weeks. >> i always enjoy it. thank you for having me. liz: ro khanna. talking crypto with the congressman and ftx founder sam bankman-fried ex-girlfriend caroline ellison was sentenced yesterday after the show we set you up saying she was about to be sentenced. she got her sentence: two years in prison for her role in the crypto exchange's fraud scandal. charlie gas gasparino is next on what went down and what is is expected to happen. 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. .
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liz: many thought that by cooperating and testifying for the prosecution, carolyn ellison the former girlfriend and colleague of conv convict fd steyn sam bankman-fried. she was sentenced for two years in her role of defrauding customers of billions of dollars at the bankrupt crypto currency exchange ftx. the judge saying i've never seen one quite like ms. ellison, but -- but what, charlie gasparino? charlie: but she was part in
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parcel of a fraud, and a fraud that steven mnuchin that financially hurt people. people are getting their money back but from what i understand not everybody has gotten their money back. so when did this go down? feels like yesterday. liz: november of 2022. charlie: we're talking two years, and if you have say $5 billion, which is kind of like what a lot of those people in the ftx fund that was trading to ftx and had in their wallet, so to speak, you have $5 billion that's just, you know, it's not yours, or earning interest, you're not trading on it that cost you a ton of money, and that so she committed fraud. she was also like a key sort of participant. remember she ran the fund. sam bankman-fried was the brains behind the operation, you know, clearly, he was directing people to do what they did, but she was doing it, and, you know, so she
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has to go to jail. i mean, i will say this. i thought it was a pretty stuff sentence though, even considering all that. when martha stuart got convicted not of insider training but essentially obstruction of justice, she didn't cooperate at all during the insider trading investigation, it was civil insider trading investigation, criminal too, the investigation, essentially the criminal charges of insider trading went away but the civil charges remained, and they hit her with obstruction charges on the criminal side. that's like not cooperating. now she got like what, six months in camp cupcake? it wasn't two years, so this is someone with no priors and martha stuart had no priors, a little younger, martha stuart was a long time ceo, knows the rules of the road, and she's doing two years so i think that's very very steep, and the other thing i would say is the other part of the story is sam bankman-fried and ron of onf
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the ironies is he's still in the brooklyn lockup, he's in with with p diddy, so none of these people are getting away. not that he is the gangster of all-time but the brooklyn lockup is a rough, rough place so -- liz: you've been? charlie: [laughter] liz: kidding. charlie: no. i know people that have been though, and it's not fun. just trust me. liz: it's serious. i think the judge was trying to give her and say she really not only gave the prosecution a lot but endured a lot through this; however, in good conscience, he said he just can't let it go. charlie: it's securities fraud. there's a minimum here. a minimum is that, you know, if you do it, you've got to go to jail for something. it's also very high profile. i think if it was maybe no one ever heard of her, or heard of him, probably she might have gotten like six months, but --
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liz: she may get out early or good behavior? charlie: yeah, two things, she's going to a federal pen, not a state pen. she can work on her trading skills. maybe learn how not to take other people's money. liz: she's got a lot of time to think about it. charlie thank you. charlie: write a book and come on the "clayman countdown." liz: she is always welcome. breaking news, folks this just hitting the tape, microsoft-backed open a.i. chief technology officer mira maradi is leaving the a.i. firm after six and a half years. the executive announced the move in a post on x. in november of 2023, maradi briefly took over as interim chief executive officer of open a.i. following the shock removal of co-founder and ceo sam altmann from the position. he was reinstated just a few days later, but she's leaving. all right, investors are really
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loving one stock we need to show you here. this is a one-year, a year-to-date chart. year-to-date, not even one year. it's called app lovin, the stock is hitting a record high right now up 227% this year. maquarie raised the price target from 150 to 115 it's at 130.62 and our countdown closer has got some other names and he wanteds to give us his focus at least certainly about where the markets are going. pacer etf distributor president shawn o'hara. app lovin is not a common name that we talk about. let's talk about it now. why do you like it? >> thanks, liz, always great to be with you. one of our top holdings and one of our growth funds that focuses on free cash flow margin. essentially, their business model is help in-app advertisers monetize that traffic and so the old expression used to be so if the product is free you are
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the product. well when you have apps or games online that you're playing and oftentimes see those ads, their software allows those advertisers to maximize those dollars, and so that's really their business model, and as you mentioned there are very few people probably know about them. everybody knows about nvidia, but applovin is up more than nvidia and its been a top holding of ours all year so far. liz: interesting and let's see the market cap 38 billion, very nice moves here over the past year-over-year it's up 234%. sean, looking at the markets the dow is struggling down nearly 300 points today. we've got a lot of geopolitical drama going on. we've got the federal reserve once again meeting in november. we shall see what happens. are you all-in on equities basically? >> well, i mean, i think it depends on your time horizon. there's a big hurricane coming so what i would say is that it sort of has been like this.
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it was a category five at the beginning of the year. we expected the fed to be more aggressive and they have now finally cut inflation is sort of temping itself down a little bit so these headwinds we've been facing get weaker and weaker you can become a little bit more aggressive on the overall market. i think the key thing to watch more than anything is are the jobs numbers, because there seems to be some weakness there and i think that's probably why the fed went 50 on their first cut and i wouldn't be surprised to see them going another 50 before the year is over. >> [closing bell ringing] liz: tomorrow along with second revision for second quarter gdp. markets could move dow snaps a four day win streak, s&p, russel and dow transports in the red we'll see you tomorrow. larry: hello folks, i'm larry kudlow. kamala harris unveiling her third new economic plan but no

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