mom and pop shops. we're -- who are going non-gm if o, who aren't giving crazy mrna vaccines to all the i cow milk that we drink. when you start putting crap in the food, the person eats the crap and we die sooner. i'm just saying i don't think that you can call that a coincidence. charles: so this is a legitimate crisis. i've got to get your thoughts on the jobs report because everyone's worried about it. >> adp looked good this morning, but this strike the could take 45,000 jobs off the october payroll if we're not careful. charles: october surprise may come with an asterisk, right? i feel like the momentum was going down anyway. they might, they may actually be able to say, or well, it was the strike. ladies, thank you both very much. really appreciate it. all right, liz claman, over to you. liz all right. here we go, charles. we're -- i'm going to call this a jump ball. a jump ball between the bulls and the bears as we kick off the

final hour of trade because what you see on the screen belies what's been happening since the opening bell, and that is very choppy trade. the dow has been in and out of the paint over the past five and a half hours. blue chips at one point were up by as much as 1022 and down by as much -- 10 the 2 and down by as much as 188. right now still in the green by about 54 points. need you to look at the heat map here because but for nike diving nearly 7%, the dow would actually be looking even better. nike came out with bad news after the bell, okay? while they did beat wall street's lowered expectations, the sports apparel giant is pulled its full-year forecast and postponed its invest erica day. it has been -- investor day. it has been losing market share to competitors, big change at the top with the c suite move. $83.09. let's flip it over to the s&p because the s&p has found -- and i stress in this -- slightly firmer footing after yesterday's

53% loss thanks in part to a recovery in the semiconductors. the s&p flat to barely higher -- [laughter] again, it has been very choppy trade, i can't stress that enough. and after buckling 278 points tuesday, the nasdaq right now is up 26 the points. it was the just over 24 hours ago that the a marks were shaking as a iran launched some 200 missiles at israel. no one, it turns out to, was killed in those strikes, but threats from both sides are flying at this hour, and the biden administration is making demands in an attempt to quell the situation. we are going to get you all the breaking news from fox's jennifer griffin at the pentagon. that is coming up. but you know what in if the price of oil is any indicator, things at least for the moment are calmer. crude futures earlier top toed $72 per barrel -- topped. in the aftermarket we're till up about 1% but at $70.45. so with all that's going on in the world -- iran's attack on us

israel, the longshoremen's port strike, chinese equities skyrocketing -- wall street is back to its total obsession over the fed and interest rate cut expectations which, by the way, are falling. after the adp, private payrolls report, for september came in better than economists predicted. the final number, 143,000 versus the 120,000 expected. so we're still waiting on friday's all-important jobs report from the labor department. but if the jobs pick iture remains stable -- picture -- the fed has made it very clear it will likely refrain from extra large rate cuts. the 10-year yield rising at 3.74%, right now at 3.786%. so let's get right to the floor show. we have got so much to talk about. joining me now, portfolio manager tony crescenzi and she terrabonn investment management cio gene goldman. gene, this is an interesting day. lots of headlines till in play,

still hanging over the markets' head, i guess you could say, and yet we're in the green only slightly. russell and the transports are red. what do you make of these moves over the past 24 hours, and can you stretch it out to the investor psyche? >> sure. and, liz, thanks for having me back on your show. great to see you again. so i this what's going on, it's the beginning of a messy month for the markets. market volatility going to be picking up like crazy. you looked at the headwinds, markets are too aggressive about rate cut in personal income is widening middle east war, election volatility. a lot of companies are putting hiring on hold, they're delaying projects. there's economic uncertainty, you have high valuations. and earnings season starts soon, third quarter. it may not be that great. maybe 6.5%, they've revised it down to 4.7%. the crux of everything is that investors are seeingen dploicting d conflicts signals.

0-year yields, dollar, all -- crude oil, all new weakness. any type of pullback, any type of selloff is a buy the dip opportunity. if we don't see recession anytime soon, $24 billion on the sidelines, and here's the most important point, a geopolitically-caused selloff has historically been a huge buying opportunity, and we see it as a buying opportunity when stocks do pull back. liz: okay, but these dips are so show -- short-lived. tony, if you look at the bond market, i find it interesting that we started to see at least on the short end of the yield curve those yields are falling. and yet on the longer end, not even that long, they're coming back. >> that's right. liz: what is the message being sent here? >> it's about the short run, not the long run. we think in the long run short maturities will outperform because of the big u.s. budget deficit which is likely to be between 5-7% the rest of the decade no matter who wins the election. but the short end lately is

responding to the recent data which shows resilience in the economy probably growing 2.5-3% which is above potential. the market wants to see it weaken a little more. what will matter for the bond market in the end is where's the price in the end of the fed's policy cycle which currently is around 3. the policy rate's near 5% today. then you have a much different scenario where there could be much different weakness, greater weakness. but we do not expect -- in fact, we favor the intermediate part of the yield curve, which is the 5-year, the 6-year, the 7-year. i like to call them the long bonds on the short end. [laughter] liz: okay, 5 year >> good place to be. liz: 3.558%. >> quick point. you get the recession risk for free. 3% through 2030. we know it was at zero last decade a couple of times and recently, and so why can't can the funds rate get below 3 in a

stressed scenario? it could. so if you think you missed, you have to think you still -- there is still room to run are. you didn't miss it completely. liz: sure. >> the good yields we have and guard against recession risk. liz: something's going to tell me that gene goldman a says what recession risk. gene, you've been pretty positive. where do you see the equities world looking, and where to do you put the client money? because we've seen a broadening out of the market beyond, way beyond not just the mag 7, but big tech. >> yeah. and i think the market is saying, listen, recession risk has definitely dropped dramatically. the labor market is slowing down, but it's not that bad. we have labor participation, growing jobless claims at a 5-month low, unemployment rate at 4%, you take all this together, things aren't that bad. so what we're doing from a portfolio standpoint, we're buying things that do well in a solid economy, values, small cap, mid cap, you know, fixed income. we wouldn't be too aggressive in

duration. bond yields may rise a bit. i love what tony said. the election definitely puts upward pressure on some parts of the yield curve. bond yields may rise a little bit, especially now with a greater risk of inflation. we think the fed is a little too aggressive right now. liz: rae california i -- the yeah, i think that's certainly what jay powell's concerned about. fed funds futures, tony, for the november meeting, let's look at this. at the moment they are pricing in the odds of a 50 basis point cut in november, and if that would be the bigger one, at 38%. monday that number was at 58 or 57%. so, clearly, this economy looks better at least from the perception of the markets >> yeah. very good communications skills by the fed -- [laughter] liz: yeah. >> -- seemed to indicate, hey, slow down. don't expect too much, let the data dictate what we do, and the fed will. keep in mind the near 5% policy rate today relative to the

roughly mid 22% inflation rate -- 2% is still a wide cap. -- gap. historically, a spread that wide has indicated the fed restrictive. very earth in the fact that job openings which were once 12 million in the united states are close to 8 million. so something's happening, that policy rate must be restricted just based on that. liz: yeah. well, they call it normalizing. >> absolutely. liz: great to see you. tony and gene, we appreciate your perspective, thank you health insurance company humana all the way at the bottom of the s&p 500 after a sickly forecast for next year's enrollments. you need to hear what happened with this and how the news is impacting the entire sector. and later, the founder of luxury goods reseller therealreal is now getting into the weight loss drugs business. jewelly wainwright joins -- julie, tells us about her new venture and what makes her grab at the fast-growing sector differentment "claman countdown" is come right back. dow in the green by 59 points.

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liz: fox business alert, consumer pushback on high prices taking another victim. conagra a is the latest. shares declining by 7.5% at this hour after the packaged food company whose brands include healthy e choice, slim jim and duncan hines reported an earnings miss and a 4% retreat in first quarter sales. demand slipped as budget-conscious consumers rejected prior price hikes and instead are switching to cheaper private label brands. conagra also cited a manufacturing disruption that cost the company $27 million in lost sales. revenue was down a massive 47%

in the summer quarter which, of course, is the peak if grilling season. frozen french fry producer lam weston overcoming earlier losses after it cut its annual profit forecast and announced a restructuring plan. right now shares are up 2.6% as the potato supplier does expect to generate $55 million in pretax cost savings from this new restructuring plan. as part of that process, lam weston will cut about 4% of its global work force in production in north america. caesars is betting on itself, and investors are following. shares of caesars entertain thement topping the s&p 500 after -- entertainment topping the s&p 500 after the hotel and casino company -- see, when you're a solo anchor, this happens. sorry. work with me here, folks. said it will buy back 500 million worth of common stock. investors are getting in on the

action. the stock currently up 5. shares of health insurer humana falling to an over 4-year low. the star rating for one of humana's key contracts dropped from a 4.5 star score to the 3.5 star score. as a result, the company says total members enrolled in its medicare advantage plans will shrink next year. in fact, only 25% of members are currently enrolled in plans rated four stars and above for 2025 the which is down from 94% in 2024. we are coming right back with more much more including a brand new start-up company trying to get in on the glp-1 ozempic drugs craze. stay with us. ♪ ♪ amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door.

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liz: we've got some break -- breaking news. some bank of america customers in freakout mode after their bank account balance showed zero. the stock made a quick reversal here. it is now down just about a quarter of a percent. the company is experiencing an online banking outage. it is directing its customers on x to the contact their social care team, and we'll continue to keep an eye on this one. the longshoremen's two day old port if strike has halted the flow of tons of goods in ports if from maine to texas.

everything from bananas to cars and, yes, crucial pharmaceuticals that are languishing on cargo ships as the stalemate continues. according to marsh mcclennan, just 10% of active ingredients used to make medications are manufactured domestically which means more than 60% are imported mostly from india and china. so what does that mean? for medication that is already in short supply and that would be weight loss drugs, the strike is forcing ozempic maker novo nordisk to the ship in ingredients via air freight. ahara offers doctor-prescribed glp-1 medication. let's find out what it's like for a smaller company. joining us now is cofounder and ceo julie wainwright. she founded therealreal. julie, i know you work with u.s. pharmacies who put the compounds together, but what are you

hearing about the actual ingredients that come in from over overseas? >> you know, so far everything is good, and we're ready to roll. i'm excited about it because we are working with compounding pharmacies that are licensed by state which actually keeps the drug cost significantly lower than ozempic and wegovy. liz: you have worked in all kinds of companies in your and many of them import-export. we've got this supply chain situation now rearing its head once again. we're hoping, certainly, that both sides of this fight over the ports and the longshoremen can come together soon err -- sooner rather than later. what do you keep an eye on as a see wrote when it comes to things that are outside the purview of your company but you know may if eventually affect them? >> we have good partners. it really comes down to talking to our partners, making sure they have the right product for our customers' demand. yes, it is important, but the

right partners are on top of it, and we work with both a medical team of doctors who are specialist in weight loss and, of course, state license amazing compounding pharmacies. liz yeah. so at least the domestic part is on track hear. julie, let's talk about ahara a because this is becoming a bit more of a crowded spates when it comes to people and companies like hims and hers and rowe, noom, i think even kourtney kardashian's wellnesses brand is launching a supplement. you're doing things differently. make your case. >> so there's two big problems we're solving, and specifically most people that are obese actually do -- are mall neuroearned, number one. number two, and this is really important, when they get off the drugs, they tend to gain the weight back. so we are really focusing on getting sustainable weight loss, and we're doing this by working with our core strength the with this new nutrition and dietician

consulting. if people have united health care or aetna, it's free, and we're actually taking it so seriously, the first month when people sign up even if your insurance doesn't cover it, we're giving you one dietician the consulting. our goal is to make sure you stay on these drugs, people want to get off at some point not so you have a healthy life and you keep that weight loss off. also we are competitive with our compounded drugs, and we have an amazing medical team that we partnered with to make sure that the people are getting the right dose at the right time. they are weight loss doctors, they're tele-doctors. so the combination of dietician the consulting which is our heritage combined with this offering of compounded drugs and great doctors, we're really focused on the individual and personalized nutrition to make sure that people stay as healthy the as possible as long as possible.

the worst thing that could happen is you get off the drugs and your eating habits haven't changed. i think there is incredible fear, it's been written about people's fear when they get off, but the reality is unless they learn how to eat properly for their body, they do tend the gain weight back and a lot of it. i mean, up to 80 of the weight is gains back fairly quickly. liz: and it feels like what you're saying is you've got a more holistic approach on this. can we get back to the insurance piece of this? i find this interesting, because many people, people who can't afford these drugs but perhaps who need them the most, they are either terribly obese or they suffer from diabetes, and they just want to change their lives. they are not covered. they can't afford it. so let's work this again. you say united health care and aetna will cover this for free? >> they're covering the dietician consulting. liz: i see. >> but if you go with the compounded drugs with a reputable company, which ah hara

is, the drug costs are significantly cheaper. the active ingredients are is tame, but let's just talk about ozempic, for example. our first month of selling the ozempic equivalent is $195 for that drug. liz: wow. >> versus if you, you know, it's $1,000-1200. so going with legitimate if compounding pharmacies and great doctors and then combining it with die -- die its, it really is a formula for success for everyone. liz: okay, that is interesting. let me just ask, you got a lot of sign-ups here? what is your customer list looking like? >> you know, it's absolutely starting. we launched late last week, and things are looking good. we already had a base because of our focus on personalized nutrition. and what we're seeing is people convert. it's such a new concept, to have a dietician the consulting, that people are responding well.

and i'm excited we can make this offering. it makes a huge difference in people's lives. liz: julie, we love following you because you -- [laughter] you're coming out with businesses all the time. you are, we like to say, among the best of america. thanks so much for joining us. >> thank you. i really appreciate your time. liz: good to see you. julie wainwright. president joe biden saying today that the u.s. is also planning a response the iran's to ballistic missile attack against israel as the latter vows retaliation. what a will that response look like? we have a live report from the pentagon. and the iran attack was the first question brought up during the cbs news vice presidential debate. how did democrat tim walz fare versus his gop challenger, j.d. vance? we ask our political panel next. ♪

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missile attack yesterday. the israeli defense force is now pushing further into southern lebanon and fighting battles with the iranian-backed hezbollah terrorist organization. eight israeli soldiers have been killed just in today's fighting. it comes one day after the biggest ballistic missile attack in history. iran fired some 2000 missiles -- 200 missiles at israel yesterday. the iron dome air defense system effectively knocked out a majority of the incoming proto jekyll tiles, buts israeli leaders today are vowing retaliation for iran's attack. president joe biden totaling -- holding a call just a few hours ago with g7 leaders, they discussed an appropriate response to iran's attack including new sanctions against the rogue nation. fox news' national security correspondent jennifer griffin joins us now from the pentagon with more on not just how the u.s. military played a critical role in the defense of america's top ally in the region, but what the u.s. is now saying, jennifer, about the fact that israel says it might -- orb at

least it's -- or it's hinted it might attack iran's nuclear facilities. >> reporter: thanks, liz. president biden spoke to reporters moments ago enroute to see the hurricane damage in north carolina. yesterday he said iran's attack appears to have been defeated spin effective. >> reporter: -- an attack on iran's nuclear site -- [inaudible] >> the answer is, no. and i think there's things -- we'll be discussing with the israelis what they're going to do. but all seven of us agree that they have a right to to respond, that they should respond -- [inaudible] >> reporter: we've just received the first video from the u.s. navy firing intercepters to hit the incoming iranian ballistic missiles. the pentagon is still assessing how many of iran's ballistic missiles were shot down by the dozen interaccepter missiles fire -- interceptor missiles fired in the eastern

mediterranean. the u.s. navy employed the the aegis sea-based ballistic missile defense system to shut down -- shoot down some of the incoming missiles. defense secretary lloyd austin issued a following statement,. quote, we condemn this outrageous act of aggression by iran and call on iran to halt any further attacks including from its proxy terrorist groups. we will never hesitate to present our forces and interest in the middle east and to support the defense of israel and our partners in the region. the pentagon saw signs that iran was raring -- preparing for a ballistic missile attack when it began moving missile launchers following the killing of hassan nasrallah a last friday. all of the nearly 200 ballistic missiles were fired from rain a january her -- territory, none by hezbollah or the houthis. >> it's something we've been monitoring. certainly, this was a significant attack. probably about twice the size in

terms of scope of what we saw earlier. >> reporter: the pentagon and state department the said the u.s. was not given a heads up in advance by iran. a u.s. official tells fox news iran has been in a state of readiness to the launch an attack on israel within 112-24 hours since early august following the july 231st assassination of the a hamas leader in tehran. the question now, as you said, liz, is what comes next. liz: jennifer griffin, thank you for keeping us updated. we really appreciate it. meanwhile, right out of the gate the very first question in last night's vice presidential debate centered on the mideast tensions. moderators can asked minnesota governor tim walz and ohio senator j.d. vance if they would support a preemptive strike byes reel on iran. by us rial -- the israel on iran. joining us now, former assistant treasury secretary to trump monica crowley and democratic

strategist richard goodstein. well, they came out swinging, and none of these sort of how do you feel about -- they came out and immediately asked that israel question. monica, it felt like, it felt like j.d. vance was very focused on it. he had his comment, then we'll get to what, what we saw with walz. but tell me how you think his response -- >> yeah. well, it was clear that that was going to be the initial question in the debate because of the big breaking news that iran, in order to save face because israel took preemptive action to decapitate, they've decapitate thed not only the hamas leadership, but now also the hezbollah leadership. so there was a flurry of rockets coming into israel so, obviously, that was going to be the initial question. j.d. answered it pitch perfect which is that israel needs to do what israel needs to do for its own security. biden and harris are not boomed israel -- have not abandoned israel, but put enormous pressure on the state of israel to negotiate a keyes psi -- a

ceasefire. benjamin netanyahu has resisted that pressure, and j.d. vance was very articulate in saying the united states needs to back our most key ally in the region and give them a free hand to do what they need to do for their own security. liz: richard, why don't you paraphrase what governor walz said and one of the things he did point out which is, well, how dependable is donald trump when he turned from allies like ukraine to putin during that conflict? >> well, we saw when he was president at a g7 meetings, all the g7 leaders laughing at him behind his back. we kind of know what standing he has with them which is not very high. and biden, in contrast, whether it's ukraine, israel, has been able to bring them together. we saw that with the iranian attack several months ago and then the other day. i think walz was trying to say, yes, my running mate has been shoulder to shoulder with somebody who has been absolutely providing israel with everything they need, and we saw the consequences of it which is very

little got through. okay. let's move on to the business aspect of all of this, money and the economy. tariffs came up. although neither of them wanted to use the word tariff. let's listen to both what walz and. >> d. vance said. we'll start with walz because he started off by at least tackling donald trump's plan to impose new tariffs. listen. >> he gave the tax cuts that predominantly went to the top. what happened there was an $8 trillion increase in the national debt, the largest ever. now he's proposing a 20% consumption or sales tax on everything we bring in. everyone agrees including businesses it would be destabilizing it, it would increase inflation and potentially lead to a version. >> but the one thing that joe biden did is he continued some of the trump tariffs that protected american manufacturing jobs. and it's the one issue, the most pro-worker part of the biden administration unless our country stands up for itself and says you're not accessing our

markets unless you're paying middle class americans a fair wage. liz: richard, it's true, joe biden kept those tariffs in place. he didn't move 'em out. >> some of them. >> most of them. >> look, what donald trump is talking about is 10% across the board, everything coming in from abroad. 60% on china. good luck, wall shopper. -- walmart shopper. guess what else is going to be deflation if their? mass deportations. for those 10 million people out of the country, tell the people in the agricultural sector, the hospitality sector what that's going to mean to them. and when he reduces taxes to the his billionaire friends, what's that a going to do to the deficit and debt and interest rates? liz: monica? >> well, kamala harris and joe biden have retained the vast majority of trump's tariffs because, in fact, they work. president trump believes in them they were successful for four years, and a couple of things, and they were not inflationary during the four years president trump had them in place. the inflation we're experiencing now is not related to the

tariffs. they brought the chinese to the table. the tariffs are an extremely important instrument to bring our trading partners who are taking advantage of the united states, primarily the chinese but there are others as well, bringing them to the negotiating table so that president trump can negotiate fairer trade deals for america's workers. and you know what, liz? he delivered in the first term to the tune of nearly half a million new manufacturing jobs being brought to the united states and beginning to onshore american industries back to america so we can have made in america very proudly once again. liz: i'll tell you what's made in america now, we are the largest producer of energy. we are pumping oil, we are pumping gas. in fact, gas prices, gasoline prices -- and this is often called the october surprise in past presidential elections, where gas prices either fall or rise. it does affect if people's pocketbooks and the way they vote. they've been falling. today the national average, $3.19 a gallon, a year ago a it was $3.881.

you look at what donald trump is saying, monica, and he's saying we're going to to unleash, we're going to drill. a lot's been unleashed, and these prices are going down. >> he has a said on day one part of his agenda for the first day is drill, baby, drill -- liz: but we are. >> -- unleash our energy sector that has had tremendous restraints put on them including drilling on federal lands. donald trump said i'm going to release all of the restrictions, we're going to are drill the way we did last time. when he left office, gas was about $22 a gallon, so that number you just put up, those gas prices might be coming down, but they're coming down from a very high peak. we're also a going into fall and went with. home heating oil, heating your home is going to be much more expensive as it has been other the last three and a half years. >> three quick points. first, no one was going anywhere thanks to the way he mishandled covid. second, we had the highest production of oil and gas in the

united states that the world has ever seen of any country ever last year. you can't do much better than that. and finally, regarding tariffs, you know who disagrees? goldman sachs, moody's, wharton. they think his plan will be very contractionary, and they think harris' plan is something that will actually boost the economy. they're not shields for democrats, they're calling it like they see it. liz: well, why can the walz campaign and the harris campaign figure out an easier answer when they are asked about high prices? now, inflation has absolutely come down from 40-year highs, but, richard, it's still at 22.5% and -- 22.5% -- 2.5%, and in some pockets even higher, and it always seems to be like they're surprised when they're asked this question. >> one, they said they're tackling things like prescription drug prices, right? we've $35 insulin that used to be hundreds when trump was prime minister she's talking about going after -- was president. she's talking about going after

price gougers. and the contrast is all these difference proposals that trump is put out there will be high highly inflationary. not just the tariffs, the mass deportation, but basically having the independence of the fed taken away, all these different steps are highly inflationary. >> look, the inflation that the american people have been crushed under for the last nearly four years is a direct result of the biden-harris and the democrats' out of control spending agenda. when donald trump handed off this economy the joe biden and kamala harris in january of 2021, inflation was at 1.4. that was coming off the unprecedented global lockdowns of covid. he handed off with little to the no inflation which is what we experienced throughout four years of donald trump, really a goldilockses economy of robust economic growth, unprecedented employment where unemployment levels were at or near historic lows for every demographic group and little to no inflation. and what the democrats and kamala harris was the

tie-breaking vote for two massive, multitrillion dollar spending bills, as soon as joe biden signed the first one, the inflation reduction act, inflation began to take off. liz: well, they're both guilty of a lot of spending. in fact, in january the committee for responsible budget january -- responsible budget came out, again, this was january, so the numbers are slightly outdated, but they show that the national debt under donald trump with covid spending, without. so we wanted to be fair here and show both. with covid spending $8.4 trillion. when you take that out, $4.3 trillion. under biden, $4.3 trillion which with covid spending and when you exclude that, $22.22 trillion -- 2.2 trillion. biden may look better here, but both look out of control and neither tackled the deficit. they just can't. in fact, the word deficit did not come up. maybe that's on, you know, the moderators, i don't know. >> or the national debt didn't come up last night either which makes me want to pull my hair out because we are heading toward a major debt crisis.

but, you know, the thing about it is government has no profit motive. [laughter] liz: that's true. >> unlike privately-held companies, there's no profit motive. what drives government is power. and you know what feeds power? money. there's no incentive to rein in government or spending on either side. liz: i will give both walz and j.d. vance this, or they spoke to each other instead of yelling, and i want to read something that i got from my daughter. she said she watched it, she's 202 -- 232, and she said they were responding in a nice way and actnologying and nodding at what the other person was saying. i feel that was the first time where i realize while politics is often black and white, there are overlaps between the two partieses that are just common, simple, humane things to feel, and they respected each other. that's something that almost gave me hope. almost. [laughter] almost gave me mope. -- hope. and i hope this is a model debate, at least the way those gentlemen handled themselves. >> i think tim walz showed great restraint not going after all

the misstatements on health care, on abortion, on guns, on climate. there was at lot of low hanging fruit and he just let it go. i don't know whether that was by design or maybe his manner and maybe one of the things that that a kamala harris liked about him. liz: we started with a republican, we ended up with a democrat. will you g.o.a.t. bomb cac? >> anytime. stuart: thank you so much. liz: bit wise filed today for the first ever xrp etf, but is that going to pass regulatory muster with the securities and exchange commission? charlie breaks it next on "the claman countdown." dow higher by 69 points. ♪ ♪ 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.

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liz: the xrp army, those are investors who hold the crypto token xrp celebrating this hour after crypto asset manager bitwise filed an initial registration statement with the securities and exchange commission for the first xrp spot etf, but while they're cheering on twitter the price of xrp is actually selling off down about 4% to $0.57. let's get to charlie gasparino. i would have thought this would rally. charlie: liz there's a lot going on here and a good thing my producer is like the queen of

crypto, and she knows exactly what's going on here so let's unpack this a bit. number one there's no guarantee the sec is going to approve this as an etf. we should point out solana applied and they had to pull it because they were getting bad vibes from the sec which has to approve it like they approved blackrock's bitcoin and etf, so same sort of process. they were saying, not going to happen. i think xrp is the number three crypto, solana is what the number five or something, but in any event you get the feeling that when you get past ethererum, there's much more skepticism from the commission. now, here is, so that's one thing that's freaking people out a little bit. here is the other thing that's even bigger. by monday, we will know if the sec is going to appeal judge torres's ruling on the ripple case, the initial sec case, they said your xrp was

issued illegally. you know, failed the so-called test which is a supreme court ruling on what constitutes a security. you issued it without getting proper registration. you have to pay tens of millions of dollars and god knows what else, okay? she came back and she gave a mixed ruling. she said sales, the initial ico sales bought by institutions, that clearly failed the howie test. you should have clearly registered those , but the stuff that was bought by retail didn't, because they bought in the secondary market. now, the sec is going to appeal that second thing, because what it essentially did was established a two-tier system for disclosure. when you buy a stock in the secondary market, that's already issued, institutions might have bought it first. you expect to be able to look at its 10-k, 10-q, and everything else right? so what torres unwittingly did is say no, if you're a retail investor in crypto, you don't deserve the same disclosure

requirements, and that could be precedent-setting and its already been attacked by other judges in the federal courts, judge raycoff, and he's like the king of the securities judicial bar, so they are going to appeal it probably. we'll know by monday, okay, if they do. now this thing could be locked up for a number of years but a lot of people say if they do appeal it there's a good chance they get that second ruling overturned, because it really does establish a two-tier precedent for a two-tier system of disclosure. you actually want retail people, just so you know, the whole basis of sec law is that retail people have access, the average investor, not just ins fusions,s have access to disclosure. it's not to protect the institutions. matter of fact there's a lot of laws that the institutions don't need as much disclosure. institutions can buy private placements that don't need disclosure, that have a lower disclosure mandate so it's a very troubling ruling from a,

you know, you wonder how she got that case other than something known as the wheel, right? they spin the wheel. liz: you get who you get. and you don't get upset. charlie: she's the least sophisticated judge on securities things i've seen, that's my personal opinion but it's based on fact. at least on evidence. maybe not fact. liz: i was going to say. my opinion but it's based on fact. charlie, thank you very much. financial power players are coming out to make the case against future federal reserve interest rate cuts. apollo global management ceo mark rowan and blackrock ceo larry fink telling bloomberg news they do not see a reason for the fed to ease as the us economy is expanding at a 3% rate, in the second quarter. but our countdown closer sees more rate cuts ahead. he joins us now to outline by how much. here with me, s john macai.

so you're disagreeing with larry fink and mark rowan here? >> when you put it that way it's a little intimidating. those guys great careers and run great companies but our basic few is if the fed flip-flops and they cut 50 bps and they pause at the next meeting they say the data isn't that bad, the markets will have an absolute meltdown so they are on this trajectory -- liz: who cares about the markets? i do but we just got an adp number which is the precursor to friday's labor department jobs report for september, and it came in better-than-expected. i mean, if the economy is stable, then why not leave rates stable? i'm just saying what they might be thinking. >> 100%, so i think that's a lot of what's going on in the fed meetings, right? is have we done the right thing. should we continue down this path and i think the unfortunate thing is the fed doesn't have all of the answers. they are taking all of this evidence in from the regional governors and discussions amongst themselves trying to make an estimate of

how much they need to cut to ease conditions enough so that that unemployment rate which has headed up so you've got a little bit of fraying at the edges of the economy. it doesn't suddenly slip into an area where it's too difficult to say that and they have to cut rates because there's an emergency. liz: and there is a lag to all of those rate hikes. >> 100% correct. liz: perhaps we might see a more pronounced slowdown. that said, are there sectors that you believe should be holding up regardless of what the fed does. >> so we do look at fed rate cuts help companies that are more leveraged than companies that are capital light and so generalizing here but if you're big tech you have an asset light business, not a lot of debt, a lot of cash, high or low rates it doesn't matter. if you're a capital intensive business borrowing money to run your operations, low rates have a lot so we like industrials, and it's a big sector with a lot of different companies but they were left behind, unloved, not fun to talk about, an industrial company but those companies have

done really well over the last three months so you see a bit of a rotation in the markets already and we any that can continue to a soft landing assume the fed continues cutting. liz: the short-term drama happening with the markets, the volatility index had spiked above 20 yesterday. then it went, it calmed down, was up about 16% and then 10%. today, it was then back up but it has now reversed so we're all over the map here. >> october is not a great month for the markets based on history, and i'll give you one big guess as to why. the election. liz: the election of course. >> it's all about the election and look i don't care which side you're on the market hates uncertainty. >> [closing bell ringing] liz: everybody better get used to uncertainty because that is the way of life. great to have you thank you for joining us. dow up 4 out of the five sessions, if the s&p holds on to gains it'll be two out of the last three. stay tuned. larry: hello folks welcome t