tv The Claman Countdown FOX Business October 30, 2024 3:00pm-4:00pm EDT
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[laughter] the crazy thing is, charles, this took 800 hours of work and wade was involved. so he was aware. he had -- i mean, it's not like, you know, computer-general rated drawing where you can maybe make some last minute edits. this thing was carved, but with wade knew what a it was going to look like and he said, yeah, thumbs up, let's unveil this. >> not exactly the most, you know, flattering concern. charles: yeah. >> -- can likeness. >> is it because the bronze? i see a lot of them have gone wrong. not just sport folks -- >> there was one of queen elizabeth recently they had to get rid of. arles: maybe the golden era of bronze by artwork was back in the roman days. maybe we just don't have the skill set. i tell you who's got all the skills though, liz claman. over to you, liz. liz: yeah. i can't -- i did not cowell in sculpture or in college.
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charles: especially working with bronze. maybe start with clay. liz: yeah. that kind of thing. all right, thank you, charles. folks, we are running in about 50 different directions as we kick off the final hour of trade. markets are mixed, a far cry from being all in the green earlier. we do have to start with the nasdaq though. nasdaq trying for a possible second record in a row, be i it already fumbled a 722-point -- 722-point gain. -- 72 point gain. now it is down 29 points. this move is pretty interesting. i mean, even if it's just a fraction of a point to the upside at the close, any gain would mark the 29th all-time high of this year. not there at the moment. but if you were to google why the nasdaq popped into intraday records this morning? it's because of google parent alphabet's stock. that is populating any google search on why the nasdaq was at a record. the tock is heading to the -- stock is heading to the clouds after it smoked analyst third
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quarter estimates. revenue spiked 15% to $88.3 billion. the street was looking for $86.3 billion. with its cloud a.i. sales vault, you ready? 35% over the same quarter last year. the stock is up about 4%, had been up more than 5%. just paring back a little bit. look, the the alphabet news is already alleging because microsoft and meta have earnings on deck after the bell. right now microsoft clinging to about a two-thirds of a point gain -- two-thirds of a percent gain or 2 points. we've got meta just now tipping into red territory by a fraction. both are huge bellwethers with artificial intelligence components of their own that people were scrutinizing. we're looking at a cast, super micro computer is crashing to the very bottom of the s&p. it is calling -- falling3 3% at the moment after the company revealed this morning that its
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accountant, ernst & young, resigned. earnest and young pulled the rip cord while conducting a fiscal year 2024 audit saying, quote, we are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management and audit committee's and to be unwilling to be associated with the financial statements prepared by management. what happened here? well, super-myorow founder ceo and founder charles lang was booked to come on the claman countdown yesterday to trumpet the day tay center built for elon musk's x ai ambitions but just before an hour before the show, lang's team canceled the appearance citing scheduling issues. if you were watching yesterday, we showed the data center and sinterviewed the tech blogger ad we planned to ask lang, among other things about alleged
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accounting red flags raised in august by short seller hi hindenburg and smci and the resolution of the matters of those under consideration by the previously announced special committee of the board will result in any restatements of its quarterly financial results for the fiscal year ending in june 30 of 2024 or cia
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capitalist and hot and cold flurry of reads on the economy and october adp private payroll sizzled and seen as precursor seen to the labor department report and doubled 233,000 jobs created versus estimate of 114,000 and then the third quarter you said we'll see this with a warmish lightly cool outlook here. it's pretty much a done deal with a 25 basis point cut from the fed next week and we see a lot on the surface and some of these jobs numbers are very
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strong and we do see a lot that is still concerning in the labor market data and particularly liz: what happens friday with we see an equally strong labor department. >> not the best indicator for the official payroll data and we'll see a softer 90k increase in october payrolls on friday. watching unemployment rate and the unemployment rate was falling in september but i do think that can rise again back
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to 4.2% and strengthsenned in september as a bit of one off development. liz: bill, markets look like they're reflecting the hot/cold, warmish economic data that we got today because everything had been in the green and now we're seeing a bit of a moderation here. give me a sense of what you believe will happen with the markets as they absorb this kind of number that we got with adp balanced with a weaker gross domestic product number. >> well, i'd add to those two statistics the 62% wage increase that the dock workers got, which is 8.5% per year on average and 35% four year wage increase plus $7,000 signing bonus and plus augmentation of the matching of 401(k)s for the machinists that they turned down flatly.
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things are lining up and all that $12 trillion of monetized debt including inflation what i call inflation creation about does is slashing around for the economy and blevin are largest group for 65-80 year-olds and they're all out there floshing around and it's very difficult to not have a pretty strong economy and in fact, didn't jamie dimon say it's kind of a boom? liz: tech was drenched in euphoria and look at that and say, let me look for prosperous segments elsewhere and if so, what are they?
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bay 40% bare market and it was a bear market that interrupted the go go qqq love fest with the most aggressive stocks and we've sentedderred in on a relatively constant tyly -- centered in on a relatively large cap companies and caused s&p to be massively top heavy if you throw the going and will facebook type people and 47% tech and a growth stock orgy in s&p 500 and the people are supposed to own, which is the index and there's no large pool to back them up if in fact we do turn sour on those stocks
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for some reason,what do you point to as an economist? >> there's a lot of resilience and exuberance out there in markets. in terms of actual economy, i do worry that maybe more of this slowing from small and medium-sized businesses and don't have access to company financials for and it does seem to be like maybe that's been where more of the pullback and hiring has come from and these
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are going to be people that are borrowing at banks where rates are still very elevated and you're getting transmission of restricted rates for those sectors. liz: if you look at west tech and bought three months ago or bet on three months ago, you're in the red. bet six months ago that west texas would go up, crude oil would go up, you're still in the red and year over year, you're still in the red. state queens tarted on on 2020 or price commodities or price movements took them negative for
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liz: the dow was higher by 224 points earlier and feels like investors need to hear from you, your best ideas. thank you so much. >> thanks. >> thank you. >> wing stop and its $8 billion market cap getting wings clipped at this hour. find out why the restaurant chain stock going to get the wind knocked out of it and with so many chatter with what wall street wants from the next president of the united states, we're bringing in a huge name on wall street and in silicon valley. the man holding roles at oracle and morgan stanley here to make a call on whose economic plan appeals to him the most. the claman countdown is coming right back, stay duned.
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liz: reddit shares and giving investors something to talk about and the stock is rocketing higher by 42.13% and on track for a record high close. biggest one day gain ever. the surge comes after reddit beat on third quarter revenue and reported its first quarterly profit and reddit forecast fourth quarter revenue above prior estimates and the company attributing the beat to a icon tent licensing deals with google and openai. that should tell you something. strong digital advertising and going for the participate company of snap chat and third quarter revenue climbed 15% year over year beating estimates and
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going for them and digital end to that end and companies say it is invested in machine learning to improve targeting of ads and to make it easier for small and mid sized businesses to advertise on snap chat and snap announced a share repurchase program of up to half a billion dollars. even with today's gain, look at this chart and shares are still down, let's call it 25.5% year-to-date. wing stop shares are plunging 27% and the worst day since march of 2020 and third quarter profit missed estimates and the restaurant chain posted earnings per share of 88-cents but analysts were looking for 95-cents. wing stop blaming the miss on higher costs and cesars getting conquered on the session shares of the casino operator falling 8.13% after post ago surprise third quarter loss and cesars
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said it was hurt by competition and construction-related disruptions in the regional markets. steeples says however that free cash flow will rapidly improve with upside in the digital business and underlying message there is buying on the dip, maybe from steve fold, i don't know. cesar's down $3.77. how much does the shift have to do with economic pollty sr. kamala harris and venture capitalist and co-share charles phillips joining us next on the claman countdown. the dow down 20 points. we've got the russell though and left surviving in the green. left surviving in the green. more coming up when we come back.ng stays tuned. and retirement savings.
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rally after she spoke earlier in north carolina. she will also travel to the badger state this evening and vice president is looking to continue the momentum from last night's speech at the ellipse in washington dc where an estimated 70,000 people attended. she made a promise during the speech that she might be at least part of the reason for home builders are rallying today with the stocks in the day. >> enough with the executions and i'm going to cut the red tape and speed up building and goat it done. liz: will donald trump have enough punch to push harris to lead in the final days and joining me in a fox business exclusive, charles phillips, venture capitalist and former director of oracle and charles serves on multiple boards of director and you're now the
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cofounder and managing partner of investment firm recognize and miami not done, charles. you're the cochair of the black economic alliance. and former marine captain. what else have you done? you can give us a whole bunch oferer spectives all in -- of perspectives and all in one and they're different echelons of americans today. but harris has been long touting her idea during her presidential campaign. that she would give $50,000 down payments to homeowners that can prove they paid their rent on time for two years. today she said she'll work with the regulators and innovators to get rid of the red tape. is that enough for some to look at this say she is talking about both sides, not just a give away to the home purchasers.
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>> she's been talking about the housing issue for three year withs so it's now new and prices are up over 50% of the last few years and probably 7 million short across the nation. so the -- if you look at kind of homes available for sell any given point in time, about 4 million. usually 7 million. so this is an issue that affects everyone. i think there's no president has really taken it on in years so i think it's a good issue for her. the supply side create as lot of jobs and wealth and got to solve the permitting issues and zoning issue and all that stuff but has plans for that as well. liz: everybody, especially on business networks talks about what is wall street want to hear? donald trump continues to trend better on the so-called broader economy. what do you think she has, because you're a supporter, that he doesn't have that he could bring to the economic table?
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>> small business and a third of federal contracts going to small business and she's talked about that and talked about helping homeowners, eitc, earn income tax credit and get wealth in people's hands and spur the economy and spending and 23 noble prize winning economists signed the letter saying this is better for the harris plan and trump plan raise inflation, slow the economy, slow the deficit. there's no incredible economist that looks as his plan saying it's going to grow the economy. it's going to cause inflation to go back up. liz: actually, the committee for responsible government came out with some numbers and it looks like both the candidates would push huge numbers of money but, you know, huge amounts into the deficit to add to it. harris' planned spending adding $4 trillion but trump's planned spending would add $8 trillion
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ostensibly because of the planned tariff. >> 8 trillion more than any president and putting that in context, obama had that in many two terms and so, if he lowers taxes more and raises tariffs at the same time and stops immigration and going with the lower labor costs and there's no question inflation goes up and the debt will go up. liz: donald trump pounds the table saying it's her and joe biden's fault. why would you say it isn't in >> a lot of voters, it's the key issue. do you blame biden and harris, trump-appointed or covid? more are coming to the conclusion it was probably
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covid. donald trump inherited a great economy from obama, 2.4% growth. obama had to fix something and hand it had off, created more jobs than trump did and he benefited from the trend that was there for seven years already. all he had to do was let it coast and he did and covid hit. it wasn't his fault and wasn't biden is harris fault either and start of inflation when the labor shortages and oil prices going up because of ukraine war, grain prices, everything happening at once. no president could have stop that had so i think more people are concluding that and that's a black swan seventh look forward to see who can help us with their plan going forward. liz: talk about black americans and specifically black men. dvd is attracting more black men. tell me exactly what you see here harris is gaining ground with young black men, gen z popularity and ages 23-29 and
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rose to 62% and black men 18-22 jumped to 52.7%. what is it about a resent messaging and >> recorded an in person session on tuesday night i think it was. >> this is the first time someone asked them for a vote and that's the first thing. it's all economic related and i want to buy a house and lower healthcare costs and i want child care costs and all the things she's been talking about. those are things they poll on. liz: everybody wants everything. we have as you know, massive
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debt, massive deficit and we've talked about and and tax cuts. >> she has a plan to try and fund these spending. p liz: what if she were to win and says, charles, i would like you to be in my cabinet. what would you say? >> i'm committed to recognize and thank you for asking. liz: venture capital is your
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thing and ran oracle and amazing and going to work on wall street. thank you so much. liz: iran essentially making it and live from the pentagon, jennifer griffin, the reporter that broke that story and what is the war plans look like now with the complaints about. and the general partner of famed silicon valley and catherine boyle coming up next for the investment in american dinism and companies focusing on defense to space and beyond. stay tuned, we're coming right back.
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based group hezbollah. the leader of hezbollah said it would agree to a ceasefire under certain conditions. israel has yet to agree to the terms. white house officials will be in israel on thursday as they try to seal an agreement to end the regional conflict in the middle east. and get the hostages in gaza released. this comes as fox news exclusively learned from a senior u.s. official that israeli war planes destroyed iran's missile defense systems during the retaliatory strike over the weekend. go to jennifer griffin live from the pentagon and you broke the story. what are the implications of what israel was able to do and maybe iran's retaliation plans?
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>> iran only had four s300 muzzle missile systems at start of this year and in april, israel took out one in response to iran's first ballistic missile attack on israel and seems f35 fire jets destroyed the other three and senior israeli official confirm the majority of the air defense was taken out ask israeli official added president biden's adviser from the middle east described it on internal call that iran is essentially naked right now with no air defenses and multiple
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official sources in the region agreed with this characterization and israeli war planes took out multiple air raids and the ballistoing missile sites to fire at -- ballistic sites in april and october 1 and during that last barrage, iran fired 118 ballistic missiles at israel and one senior official told fox eliminating the missile sites is not enough and removing the radar systems impacts iran's ability to fire more ballistic missiles in the near future. liz, a quick update on the north korean troops in russia preparing to help them fight against the ukrainian soldiers there, we had a press conference with defense sec tourist lloyd austin and the counter part and austin confirm that had 10,000 north korean troops entered eastern russia and some have now appeared in russian uniforms and kirsch, the russian territory seized in august and secretary austin said ukraine can use u.s.
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provided weapons against north korean soldiers, minister kim said there's a high possibility north korea asked russia for technology transfers related to tact criminal nuclear weapons and icbms that could destabilize the pacific region. here's austin. >> there's a good likelihood the troops will be introduced in the combat and not certain, but i think the likelihood is pretty high. this is not a sign of strength. it's a sign of weakness. >> south korea confirmed it's sending military advisers to ukraine to observe the north korean troops. liz. liz: okay, forgive me. my jaw is dropping right now, jennifer. this feels like -- this feels like if thousands of north korean troops that may draw the u.s. military in because of the fact the u.s. is allowed to use
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weaponry on north korean soldiers no matter where they're fighting. jew crane russia conflict and 10,000 north korean troops and what's really worth it is the quid pro quo and why would north korea send the troops? one, we're told by the south korean minister they need practice and basically north korean troops haven't fought a war in 70 years but more importantly they may be getting technological transfers and icbm technology as well as nuclear technology from russia and that really threatens to destabilize korean peninsula.
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liz: the geopolitical in the middle east and eastern europe bubbling up and one of the top venture capital firms in the country is focusing on investing in comp companies that support building the national interest. and recent horowitz created a fund in 2022 called american die know practice and saw the fourth coming crisis in technological advancement and the fund is $600 million for sectors in defense to energy manufacturing and mining and education. andresen horowitz and dynamo. catherine, we heard this war theater could even expand >> there's so many founders that want to support the national
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interest and support the american dynamism as the national interest and interest of the allies and it's a broad category of innovation and everything from aerospace, defense, national security and things like housing, transportation, energy. the sectors of innovation that touched all americans. and i will say to your point, what -- were the founders really realizing where the world was headed and two things that spurred the movement. one was of course covid where we, i'd say ten years of innovation were focused on digital infrastructure and innovation and covid made us realize the physical world is incredibly important and everything from the supply chain infrastructure and have to focus on the sectors and russia's invasion of ukraine changed the way that silicon valley views defense technology and in 2017, there was a walkout inside of google because many of the engineers and didn't made with the dod. liz: we covered that. >> today that's not the case. most of the best and brightest
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engineers inside of silicon valley are excited to work with companies like spacex and companies that are thinking through the next generation of the war fighter and it's a critical time to be doing so. liz: appears so and spacex not publicly traded yet and you are able to buy shares on private markets and you have an investment in spacex and you referenced andrel and they make -- anduril and they make attack drones and defense weapon drones and what they do that caught your attention to say this deserves our investment money. >> absolutely. i think anduril understood where the future of warfare was headed and in the recent report, that's been a movement away from the large expensive, exquisite systems that can take decades to build. to achieve incredible systems and swarming technology and autonomous systems that focus on domain and merri bowl time and air or ground and they're
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autonomous and the future of warfare is not large tanks, large battleships. this is not where innovation is headed and it's not where the theaters are headed and it is to achieve systems and it's a war of mass and it's a war of needing lots and lots of drone technology in order to fight in the trenches so i think there's a recognition that not only ukraine but also future conflicts are moving towards this where attributable systems and going to come up on production and going for large scale systems and they can be produced very, very quickly and then put on the battlefield very quickly as well. liz: taiwan bought about a thousand of these anduril attack drones. quick next on catelion, if i'm mentioning appropriately, how do you go about looking for these
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companies? >> it's a great question and castelion is a company and customer of ours and came out of spacex and it's important and spacex and palantir and anduril pioneered and people that work at spacex went to school of elon musk and they learned how to move extremely fast and delivering products to their customer and many cases is the department of defense and castelion is a perfect example and looking for them and use case of dod and that's so essential to the next conflict and it's not another great example for them with a couple years ago and you'd have never been going for this and hypersonic and if you were an engineer and thought with the people that are focused on the
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innovation and there's a c change and what's happening on the ground in sill von valley and across the -- silicon valley and across the u.s. and working with the department of defense and things that are most critical for this in the case of ukraine and taiwan and the things of the dod focused on today. liz: good on you for forging ahead with funding a lot of companies and it's fascinating and we'd love to have you back as they continue to develop what they're making. thank you so much, katherine. >> thank you, liz. liz: the fund is called american dynamism fund with andreesse horowitz. we'll be back many a minute. alerts that help check. one bank that puts you in control. chase. make more of what's yours.
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liz: a major move by the department of energy could put lithium investors in the money. the department of energy finalizing a $2.26 billion loan to lithium americas to help them build a lithium mine in nevada which is located in the northern part of the state roughly 30 miles from the oregon border. the stock sliding today, but this month alone, lithium america's has shot up more than 52%. this new mine will produce the minerals essential for not just ev battery production but it'll be a major supplier to
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general motors, part of president biden's larger push to make america less dependent on lithium coming from china. while a new mine in nevada could reenergize the silver state there could be another lithium gold mine of sorts near salt and sea, california which is where we sent fox business max gordon. what's going on at salt & sea? reporter: hey, liz, the discovery of this lithium resource is relatively recent and now companies are looking to cash in and we are talking about a lot of lithium underground. about a mile down there, according to the us department of energy, there is enough lithium here for 375 million ev batteries. now to put things in perspective there is only about 3.5 million ev's actually on the road. so how do we get it out of the ground? if you look out to the distance there, you can see some plumes of steam coming up off the horizon. that is geothermal energy production, and the lithium is in the geothermal brine. several projects are planned to
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extract the metal from brine and to produce geothermal energy in the process, one of them is being spearheaded by the company called controlled thermal resources or ctr. the facility has investments from both gm and stallantis and promises to use green geothermal energy to power its processing facility eliminating the need to send the lithium overseas. ctr ceo lichens this era to the gold rush in days of the oil boom. >> this never happened before, i would say, think about maybe the early days of big oil, right? this is a very similar sort of process, clean and green. reporter: though there are concerns about how clean and green this process will be. and a lawsuit has been filed by a community and environmental group. the lawsuit claims the county hasn't analyzed how hazardous waste will be processed and water use will cause the salt and sea to drive up faster revealing dusty lake bed in
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an area with area with high rates of asthma. >> it will set the precedent for how these projects move forward whether they follow high environmental safeguards and respect for communities. reporter: now these groups aren't necessarily against these lithium extraction projects. of course this is going to be a great boom for this community. they merely want the courts to enforce stricter environmental regulations. liz? liz: oh, max gordon, really interesting and what an interesting picture you have behind you. thank you so much for bringing us that story and of course, the driver is very much getting the us off china's lithium, because we need to become more independent. well, there's been a lot going on with all chinese stocks after a flurry of government stimulus from beijing in late september since then it's a lot quieter on the far eastern front. our countdown closer says the country is feeling the effects of those moves and his emerging market pick is stated here and it is still in china. joining me now nfj investment
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group john mowry managing 6 billion in assets. john, you're still, we lost him. okay. well, he's been on the show before and as we try and reestablish john, he has liked chinese stocks before they began to pop. we're looking at his picks if we can pull those up. his favorite is jd. jd is massive , and right now, it's down just about 2.6% but had an incredible run-up since the chinese government announced stimulus back in september. and then he also is very very bullish on let's see , 10 cents which, you know, you talk to some analysts here in the united states, and they are too, because it checks a million boxes. it is a massive entertainment behemoth with video games and all kinds of music and it's just got a very big footprint. okay, so i think we've got him back. john? you like 10-cent and jd, we've
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got about 40 seconds, about waiting on the next stimulus tranche. >> yeah, good to see you, liz. so, what i would say is that we actually think that the rally in china started two years ago on halloween. in fact the chinese index is trailing the s&p 500 by just 3 percentage points over the last two years. it's beating the s&p 500 today. i think that if you want exposure to some of the large tech names in china they are growing earnings at some of the lowest multiples that over a decade, 10-cent and jd offer compelling opportunities so we are bullish here, liz as i've been, and i think with the chinese government stepping in providing stimulus it's a real positive. >> [closing bell ringing] liz: john we'll have you back. thank you very much here come the bells. what had been all green on the screen is mostly red but we could do it all tomorrow. microsoft and meta on tap for earnings. larry: hello, folks welcome to kudlow i'm larry kudlow. donald trump is closin
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