control. charles: the wealth effect we know is critical to all of this. i think it's holding this economy together. what happens if home prices start to come down and the stock market having a rocky week, what if there's a market correction? inevitably, there will be are. >> inevitably with a 32 if runup to this current election, there will at some point be a correction, and then that 26% of americans you mentioned who are supporting spending and feel like the u.s. economy is expanding, they'll stop spending as well, charles. charles: yeah. it's a wild one. danielle, thank you very much. i hope you're around in the next week or so, we're going to call you a couple times. >> i'll be there for fed day. charles: see you 9/11. -- then. in the meantime, this could be the first month in seven that we're down. we were down last week for the first time in six. although liz sometimes can turn things around. liz, i don't know about today though. liz: not on halloween and not with these numbers on the screen. charles: it's scary.

liz: that not happening. [laughter] fox market alert, the bulls are getting spooked this halloween. stocks are markedly lower across the board. take a look at the dow jones industrials. we do have it down 20 the 6 points. should point out that the low was a loss of 436 points, so as ugly as it looks now, it was much less pretty. [laughter] i mean, i'm telling you, same with the s&p 500 which is actually just about 10 points off its session low, it's down 88 at the moment. down 98 was the worst point. nasdaq, very, very ugh ugly picture, down 467 points or 2.5% to the downside, session low a loss of 50 a 4 points. russell 2000 is missing about 21 of the points that it left yesterday with. what is driving these losses? well, it's the m&ms that are in most investors' basket. i'm talking microsoft and meta. both reported double beats which these two big tech names are more trick or treat though. here's the thing, it's a trick versus a treat.

microsoft down 5.33%, meta is really also tanking here. we've got microsoft at the very bottom of the dow jones industrials. both its commercial and intelligence cloud businesses beat the street. microsoft forecast slower than9 expected cloud growth for its fiscal second quarter. so you see it right there and amazon's not looking pretty either. meta's a different story. metais down about 4.5% here, posting a stunning $if -- 3.29 billion active users, but that slightly missed expectations. and meta if warned it investment in a.i. already at an eye-watering $9 92 billion will hit even higher next year. reportedly developing its own a.i. search engine so it doesn't have to depend if on google and bing, but that costs a huge amount of green. all right, from the m&ms to the a-tale. apple and amazon, they haven't even reported earnings yet. their earnings are on deck after

the bell, but right now both stocks are heading south. apple lower by 1.25%, and amazon is losing 3.5%. with without 58 minutes left to trade, these large cap losses together mean that the dow, the s&p, they are now on track to snap a 5-month if winning streak, and the nasdaq is set to break a 2-month if win streak. what's usually one of the most crucial economic data points is taking kind of a backseat at this hour. september, personal consumption expenditure, this is the inflation data. mostly in line with expectations. headline inflation growth slowed to 322.1%. folks -- 2.1%, the lowest rate in three and a half years. now, core pce, the fed's favorite inflation gauge because it excludes often volatile the food and energy prices, rose 2.if 7. that is slightly hotter, one-tenth of a percent warmer, than expected. driven by an increase in services pricing. but tomorrow the october jobs

report takes center stage. economists expect the economy will have added 113,000 non-farm payrolls in october. that compared to 254,000 in september. economists anticipate the unemployment rate will hold steady at 4.1. now, manufacturing payrolls are what's expected to be in full focus here. they're looking to drop about 28,000 compared to a deline of 7,000 in september. decline. all of this ahead of the fed's rate decision one week from today. so let's get right to the floor show to game it all. joining me now, sewer active brokers' chief strategist steve sosnick and and peter huckman. steve, what would normally get enormous scrutiny, the pce, that inflation number that the fed if really loves, is getting eclipsed by meta, microsoft and apple and amazon as well. they haven't even reported yet. what is the market mindset right now? >> great to see you, liz. the thing about the pce was it was close enough to this in line

that the market can put it behind it, and that's kind of what happens. the the market reacts to stuff that's outside of its discounted mentality de. and that was really the pce wasn't enough to do. that's whereas meta and microsoft and to a certain extent amd and google prior, they basically have gotten people to refocus on the idea that maybe we need at a some point to make money from a.i., and i do think you're seeing this mindset. investors were burned by meta a couple of to years ago when they invested in the metaverse and it didn't lead anywhere, and now mark zuckerberg is telling us us after a great run in the stock, we're going to just keep plowing money into a.i., we don't know if it's making money for us yet. at some point if we're doing this across the economy in a.i., it's got to pay off -- liz: people want to to see roi, return on investment. peter, this is what's interesting to me, i mean, as we're watching stocks tank, just this month alone concern because we're on this last day -- the

10-year treasury yield has jumped 55 basis points. so even though inflation is coming down, we're still seeing rates go up. what does that auger for the federal reserve next week and for stocks between now and then? >> so, you know, the last time you and i spoke i used the term catastrophe which really kind o- liz: yeah. >> it goes to what you've been talking about for the last five minutes. let's think about. this yes,, we're going to close out this month down if nothing changes in the next 58 mint minutes. however, up until the day before yesterday, we were trading at record highs across all indices, and the majority of the americans -- earnings coming in from this quarter were soup, super positive. we saw stocks blow out earnings in so many different ways. in this market is not very forgiving. the way they take stocks up is the way they take them down. when they don't like something or it misses expectations, they absolutely are not forgiving in any respect.

that's why you're seeing meta and you're seeing microsoft get hit badly today to. but net-net, over time it's not been a bad month. october seasonally is a weaker month. people have that memory of the crash of 1987, and october tends to be one of those months where people are fearful. september is also that kind of a month, yet this year we had a really spectacular sepp. so i'm not -- september. one day does not make the market, ask and i'm not going to let what when's happening here today because we've seen, there's only been a handful of days or weeks this year in 2024 where we've seen any kind of a pullback like this one here today. all it is, is a pullback. it's not a crash, it's the not a crisis. it's nothing more than a one-day event. now, is it going to carry over? we don't know yet. we're going to to see that. tomorrow, beginning of october -- beginning of november, fresh money's going to come into the market. i think the runway is clear for a bit of a santa claus rally. i think if the numbers like pce

and some of the other economic day the that that you're talking about before i gotten on stay this way, then the fed is going the an excuse to cut rates at least once into the end of the year if not twice. we're going to see that happen. it's going to be, i think, one of the first times you have a fed meeting right after an election. it should be quite a day. liz: the one thing i might take a little bit of issue with, with what peter just said, was that earnings have been spectacular. some companies have been. google was just wonderful, and if it had an incredible pop-up there. but i believe that the s&p earnings this time around the are pretty much beat at the lowest rate, beating estimates at the lowest rate in two years. does that indicate to you, steve, that there might be something bigger than a 5 correction? -- 5%? >> it's possible. the thing here is i think we've started to look beyond the eps numbers. when you think about it, markets are looking forward all the time. eps numbers are looking at the

present and the immediate past. that's very important. but when we have a market that's pricing in call it 15% earnings growth for next year, it's all about the guidance. and these companies that have been getting hit have been doing fine in most cases. microsoft and meta both beat earnings handily, but the markets are looking through that now for the guidance. if 75-80% of the companies beat their posted eps numbers in any given quarter, well, then that's no longer a sufficient condition for a rally. it's a necessary condition, no longer sufficient. liz: where are you seeing real action, peter, on the floor? i'm thinking maybe oil stock, energy names? if axios says that iran is contemplating and preparing for a major retaliation against israel. this is this continuous eye for an eye, tit for tat situation between those two countries and that they would do it going through or over iraq in some way, shape or form. oil popped up about 2.5% in the

after-market session, and it's now up 2.8% although it selled up just under 1%. give me your sense of what you see in the energy names. >> okay, let's look at october per se. we've seen absolute crazy volatility in the oil markets because of what's happening in the middle east. but you cannot make a judgment one day to the next because one day it was the up 4%, the next day it was down 6% based on the news telling the story of what's going on between the he's reel -- israel and iran. we don't even know. one day we're talking ceasefire, one day they're attacking but they're not going to hit the oil and nuclear sites, so we don't know what's going on. i don't think it's possible to -- if you were to look at a graph of october and the oil market, it really looks like a heart attack on an ekg, because literally from one day to the next we're seeing more than 5% swings in the oil market based on the news coming out of the middle east. and there's no way to predict that. so, you know, i can't even make a prediction of what's going to

happen. depending on that one day to the next, the oil market's going to react depending on what happens between iran and israel. finish. liz: yeah. i i know, it's very difficult. steve, where do you find real value right now? >> right now i think boring is better, i think. you know, i'm kind of still a big believer in some of the value stocks have been bid up quite a bit, but many of them are trading at pretty reasonable valuations. you're getting a decent dividend which i think is important if we're in a volatile period which i do think, you know, the election and its aftermath brought us to have a little more volatility than we've been used to. that's with where i see value still. liz: steve, peever, yeah, looks like an ekg -- [laughter] right now the patient ain't feeling so well at least with the broader markets. thank you very much. peloton cycling to a 52-week high. why the fitness company's spinning to the top of today's leaderboard. and later, the company with the world's biggest market cap is about to release its quarterly

report card. so we're putting apple on the desk of the keen of valuations, nyu stern school of business finance professor, he's going to tell us how he thinks the tech titan scores and whether it's just right or a little too rich for your portfolio right now. "the claman countdown" is coming right back. nasdaq losing 451 points. ♪ ♪ against erosion and cavities is strong enamel. nothing beats it. i recommend pronamel active shield because it actively shields the enamel to defend against erosion and cavities. i think that this product is a gamechanger for my patients. try pronamel mouthwash. meet the traveling trio. each helping to protect their money with chase.

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liz: fox business alert, we need to bring in some makeup to slap on estee lauder's stock, the company is cratering to a 10-year low after slashing its dividend by nearly half and pulling its financial targets for the current fiscal year. estee lauder also warning that it expects steep sales declines

in its key china market and, after a succession-style battle for the c suite, lauder herr race jane lauder who's worked there for -- heiress, did not get the the nod to lead the company, so she will leave her executive role. the company instead announced its new ceo who joined the company 113 years ago from l'oreal will take over starting january 1st. we got a totally different investor response to news of a new ceo at pell. on the. the stock powering to a 1-year high after of the subscription-based fitness company named peter stern as ceo and president. he was the president of ford's digital services business and helped run subscription services at apple. peloton also posted a narrower than expected loss, so the stock is jumping by 25%. now, quarter to date the stock has soared 75%, but you see on this long-term chart it's still off 94% since its early 2021 record high of $171 per share.

from bikes to cars, uber's stock drop is the largest 11-day percentage fall in more than the 22 years. bookings growth, which is key, a key membership slowed to a more than 1-year low and fell short of forecasts. the stock down so president concern 10%. and used car retailer carvana is accelerating to the near 3-year high. beating earnings estimates and raising guidance, shares up roughly 300% this year as the company restructured operations and cut costs following wall street concerns back in 20229 that the company would possibly have to declare bankruptcy. that deny happen, and the stock is soaring today, up another 221.5%. 21.5. there is an alarming13-page treatise hitting the desks of defense companies and the pentagon at this hour that warns the u.s. military lags far behind our enemies' war

machines. coming up in a fox business exclusive, the author of that paper, palantir's chief technology officer, is here live to reveal his battle plan on what must be done now to regain america's defense superiority. you can't afford to miss this interview. we're coming right back. ♪

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liz: we need to get back to what we broke in with at the temperature of the show. oil futures are now adding additional gains right now in

the after market on reports that iran is preparing a retalia a story attack on israel -- retaliatory attack from iraq's air space in the coming days. this is all we know, according to axios. israeli intelligence is suggesting iran is planning the attack with a large number of drones and ballistic missiles. right now oil is more comfortably above $70 a barrel at 70.66, it's up now 3%. this as israel is reportedly nearing a potential ceasefire agreement with lebanon-based terror group hezbollah. according to the jerusalem post, israeli and u.s. officials are working to seal a deal to end the fighting in northern israel and southern lebanon. meanwhile, amid those peace talks in qatar, hamas has reportedly jekylled any hostage deal that will not end the war in gaza. meanwhile, for the first time in over a year, this is worrisome, north korea test fired a long range ballistic missile today toward the sea of japan. according to japanese if officials, that missile flew for 87 minutes, the longest attempt

yet. and one that puts the mainland u.s. in range for a potential attack. u.s. officials believe the test was a show of force, sort of, if you will, a. response to outrage across the globe triggered after 10,000 north korean if troops headed to rush, that to join its war on disturb -- russia to join its war on ukraine. as russia's attack ramps up with the addition of north korea, one technology company has issued a blunt and fearful warning; a.i. software giant palantir today released a blueprint for american industrial base called the defense reformation. the company's chief technology officer warns, quote, in world war ii the america was the best at mass production. today that distinction belongs to our adversary. america's national security requires a robust industrial base, or it will lose the next war and plunge the world into darkness u.n.ed authoritarian

regimes -- under authoritarian regimes. joining me now is palin tear's cto. sh marx -- sh ark a america, you said adversary, singular. who is that? >> we often talk about our near-peer adversaries, i think that's a bit of a you mitt romney. china has been -- euphemism. they've been systematically investing to rule the world as a hegemon. liz: okay, so how far behind is the u.s. when it comes to the industrial military complex? >> i think we're pretty far behind. we spent 10 years of production of munitions in 10 weeks when we look at ukraine. you, if you want deterrence, which we've clearly lost. everything you just showed us is that our around adversaries are not afraid of us, you need years' worth of weapons on hand, and you need the ability to produce them. we thought the stockpile was going to scare people.

no, it's the ability to produce the stockpile. if it takes you eight years to produce a patriot, that's not scaring anyone. if you're not fielding any more capability, you need to produce things quickly, cheaply and at scale. liz: what scared me the most in this defense reformation missive that you put out, that treatise -- and it's on the web, people can see it, and it came out today. we appreciate you coming here exclusively to talk about. but if we were attacked, worst case scenario, or we entered the hot war, how much inventory do we have before we'd need to start ramping up production again? >> public estimates and war games say we have 1-3 week of munitions on hand for a china fight -- liz: that's it? >> yeah. liz: 1-3 weeks. ands what is at the heart of that? >> i think the heart of it actually goes back, you know, this problem did not happen overnight. we created it over the last 30 years of having won the cold war. when the berlin wall was still

up, we only 6% of our major weapons system spending on specialists. most of it went to the american defensive best. ford made satellites until 1990. general mills, the cereal company, made artillery. we had a very different economy. of and we've put our defense providers on the gal lap goes islands, and they critics quit sing things. -- exquisite things, but they can't operate to at the scale we need. we experienced this with world war ii when the army brought its gun production to pontiac, they took production time from 3 and a half hours to 15 minutes. how do we leverage the know how of the american industrial base to produce things cheaply and at scale in a way that we can afford it and provides deterrence. nobody wants to go to war. war is not our path to prosperity. how are we going to deter conflict. liz: this sounds like a manufacturing problem. >> it's. liz: how quickly could we ramp

that up again, and what would it take? >> we're no longer the best at fast production, as we just talked about. we need to give american workers superpowers. we're doing this with the tesla gigafactory, helping american workers build high-end electric batteries. need to bring automation and a.i. to bear here, but there's no way around a bed -- bending atoms. we're going to win with a software slingshot, but we need to recognize that we need to to make things again because innovation is the consequence of productivity. liz: we have spent vast sums on defense year after year, decade after decade. is this a monoissue, or is it how to utilize the money to make sure we can churn these pieces of weaponry out more quickly and stateside e? >> it's not a money issue. we spent many trillions of dollars since the end of a the cold war. it's how and what we believe n. you either believe in the free market or you don't. i say to everyone, including the russians and the chinese, have

given up on commune communism except for cuba and the dod. liz: that's a big statement. you're calling the d the od sort of communist. why? because of government red tape -- >> central planning. when i tell that to central dod leaders, there's a hearty chuckle. they recognize the system that they're caught within. the idea that we can have 5-year plans, that it takes us 22 years to find new -- 2 years to find money to invest in new program, we need to move with agility. innovation is chaotic. there is no process for it. and over 30 years of being the world's superpower, we've come up with systems that try to reduce the pain and the chaoticness, but that's also a reduced our capability. liz: there was also a breaking news today that, i think, reflects what you're talking about. hunting and engels which for 85 years has helped the u.s. navy manufacture everything from amphibious navy ships to destroyers to submarines, their stock is tanking. i think it's set for its worst

day on record because it cut its revenue forecast due to, quote, uncertainty in the navy contracts. you've got this red tape and all a kinds of sort of non-competition, as you call it. what is the biggest problem here? >> the biggest problem starts with stopping, we have to stop praying at the altar of process, right? this innovation is messy, it's chaotic. when admiral rick old bear was building the navy, he was on that project for 30 years. we think about the founders. we understand in america, we call them the founding fathers for a reason. elon has out put 300 rockets into orbit if for less than $10 billion, we built 1600 feet of elevated rail in california for $11 billion -- liz: am i hearing you say we need entrepreneurs and the smaller sector players coming up with gutsy, innovative ideas? >> absolutely. and they're back. they are back in massive number. we've spent over $130 billion investing in these companies.

i think you had cath remember boyle on recently -- liz: let's listen to what she said just yesterday because she said things have changed since 2017 when a lot of employees in the valley said we don't want to work for companies that do business with the military. let's hear how she put it. >> in the last few years, there has been a sea change in what is happening on the ground in silicon valley and across the u.s. the best and brightest engineers are focused with work -- on working with the department of defense on the things that are most critical for them in terms of ukraine, taiwan and all the of the theaters that the dod is focused on today. liz: just year ago palantir was a much smaller company, and now today it's about $88 billion in mark cap. are you guys hiring? >> oh, absolutely. 50% of what we do is commercial. we help people build cars, planes, trains, automobiles, underwrite insurance. 50% of what we do is government. liz: what about defense? >> yeah. you want to come to the first island chain, go to europe, the

middle east, d.c.? unlimited demand. liz: it's great to see you. thank you very much for writing this paper. it's uncomfortable to read, but it is very fair but very, very stark. and let's hope the government listens. >> let's hope. liz: all right. does the keystone the state hold the key to presidential glory? we are about to take you live to pennsylvania as donald trump and kamala harris crisscross the country on their march toward the 2024 election battle. and what about that battle over bragging rights for the biggest company in the world? well, apple right now is the lead ahead of its fiscal fourth quarter earnings report, but with nvidia and microsoft nipping at its heels, we will turn to nyu's dean of valuations about which stock truly lives up to it valuation hype. we are coming right back. nasdaq is still kind of the worst performer here. we've got it down about 2.25% if or 459 points. ♪ ♪

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visit indeed.com/hire ♪ liz: justs five days remain til election day, and both presidential candidates are on whistle stop tours out west. kamala harris spoke to the press before leaving wisconsin this morning. she hit former president donald trump over his stance on health care. she is now on her way to phoenix where she will hold a rally in the next hour before visiting nevada if later tonight. and donald trump is holding a rally in albuquerque, new mexico, at this moment. that's what you're looking at live. he is set to make additional stops in nevada and arizona as well. the race remains a dead heat nationally, but the latest fox news power rankings show trump edging i ahead in in and then nevada of is among the six states remaining in the toss-up category: none, though, is bigger than pennsylvania and its 19 electoral votes. we go now live to fox news'

bryan llenas in philadelphia for a look at the latest fox news polls in the keystone state. bryan. >> reporter: liz, good afternoon. well, look, both campaigns have spent the most time and the most money here in battleground pennsylvania. they view it as a must-win. and the latest fox news polls show it's about as close as it can get. both harris and trump are virtually tied among likely voters and among registered voters throughout the commonwealth. the poll shows trump, though, is doing 5 points better than harris with independent voters. the poll also shows that harris has gained ground on the top issue for pennsylvania voters, the economy. trump has a 4-point advantage on the economy. that is way down though compared to the 12- point advantage he had on the economy over president biden back in april. the harris campaign has been focused onion-maga republicans, the liz cheneys of the world. this latest fox poll shows hearst is pulling in 35% of

republicans who don't consider themselves to be maga. many of the ads on the ground here in pennsylvania from harris call trump a fascist and focus on him being a threat to democracy. the campaign hoping this fear equates to greater turnout in the suburbs. >> i think we're all scared. we know what a disaster donald trump would be if he gets elected. if i wouldn't feel this way if haley got elected or another competent republican got elected. i think we need to put country over party. >> reporter: now, the latest fox poll also shows a os toss-up pennsylvania senate race, republican candidate dave mccormick now within 2 points of democratic senator bob casey who had a 9-point lead back in september. meanwhile time -- meantime, the legal election battles are well underway after republicans sued a judge, extended in-person, on-demand polling until the end

of the day friday in bucks county after folks complained they were being turned away on tuesday. and one more thing, liz, democrats have sued in the bellwether, important swing county of erie. they say 20,000 voters have yet to receive their mail-in ballots. liz? liz: bryan llenas live right now in philadelphia, and we can see at the moment kamala harris has just landed in phoenix, arizona. and we will continue to follow both candidates very closely with so few days left before the big day. of course, fox business will have complete coverage of election night 2024 on tuesday. sean duffy and dagen mcdowell along with charles payne will be your hosts. i will be the there as well. it all begins, 5 p.m. eastern. let's get back to a apple because this is the apple of investors' eye at this hour. apple reports earnings after the bell. we're 18 minutes before the closing bell. the iphone maker is set to

report fiscal fourth quarter results. estimates are for earnings per share of $1.6on 94.58 billion in revenue. quarterly earnings are expected to rise 9.7% year-over-year. apple right now is currently the most valuable company in the world, second, nvidia. third, microsoft. but apple right now stands above all $3.45 trillion. wed bush's dan ives, he's a big analyst, says that the company is projected to be the first -- projected to become the fest $4 trillion company. should you be investing on things like a $4 trillion valuation? joining me now, nyu stern school of business finance professor and the dean of valuation, oswath. great to have you. thank you so much for being here. what are you going to be looking for in this report? i know you are less intently focused on quarterly earnings

than you are the underlying bids. business it's not that the quarterly earnings don't matter, it's the per-share earnings that people get so focused on that they miss the big picture. there's so much other information in an earnings report that effectively could change the value a lot more than per-share number. so with apple the real big question has always been they've now become a smartphone company. much as the services business is an add-on business, incredibly profitable, it lives off the e phone business. so with apple it's always upgrade the upgrade. you're holding your breath saying, please, don't let this upgrade be the one where the company falters. so i think that is its biggest weakness. but that iphone franchise is perhaps the most valuable franchise ever created. ever created by any company. and the it's the gift that keeps on giving. it's a cash machine that's allowed apple to return more than half a trillion dollars in the last sector seven years in buybacks -- six or seven years

in buybacks. liz: do you thinking the hit $4 trillion next year? >> on a percentage basis, that's about 17 or 18%. it sounds outhand arish. can apple go up 18%? first, it fend on how the market does over the next year -- it depends. if the market does what it the did this year -- if the market falters, i think apple will falter with i. i think at this stage can they sustain sustain to keep growing at 16, 17, 18%? i don't think so. i think they are not a slow growth company, not a double-digit growth company either. the smartphone market has leveled off. you're not going to be able to get the double-digit growth you are you were able to get 7, 8 years ago. and i think apple, it's going to be a struggle quarter to quarter to see if they can deliver the double-digit growth. liz: yeah, it can be a struggle. and at this point we saw with microsoft and meta, investors or are, you know, show me mood if at this point. they really want to see return on investment for all this money

everybody's throwing at the a.i. developments and, of course, apple has in drips and drabs just now released at least some of the software updates for the iphone 16. i want to clarify something. you said apple is a smartphone company or the smartphone company? i thought i heard you say a smartphone company despite the fact that they'd love to say they're so much more than that in services. can you just clarifiesome. >> 75 of their value comes from the iphone -- 75%. everything else is a side product of services. i've been an apple user since 1981. i know that the attention they pay to the to the macbook pro, which i own, is going to be a fraction of what they do to the iphone. the iphone, for better or worse, has ended up becoming the dominant product at the company. everything else they do flows from the iphone. liz: meta's stock, can i just dovetail to that? meta is downed. they beat, they had a double beat but, again, they spent more than $9 billion in the quarter

on a.i. efforts and buildout. they said they're going to spend more. what sort of warning flare would you send up for potential investors in any of these stocks that are in this hot race? >> i think we're getting a little ahead of the game on a.i. products and services. let's face it, there's only one company that has really made money off a.i. right now, tangible money, and that's nvidia. because they sell the architecture to build the the a.i. systems. everybody's buying those chips. everybody else is promise and potential. everybody is struggling to come up. with products and services that can actually be monetized. i mean, every product device especially with software is an a.i. box. i almost never use it because it doesn't do much for me. that doesn't mean it will not get there and there will be a time when you can. monetize it. but right now it's still a big unknown, so i think with both -- and the same thing can be said for microsoft as well. the promise of a.i. is far outstripped what it can actually

deliver at the moment. so i think investors are going to pause for a while and ask will these products and services actually deliver the money that these companies claim that they can. liz: that's a big statement. the promise of a.i. is more right now than what the products can deliver although millions and millions of people are using them and and saving money, saving time -- >> delivering money opinion. it has been monetized. we all use a.i., but how many of you are paying for the a.i. you're losing? it's thrown in as a freebie right now. so that's, you know,, my wife uses chatgpt in her teaching, but she doesn't have to pay for it. the monetization is going to be the test. liz: great point. really quick before we go, we know what has floated this market to record highs, more than 40 for the s&p and the dow in this year alone, do you think the market is fairly valued, or are we just seeing inflated valuations overall that alp some point may come home to roost? >> i mean, let's put it this

way, it's richly priced. it's priced for the best be of all scenarios. inflation will come down, the economy will continue to strengthen and there that will be no great foreign crises getting in the way. and we know given our experience when we feel more secure about the future, something happens that puts us off balance. so i think at the moment if you pay, you know, current market prices, you should get down on your knees and hope that that's -- that surprise doesn't hit in the near future. liz: uh, yeah. [laughter] thank you very much, professor. great to have you. >> thank you. liz: all right. one of the most frightening months on the market calendar or is just minutes from being over, but today's countdown closer has some stocks that could give you what they say is scary returns. and we're headed to monsterville where the trick or treat bill is horrifying halloween revelers. we're going to have a live report on the cost of fright. this is "the claman countdown."

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it's odd how in an instant things can transform. slipping out of balance into freefall. (the stock market is now down 23%). this is happening people. where there are so few certainties... (laughing) look around you. you deserve to know. as we navigate a future unknown. i'm glad i found stability amidst it all. gold. standing the test of time.

liz: thank you, graphics department. i like that. that was cool. halloween shoppers seeing scary

candy prices. cocoa futures surged 86% year-to-date and rich cost of chocolate due in large part of shuangage over the cocoa beans and candy stocks moving mostly lower and lindt, mondolese down and hershey slightly higher. jeff flock live from the new jersey neighborhood known as monsterville. spooky spending numbers here, jeff. reporter: not a ghost yet, liz. but give me a few years and i might be in a crypt. it's a spider dog. it just bit me. that's great. hey, you little devil.

nay changed their name from merchantville to monsterville. you've been buying candy all summer to spread out the money. >> yes, sir, we're buying since july. we'll get between 3500-4,000. reporter: 4,000 people. thanks, taylor. happy halloween to ewe to. maybe we can cross the street here before we get run over. this is maple avenue in merchantville. this is so cool. i remember when my daughter was this age. those are good times. i don't know what that is but whatever it is, the neighbor tells me he spent $2,000 on that blow up, you know, whatever the heck you want to call it. that came from china. but there you go.

excuse me. sorry. we're down this year, yes, but we're still spending double digit billions on holowean. everything from costumes to decorationings and candy and all the rest. this reminds me of one of my ex-wives. what do you think about inflation? inflation a problem? yeah, a problem. clearly. liz: that looks like one of your ex-wives lawyers. reporter: oh, you knew her, huh? oh, boy, she was heart less. liz: save milk duds for me. i'm all about milk duds and pink starbursts. that's what i want. jeff, thank you. thank you so much. oh, okay.

i'll take it. i'm a candy freak. that looks like so much fun out there. closing bell three minutes away and markets look like they've seen a ghost. nasdaq having worst day since september 3 down about 474 points or 2.5%. the major averages all down for the month. looks to close out october with the dow and s&p on the way to snapping five month winning streaks and so same with the nasdaq. looks like we'll close lower there too by about a third of a percent for the month. today's trading scared last of the markets and count down talking stock picks to treat you to portfolio gangs and tricks to avoid and chief market strategist and >> they're beth

well positioned to benefit and going to benefit from cpo and and we like an old shoe box stocks and proctor & gamble and that's one you've got to own and very high quality company and it's a leader in consumer staples and one that's going to benefit as consumers buy those types of products. liz: visa down slightly and our viewers need to know it hit a fresh high of $296. there's a converse here. what to avoid, sometimes we get all excited about what to pick and i need to know what you would say sheer of. >> if trump gets elected, i think tesla, despite musk's support of trump, is likely to

perform poorly. chinese tariffs and trump's anti-green energy policies and quite frankly a stock trading at 100 times next year's earnings gives me a concern. other name is bitcoin. another anytime i know that trump likes. he likes trip to currency but bitcoin is not a good head against the dollar. gold is up based on concern of the currency and bitcoin will not be a great place to put long term investment capital. liz: i can hear the crypto accolades screaming in front of their tvs, david. it's had a good run up and pulling back a bit today at 69,000 and change. david spika, our thanks to you. have a happy halloween, david, and all of our view ores. here we go. it is a pretty red day here across the board. we're going to say you've got to tune in tomorrow to see if investors buy on this dip. stay tuned, kudlow is next. lauren