weddings so why not taxes? >> i think it be an excellent romance movie plot, hedge marriage, i take you to be my wedded tax haven to have and to hold in richer and poorer. charles: i love it, we could save it for the next tax season and they go off and live happily ever after but this underscores why maybe, maybe we should fix our tax code right and make it less complicated and also maybe less burden some. we want people investing not worrying about profits being taken by the government. ladies i'll make the time up next time. glad we hit it though thank you both very much. folks cheryl casone is in for my friend liz claman. >> thank you, charles. we are watching history in the making as the nasdaq tops 20,000 for the first time in i'm cheryl casone in for liz claman as the bulls spring back in action the nasdaq indicating an all-time intraday high on pace for a record close the tech heavy index holding above as you

can see that 20,000 level, we shall see how we move the next hour. the s&p 500 is also trying for a record. if it can close, more than 55.36 points that will mark its 58th record close of 2024 now these gains coming after this mornings cpi report was in line with expectations across-the-board. increasing the odds of a 25 basis point rate cut next week to 95% so that number actually jumped from last week 95% is the bet. big tech leading today's gains including the world's most valuable company. take a look at apple. that stock is surging to a record high, as the long-awaited a.i. update officially goes live. the apple intelligence update and ios 18.2 it is now available for all users including chatgpt integration, also e-mail summary. we should point out though that amazon google meta and tesla are

also on track for records today. tesla ceo elon musk becoming the first person ever to reach $400 billion in net worth. the 10-year yield gaining on the session as well, hitting a two-week high watching that in particular after that inflation report. the two-year yield slipping for the first time in three days. let's dig into all of the news with our floor show let's bring in prosper trading academic scott bauer. scott it's good to talk to you. you're making interesting bets after the cpi report saying complacency is back especially after this report. you know, i was reading some notes from tom hanlin at u.s. bank and he said basically the direction of the market with no surprises like we did not get today means that there's been nothing to derail this market from melting up into the end of the year. what do you make of that comment? >> i don't disagree with that whatsoever, and there is a lot of complacency. you know, you just mentioned

that after the cpi report this morning, 95%-plus probability of a rate cut next week, and at the same time though cheryl, we're seeing long end of the curve ticking up a little bit. we're seeing that 10-year as high as its been in a couple weeks here, so with the narrative to that is that even though, you know, this inflation reading came in right in line, and the fed is more than likely going to cut next week, anyone's bet for what happens going out into the future and in fact the january probability right now is only a 20% probability for another cut in january. >> and then i'm looking at the predictions for next year but right now it's only two cuts in 2025 and i question that idea simply because what we've seen is the inflation dragon was not slain this morning, at all. in fact, we did see a pick-up month-over-month on the headline number, in particular the year-over-year. now, it's .1% i'm not saying it's something large, but at the

same time if you dig into the actual breadth of the report, i mean, this is the cumulative impact of price increases that we have seen over the last four years and the last year, and so if you overall, the fed might be, you could argue, hitting a wall here. >> i agree with that. there's no question about it and there's no question about that. it is stagnated quite a bit and they would like to see that coming back down, but so much has been the focus on the employment market, and you know, that's really where the narrative for the fed is going to be. what is the , you know, what are the numbers coming out when we get the next report in january. how is that going to reflect what happened to the economy during holiday shopping season and then maybe that plays into changing that narrative for the year. however, what i am looking at right now, cheryl, and behind me is the s&p 500 options right

across from here is the vix. even though we're seeing this complacency right now there is a lot of upside call buying in vix january expiration calls. now, those calls expired just a couple days after the inauguration and we're seeing upside call buying in the 20, 22 strikes, a lot of upside call spreads, so what that tells me is theres a lot of retail maybe even institutional paper out there that's saying okay, you know, smooth sailing until the end of the year here, but as we get closer and closer to that inauguration, which also includes the next fed meeting there, that's where the volatility will maybe pick up. >> explain the correlation between the vix and inauguration day because one of the reasons the markets are powering higher is based on the trump trade and while you do have analysts that say the trump trade is losing steam and maybe you're one of them and that's what the bet is here, explain to me how we haven't even begun the first 100

days of a trump presidency that inauguration day be that magic mark. i'm not sure i understand that thinking. >> so, it's not so much that the inauguration day is the magic mark as it is that's the january expiration date of january 22, which coincides right there with the fed meeting but also i think there is a little bit of a narrative out there that as we get closer to the inauguration, maybe some of these plans, the tariff issue, and some of the other things that are on the incoming president's agenda that they start to really royal the market so with volatility right now, so incredibly low, that's what i'm looking at. one other thing, cheryl. in the history, in the history of the s&p, only twice, only twice has 30 day implied volatility or protection been cheaper than it is now in the s&p, so if somebody wants to

ride this marketplace, santa claus is here, they want to ride it into the end of the year, it's going higher, now is the opportunity to buy that really cheap insurance, to buy that protection, that gets you out a month from now. literally two times in the history has it ever been cheaper. charles: scott i think it's not santa claus as donald j. trump right now but let me ask you about this because you mentioned fiscal policy and that's really important to br bring up to our viewers because we're sitting as a nation on over $36 trillion in debt and that sustainability just in the payments that we're making on the interest is something that is a market factor and does affect investors in particular, so look, if elon musk and vivek ramaswamy can actually deliver on promises maybe they can cut $2 trillion in spending we shall see and debt, at the end of the day, it's if this plays out or not which is a washington story. has there been any other year in

your recent memory where it's so crucial that we get the nation's deficit under control and the debt under control. >> you know, it seems we go through this whether it's annually or bi-annually where we run up to budget constraints and deficit, record deficits, but you're right. right now, it is absolutely critical and that's because of the amount of the interest that we are paying. you know, when we had set previous records, interest payments weren't as big as they are right now but they are so large. that is going to eat into gdp. that is going to eat into the health of the economy and it is unsustainable, so i hope that they can find places to cut. i kind of have my reservations about that that there's really a lot that they are going to be able to really look at and put into place, but yes, we absolutely need to get the house under control. >> okay i believe we've got

steve lapley with us before we go to break, steve and i just want to bring you into talk about we're talking about and watching obviously the 10-year steve, but also we're looking at the bond market, and do we have steve? okay, steve come on in because steve, you know, the bond market, in my mind, is really the one that was, that predicted the election outcome much better than the stock market did. now that we have these results, you know, scott and i were just talking about the $36 trillion in debt this nation is sitting on. how does the bond market play that as we move into the new year? >> yeah, i think for investors we are really focused on managing risk and so you have to think about what opportunities do you have in income, and how you actually allocate. so cash looks attractive still. we still see a lot of money-market funds and we do think it's time to start allocating the curve. traditionally you would have been in much higher quality assets. if we do have these spheres of

deficits and term premium and you know, longer term yield volatility, we almost think leaning more towards an income oriented portfolio makes sense, so higher-income, to help cushion some of that market volatility, which is a little bit longer or a little bit different than a traditional duration approach so we think high-quality income is actually very very important going forward for a portfolio. >> steve lapley, blackrock global, we do appreciate you joining us. just for a moment please come back when we have more time with you thank you very much, scott and to steve. we have got a lot of news. you saw it here yesterday on this program that broke kroger and albertsons taking a $25 billion deal off the shelf. well, now, one of them is crossing off another item on their grocery list. we'll tell you what that is in just a moment, and the fast-growing franklin fire has set malibu in southern california ablaze and sent

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>> a fox business alert. the franklin fire is raging across malibu, california. this wildfire has destroyed about seven homes and forced thousands to evacuate an area. over 700 firefighters working overnight to contain the blaze and now, the california department of forestry and fire protection is confirming it was able to contain about 7% of the franklin fire. the strong, santa ana wins adding fuel to the fire which burned nearly 4,000 acres. let's go live to william la jeunesse in malibu, california with more on this blaze.

william? reporter: cheryl, you can actually see evidence of that containment. you look up there. when we got here this morning this thing was entire canyon was on fire. all that red, that's retardant drop and it stopped the fire from jumping coral canyon moving west so there was so many helicopters, spotter planes it felt like lax than malibu so any time you have a santa ana wind like we saw monday night, you're in for a fight, but, those winds unexpectedly died down. unlike the wolsey fire six years ago when malibu lost a thousand homes this time just seven structures and nine damaged despite nearly catching everyone by surprise. >> completely surrounded by fire every direction you look, surrounded by fire. i thought i was going to have to drive-thru a ring of fire just to get out of here. >> the smoke was so thick you couldn't really see. someone was standing over there, you couldn't see them. it was crazy. reporter: two factors made a

huge difference. we had three planes, nine helicopters working around the clock including seven that had night vision capability. didn't have that six years ago. secondly this was the only, this is the only major fire right now in the united states allowing them to throw maximum manpower here, 1,400 firefighters including inmates, deployed on a 4,000-acre fire. now that's a small wildfire. now, still, hasn't been painless. people lost property. thousands had to leave their homes. businesses closed, and they even shutdown pch and almost nobody still has power. >> you would think we're a third world country. 20 square miles of america right now has almost no electricity, almost no cell service and almost no internet, and we're supposed to keep our residents informed. reporter: so the red flag warning ends in about three hours and the winds have died down to almost nothing cheryl.

bottom line, it appears malibu has dodged a bullet on this one. >> well praying for everyone there. i hope that's the case. william la jeunesse, thank you for that live report and good news. appreciate it. well, we've got another fox business alert for you right now, we broke this news live on the show yesterday. a federal judge blocking kroger to buy albertsons. today, albertsons said it was terminating the $24.6 billion deal and they are suing kroger, alleging the grocery store operator did not do enough to secure regulatory approval. a kroger spokeswoman says albertsons' claims are without merit. right now, albertsons is down a percent and kroger is up more than half a percent and then hershey is melting slightly after leaping at a report that mondelez was trying to buy the rival chocolate company and they are committed to a strategy focused on bolton assets and they also announced a $9 billion

share buyback program. bloomberg is reporting that hershey's main controlling owner rejected mondelez, and they found the offer "too low" and macy's is on sale literally after the department store chain cut its fiscal year forecast. weak demand over shadowing the holiday sales numbers and the company confirming one rogue employee hit $151 million in expenses over a three-year period stock is down 1.5%. and stich fix is hitting a 52-week high today on track for a record increase if you look at the percentage basis at the stock. it's up 43% right now. the online personal steining company raising its fiscal second quarter revenue outlook and full year revenue guidance, canaccord genuity updating from $56 to $5. well, the high cost of food, unrelenting as inflation remains sticky. celebrity chef david burke is here in a fox business exclusive

to tell us how he's dealing with pricey ingredients and lack of labor at his high end restaurants. "clayman countdown" is coming right back. ♪ i have type 2 diabetes, but i manage it well. ♪

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>> well, looking like a luxury and going for many americans according to november cpi.

6% over the maybe part and looking for price changes and. and eggs, look at this, up 37.5% and those are the recent bird blue outbreak. bring in somebody with skin in the game and operates 19 restaurants in the could be triple-demic. go pizza in north carolina and going for them and going for america and you're dealing with

them to manage. >> yeah, the prices of food, especially for them and going for them and eggs are prime beef up even more and produce oturu 7, 8% and fires and hurricanes and prices go up and a lot of this going for them. going for restaurants and we get gouged a bit on delivery fees and going for field prices and. going for them on the line for them cleaning supplies and food wise and food prices. going for them to have to market

company and going for them. and never really went down. highs with the cities and going with the wages higher in that going for them and buying. going for them and thinking about you and going for them basically to cook your beef and prep your beef and going to change how you build your menus and going to make decisions going for them and going for some of the bigger porter houses.

look at that. being for them to sell short ribs and going to get from jersey actually and then we have then with stakes and sometimes a smaller steak and more of an accompanyment and going for them .x also fish is probably, fish and chicken are not cheap anymore and when you go out to eat, you got to add 30%; right? 8 or 9% tax and got 20% tip. that stuff starts adding up, bottle of water, you know, alcohol of course is expensive. so dining out, you have to be good to make it worthwhile for people. >> you're an amazing chef.

i can say that from experience here in new york city. very famous in particular in the city and new jersey and north carolina where you've been expanding and statement i'm curious, do you think it helps you does it help that you've got multi-we have essential buyers giving a price increase and he buys for 10-12 restaurants and he can go out and buying five pounds or 150 pounds and get a locked in price for the month. >> i did miss a number. we take a hit and can't mass it on.

cheryl: opening up a new restaurant and you get going on them. >> a lot of restaurants get started out before they get built and one near singer island and north palm beach and that's called -- it's a building called nordliss 2 220 and beautiful high-rise and one in jersey city, z o-l-i z -- s-o-l-i z and union stake in may mouse hotel and they're on the board for 25. cheryl: unstoppable, david. good to see you. all right, staying with new york. a new york get away is a top destination for holiday travelers and real busy here if you haven't noticed, the big apple hasn't been the most welcoming for airbnb fans. and that could change we're going to head out to brooklyn for a live report to see if nyc rolling out the welcome mat for

airbnb. and housing industry struggled and could that change and the fed hits more rate cuts ahead. we've got ceo of building materials giant patrick industries and he'll tell us if he sees a home construction comeback next year. that's a fox business exclusive. and that is next on the clammen count down. cclaimen count down. ♪ ♪ just one more night ♪ ♪ and i'm coming off this long and winding road ♪ ♪ i'm on my way ♪ ♪ i'm on my way ♪ ♪ home sweet home ♪ there's no place like the road home. receive a $5,500 bonus on a new 2024 audi q5 plug-in hybrid

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what does a good investment opportunity look like? at t. rowe price we let curiosity light the way. asking smart questions about opportunities like clean water. and what promising new treatment advances can make a new tomorrow possible. better questions. better outcomes. cheryl: we've got breaking news and cofounder of tpg died after age of 826789 the billionaire started the company in a three-person office and turned it into a $24.3 billion market cap company. he was the co-owner of the seattle nhl kraken hockey team and they said "david was a private equity pioneer, legal psychological lori harmon and con service connected visionist and -- conservationist and scholar of the world.

everyone is lucky who met him". the stock is not going in a negative way to his massing and right now that stock is up more than 4.25%. >> a new bill in the apple and tenant groups and hotel lobbyists are pushing back and max is live in brooklyn with what is in the new bill and how it could affect airbnb and hotels. madison. reporter: you got t cheryl, this new bill in new york city would adjust the short term rental laws here and according to airbnb are the strictest short term rental laws across the country.

the number of people allowed in airbnb in new york city coming umm to four. then also make it so children are not counted against that total. another big change is hosts do not need to be home during the time of the rental. so right now under current law, if you want to ren out your house, you have to physically be in it as you also rent it out. under this bill, if you're gone for the weekend and your bed's open, you can rent it out and make a little extra cash. we spoke to airbnb host here and when current law went specific last year, he lost the ability to rent out this unit and cost him 50% of his income. but he's very hopeful with this new bill he thinks it'll make a big difference. take a listen.

>> it's allowed me to stay in the city w where i grew up and love. reporter: local law 18 is the current law that rules over short term rentals. that went into effect last year, 92% of short term rentals disappeared off the market. but that doesn't mean that people stopped coming to new york. we keep seeing more and more visitors. this holiday season alone, we're expecting 7.5 million to come here to new york city at a time when hotel rates are soaring, that's in part because of high demand, especially when you don't have the competition of airbnbs, high operational costs and also telling us, "local law

is critical and must be upheld from preventing the neighborhoods from being turned into playgrounds for profiteers". requires you rent out only primary residence and you need to prove to new york city that you live in your unit in order to then rent it out. so as you noted, hotels and some tenant groups really pushing back against any change. >> it had to be 30 days and guess behind that hotel lobby in new york city. cheryl: they're pushing back and a lot of small business owners, this is their business like the

gentleman you interviewed, we need the room. thank you, madison. we really appreciate it. some of the biggest home builders are falling at this hour after barclay lowered rating from overweight to equal weight and look at examples. dr horton on your screen, that is in the red. almost 2% in the red. lenar, kb homes all falling. higher for longer interest rates and plateauing of home price interest rates and what does that mean for the companies that supply the home builder withs key home decor items and countertops, class products -- glass products, wall liners. bring in patrick industry ceo andy nemothson.

going from affordable housing industry on the line and residential stick guilt and side built. has the supply chain issue still affected you in particular. cheryl: it's for some of the materials or if you're manufacturing things on the side of tariffs and 25% tariff on tar rivera on canada and 25 on mexico. this is all possible and possibly talking about back and

forth going for them and going back and look at nasdaq and now you're up again. we lost you for a couple of seconds. >> we've gotten a bit of overseas exposure and for the most part we feel confident about them and going for them and it's the supply chain issues that we experienced over the 21, 223, going for the markets today and app ample supply for them. not much of a supply chain and those you mentioned tariffs and we've done a lot of mitigation going to get alternative sourcing and again, we feel confident on our ability to handle the housing market and any up tick that we could potentially see.

cheryl: the travel story or how is that business going for you right now? >> yeah, about 75% of businesses in the outdoor enthusiast space and outdoor marine and power sports and those are really well positioned as well from a consumer perspective and we're well positioned and sized business optimistically and if we can see a bit of consumer confidence up tick and a bit of business relief and we're very confident in not only the markets but the ability to flex very, very quickly and support, you know, our customer partners in their ability to supply those markets. so we're optimistic. cheryl: i broke the cpi report this morning and new vehicle sales and used vehicle sales and

wondering if that's something that is on your radar or no. but also, on a happier note, you're ringing bell at nasdaq and opening bell. i want to ask you about the state of business and also if you're enthusiastic and watching on nasdaq as i want pointing out a couple of moments ago, above 20,000 for the first time and have it's a record and something that's connected to you. talk about that. >> we had a great time at nasdaq and took 40 team members and celebrated being on the nasdaq since 1971 and we're very optimistic about the markets and we think we're in such a great position. as it relates to vehicle demand and we see consumer confidence and the enthusiasm for the outdoor lifestyle is significant and that has only improved over the last couple of years short term orientation arkansas to support the business thesis.

cheryl: jury is out for what 2025 will bring us and recent consumer confidence and positive in the election and what's the forecast for 2025? >> we think we're planning on the retail market cob serve tivoli and upside potential for that and going for optimism we're hearing and retail in the markets and there's more wonderful think there could be upside to having that flat flat projection and relating to retail and wholesale persp perspective. restock the industry going to the field and going to do a good job working with dealers to keep inventories very, very lean and like i said, we're well positioned to support an up tick and flex with them for a restock that should occur. cheryl: seeing good weather in 2025. andy nemet this, thank you for

being -- nemeth, thank you. >> it's an honor. cheryl: president trump replaced his man to replace lina kahn for the wall street trade commission. we have his pick when the clammclayman countdown comes ba. separation of the retina, or rare

s #

cheryl: andrew ferguson going to replace lina kahn as head oval window the trade commission and he was more deal friendly and bought billions of corporate marriages for three years as the chair and wall street executives hoping that wall street snapping deal making bring in charlie gasparino of what you're hearing from the sources. >> most of the lefty meeting won't cover and she hated amazon and going to make her famous and economic paper and calling amazon an triple-demic trust pair docks and amazon will be

broken up. what did she do. she's stupid, that's the best way and ideologically ridged and acts typed and made amazon stronger and stops any sort of merger and trying to stop the krogers albertson merger. cheryl: she did and now that makes amazon david ellison and sky dance and a merger between paramount, which is really hurting and warner bros

discovery and trading below $10 a share. they need to merge and these companies aren't big and strzok strong and powerful and they need to merge. they need to stop and made amazon stronger and they offer movies and can cut prices and this is how stupid. she's out, he's a republican on the commission. he worked for mike lee as a free market guy and very distrustful of tech and what i would say -- cheryl: crypto or? >> no, tech in terms of ideological rigidity and having too much power and whether they use that power to brainwash people, it's quelling conservative voices. i think the albertsons kroger deal goes through without him. there's no real good antitrust violation. can facebook buy like a big company to get stronger and more

powerful? that will get reviewed, okay. will he stop the biden administration's breakup of google? cheryl: real quick, you think the kroger thing can come back? cheryl: there's a lawsuit now. you're saying where trump comes in. let's revisit. >> if they want to merge. if they want to merge. they can at some point. it's tech getting a bigger look, a much more of a glaze. the real question, will he do a 180 on the google breakup that kahn started? i wonder there's a huge anti-tech sentiment within the republican party and mike lee talked about that . cheryl: trump and vance. >> yes and that's where deal making will be better and easier and obvious deals will be allowed to happen. but tech will get the old

cheryl: mark went down to kiss the ring at mar-a-lago. >> got to be a republican now. cheryl: zuckerberg came around and changed his tune. >> i don't know. lick ralism and progressivism is bake intoed the -- liberalism and progressivism is baked this and have to convince jd vance and mr. ferguson they're not aligned against the trump administration. cheryl: i think kroger and albertsons has a lot of jobs. >> but they'll cut but not go out of business. cheryl: yes, yes. going sometimes. all right. thank you. good to see you. cheryl: a few minutes to go and take a look at obviously the story of the day. that's the nasdaq and we're

above 20,000 and trying to close above 20,000 first time ever and s&p and dow going for losing day in the row. if this level holds for the dow. eli lilly making moves to give consumers more affordable access to weight loss drugs, glp1 revolution and pharma giants struck a deal with telehealth startup rowe, to begin offering the weight loss drug zepbound on the platform and count down cloudser likes the gains and losing weight and gaining money, i have cio robert sheinbaum.

eli lilly capturing the market in the billions and trillions if you go globally. that's still going to continue as accessibility gets broadened out into the consumers and another distribution opportunity for that . cheryl: eli lilly at 797, it's not a cheap stock. >> first trillion and the trillion dollar club that wouldn't be a tech. it would be healthcare. cheryl: home depot and a terror story asks you about that and lieu lieu lemon, netflix and nvidia. >> last two years going into the fed's easing and going into 2025 and as well as 57% of homes united states. if you're going to go you're going to go to home depot for the global leader in terms of

getting your home right. ashley: yeah, the last earnings call they were not seeing that. next year is a new year. talk to me actifed ya though. >> running laps around the competition and no other game in town it's okay to sell into the strength and take house money off the table and rebalance and look for other opportunities in the market. cheryl: going and will computing for the chip. willow is the new chip and elon musk is impressed and the arm's race and in the first innings of that going for multi-or double

header. cheryl: i don't understand quantum computing and real quick like tesla. >> tesla is one that's continued to innovate and we don't even know what the opportunities are. i wouldn't bet against him. cheryl: not on many things. exactly. tesla and spacex. robert, great to see you. thank you so much. very interesting picks for you today. here we go. history right now and nasdaq getting set to close above 20,000 for the first time ever. new record, s&p audiotape time high and that's it for the clammen count down. that's it for me. larry: hello, folks. i'm kudlow, welcome to kudlow. house majority leader steve scalise coming up latehe