you just talked open, right? we've got a minute to go. apparently in europe they're banning the foremost catholic prayer app. i'm not sure what's behind this but, golly, lily, this just blows me away, you know? and, of course, they've already arrested a lot of people in the u.k. for making disconcerting posts on -- not threatening, but things that concern them. what's happening? >> so this is very dangerous because where is the line between protection and suppression? when you are being persecuted by your beliefs, the catholic prayer app, the most popular app that was widely downloaded after the super bowl, actuallying, that is very, very concerning. it e sets the precedent, and we know it's a slippery slope that is going to just impact directly our freedoms and religious speech. >> it's big brother gone bad. charles: big brother gone bad. i think that's the best way to put it. let's push barkment ladies, thank you very much. liz claman -- liz: i'm going to be big sister gone bad. [laughter] charles: you been that for a long time.

liz: rock on with your bad self, liz. [laughter] hey, breaking news. just aztec led the markets to the a $1 trillion loss yesterday, as we kick off final hour trade, look on the screen, it's tech leading the markets into the green. the dow escaped more specifically yesterday, but monday's big loser is today's big winner. let's look at nvidia, topping the blue chips right now. while this gain of 7.33% doesn't entirely erase the 17% smackdown the a.i. chip leader took yesterday, what a difference 24 hours makes. nvidia was sort of ground zero of the deepseek blast zone that torched the tech sector. it dove yesterday as a chorus of ace engineers and people on social media, a.i. experts grew louder over the weekend. suddenly by monday morning screaming that the chinese chat bot was better than chatgpt and created at a fraction of the price. nvidia, which sells both cheap and expensive chips, closed way

off. down at about $118. look at it right now, $126. now, you can see this morning the selloff did continue for a minute, but 14 minutes after the opening bell the stock hit $116 floor. if you blinked, you missed it because, as you see or, shares are now $10 higher hand that. by the way, after losing close to $700 billion of market value, that would be a record for any u.s. company, nvidia's market cap now back above $3 trillion. it's helping the nasdaq claw back nearly 400 points of the 612 points it lost yesterday thanks also in part not just the nvidia which is, i believe, like the second or third best performer on the nasdaq 100, but cloud stocks. we're talking about datadog, mongo db and applovin. hen you see at the bottom the first trust cloud computingers tf, sky, it's one of the leaders when you look at all the et etfs as far as sector it is are concerned. data center-related names still

trudging through some mud here. super micro computer down about 3%, and dell is lower by.25%. both of these names -- 2.25. both of these names make the server racks and workstations in the facilities that that help run a. systems and chat bots. but, and we asked this yesterday at the height of the selloff when everybody was panicking, is the emergence of one chinese chat bot worthy of trashing nearly all the u.s. investments that have led the markets to to near record highs including bitcoin which yesterday tumbled to about $99 -- to 99,000 but now it's back dove 1032 the ,000? 103-- 102, 386, a gain of just under 1%. two leaders who have been at the vanguard of disrupting technology are about to join us exclusively. robinhood ceo vlad ten never and palmer luckey, the creator of the of course to plus riff virtual reality headset which he sold to meta for billions and now they both have news with

their companies. but they're both going to weigh in about whether this selloff was completely overdone. all right, and the world is waiting and watching the federal reserve, the interest rate committee several hours into its two-day january meeting. the big announcement comes tomorrow ahead of it. treasury yields can did fall pretty precipitously yesterday. they're moving a tad the higher right now, the ten 1-year up to 4.5 5. the 2-year up to 4.21%. and, oh,, yeah, starbucks reports after the bell. so let's get right to the floor show. joining me now is creative planning ceo and president peter hama like and new york stock exchange if trader peter tuchman. peter, what a difference one day makes, right? what is the feel today about yesterday's selloff and what you see today which is a decent bounce? >> you know what? i think, look, if people -- the most fascinating response to the market yesterday, if we go back to september of 2024, we had the

first week of september was the worst week for tech since covid. everyone was just running for the hills screaming fire, fire. the next week was the best week for tech to be since covid. is we are now sort of a little bit jaded about the fact that we can see as the baby gets thrown out with the bath water in an aggressive fashion, this market is not particularly forgiving. yesterday was clearly in retrospect to when we look at this market now, a complete overreaction. look, there's still a lot of unknowns. you know, the fact that small company, that app that rose to the top that a started to churn into the news wires over the weekend and sort of come in on a monday with this perfect storm situation,ed the we're getting back -- today we're getting back maybe a third the a half of what we lost yesterday. i mean, look, nvidia is best of breed in that sector, for sure. liz: yeah. >> and the fact that they lost $598 million, the largest -- liz: billion. >> billion, sorry, largest capitalization loss of think

success in history, that's, that that has to be an overreaction. it's insane. liz: well, you look at the s&p which lost 88 points yesterday, and right now it's up 57. so that's more than a half and a thursday. peter, we've got two peters here, we've got microsoft moving higher, meta, tesla, heir out with earnings tomorrow. -- they're out with earnings tomorrow. and amazon and meta are both hitting record highs right now. what does that tell you about peter tuchman said throwing the baby out with the bathwater? yesterday looks like a great buying opportunity. >> maybe for the moment. temperature you look back 25 years, tech revolution, we definitely know the last couple of years, a.i. revolution, right at the beginning of it. if the earth is spinning a thousand years from now, they're going to point to this point in history as the most exemployeesive growth with tech. right now every boat's doing fantastic. nvidia, everybody else. what we saw yesterday that i think is interesting is that there are going to be winners and and losers. everybody is not going to win.

and the thing about tech is it's creative destruction accelerated. things move very, very quickly. and i think this was a warning sign yesterday that there's going to be a big difference between companies that have moat s and companies that have a head start. most people would give up a finger before they gave up their iphone. nvidia has a very, very big head start. massive demand for everything that they do. that's going to continue, it didn't change yesterday, but it was a warning sign, i think. liz: apple had a really good day yesterday, and today it's back up more than 3%. we do have this breaking news i want to bring you guys. point 72 ceo stevie can cohen is saying what happened with deepseek, this china chat bot that freaked everybody out yesterday, is actually bullish for a.i. so it kind of keeps everybody upping their game. but when you talk, peter tuchman, about the rotation, yesterday you saw materials, industrials, health care looking pretty darn strong, and tech was

worst. today tech is the best. so does that rotation get upended now? >> you know what? i think it's important, i'd like to pick on the point that you just said. net-net this is probably what stevie cohen said, very bullish for a.i. across the board because if, in fact, we are overpaying for so many things that deepseek made quite obvious yesterday whether they're for real or not, that means that down the road that the cap-x spending, maybe we have been way overspending. and the fact is if it becomes available to to us at much cheaper levels, this is going to the change this revolution in a big way also. as far as the rotation goes, we've never in history seen intraday rotations like we're seeing today. rotations used to happen over weeks, months and quarters. and now we're seeing it intraday. people are -- this is all fast money. right? the fact that everybody was bailing on those, on tech, nvidia a particular particularly, yesterday and putting their money somewhere right away is an extraordinary

thing. we've seen that now for the last couple of years where you're seeing the big players that that used to be buy and hold players are now intraday trading the market because that's the only way that they can protect their p can and l. 'tis. liz: did you guys know, and i got in this from andy brenner, he said maybe the selloff a yesterday was due to the fact that exchanges had actually implemented before the opening bell, this was already planned, higher margin requirements before the stock markets opened, as i said. this called margin calls and selling in order to meet those calls. peter mallouk, that obviously exacerbated the situation. >> what incredible timing for that. one of the most margined positions is nvidia -- [laughter] so for that to the happen yesterday is quite incredible. i think it impacted some people, but it wasn't enough to impact most positions that people had yesterday. i think what peter's saying, a lot of intraday rotation, a lot of people have risen these

positions a long way, and they don't want to get caught on the wrong side of it. liz: fed meeting announcement tomorrow, 2 p.m. eastern, then the news conference during this hour, so, $350 billion in assets under management, where are you spending that? and did you buy anything yesterday? >> well, we're big -- we love to rebalance in weakness. that's just a natural thing we like to do. we like mid cap u.s., small cap u.s. ment expect the tariff war to be for real this time, and those are the indexes, the markets that will do the best. we like dimensional fund small cap. i like the the arrows fund for private -- arrows -- aries fund for spending. i think it's hard to lose. liz: quick, peter tuchman, what do you expect tomorrow? >> you know, i wish i had a crystal ball on that. [laughter] you know, i think we won't know until we see the way the market closes today. it's important for people to know yesterday we did have that massive selloff, we were down

140 handles on the s&p, at around 3:to 50 in the afternoon. but the last five minutes of trading we actually rallied about 50 points on the s&p, which is huge. very often with big selloff days like that if we close at the low of the day, we'll often a see a gap down the next day and a follow through on the downside. when you have that kind of bottom feet feeding when people, when the bids come into the market as we saw yesterday on the close it was a massive rally in the last five minute, that contributed to, i think, a little bit of the love we're seeing in the market. tomorrow, you know what? it's anybody's guess. it could go either way. if the story evolves and unfolds about deepseek, then we may go down again. but if people start putting their money to work again with a little more confidence, we'll see the rally continue. thiz. liz: deepseek. i think there's more to that story -- >> there is. liz: -- that the doesn't make it look like the wunderkind that everybody says it is. great to have you both. thank you so much. to recap, markets are

rebounding from monday's deepseek-fueled selloff, and the federal reserve kicking off its two-day meeting today. starbucks reports after the bell. if. dow jones industrials up 153 points right now. when we come back, we have -- look on your screen -- lockheed's stock takes a dive, but rtx, that's a different story. so who to defense names are on the move -- the two defense names are on the move. we're watching that. and, you know, lockheed martinnen reported 5% sales growth last year. why the f-35 fighter jet's stock diving in details coming up. and russian president vladimir putin today throwing down the drone gauntlet, announcing he wants russia to become a global drone leader. well, billionaire entrepreneur palmer luckey is already ahead of that game. he's live as his growing defense tech company, and april, a leader in drone production, gets set to expand its production footprint, it's a fox business

exclusive. you can't miss this interview, it's rare. "claman countdown" coming right back. ♪ if

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liz: fox business alert, crowdstrike is at the very top of the nasdaq. it is hitting an all-time high of $409.75. that is a near 10% gain. this is a big deal because the cybersecurity company has surpassed the $400 a share mark for the first time ever. and check this out, it has made a screaming comeback since july of last year when a software update caused widespread chaos with crowdstrike customers across many different can sectors including the airlines. the stock took a major hit on that incident, you can see it going back at least to july, but

that now looks like a brilliant buying opportunity. [laughter] we were talking about this with peter tuchman. you see these selloff, you get scared, they and buff pet say that's not when you with sell, that's when you buy. the stock has soared is that 30 -- 58% since that kind of business disaster. look at boeing shares, cruising near a 6-month high of $175 -- well, make it 176. it's up just half a percent if, but investors are cheering the update from the newly-appointorred ceo, kelly ortberg, who revealed that boeing is finally making progress in its recovery. boeing expects 737 max deliveries to reach the upper 30s this month. that would be an increase from the 17 it made in december. if the aircraft maker reported a loss of $3.9 billion in the fourth quarter. that loss was largely due to a 7-week labor strike which shuttered two of its major assembly plants during the quarter. aerospace and defense giant rtx,

formerly raytheon, rocketing to an all-time high earlier today. it still stands at $128 and change, up 2.5%. the company if reported a top and bottom line fourth quarter earnings beat before the opening bell. the defense manufacturer saw a 20 year-over-year increase -- 0 -- in -- to 20% increase in military orders for a total of $93 billion. meanwhile, shares of rival aerospace and defense company lockheed martin are diving 8.5% to the bottom of the s&p. the f-35 jet maker reported a fourth quarter miss as new upgrades to to its military jets delayed deliveries and incurred a $1.3 billion loss for classified programs in its aeronautics unit. the world's biggest military contractor forecast guidance below the street's expectations. that's probably at the heart of the selloff here as defense spending hangs in the balance with the new trump administration in the white house which has just halted all federal spending.

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liz: there is crypto comeback taking place at this hour. bitcoin, is back above the $102,000 level, erasing monday's deepseek freakout which saw more than a billion dollars in futures liquidations. people kind of, you know, pulled the escape cord. a little rip cord, jumped out of the plane. but this is, no doubt, good for brokerage app robinhood which has seen a massive spike many customers who trade crypto. and if no doubt, robinhood has

democratized tock and crypto trading. but now ceo vlad tenev wants to use crypto to kick open the doors of investing in companies before they go public. something currently reserved only for higher net worth individuals. in an op-ed today in "the washington post" entitled an investing revolution is coming, the u.s. isn't ready for it, he writes, quote, the current wealth-based accreditation requirements for private investments are nonsensical and an act promystic. we should start thinking of crypto as a technology that enables a newest rah of ultra-inclusive and customizable investing fit if for this century. the world is tokennizing, and the united states should not get left behind. vlad tenev, the author of that op-ed, joins me now in a fox business exclusive offed vlad, how do you envision crypto as the vehicle for regular investors wolf waited and wanted the buy shares in pre-ipo companies but haven't been able to? >> yeah.

thank you for having me, by the way. always great to be here. i think there's a big problem which is that if you're a retail investor right now and you want to invest in a.i., it is very, very clear that they do judging by the market activity yesterday and the overnight on sunday, you don't have too many options. openai's a private company, over $150 billion valuation. it's only available to select few insiders. and it's not like it was in the '8 80 where companies could go public at small valuations. the ipo process has gotten cumbersome. only the biggest companies can do it. and that limits opportunities and upside to retail investors. and so i think that we're in a bit of a strange place when highly speculative assets are free for retail to invest in but high quality, product if i

technology start-ups that are generating significant revenue are off limits. and i think that we now have an administration that's crypto-friendly and retail-friendly, and wee see an opportunity to fix this -- we see an opportunity to fix this major problem. liz: i agree with you that the regular folks out there the should be able to invest in private shares of privately-held companies, but i have to play devil's advocate here. you talk about high risk. for every start-up that succeeds, there are many that fail and, therefore, the reason i would think the sec says, you know what? you have to be accredited to invest in privately-held companies, is because accredited investors can take a hit if the company goes belly up. there's a lot more risk when you're investing if private companies that are start-ups. >> yeah. i think that these are all good points, and it makes sense. but i think right now you have companies like spacex worth hundreds of billions, companies

like openai and anthropic that are off limits to investors, and, you know, in the world of crypto you see some criticism from skeptics that crypto pretty much meme coin investing, and can that that's free for customers to invest in. that that's open to them. so i think these two things cannot stand. 9 and the right solution is to open up access to these sort of, like, previously accredited assets. and i think we can do that in a way that makes sure that customers know what they're putting their money into and self-certify that that they understand the risks. liz: you know, the sort of embrace of bitcoin and crypto currency over the past couple of months has been so hard fought, the meme coin issue, doesn't that kind of cheapen what's going on in this hard-fought war to have some legitimacy with the

crypto world? you think about what happened when you attended some of the inauguration events before the actual president trump inauguration, and you were at the crypto ball, and there have been a couple of articles written about how there was a jaw-drop moment when it was announced at the crypto ball that donald trump and if melania trump had launched meme coins. and there was a quote, in "the washington post," where one of these guys, his name is nick something, i mean, he was -- he wasn't embarrassed to say his name. he said, you know, it cheapens the embrace of the the industry because these meme coins don't have technical fundamental value behind them. >> yeah. i mean, here's what i would tell you. right now in the u.s. it's basically illegal the connect crypto technology to real world assets. and this is one of the things i argue in my op op-ed. i think the reason that meme

coins have become such a big part of the conversation is that listing companies and securities and connecting them to the crypto technology in the u.s. is not allowed. but what i tell you is the power where anyone can launch a coin and get access the a global, market where there's lots of liquidity and raise capital for a technology project, the fact that it's so easy can that someone with a computer can set it up and do it in a relatively short amount of time shows you that the technology is valuable. and we just need the regulatory clarity to connect this crypto technology to real world productive assets that are currently regulated as securities. liz: you have a good track record on democratizing investing. really quick, vlad, the selloff yesterday related to the deepseek china chat bot, what do you think?

have you looked into this? and do you think this is a reason for everybody to start selling u.s. a.i. stocks? >> i think when we look at our customers, the overnight session on sunday was our second biggest overnight trading session. our customers -- liz: wow. >> -- tend the buy the dip and generally tend to be very pro-a.i. i mean, they want to invest in a.i. nvidia has been the highest if not, you know, the highest name in terms of net buying activity on our platform for quite some time. and i think that just shows you the power of what can happen if private markets are open. the unfortunately thing -- unfortunate thing is technology's moving so fast, innovation is moving so fast that very few of the companies that are offering a.i. solutions and really innovating are public. nvidia is among the fewment of course, you have tesla and others, but openai, anthropic,

not to mention, you know,, deepseek, they are not. they're private companies whose investors limited to a very, very small circle of insiders that tend to invest in all of these deals. so i think that the next frontier in democratization of retail investing is going to be making sure that these opportunities are open to detail investors. liz: vlad, very interesting stuff. we'll continue to watch, and let us know if you make any inroads when it comes to letting a retail investor that's not accredited invest in privately-held stock. thank you so much. it's great to see you. >> always a pleasure. thank you so much. liz: up next, an aviation start-up drops the boom. we're headed out to the mow mojave desert in california where boom supersonic conducted a successful test flight of etc. commercial jet -- of its commercial jet. oh, boy, it's the first of its kind since the concord. we'll have a live report.

you'll only see it on fox business. and president trump wants to build an iron dome to protect the nation. defense tech company and aer ill could play a major role with its autonomous sea drones. palmer luckey is here in a fox business exclusive next. ♪ ♪

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liz: fox business alert, the u.s. has a new travel chief of a few hours ago a, the senate confirmed former wisconsin congressman and fox business host sean duffy as transportation secretary. duffy secured the role with a bipartisan vote of 77-22 and is set to have a very important hand in crafting u.s. transportation policy. part of that could be the approval of theoverture, that's on your screen. it'll be the first american-made supersonic plane produced by commercial aerospace start-up boom supersonic. this morning the overture's prototype, xb-1, broke the

sunday barrier for the first time with its prototype aircraft. grady trimble is live from the mojave air and space port where he spoke exclusively with the ceo. grady, that must have been fascinating. >> reporter: service, liz. this company could have the answer to the concord coming right here from the united states. the planes they plan if to make here in the united states, the only difference is this plane has a heck of a lot more technologically advanced features to it. and, by the way, this plane that broke the speed of sound today, it's the first time that a private company has developed a plane faster than the speed of sound without any government involvement. we have some video of today's flight. climbed to around 35,000 feet, and that is when it broke sound barrier for the first time. and the pilot was having so much fun, he decided to go for another couple of times, reaching supersonic speed, or mac 1.1, three times -- mach 1.1

three times today. we were live with boom supersonic's ceo when it happened. >> that was incredible. right now we're supersonic, literally as we speak. i'm a big believer that small, driven teams that are focused on a goal that really a matters can can accomplish big things. people said we couldn't build a supersonic jet, but it looks like we have. some people say we won't be able to build a supersonic airliner. well, we'll find out. >> reporter: if you're wondering, well, how does this affect me in take a look at these flight times. new york to london in 3 hours and 45 minutes, from tokyo to seattle in 4 and a half hours and sydney to los angeles in around 8 and a half hours. the overchurching which will be the commercial jet that boom plans to develop, will travel essentially twice as a fast as commercial jetliners do today. is what they plan to do next, liz, they're going to fly the this plane at least one more time faster than the speed of sound, and then they're going to take all of the data from both

of those flights, and that will inform how they develop that potential jetliner, the overchurching which they hope to have passengers on in just five years' time. liz: oh, my gosh. i want that. i never got to do the concord, it was too expensive. [laughter] i'm so excited. grady, thank you very much. grady's so excited, he's speechless. while boom supersonic looks to commercialize the skies, president trump is aiming to defend them. trump signing an executive order yesterday to develop an american-made iron dome missile shield for the u.s. the president commended israel's iron dome calling its missile intercept technology absolutely phenomenal. but building one like it in america, for america could come with unique challenges. the united states spans 3.8 million square miles, dwarfing israel's 89400 square mile area -- 8400. so that would be a tall order. despite that, the president called for, quote, immediate

work to be done on the project and that it must be made right here in the usa. it's something defense technology company anduril is already working on planning at least when it comes to helping with our defense. the weapons manufacturing leader is building arsenal one, its first hyperscale manufacturing facility in columbus, ohio, that's going to span 5 million square feet set to produce tens of thousands of military systems annually. founder and billionaire entrepreneur palmer luckey, also the guy who created the oculus vr headset and then sold it to meta, joins us now in a fox business exclusive. palmer, i've got to ask you first because you are a tech entrepreneur, you're a gutsy guy, what do you think of this deepseek, chinese chat bot, and do you believe that it's somehow the holy grail now and that everything else made in the u.s. when it toms to a.i. chat bots should be tossed by the way? >> it's been pretty interesting getting to comment on a.i. stuff so frequently.

anduril started about eight years ago, and when started it, a.i. was kind of a dirty word. it was always five years in the future, never here. liz: right. >> and, obviously, now we're in a race existence china to develop artificial intelligence. now, with deepseek specifically, i don't really buy into a lot of it. you get a lot of media a right now about how they spent just $5 million to train this model that is completive -- competitive or beating a lot of options -- liz: do you believe that? >> they're not covering a lot of the costs. that's not the cost of both of the models that they developed. and i think the problem is they put out that number specifically to harm u.s. companies. you had a lot of useful idiots in u.s. media kind of just mindlessly reporting that that's the case. and, you know, china, neither china, nor the media, nor if deepseek has any kind of incentive to correct the record as a lot of u.s. companies like

nvidia cracked to the tunes of hundreds of -- crashed to tunes of the hundreds of billions of dollars. they've definitely made some inknow vegases, but -- innovations, but i don't think people should take what they're say aing at face value, and they should realize there are a lot of people cheering for the united states to fail. clearly for our tech companies to fail and, obvious, president trump to fail. it's a shame that so many of them are in the united states. liz: yeah. i was -- we said at the top of the show yesterday, what is this tech wreck? you're going to believe this? okay, we don't know anything about the cost assumptions, about the architecture or the algorithms -- >> yeah. and it's not even that they're lying. the 5 million number that's out there is for one version of the model. the other, more advanced version, they haven't put out any information on what it cost to train, but you have a lo of people reporting it as if that is relevant to the whole thing, ignoring infrastructure costs, r&d costs. there's a reason they put out the news that way. and the stock market is any indication, it's accomplishing

exactly what they hoped to. so, look, we can recognize that chinese a.i -- liz: got it. >> -- is a real competitive threat without losing our minds over it and falling for ccp propaganda. liz: let me talk about propaganda when it comes to russia. today vladimir putin came out, the president of russia, and said we are going to be one of the world's leaders in drone manufacturing by 2030. he's obviously been stung by what ukraine has been able to do. you are at the heart of drone manufacturing whether it's by land or sea or air. give me a sense of what is going to happen at this columbus, ohio, plant and how you guys are the leaders here. >> well, the columbus, ohio, plant is really the realization of things that we've been working on for many years. our very first pitch deck that we gave to investors eight years ago included a specific quote from if vlad -- vladimir putin where he was speaking at a technical college and he said, translated from russian, the country that wins if the sphere

of artificial intelligence will become the ruler of the entire world x. if so this is not putin looking at asymmetrical technologies like a. a.i. or drones and just now realizing that it's important for his own country, he's been really ahead of the curve. he was ahead of this back when a lot of people even in the tech industry thought that it was a waste of time and that it was certainly not going to be the future of defense on this kind of timeline. you know, putin's a pretty sharp guy in this area x he understands that a mass scale manufacturing of these types of systems is important. our columbus facility is really about hyperscaling manufacturing of exactly that type of system, low cost, high-powered a.i. systems that are going to be able to deter wars around the world and, if necessary, win them swift withly. liz: i see. so it's the carry a big stick theory. but you're going to be making these -- how quickly can you ramp up, before we go, palmer? right now it's been said that if we had to be in a war with, say, for example, china, we'd run out of munitions in eight days.

>> it's a huge problem in the united states, is that we just do not have enough e weapons. with we don't have enough missiles, we don't have enough aircraft, we don't have enough submarines, and we have not set ourselves on a path to solve those problems. i think president trump has really made this a priority, to get back to reindustrialization of our defense industrial base, to get to higher scale manufacturing that can deter china with a strength through power -- sorry, a peace through strength posture. and we're going to be fully operational at at a arse that would one, our new factory n2026. we're going to be having a bunch of aircraft -- liz: can we be there? i want to come, palmer. >> absolutely. come on by. it's going to be great. liz: i'll wear a hair nut met or whatever you need me to do in a factory. good to see you, thank you so much. [laughter] >> thank you so much. liz: palmer luckey of anduril. green on the screen, it is still nvidia leading the dow jones industrials higher. nvidia up 8% now.

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liz: former hedge fund manager bessent is the new united states treasury secretary, and as if that job weren't a hey enough load, charlie gasparino's learned he may shoulder an

additional title? the. >> yeah, and this is controversial because the consumer financial protection board, as you know, is a creation of dodd-frank, i believe, and it was during the obama years where this extra layer of government, consumer protection, as if, you know, there's not enough consumer protection, was created. it's controversial with conservatives because they believe, a lot of people believed it was an extra layer of government that's not needed. this is a cost involved, staffing involved. it did launch some investigations. it is, it was credited with nailing the wells fargo fake account scandal, although that was really created by the, that scandal was really uncovered by the the l.a. times -- liz: yes. they really did a good job. >> they kind of piggybacked off that. here it is now. during trump one it was very controversial. there was a lot of talk about getting rid of it. mick mulvaney, who was the omb chief at the time -- friend of mine, full disclosure, i think he's a smart guy. mick was then named acting cfpb chief when trump one was trying

to figure out what to do with it, can they get rid of this agency. there was also a question, does trump are the ability to appoint the executive director and just get rid of whoever's in there like biden's executive director now, and he can according to the supreme court. so right now there's talk about kind of following through what happened with mick, essentially making scott bessent the acting chief and then trying to figure out do you fold this into treasury? can we get rid of a layer of government? can we get rid of a layer of staff? obviously, doge would suggest you might want another that. and one other thing, if they could fold the cfbb into the treasury department, or you know, maybe the cftc is not far behind from being folded into the sec. there's lots of talk about this as part of doge. that's where we are right now. what we don't know is if he actually gets it, it might go to the acting omb chief right now. it's not mick anymore, now it's russ vought.

he's not been confirmed yet. as you know, that's a secondary plan and again, you fold cfpb into omb, but that's what they're talking about now, liz, and it's being discussed in the context of doge. i believe if vivek ramaswamy was still part of doge because his theory on doge was whack out agencies, okay. these guys, i think elon who's now running the show is much more about using ai and all this other stuff for efficiency sake. watch when bessent gets in. good chance he does and it'll be elimination of government. we'll see where we go. liz: charlie, good stuff. thank you very much. folks, we've got three minutes before the closing bell rings and we have green on the screen. earnings from starbucks on deck. the stock has gained since the new ceo came over, that would be

september, there's big expectations and wait on that and count down closer here to say he's got sector picks to caffeinate your portfolio and rob hayward manages $500 billion at u.s. bank wealth management and buying anything yesterday or in wait and see mode after the deep seek drama? >> hey, liz. the challenge with the deepseek news is you had fairly rich valuations on a lot of tech names. we think there is long term value here. we've looked out to the future, but for now we're watching closely before we make a new call. >> looking at nasdaq or s&p and any of these -- again, two dais. it's a blink of an eye and long, long term investing climate and

almirola sure you ascribe to and wait and see, there's like a flash dip and then the market bounces back and miss that opportunity. >> we touched a new al time high last week and stuck waiting for more data and federal reserve tomorrow and going to make a move and we're curious about what do they do powerful earnings from microsoft, amazon, apple. real key earnings with the deepseek news and what are the companies saying and thinking and how are they reacting? liz: those are a lot of questions. what do you buy in the interim? >> a balanced portfolio and

underweight tech and that's between tech and communication and we ball languages with income-oriented sectors here that are relatively inexpensive and looking towards utilities and real estate and environment where rates are probably not headed a lot higher and seems like they're range here. room for earnings to grow in those sectors and we throw in inexpensive healthcare as well. liz: rob hay worth, it's the beginning of the year and we'll see you many times throughout. looks like a big comeback and doesn't erase the losses for nasdaq or s&p and gets us there. have a great day. kudlow is next. larry: hello, folks. welcome to