. >>> and the ceo of cleveland-cliffs, the stock moving higher on the back of a strong beat, but worry remains on a drop-off in steel prices. >>> later, the mber chair on what to expect from the fed. that's the committee that officially declares if we're in recession. why he is not necessarily buying the recession narrative. >>> we'll start with the markets ahead of tomorrow's fed decision the dow is at the highest level since 2017 and looking to add to its 11-day win streak. the next guest says the economy is out of the wood as liquidity is the issue joining us is jeff solomon what are you worried about on the liquidity front? good morning to you. >> good morning to you listen, i think the market's had an incredible rally but that's because we had this major -- two major issues with the budget crisis and the regional bank crisis so, any time you have anything that happens to the downside, you're going to see a rally. i just think when you look at some of the challenges in terms of where liquidity is in the marketplace, certainly in credit, we're not quite seeing the flow of liquidity.

. >>> coming up, cleveland cliffs rallying on earnings jim has been pounding the table. we'll get his take coming up next (vo) it's time to switch to verizon. sadie did. and now she has myplan. the first unlimited plan that lets her choose exactly what goes in it. now she gets to pick only the perks she wants and saves on every one. and with an incredible new iphone on us, no wonder sadie is celebrating. introducing myplan. get exactly what you want. only pay for what you need. act now and get iphone 14 pro on us when you switch. it's your verizon. >>> cleveland-cliffs shares are higher after earnings. jim, you own this one. you have to be happy do your victory lap up 7%. >> i feel bad, though, that i've tainted you from afar over the years. a big cliffs proponent a fabulous consider has been telling you what they're doing, vals are going up, selling prices are going up, costs are going down what does that equal free cash flow if you take this and annualize it that's a free cash flow yield on the equity base of about 35% what have they been doing? paying down debt it's a

>> i have some issues with cleveland cliffs.i am seeing. >> well, i've got to differ. i think that company is in a cyclical position when we talk steel. i think they are doing better than people realize but nucor is my favorite. if you want to be in a steel company, nucor is the one you want, a lot of big move again in the stock. let's go to california. >> i want to know your opinion on this under the radar derivative ai play as ai disrupts the job market. you're going to see students flocked to the online education platform. the company is course sarah. >> i don't know it. i know check. i'm not going to opine on something i don't know. that sounds very exciting. i'll get back to you and find out a little bit more about it because that does sound good. you've got me interested. let's go to brandon in new jersey. >> hey, cramer. i've got a stock which you know, my ai has pointed out to me as being particularly interesting. that and java. >> and alva -- endava actually makes money for a lot of different industries at. i'm going to

live, where jenny lives, individual stocks -- i don't care if it's general motors, jpmorgan, cleveland cliffs, these estimates are going up >> don't you care what stocks are earning to the upside versus the down side? >> i just named some what do you mean don't i care? what kind of question is that? >> if it's broadly every stock with these valuations -- and i will bring you into this duo they have going on right here. 30 times forward microsoft, 32 times forward to 23 times forward >> 100%. >> jimmy said something that's very interesting the economic recession, sometimes -- and josh brown has done a good job talking about this on the network. europe is in a statistical recession right now. if you look at the returns for italy, germany, spain and france, they rival nasdaq type returns, are the valuations of these companies too rich and the answer is the recession that's more important is the recession that we're in, the earnings recession two consecutive quarters of earnings contraction you're on the verge of now having a third consecutive quarter of earnings contraction. what happens next? t

. >>> still to come, shares of mining company, cleveland-cliffs are taking a tumble over the last sixould results be the key to a turn-around? we'll discuss with their ceo and talk about the steel industry at 11:00 a.m. don't go anywhere. every business deserves a great deal. that's why comcast business is launching the mobile made free event. with our business internet, new and existing customers can get one year of unlimited mobile for free. it's our best internet. powered by the next generation 10g network and with 99.9% reliability. plus one line of free mobile for an entire year. it's the mobile made free event-happening now. get started for just $49.99 a month. plus, ask how to get one free line of unlimited mobile. comcast business, powering possibilities. shares of spotify. they're down 12%, a little more than that. let's get to julia boorstin with the numbers and the reaction. >> it's been a roller coaster. shares are down 12% on lower than expected revenue along with lower than expected full-year revenue guidance the company's net loss also widened by more than double the ye

>> investors turning their attention to toward earnings from semiconductors, whirlpool, and cleveland-cliffsak down the numbers when they hit the wires. >>> an

. >> caller: my question is on cleveland cliffs cof. >> good, but not great, nucor is the one.. has been for 18 years. we're not starting to deviate now. let's go to marla in north carolina marla. >> caller: hey, jim, thanks for taking my call >> you're welcome. >> caller: what are your thoughts on jackson financial, jxn? >> so, i looked at this the other day and it yields 7.8% it's too high. it's called a red flag so i can't touch it i'm going to curry in new jersey curry. >> caller: yeah, hey, what's up, jim? >> not much. how about you? >> caller: i'm all right my game is kerry >> stop laughing at my accent. it's not the stuff you get at the indian restaurant but that's how i pronounce it go ahead, kerry. >> caller: i'm curious about the quantum scape. >> oh, no. there's nothing there. >> sell, sell, sell. >> we're taking a breather free clothes i can't take it anymore, and that, ladies and gentlemen, is the conclusion of "the lightning round. [ buzzer ] >> announcer: "the lightning round" is sponsored by td ameritrade. >>> coming up, what's hot sauce and an old western have

one of the big gainers there is cleveland cliffs reported a very strong quarter their volumes were up, prices were up and costs were down. so clearly investors responding with the stock up about 8.5% >> pippa, thank you very much. we appreciate it. >>> let's get now to bertha coombs with cnbc news update >>> a federal judge in san francisco ruling today against the biden administration's asylum policy at the border. the ruling is stayed for 14 days allowing the administration to appeal to the ninth circuit. the policy largely limits migrants who pass through another country from seeking asylum in the united states. the case may ultimately end up at the supreme court and legal observers tell nbc news it is likely that the policy will remain in place while that process plays out in the courts. >>> a state department spokesperson says the former u.s. marine released in a 2022 prisoner swap with russia has been injured fighting in ukraine. according to u.s. officials, trevor reed was transferred to germany for medical care officials say reed was not acting on behalf of the u.s. government