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staples are holding gains as the s&p only down a little more than 1% at the moment joining us now is nancy tenglerandy pomeroy. thanks to you both for being here nancy, obviously the inflation panic has morphed to some degree into a full-on growth scare. consumer cyclicals getting hit pretty hard. people concerned about exactly what we might be looking at in terms of potential recession does that seem well grounded to you and explain how the market is acting? >> yes, i think it does explain it, mike, and thank you for having me. you and i have had this conversation for the last year that we were going to slow in 2022 that is just the math, we knew this i think what you're seeing now is this extrapolation of recent data out to infinity we have a negative gdp print which was driven largely by a dramatic increase in imports as we unclog the ports. that had a negative effect on gdp of 3.2%. if that were backed out you would have seen a 1.8% rise in gdp. but you saw a strong consumer and consumer saving to the tune of $1.2 trillion that was against $1.39 in the fourth quarter when transfer payments wer

john lonski and nancy tengler on the greater likelihood of a recession.lus, americans facing a wallet-busting barbecue this holiday weekend. i'll be asking grocery chain ceo john cast ma tee d.c. how much higher food prices will climb. but first, here's a look at gasoline twices -- prices on in the memorial day weekend. president biden trying to spin the record rise. >> when it comes to the gas prices, we're going through an incredible transition that is taking place and, god willing, when it's over, we'll be stronger and the world is stronger and less reliant on fossil fuels when this is over. maria: a fossil fuel-free america? joining me now to talk more about that is south carolina senator lindsay graham. senator, it's great to see you. thanks for being here. >> thank you. maria: so what is the president talking about? we're in this incredible transition. so, in other words, these high prices for gasoline are intentional? >> yeah, i think that's the main takeaway from his statement, that he is telling the american people they're doing this to you on pu

maria: nancy tengler, jump in here. that's the president's response.e're going to get the gdp out on thursday. we are expecting a contraction. if we get two quarters of a contraction we will learn we are in fact a recession. what do you see? >> yeah. well, i think washington is a little bit out of touch and in particular this administration. i wrote a piece a while back saying the beltway might as well be outer space. i think we see that every day. they don't live the lives we live. one of my clients in florida said this could all be solved if we just drill for oil. that may sound simplistic but there's a lot of which is come in that. i think -- wisdom in that. i think the president needs to get out and see what regular americans are going through. maria: what do you think about that, jimmy? do you think that we are in a recession right now or are we going to avoid it? >> i think that the path to avoid a recession is getting more narrow. but i still think we can a avoid a recession and even if we get one i don't think that -- the stock market's going t

joining me laughter tengler investment ceo, cio, nancy tengler. on the show everyone is meally-mouthed. we're waiting for the crash, yadi yada, no, i'm putting money to work. here it is, financial managers are sitting on more cash since 9/11. how risky is it? talk about the other side. how risky to sit on so much cash, waiting for per mechanic moment for the next leg down and it may not come? >> thank you, charles. opportunity cost of course sitting on too much cash. in dating parlance you would call that the one that got away. i always go back and look at history. in 1987, on black monday you sold on the day market down 22.6%, the very next day it was up 5.9%. next day after that 10.2%. we had 12th years of a raging bull market. not time to be a hero to run for the exits or maybe a coward to run for the exits. what you really want to do be specific in your purchasing and you want to be disciplined and that is exactly what we've been doing. the oracle himself said if you're not willing to own a stock for 10 years, don't think about owning it the n

let's bring in nancy tengler laffer tengler investments ceo and cio. y, give us some sage advice here what strategies, approaches, price levels, stocks where should people be looking right now? >> well, thanks, kelly you know, as a young portfolio manager i cut my teeth on black monday when the market was down 22.5% in one day and we had a client meeting that afternoon. we'd already prepared the materials. we had to tell them their $10 million portfolio was now 8, if you could just cross that out and make note of it. but what i learned from that is it's rarely a good idea to bet against the u.s. stock market and the u.s. economy for a long period of time if you have a long-term time horizon this is an interesting time to be looking for the kind of names that are going to thrive in a slowing economic environment. because make no mavg, we knew we were going to slow this year the first quarter gdp number was a bit of a surprise but it was also influenced by massive imports, which goes to demand. so i think investors need to -- and particularly your viewers

i will bring in nancy tengler, jamie cox. ncy, this is two for one kind of thing, a question for you. are you in the camp that individual investors must endure even more pain? i want to know what you think of yesterday's late rally, was that a head fake or a sign of something more positive to come? >> yeah, charles, thanks for having me. some of the traders and strategists that arguing and individual investors need to get pummeled more are talking their book. let's not forget hedge fund trade for next two to three weeks, last week on average returned 11 1/2%. if you had been in s&p fund, that would be up 28, 29. we have to put that in perspective, go back to what we know. that is, if you stay in the market, you're always going to do better than if you try to time the market. if you go back to 1995, if you missed the five best days, your annualized return next 25 years is 1.8% lower. i would encourage your viewers and individual investors to use this volatility as an opportunity to buy what they want to own for the next three t

the good news we have seasoned market experts who happen to be optimists phil blancato, nancy tengleroin me now. get your take on what we heard from the fomc minutes, nancy. >> we talked about this, charles. i was suspicious they would raise as much as the market is forecasting. when they're hiking rates into a slowing economy, not just the u.s. but it's globally and i think i think we're starting to see now some reality kind of pop in as investors step back and say, yeah, maybe this isn't, maybe we're not going to be on a relentless march up. even getting governors saying the same thing, we may see a pause in september. it's a midterm year. the pause is likely political, because they don't want to drive the economy into the ground. charles: yeah. >> the last i will say, gdp numbers everyone has been wringing hands over, negative 1.4% print in the first quarter. it was all imports. imports are subtraction from gdp that was 3.2% negative. otherwise we would have been up. i think there is starting to be digging into the numbers. looking beyond the next two minutes. i think that is what

joining me to discuss cio of laffer tengler investments, nancy tengler as well as wells fargo advisors smith. nancy, i will start with you. can't you say year oversold at least near term? this has been pretty tough. >> yeah. it has. what is making it even worse, charles, it has been over such a long period of time. in 2020, we had 33 days or 23 trading days of selloff and we had, you know, very sharp and drastic drop. this time already has been 131 calendar trading days. that wears people out. just as i think we were overbought to some extent i do think based on the fundamentals, though i very much appreciated the opportunity to listen to jeffrey gundlach, that was an excellent interview, i do think we will have some rest in here. and just one more in addition to that, i wrote a piece in july, called mr. magoo's washington. i found that interesting. i didn't attribute to fed and fiscal policy coming out of congress and the biden administration. i think that catalyzed this whole thing and the fed lacks credibility. we may flounder around in here sometime. charles: right. jeffrey mention

maria: nancy tengler are you on the other side of that trade look at rates, you had been up, 3 basisut 2 basis points, looking at less than that 1.8 basis points 3.016% a reaction to jobs numbers where we stand ahead of a major inflation report next wednesday. >> yes, i sure will maria, i think the average hourly earnings somewhat encouraging, came down a populate but the participation rate came down as welcome, we've been, one-tenth one percent growth last few months gave that up last month report that came out a couple things we know jobs, the employment numbers pmi -- rolled over gone from -- cautionary to contractionry barely. >> mortgage companies netflix robinhood, not meaningful at this point but we are watching the trend. i think when you look at the stock market you have to be aware of a couple things the new earnings going to decelerate analysts are always behind companies that record that -- actually have been raising guidance many cases not all, of course, so you want to be in spaces where you can gain reliability growth, because that is a hedge against inflation that way

joining us tomorrow, live, from new york, and davos, right here, that'll do it for us, angela, nancy tengler, great to have you with me this morning, thank you, ladies "varney" & company begins right now. stu take it away. stuart: good morning, maria, good morning, everyone. after weeks of selling the first thing you do on a monday morning is you look for any signs that the dog days of decline are over , all right, well try this , left-hand side of the screen. i see some green, the dow is going to be up about 300 points at the opening bell, up 30 for the s&p, up a much more modest 50 or 60 points for the nasdaq, but that's some green right there. big tech show it to me, please. they've been badly beaten down this year, like the overall market, there is a small bounce at least of the opening bell today, for those big tech stocks if you're in cryptos, you'll want to know, is bitcoin, has it made it back to the $30,000 level? the answer is yes, it has, but only just 30, 340 is your quote. politics. we have another example of president biden announcing what appeared to be a policy shift. only to