With a lot of money and left others pulling the bag but we did not pound the table on the network for either of those people. Somebody else did though. Always. Very enlightening. At the moment we are looking at stocks mixed in this final 59 minutes of trade, we are going to get to the markets we are getting breaking news on the maui wildfires right now. Thats evacuations of the Hawaiian Islands in kenya in the last 24 hours alone, 15000 people flooded the airport to flee for major wildfires that have been raging since tuesday. Hawaiian airlines on southwest out of place to help evacuate both residents and tourists. Southwest dropping prices as low as 19 a ticket on its oneway flights departing now is airport for honolulu we should let you know the latest death toll jumped to 55 now but it includes bodies found only outdoors. 80 of buyers have been contained the risk of wind reigniting. Authorities have not been able to safely search Building Structures for victims so the death toll could go higher and hawaiian authorities are announcing price freeze on commodities on maui, mandating dazzling food, water and cooking fuel be sold free wildfire prices. To get more, we are going to interrupt and let you know later story developing from the human toll and economic toll as well. Lets get to the markets and how we look to finish out the week. Today with this lets call it 59point loss, at that to whats shaping up to date drop and you can look weak to date as these names and the nasdaq for its part, week to date 1. 8 . With got s p down 2. 6 a quarter of a brother and the Dow Jones Industrials look for the week to close out about six tenths of a to the downside. Upside, rather. Small numbers. As you look at the data pulling onto the gains, its caulking up week out of five. Heres what has traders perplexed. Volatility plummeted 8 on the weekend les feared 79 of Companies Reporting profit be some request me why the bulls have not shown more muscle. Could be inflation numbers. The headline and core for the latest on inflation called the Producer Price index came in slightly harder than expected both in the headlight and court. Federal reserve when they see numbers they might be inclined, less inclined to pause Interest Rate height cycle. How are treasury yields responding . Reflecting the belief they are rising ahead of that ten year yield at 4. 16 , a gain of 5. 1 basis points and you see to your of the 4. 88 . Higher rates make borrowing more expensive. A spending slowdown make sense but we will know more about the consumer and how he or she is absorbing this when home depot reports, analysts expecting profit and revenue of the giant to drop during the quarter. Walmart and target joint bigbox retailers to report next week, all three moving higher right now. Will retail role around the markets . Where is check in all of this . Teddy weissberg and keith fitzgerald. The past four days look like wall street is the beat but volatility spiked about 14 . You see august or dead serious for investors . To begin it looks like the market has run out of steam into a wall. Primarily in the tech sector, those are the highprofile babies that carry heavy water for months for the stock market while they have lagged behind but theyve clearly gotten tired and rolled over and highprofile stocks like microsoft and apple, tesla breaking down below the 50 day moving average. It is probably okay, theyve had big moves and rest a little bit but you get two or three bad days for a week of negative action and highprofile and everybody runs. Im not quite sure we are there yet but the bottom line is, theres strength in the Energy Stocks today and i see movement into big stock more or less defensive but the markets had a decent move, broad markets had a decent move. We are working our way through earnings and the earnings on balance better than expected so the key for the market is what is it going to do for an encore, what is the catalyst to get from where we are to another level in levels higher, lower and im not sure what that catalyst is at the moment. The Dow Jones Industrials are to the upside 118 points but where do you see market tipping to the vulnerable side or strength side . If you look at the s p, the level of about 4500, longer term every time its dropped 4500, the buyers have come in but we dropped 4500 today and we are below it around 4466 the moment and thats kind of that old level so are you concerned or are we just overdue for a pullback . I am absolutely with teddy. We are overdue for chrome. People think the markets go up all the time but the reality is we need buying and selling to build strength for another higher. The path of least resistance is still higher as long as Companies Continue to put up great numbers. Its a short term technically driven pullback selling based on nothing more than higher yields and with the fed might do. Id rather focus on what Great Companies will do. One Great Companies are not as expensive because we dont know what they will do, we are there for some of the names, what do you see as getting into that measure . For example, you are spot on, the name of the game is to buy low and sell height and Weight Companies never go out of style. Right now for example, im looking to pick up more pfizer, people are beating that company, they think it will go out of existence but right pipeline, 20, 30 operating margins and 19 plus drugs in the pipeline for oncology and highrisk diseases such a company thats been around a long time, worldclass player and people may fight about it all day long but its not going anywhere and thats the stock moments like this looks appealing. Yeartodate down 30 anything starting to look attractive to you . You feel evaluation in these names particularly technology . If you look at stocks jampacked with Semiconductor Names and equipment names is down and it makes sense because it is a runup in everything from amt and nvidia, do you think now that theyve come off those highs, its time to get in . I think pullback in the tech sector technical and with pfizer, all i would say about pfizer and from his mouth to cause years, pfizer has been the most disappointing over pharmaceuticals or as to accompany it is but i agree if only faisal, it marked and myers but right now tough. Hes got to be careful, i think the Energy Stocks are good and a lot of names that are relatively cheap and the defective play would be big pharmaceutical pfizer small fault in that category. Defensive play, have you dipped your foot in to the shorter term bills . I have here and there but im more focused on opportunity upside presents. A lot of people went to the sidelines last october. You and i had a discussion of what a mistake that would be but you will be left behind when markets pullout and i think we are facing a similar situation and you want to be cautious but stick to high quality names and go into tech, apple, microsoft pullback today. Buy low, dicta quality, best not rest, messages that need people need to take a deep breath and breathing because it will pass. It just turn positive by half a . Great to have you, happy friday. Love you guys, thank you so m much. We are continuing watching the hawaii situation, malley engulfed in flames so but we are trying to do is jump in and help fellow statesmen, the people affected by wildfires. Join us by visiting red cross. Org fox forward or text hawaii to 90 triple nine and a 10dollar donation, we be thrilled with that. We hope you consider Something Like that. Volatility they be missing in action but Archer Aviation is all over the place up as 206 . Down dramatically and the stock is down about two and a half after the session has been wild today. Air taxi company run from enemies to partners with boeing. Will the tie up catapult the crowd including aviation . Archer ceo is joining us next. Closing bell 49 minutes away dow jones industrial, s p turns negative. Nasdaq down about 76 points. This is one of those days where youve got to watch until the end. To finally lose 80 pounds and keep it off with golo is amazing. Ive been maintaining. The weight is gone and its never coming back. With golo, ive not only kept off the weight but im happier, im healthier, and i have a new lease on life. Golo is the only thing that will let you lose weight and keep it off. Who loses 138 pounds in nine months . I did golos a lifestyle change and you make the change and it stays off. soft music some turbulence, and understatement aviation shares, right now we got them done 12 cents to 2 cost you should have seen it earlier, you can see on the chart how low it was but you can see electric vertical takeoff and landing aircraft soared 30 last year after and announced a settlement with boeing and subsidiary erica settlement includes collaboration with boeing to integrate autonomous tech to air taxes. Money is involved, to 15 million Equity Investment round from boeing but also United Airlines arc Investment Management that brings startups total funding to more than 1. 1 billion joining me with from california silicon valley, Archer Aviation founder and ceo adam posting, good news. Litigants to partners with her house hello one in the near term, the Development Help archer . Thanks for having me on the show, its been an incredible. If time for archer. In the past 90 days alone we see faa administrator billy nolan sat down and join archer. We seen the dod award archer the largest contract any player up with the 142 million. The recent news having boeing as an investor, its been an incredible period of time and this will help increase and facilitate archer getting to market. To market to do what . I want viewer investors to understand what it is you do. You just got pacifically the certificate for the midnight ev and thats going to head to the u. S. Air force, correct . To do what . Very people back and forth . Explain. Correct. Starting as early as Fourth Quarter this year, we will deliver a vehicle where we will Start Testing cases with the air force for personal transfer, supply Chain Logistics and rescue vehicles but also working toward bringing the commercial aircraft to the broader general public target to get to market 2025. Talked with United Airlines manhattan to a hub in newark or Downtown Chicago chicago higher. Connecting flights, that will be quick. I imagine helpful but it seat four plus a private, you have a price on this yet . Thats correct, piloted plus four passenger vehicle and these vehicles are much more simple than helicopters. Electric light has incredible benefits in the form of cost safety and noise and allows us to bring a vehicle to market where we can compete with rideshare prices so imagine a trip from manhattan to Newark Liberty international, a trip like that or taxi can cost around 100 and we will offer a similar price. Was is boeings similar business, subsidiary so you will Exchange Information and technology and i believe your exclusive supplier for some of the technology but when do any of these come autonomous . Do you foresee that in the next couple of years . We are going to go to market with a positive vehicle and is already a lot of existing rules and infrastructure that set up to bring the vehicles to market and thats why the timeframe is so close, targeting to market in 2025 but longterm over the long term as vehicles scale and we see hundreds if not thousands or tens of thousands of veh vehicles, switching to autonomy has huge benefits in the forms of safety, lower cost and it can help us grow the market beyond early entry into market so we expect that potentially as soon as later in the decade to earlier in the fallen decade. A lot of time and youve got a nice pile of cash but the cash burn rate is pretty fast. How do you keep the flames of cash burn down and still develop what you talk about here to our viewers . Theres a lot of onetime costs to stand up the business of setting up the supply base and spending money at the factors in capital equipment, we spent a lot of money to do that but at the end of this year a lot of those costs but also we have more support costs to support the engineering so we have today we believe will get us into the 2026 timeframe which gives on us enough time so more planes to great customers which can in turn bring in more capital and deposits. This is a Huge Development especially others are considering this, i find this space race fascinating and want to be ahead of this here in the u. S. So props to you and we will continue to watch your developments. Thanks, adam. Thanks so much. Archer aviation. Is this is only growth in the market on the verge of stagnating a little bit . Sales slope your over your, one brand value is skyrocketing but its not march watch. Rolex now near impossible to obtain random. Demand source and resale market is crazy. Up next, we got live report from new yorks diamond district on how to get one of the coveted timepieces on your wrist. A big business story. Stay tuned, we are coming right back. Major breaking news, quick to foster Sam Bankmanfried has been ordered by u. S. Judge jail as he awaits his october trial. The hearing that the and the judge ruled is probable cause to believe that the Exchange Founder bankmanfried attempted to tamper with witnesses at least twice and says he will revoke bankmanfried bail. Bankmanfried is accused of orchestrating massive fraud by moving customer funds to finances risky bets without telling customers. There was a run on the exchange, everything was locked down and people could not get their money out. Right now you are seeing live shot of the federal courthouse in manhattan where attorneys are set to speak and the minute they come out, we are going to take that so you can hear what happened but this is quite unusual where somebody whos been accused but not convicted has been ordered to jail before the trial even begins which as i mentioned is supposed to be in october. The judge whose judge lewis cap and said his tail is revoked, defendant is romantic and one of the accusations involved, bankmanfried somehow leaking his exgirlfriends diary, she was part of all of this but is not one of the top witnesses so soon as we get action here, we are owing to take this and Charlie Gasparino is getting in front of the cameras in the newsroom and going to bring us the latest because hes been working on this story all day long we are watching right now we are watching it going, its down about 8. But. At 29300 and 36 according. Hard to say how this will happen because maybe it means perhaps we are looking at clearing up of the situation which got a lot of people worried about crypto currency. Charlie gasparino has got in the chair now. The chair says bail is revoked, he cant stay at his parents anymore, hes got to go to jail. It was bound to happen. Ive seen these rich guys, elon musk for example, Law Enforcement authorities, but ive never seen is it happening when its doing indictment. The long hotel the soc to jump in the lake but its a civil organization, not something that will send him to jail. You are playing with fire when you must with the u. S. Attorney, particularly the Southern District, these are the best wall street cops out there, criminal, hes charged criminally, all the judge had a choice but to put him in jail after literally doing the antics he did. You start tampering with witnesses in any way possible, your heading for jail. The one thing i dont understand is why when didnt tell him maybe they did, just stay, youre lucky youre here, hang out in your parents backyard, shut up. You dont have to go there. Its going to make the situation worse and this guy, i think you get in his head a little bit, rewind the videotape to his extended media tour and the brazenness of crime, taking peoples money that was theirs and using it to gamble, theres an arrogance to him thats off the charts and the arrogance is why hes going to jail right now. Judge said he crossed a line by leaking carolyn ellison, his exgirlfriend who at the time worked within the ftx we do know shes a witness. The key witness. He said crossed the line by sharing her personal writings with the New York Times reporter so as you say, there are many forms of speaking and should have just stood down, not spoken and not fooled around with reporters. I dont think you fool around with witnesses. Once she becomes a witness unless they are still madly in love and husband and wife, there are protections about husbands and wives testifying against each other. The judge denied his request to delay retention pending appeal. Hes going. Hes going. Today . The judge just rejected the proposed delay. So is the seven district i could be wrong but i think you will put in the same jail Jeffrey Epstein got thrown into which by the way is not known for vegan food. [laughter] ill tell you that much. Bankmanfried lawyer had wanted to appeal this court ruling from the healing and asked that his client and detention would be delayed. Still no money back to pe people. Even though they claim found it. But who knows how they found it or what its worth. Did they find cash or crypto . Crypto was eat in each account. If he had a bunch of bit coin in there and start unloading it going, youre not going to get 100 cents to the dollar, the price you showed 19000 but quite sorry. Numbers fixed up but you are not going to get that price if they unloaded bitcoin. Others that they have in their, Venture Capital assets, i know people were close to the situation and they are finding assets, they say theres going to be people are going to get stuff, its just going to take time and who knows what Venture Capital is worth, a house in the bahamas. A little kabul of workers stay