Transcripts For FBC The 20240703

Exodus out of stocks. Note the nasdaq in particular, it is getting clocked right now, down 256 points or about 2 . Look at the vix, or volatility index, it is the vaulting much higher right now by 14. 33 . Just off the highs of the session here, it stands at 20. 14. We need to flag you that the dow has turned negative for the year. Now work with me here, a loss of 286 points or more at the close will do it. Right now we are well beyond that. We are losing about 457 points on the Dow Jones Industrials, falling below 33,000 right now. We stand at 32,972. The bears drawing blood from the broader market. The s p point loss stands at 63. Investors diving for cover as the vote this just the last 19 minutes to table florida congressman matt gaetzs motion to remove the speaker of the house failed 208218. 11 gop members voted with all democrats in voting no on this motion the table it or move it aside. Right now, many just a few minutes in just a few minutes, we are going to get all the details from our capitol hill reporter, Hillary Vaughn. Drama in d. C. And at federal court this in Lower Manhattan where jury selection is underway in Sam Bankmanfrieds fraud if trial. Its been revealed that the onetime crypto billionaire has not been offered a plea deal. We are going to get a live report from the scene there. And the surge treasury yields continues. The spike you see is around 10 a. M. Eastern time in both the 10year and the 2year yields triggered by a much stronger than expected jolts report which unexpectedly rose to 9. 6 million. The 2year yield at 5. 159 . Increasing labor demand has investors anticipating that the Federal Reserve will keep rates higher for longer, so weve got spiking yields, dropping stocks and mayhem in washington d. C. Lets get to d. C. Youre looking at a live picture of the house floor where right now debate has begun on congressman matt gaetzs resolution to oust speaker kevin mc car think. This is the mccarthy. This is the first time the house has voted and debated a motion to the vacate the speaker chair since 1910. Republican congressman tom cole of oklahoma just spoke. Now we see matt gaetz who is the one who has really helmed this effort. Its his gambit to remove gop senator gop congressman, rather, Kevin Mccarthy from the speakership position. Lets get right the Hillary Vaughn live on capitol hill. You can see the dow is down 459 points, the markets do not like whats happening now. Whats the latest . Reporter right now were in an hour debate. This came after the procedural vote failed that would have spared Speaker Mccarthy this ultimate vote to whether or not to vacate him from his speaker, holding speakership. But the problem is, is that you have 11 republicans in that procedural vote that side with democrats saying we dont want to set aside the motion to vacate, we what want to vote on it. Is so theyre in an hour debate. After that wraps, they will have the ultimate vote on whether or not to vacate Speaker Mccarthy. Youre going to see that several republicans siding with democrats to ultimately oust Speaker Mccarthy, but ironically, there is no consensus on who then would fill that position. Republicans is are a slim majority, but have a slim majority, but they do not have con seven consensus within their ranks as to who would take his spot. In the Republican Caucus meeting they asked around the room who would support renominating, basically, Speaker Mccarthy to resume this role. The majority of them raised their hand. Its just a few members that are able to kick mccarthy out by siding with democrats, but it takes the majority of republicans to ultimately decide who they would put as his replacement. So were seeing this go, ultimately, this drama unfold on the house floor right now. This is a historic step toward something we have not seen in well over a century, and i think it really points to the fact that republicans are not on the same page. We heard from matt gaetz on the house floor saying chaos would be keeping mccarthy as speaker, but many republicans say that this is ultimately republicans being chaos you can and not focusing on the ultimate goal which is trying to push back against democrats and the democratic agenda. A lot of moderate republicans say that should be their sole focus, but the 11 republicans that voted to ultimately proceed on the vote to this motion to vacate, their argument is that they are not happy that Speaker Mccarthy did not shut down the government. They wanted to see him take a stronger stance. They have issues that he is not representing some of their priorities better even if it means causing temporary disruptions like shutting down the government. So republicans really need to figure out how to get on the same page over whether or not they ultimately can find someone that they can symptom the act that would replace stomach that would replace Speaker Mccarthy. If he ultimately stays, theyre going to need to figure out a way to get together as a caucus, move forward and do the work of the people that elected them to be there, liz. Liz oh, my goodness. Hillary, interrupt us if there is any new development that appears to be hitting the markets or, certainly, lifting them up off this floor. So amid this chaos, the Government Shutdown that Congress Just dodged this weekend will rear its head again in just 45 days. Coming right up, in just a few minute abouts, senator mark warner of virginia is getting in front of the cameras. He, of course, is if virginia. A huge number of federal workers and armed forces live in this that state. He is going to join us, and hes about to sound the alarm about the most serious ramifications of whats going on in the house right now have and how to fix this situation. Lets bring in our floor show traders, teddy wise berg and Scott Shellady teddy wise berg and Scott Shellady. Scott, even more so as treasury yields spike again today, what are you seeing . How much longer, ask and what happens amidst this situation that we have this d. C. . In d. C. . Well, i mean,ing look, weve lost control of what were doing in d. C. , or at least some modicum of control. I think the bide wen administrations lost control of the economy. Id hate to be reasoning on the back of that. And at the same time, we havest lost until control of labor. I think the markets are finally waking up to the fact that weve got tumult on our hands, and now that were going to be in a situation with higher rates for longer, we got used, for 15 years we got used to 0 Interest Rates, and, i mean, its going to to be painful. You cant put 6 trillion into the economy, try to take it out, you cant have 15 years of 0 Interest Rates and, by the way, the consumer is now running on fumes. Thats been confirmed. All of these things are just telling me look out. Now, weve a had a big move down today, but with higher Interest Rates for longer and seeing the bond spike weve had now, im telling you, this inflation is sticky. Its because of what the fiscal policy weve had happening, the downside of it is the fact that weve lost control of labor, weve got inflation here thats going to be around for a while. Yeah, i dont like what i see at all. Liz yeah. The good news, i guess, if congress is frozen amid this society to out Speaker Mccarthy, then they cant do any more spending. Teddy, let me throw this to you. At the moment, when people see red on the screen, they get anxious. Lets flip that narrative. Are there stocks right this minute that have fallen enough where you look at them and say these will be the next magnificent seven . Well, thats a tough call, liz, because at the moment sorry about that. At the moment, at the moment theres kind of no place to hide. What i find interesting is that a weve seen other than whats going on in washington right now, weve seen this Interest Rate momentum coming for months. And all of a sudden its sort of come home to roost basically triggered, i guess, by the 10year trading at a new hoe e, a new high depending on which way you want to look at it. And investors have simply awakened, i guess, to the environment that were in. And all of a sudden 5. 5 virtually riskfree in the treasuries or even the money market funds, liz. You dont need to go to the treasuries, the money markets are all around 5 . And i think its simply a matter of when you dont know what to do, sometimes the best thing is simply to do nothing. And doing nothing now means that you can earn a pretty big return on your money compared to where we were in the last 10 or 12 years in a zero Interest Rate environment. Is this the new normal . I suspect to some degree it is. It doesnt mean its the end of the world for the stock market, but for the moment people are simply nervous, not quite sure what to do. And i think smart folks are sort of moving to the sidelines, let the dust settle and see where we are in a couple of weeks or months. Liz scott, i agree with teddy for a retail investor, but Retail Investors have an opportunity to learn from the gutsiest investors. Great fortunes or made or at least begun to be made on a day like this. Im not pushing people to dive in and buy because who knows what happens tomorrow or in the next couple of minutes. As scott answers, you know, his question about what might be at least one new magnificent seven stock, can we take a shot of the floor of the house of representatives right now so i can just explain to our viewers the very latest details here. What happened was the vote to table matt gaetzs motion the oust Kevin Mccarthy, the speaker of the house, did not pass. So now this is an hourlong debate, actually, itll be less than that now because with it began just a couple of minutes ago. And then if the house adopts the motion to vacate, there will be, according to our chad pergram of fox news, a political earthquake on capitol hill. Scott, lets look at the investment side of this. Well, as far as the new magnificent seven, if i knew what that was going to be, id probably be with hole away in aing log cabin with no Internet Service right now. [laughter] but i do think, i do think that nothing really likes higher Interest Rate, liz. I mean, did you see everybody running for the door when it comes to these utility stocks . Liz yeah. Theyre a proxy for the bond market, and everybody was getting out of those liz yesterday. I think its the only sector thats up right now, if im correct. Right. So so i think that higher Interest Rates are really going to shake people to the core because, look, it used to be when i was a young man looking for a car loan, 18 was the rates. But that sounds crazy to folks today, and everybody says they should be able to get 5. 5, 6 or 7. But what everybody forgets is weve had 15 at zero basically or just over that, right . Think about, i mean, how many times have i talked about the negative Interest Rates we had in bonds . There was probably a trillion dollars around the world priced at a negative when we were really trying to get people to spend. So were trying to pull people off of 15 years of 0 Interest Rates to 5. 5 now, maybe 7 liz but then, sorry to interrupt, why are big financials looking quite disastrous in Goldman Sachs is the worst performer on the dow followed by american express. You know, you dont have Morgan Stanley too far below when youre looking at the losses here. These names are looking bad. Morgan stanleys down 3 , goldmans down 4 . Let me check jpmorgan here. Teddy, i thought these names were supposed to do well with higher Interest Rates . Well, and i agree with you, i would think that they would do well. I think the problem now, liz, is theyre sort of beginning to throw the baby out with the bath water. And in an environment like this especially e when we have such a big percentage of our daily trading being driven by programs which are completely agnostic, by the way, when it comes to fundamentals, you know, i dont know what the percentage is, but 70 of the daily line for arguments sake is being driven by quantum computers. They dont care about fundamentals. So you can make maybe you could make a great case for the financials because they should benefit from higher Interest Rates, and i can give you some pretty good examples including Charles Schwab which is not a name that you mentioned which would surely benefit from higher Interest Rates. But basically in this kind of environment, theres no place to hide. But, but at some point the values will, liz, become compelling. Were simply in the there yet, you know . Thats the problem. Liz okay. Trying to pick bottoms in a falling market is like trying to catch a knife. And, you know, it can be dangerous. I think, i think, yes, there are places to go. I particularly like the insurance companies. They are big beneficiaries of higher Interest Rates, and they have the ability to pass along price increases every time theres a disaster. They raise their premiums. Liz okay. But at the moment, i think the treasuries, the shortterm treasuries are probably the best place to be. Liz were heading back down to the lows of the session for the dow, session low loss of 517. If you like teddys idea of schwab, its 4. 6 cheaper right now. Thats how much its fallen. Teddy, scott, thank you. We are going Rolling Thunder here because virginia senator mark warner is about to react to the fastchanging developments minute by minute if on capitol hill with House Speaker kevin mcdark thinks whiteknuckled battle the hold on to his job that matt gaetz is trying to rip away from if him. Senator warn warner rushing to our cameras as we speak. And jury selection underway right now in collapsed Crypto Exchange founder sam bankman primeds fraud trial. There he is arriving at court back in august. Weve got a live report from the federal courthouse in Lower Manhattan. The major cryptocurrencies falling right now, driven lower weve got to figure by a murky macro picture although litecoin is up a fraction. All right, were coming right back. Dont go away. This is Spring Semester at over 13,000 us school districts, which have become top targets for Ransomware Attacks. But theres never been a reported Ransomware Attack on a chromebook. Which is why thousands of schools like the fairfieldsuisun Unified School District switched to google tools for education. So they can focus on teaching and 22,000 students can focus on learning, knowing that their data is secure. were traveling all across america talking to people about their hearts. Ooh, take this exit. Hows the heart . I feel like its good. You feel like its good . How do you know when its time to check in on your heart . How do you know . Let me show you something. It looks like a credit card, but it is the kardiamobile card. That is a medicalgrade ekg. Want to see how it works . Yeah. Put both thumbs on there. That is your heart coming from the kardiamobile card. Wow with kardiamobile card you can take a medicalgrade ekg in just 30 seconds from anywhere. Kardiamobile card is proven to detect atrial fibrillation, one of the leading causes of stroke. And its the only personal ekg thats fdacleared to detect normal heart rhythm, bradycardia and tachycardia. How much do you think that costs . Probably 500. 99 oh really . You could carry that in your wallet of course you can carry it in your wallet, right . Yes, yes. Checking your heart anytime, anywhere has never been easier. Dont wait. Get kardiamobile card for just 99 at kardia. Com or amazon. This thing, its making me get an ice bath again. What do you mean . These straps are mindblowing they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. And you are . Im an investor. In invesco qqq, a fund that gives me access to. Nasdaq 100 innovations like. Wearable training optimization tech. Uh, how long are you. Im done. Im okay. jennifer the reason why golo customers have such long term success is because we focus on real foods in the right balance so you get the results you want. When i tell people how easy it was for me to lose weight on golo, they dont believe me. They dont believe i can eat real food and lose this much weight. The release supplement makes losing weight easy. Release sets you up for successful weight loss because it supports your blood sugar levels between meals so you arent hungry or fatigued. After i started taking release, the weight just started falling off. Since starting golo and taking release, ive gone from a size 12 to a 4. Before golo, i was hungry all the time and constantly thinking about food. After taking release, that stopped. With release, i didnt feel that hunger that comes with dieting. Which made the golo plan really easy to stick to. Since starting golo and release, i have dropped seven pant sizes and ive kept it off. Golo is real, our customers are real, and our Success Stories are real. Why not give it a try . Liz breaking news, we are now several minutes into what is a debate about whether to keep Kevin Mccarthy as the House Speaker. Bruce westerman is speaking at the moment, congressman andy biggs of arizona just spoke on the house floor. He said he thinks it is, indeed, time for a, quote, change in gop leadership in the house. He was one of the 11 republicans who voted with with the democrats to force a vote to oust Kevin Mccarthy. That vote should be coming up in about 41 minutes because now Senate Intelligence Committee Chair or mark warner of virginia is, hes with us first on fox business. I should just get your gut reaction on what is going on in the halls behind you. Well, liz, first of all, ive got to tell you, as Intelligence Committee chair, ive got no secret intel on the house floor. Matter of fact, im not sure which is the analogy, is it hunger games playing out or the battle of kens from the barbie movie. And i dont mean to be glib. This is, obviously, an unprecedented event for the speaker. I dont have the foggiest idea how its going to play out. Its remarkable, you know in we work about 200 yards apart from each other, but it really is kind of separate universes on certain days. Liz the New York Times has a headline right now that, in essence, says its hes now on track to lose his speakership simply because he worked very hard to keep the government open last weekend with this continuing resolution. Well, liz are, yeah, ive got to tell you, i dont understand why that is such a punishable event. I mean, i do not understand, frankly, anybody from from either party that thinks its in the best interests of the United States for its government to shut down. And the ramifications that has to federal workers, to our military, to all the people that, you know, private sector folks, Government Contractors who would be put out. And remember, even the c. R. , which is, you know, english for, like, all were doing is continuing last years budget which means were not reallocating money. I was down with the ship repair folks yesterday on hampton roads, if they finished a ship two months ago, they cant tart on the next project because they have to continue the ongoing budget. I think its time to move past this. I firmly believe as chair of the intel committee, one of my biggest disappointments on saturday night was we didnt continue to fund ukraine. Theyve taken out literally half of the russian military. Weve got to honor our alliances. And some of the house members that didnt want to support ukraine but say theyre afraid of china or fear xi jinping, boy, you give putin a free pass, thats the same to xi. Liz we talk about averting a Government Shutdown last weekend, we may have a different form of shutdown if the speaker is voted out because the paris order has to be putting in a new speaker, correct . I mean, the house can not do business until that happens. This puts an entire branch of the government on the freezer. Well, at least it puts half of the legislative the branch. Liz correct. And we saw the, you know, the way that Speaker Mccarthy the had to go through 15 is different votes. I think people are sick of this political theater, you know . One of the things that i think would be a great with outcome is if there was a way, you know, in the house weve had this kind of informal rule and both sides have done it that if they cant win with just their own members, just their own team, they dont bring legislation to the floor. Thats not what the founders set up. If there are broadbased coalitions in the house, i think thats better9. If we believe the leave the extremes on the sidelines, i think thats better. In the senate it forces us to do bipartisan solutions. Liz well, to that end, what do you think if you could triangulate or at least guess here, what do you think House Democrats should insist on if hair going theyre going to come to the speakers rescue . Could it possibly be with some kind of combination between moderate republicans and moderate democrats that they could come together in a powersharing agreement where we could actually move forward and run this government . Boy, that sounds pretty attractive to me, liz. Again, i dont want to its one thing, democrats, republicans, senate, house, we are a little bit in different worlds, but the notion just go back to ukraine. Last week 330 house members voted to continue assistance to ukraine. Thats over 75 of the house, yet thats not what happened on saturday. So if we get back to a space where 75 of the house can agree on certain things, they ought to bring that to the floor and find a way to pass it. Liz that would be nice. I do want to quickly get your thoughts, because one hinge that you have been forging ahead with and looking at is technology, artificial intelligence, what kind of regulations should be there. Yesterday we had microsoft ceo satya with nadella testifying in the department of justice trial against google claiming google pays about 10 billion just to ensure that their search, that they actually are the ones to be the default Search Engine on smartphones. Particularly the apple iphone. And that that is not fair. Senator, at some point do we not need to see some type of regulation are or maybe see the eventual splitup of google and its search arm . Well, liz, lets where we completely failed literally for the last 8 or 9 years, and ive got Bipartisan Legislation on this, is putting some guardrails on social media. Weve done nothing. On a. I. I think great opportunities coming with a. I. I was a tech business guy longer than ive been a politician, but the two areas where i would start at least putting some guardrails, a. I. Tomorrow could completely screw up our trust in our public elections and public markets. So if we get all the folks who watch fox business combine with the folks who watch fox news and ms, this bc about elections and say they come together, lets make sure we dont utilize deep fakes in a way to completely disrupt our elections and marketing. That might be a place to start. [applause] liz senator, please join us again. And be careful as you walk away from the cameras, theres a lot going on on capitol hill. Were following it all. Dow jones industrials down 474 points. We are coming right back with all the breaking news from if wall street to d. C. St in them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. The new dexcom g7 sends your glucose numbers to your phone and watch, so you can always see where youre heading, without fingersticks. Dexcom g7 is the most accurate cgm. So, you can manage your diabetes with confidence. The day you get your clearchoice dental implants makes every day. A lets dig in day. Mm. A chow down day. A take a big bite day. A perfectly delicious day. Mm. [ chuckles ]. A love my new teeth day. Because your clearchoice day is the day everything is back on the menu. A clearchoice day changes every day. Schedule a free consultation. Some things are good to know. Like. Where to find the cheapest gas in town. And which supermarket gives you the most bang for your buck. Something else thats good to know . If you have medicare and medicaid, you may be able to get more Healthcare Benefits through a humana Medicare Advantage dualeligible special needs plan. Call now to see if theres a plan in your area and to see if you qualify. All of these plans include doctor, hospital and Prescription Drug coverage in one convenient plan. From humana, a company with over 60 years of experience in the healthcare industry. Youll have lots of doctors and specialists to choose from. And, if you have medicare and medicaid, a humana Medicare Advantage dualeligible special needs plan can give you other important benefits. All of these plans include coverage for dental with two free cleanings a year. Plus fillings and a yearly exam. Vision including eye exams and a yearly allowance for eyewear. And hearing benefits including routine hearing exams and coverage for hearing aids. Plus an allowance to help pay for essentials. Like eligible groceries, utilities, and rent. Even overthecounter items. And whatever you dont spend gets carried over to the next month. Best of all, youll pay nothing for covered prescriptions, all year long, even the brandname ones; and zero dollars for routine vaccines, including shingles, at innetwork retail pharmacies. So if you have medicare and medicaid, call now to see if theres a plan in your area that could give you extra benefits, including coverage for Prescription Drugs. Plus dental, vision and hearing. And more. A knowledgeable, licensed humana sales agent will walk you through your options. And, if youre eligible, and theres a plan in your area, help you enroll over the phone. Call today and well also send this free guide. Humana. A more human way to healthcare. Liz fox business alert, we are now about five and a half if hours into jury selection for the fraud trial of bankrupt cryptocurrency Exchange Founder Sam Bankmanfried of ftx. The judge and potential jurors have reentered the courtroom after a recess that happened about an hour ago, and the former billionaire is, we are told, at the federal courthouse which is in Lower Manhattan this first day of jury selection is going slowly. 50 potential jurors were greet by judge louis cap hand this morning. Kaplan this morning. He is First Clearing inpanel jurors from duty impartial jurors before they continue the process of narrowing down to just 12. Several juror ises already dismissed for various reasons including having a negative opinion of cryptocurrencies overall. But those open slots have been now filled by new potential jurors. Kelly ogrady has been live down in Lower Manhattan outside the courthouse. Kelly, how are things moving, and when do we think jury selection might be finished . Reporter oh, its great to see you, liz. Were expecting jury selection to last the rest of the day, finishing up at the latest first thing tomorrow. And this is an absolutely critical part of the process, because at the end of the day its not about whether he actually did or didnt commit the fraud, its about what those ultimate 12 jurors think, whether he did or not. I want to highlight the very first question that judge kaplan asked many of these potential jurors, is there any reason you cant make a fair judgment in this case. Is and right off the bat he execs caused over excused over 10 folks. Social media play a huge role in the downfall of ftx, and that Public Record may if influence potential jurors before they even stepped into the courtroomed today. Ill also highlight one potential jurors works for a company that lost money from f ftx. She said she could be impartial, but pressed if it would impact her financially,ing she said not in the short term, but its unclear whether in the long are term. Both the prosecution and defense will have the opportunity to veto potential jurors, so i would guess she would be one of them the defense would veto. Todays trial is not about the complicated crypto world. This, at the end of the day, is garden variety fraud were looking at. Hes charged with 7 counts of fraud and and conspiracy to commit. If convicted, he faceses up to 110 years in prison. And by the way, bankruptcy experts have recovered 7. 3 of that outstanding 8. 7 billion. It is unclear though if we will ever see the remaining 1. 4. Two things i want to highlight for you, liz, as we close. First, the judge confirmed right this morning that the prosecution never offered a plea deal. That is an indication that the prosecution does feel they have an airtight case. The second thing, the judge addressed sbf directly. He said you do have the right to testify if you want to even if your defense counsel says that you should not. So, liz, im thinking, man, he went to the media. He was very willing to share his story. Wouldnt that be a moment, if he testified at his own trial . Well keep an eye on that. Liz well, anything could happen. Kelly, thank you very much. And, by the way, kellies has a very important podcast, its called the trail of Sam Bankmanfried. Download it at fox news podcasts. Com. And, by the way, make sure to watch the documentary who is Sam Bankmanfried . I, along with a bunch of other fox Business Experts kelly, sandra smith, kevin oleary, of course, and and more talk about exactly where this whole drama began, how Sam Bankmanfried first got into crypto and why it had really nothing to do with his passion for crypto. He was just looking for a good trade that could make a lot of money. It is streaming right now on fox nation. Lets get you the market alert here. We are now back down more than 500 points at the moment. Dow jones industrials losing 502. The s p down about 70 and the nasdaq, as i keep mentioning here, its the biggest percentage loser, down 2. 25 at the moment, down 296 points. Lets look at the dow component, boeing. Boeing shares are actually rising in a down market after a report that the united airlines, airline is set to order 50 787 dreamliners. United, its agnostic. Its also ordering 60 a a321 narrow body jets from air bus. Weve got boeing up twothirds of a better. Drug developer point pharma moving higher after eli lilly announced it has agreed to acquire the company, and when i say higher, try 85 higher. Lilly has offered 12. 50 for each share, right now its at 12. 38. So whats so great about point pharma . Eli lilly believes thisll give it access to therapies that enable the precise targeting of cancer e cells. Investors clearly see a positive future for warby parker after ever core upgraded the company from in line to outperform. Shares moving higher by 3. 5, a price target of 20 for the stock expecting revenue margin growth for the prescription eye glass manufacturer. Ever core estimates 40 new physical stores in 2024 will support war bys retail sales growth. Shares right now stand at 13. 74, so a bit of a way to go before 20 the but still getting a bump here. And mccormack losing some of its spice after reporting Third Quarter sales that missed analyst expectations, attributing the miss to a slower than expected economic recovery in china and the exit of some businesses. The spice maker did raise its annual profit forecast, expecting higher prices to offset lower demand. I use the pumpkin spice, right, in my coffee every morning. Okay. Would you pay 14 a month to scroll through instagram feeds on your phone without ads in the wall street journal says parent Meta Platforms is working on it right now. What does met spa meta investor dan niles think . Were going to ask him next. And purple pride, the minnesota viking fans are among the most diehard in the league. They just released a new vikingsthemed license plate today. Youre looking at it right now. Approved by the state legislature because all proceeds will support the Minnesota Vikings Foundation Charity which advances Childrens Health and education initiatives. Charity is far from the only thing that drives the Billionaire Team owner who grew up a giants fan [laughter] not a vikings fan, but he now owns the vikings. My new episode of my everyone talks to liz podcast just dropped. A poignant yet powerful family story that will lead you from the holocaust to how one house his dad built in new jersey turned into a mega real estate business. And, yes, to ownership of the vikings. Get it wherever you listen to your podcasts. We are back in a minute. The dows till flailing, same with the s p and the nasdaq. Liberty mutual customized my Car Insurance and i saved hundreds. With the money i saved, i started a dog walking business. I was a bit nervous at first but then i figured its just walking, right . [dog barks] oh. No its just a bunny calm down taco. Sit duchess. Stop sesame no no. Archie walter dont, no, ahhhh. Ahhhhh youre lucky youre so cute. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Liz we want to get you breaking news right now. Matt gaetz once again, of course, the florida republican, driving the effort to blow out Kevin Mccarthy as speaker of the house, hes once again speaking on the floor of congress here. I do want to just let you know because were trying to keep you update as the market falls that, breaking news, Kentucky Republican Thomas Massie just said to the packed chamber that under Kevin Mccarthy the chamber has never been run better, more conservatively and transparently e. He is, obviously, supporting Kevin Mccarthy. We are watching this debate play out, and after there will be a vote as to whether to oust Kevin Mccarthy as speaker,. Only the third time in u. S. History that such a vote has taken place. Well be following it. In the meantime, we need to show you meta shares, reports swirling that the tech giant could start charging users for instagram and facebook. Shares are falling about 2 . Before you freak out, if youre with an instagram user, until only be for european users who dont agree to let meta use their digital activity for targeted ads. A cost has not been fully worked out, but it reportedly looks like it could cost anywhere from 10. 5017. Is that a month . Thats a lot. No, it cant be. Meta plans to roll out subscription, no ads, in a couple of months, but one of the reasons dan niles is picking meta in the short term is its ad placement and its eks exposure to a. I. Dan niles is here in a first on fox business interview. Dan, clarify here. Youd be okay with this, right . You like the stock. Yeah, i like the stock because youre getting good, solid growth for a reasonable valuation, just a couple of points above the s p 500 multiple. Rain, you know, this all come and, you know, this all comes about because the e. U. Fine them about 1. 3 billion back in may for sending user information outside the e. U. To the u. S. So, you know its funny, like, people think you should be able to get a service for free and not pay for it and, obviously, metas a business. They sell ads to support your getting it for free. Im sure theres going to be some middle ground struck here, so im not that concerned about it. And theyre using a. I. Very well, as you said, liz, to place ads properly and also to recommend videos to you. So i think theyre in pretty good shape. Liz yes. And it would be 1014 a month, but we shall see. Its not coming to the u. S. At least right now, although it feels like one of those fishing expeditions to see, like a trial balloon in a way, dan . [laughter] yeah. No, absolutely. I mean, you though how this goes, its a negotiation process back and forth, and well see where it ends up. This is going to tab take some time for, you know, we get to a resolution on it. Its not something thats concerning me right now. Right now whats concerning me more is things like the u. S. Dollar going up a lot and the fact that meta has a fair bit of their ref knews, 57 , outside revenues, outside of of. Earnings, thats what im more focused on. Liz youre focused on shortterm picks that appear to be the either pure play or very close to pure play. C3ai which nabbed the a. I. Ticker similar symbol, is one of them no, im sorry. No, thats not mine [laughter] liz including meta have an a. I. Angle, but you dont like some of the ones that are pure play. Well, i think the way to think about it is every company says a. I. 50 times on their call, and theres only a few of them that are actually benefiting. So nvidia is the name that we like the best because unlike many of the others, you know, microsofts a great example. They say, you know, they obviously are 49 owner of openai which produced chatgpt, but they guided below the street slightly for their intelligent cloud in june. Ine vid ya has had numbers go up a ton after they reported their april quarter and their july quarter. Nvidia. Thats our leader in that a space. You mentioned meta, which we like. We like google as well. They have, i think, a very good lead e in a. I. They have over nine Different Services with over a billion users each, so thats a lot of data they can use, and and we bought oracle recently after we with saw the oracle cloud event a couple of weeks ago. And there youre guying it at a 19 multiple, we think theyre an incredible number in the cloud. So if you want tech names, a. I. Related, those are the ones that we like. Liz you know, there are, obviously, a bunch of companies in the s p 500 not entirely 500 companies, believe it or not. But, you know, when you look at the magnificent seven which drove the gains for the first half of the year and much of last year, they dont look so good for september in the rearview mirror. Yeah, no, youre absolutely right. And the way you need to think about it is the magnificent seven, theyre up over 85 year to date. You look at an equal weighted s p, its down 2 year to date. And thats reflected in the russell thats down 2 . And out of that magnificent seven, one of the things you have to think about is that right now the average is 53 of the revenues is outside of the United States. Now, thats led by names like apple that have 57 of their revenues outside the u. S. And dont forget the dollar has gone from 100 to 107 since mid july. So thats a 7 headwind to all of these Companies Top lines, and that typically has an even greater impact on the bottom line. So its not going to be what they report, its going to be what they guide to with the dollar being a massive headwind now, not to mention if you have to deal with transportation costs, etc. , for a name like amazon, obviously. Theres other things, but theres a lot of things that have changed since these companies have all guided in july. Liz yeah. And, again with the u. S. Dollar, more than a 10month high, just a powerhouse at the moment. Dan, satori funds beating the s p last year, beating it again this year. Please come back. We really enjoy your perspective. Thank you. I appreciate it, liz. Liz were coming right back with the latest on the u ark w strike. Look uaw strike. Look at the vix, it is spiking 14. 33. Verseas tours. I love to give back to the community. I offer what i can when i can. I started noticing my memory was slipping. I saw a prevagen commercial and i did some research on it. I started taking prevagen about three years ago. I feel clearer in my thoughts, my memory has improved and generally just more on point. Prevagen. At stores everywhere without a prescription. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. This is american infrastructure. Megawatts of power, rails and open road, and essential services of every kind. All running on countless invisible networks, making it a prime target for cyberattacks. But the same aipowered security that protects all of google also defends the systems running americas infrastructure. For these services. For the 336 million of us living here. Municipal bonds dont usually get the Media Coverage the stock market does. In fact, most people dont find them all that exciting. But, if youre looking for the potential for consistent income thats federally taxfree, now is an excellent time to consider Municipal Bonds from hennion walsh. If you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 18002173217. Well send you our exclusive bond guide, free. With details about how bonds can be an important part of your portfolio. Hennion walsh has specialized in fixed income and Growth Solutions for 30 years, and offers highquality Municipal Bonds from across the country. They provide the potential for regular income. Are federally taxfree. And have historically low risk. Call today to request your free bond guide. 18002173217. Thats 18002173217. Liz more breaking news. Ford Just Announced it is laying off 330 workers in ohio and General Motors is laying off about 150 people in ohio and indiana. The furloughs will not apparently affect the plants where the uaw is striking but the Companies Say the picket something having a Ripple Effect across other plants. Stocks of all three major automakers in the u. S. , General Motors, ford motor companies, stellantis have Union Employees with gm hurt the most. Grady trimble outside of the stellantis parts plant in michigan. Grady . Reporter liz, General Motors is it taking a look at a counteroffer it got from the uaw but quote, significant gaps remain. The big three automakers and uaw are still talking but doesnt sound like theyre striking a deal anytime soon. And as those talks continue i want to show you the numbers from anderson economic group. They crunch of numbers for the total cost of this strike so far. They say the second week was more costly than the first which makes sense the uaw ramped up the strike in the second week just like it did this week. When you add up losses for everyone involved from the automakers to the workers, to suppliers and dealers and customers, the cost is nearly 4 billion and counting. A lot of americans so far have been pretty sympathetic to the picketing workers cause but the economists who put that report together warns when the innocent bystanders begin to feel it will affect the generally supportive sentiment americans have been expressing about the uaws demands thus far in the strike. Been talking to the workers here and they tell me theyre not worried about losing the public support if this strike drags on. Listen. Were fighting for what we gave up during the bankruptcy. Were fighting how hard we worked durr the pandemic. Dealers are upset because were picketing. We stayed here in the pandemic so they could get parts and services to their customers. So we want our fair share. Reporter gm released Third Quarter sales numbers. Remember the strike started with 15 days left in the quarter. General motors says sales of new vehicles are up 21 from a year ago. So no evidence that the strike is impacting sales just yet. Now were in a new quarter liz, and that could certainly change as this strike drags on. Liz . Liz grady, thank you very much for the update. Were continuing to monitor the house floor. Look at a live picture. The house is about to conclude debate on the motion to vacate, to kick out Kevin Mccarthy as speaker. Joining me now, because the markets are having trouble absorbing all of this, bubba trading chief strategist, bob bubba horowitz. At the top of the show, Teddy Weisberg says it is too crazy and too opaque. Maybe better to park money in treasurys. Yields are skyrocketing, todd but you have an idea how to go about putting money where it will grow without being open to risk . Hi, liz, listen i think that i found there are some cds out there. Yield curve conversion, short term rates are much higher, i found rates as high as 5. 65 as 3 month cd im using them at edward jones and cibc and other community banks. There is always some kind of risk but you are insured. You have your money, listen, with the Turbulent Times in this market a 5. 65 return three months at a time is a pretty damn good return. Certainly something i will continue to do until we see some more safety in these markets, although i will not touch my investing portfolio which is hedged you about my new money is going into cds right now. Liz but im looking at two year which earlier was up 13 basis points. Its now up five basis points at the moment, 5. 156 . Why wouldnt you discuss do treasurys at this point . Right now lets check the Dow Jones Industrials down 442 points. Treasuries are fine but i like extra half percent im getting and not giving it much time to get. Something you can use, within my advice already. So everything works out just fine. I think these markets are in big trouble with the inflation, Everything Else is going on. I want to be in safety. I see rates going even higher. We might see over6 for cds before the year is over. Are you surprised the nasdaq is hard hit today, down 256 points . No, liz. Nasdaq is up 38 . Liz true. Where nasdaq will pretty easily coast into the end of the year. Liz okay. Todd, good to see you on a very rock and roll day. Thanks for sticking with us. Tomorrow a fox business exclusive with one of the most important voices in private equity, bravo equity parter in, orlando bravo. Stocks dripping in red as debate on the house floor concluded seconds ago ahead of a historic vote to house Kevin Mccarthy. Kudlow is all over this next. Dont move