That recession. We are going to talk about it with my guest coming up right now. Im cheryl casone, everybody, in for liz claman today. Were going to start with a fox market alert. The bulls are actually making a bit of a comeback in this final hour of trading. As you can see, the dow up 25. We had been on the fence just a few moments ago. Maybe charles turned it around. Im going to do the cc effect right now here because you do have the the dow at one point down is 88 188 points at session lows. Trying to make this two wins in a row. We shall see if that works out. If the dow can can close up more than 17. 7 points, and its above that right now, it will be back in positive territory for the year. Were closely going to watch this average. Now to the s p 500. As you can see, it is slightly higher, a fraction here, 1. 2 1. 48. Wed been down 38 points on the lower in todays session for the s p, so thats a comeback. And heres the final comeback, the nasdaq. As you can see, up 4 points. At 14 is points. At the session lows it was down 148 points. So theres a number of factors that are keeping a cap on these gains in general, at least for most of today until i took over here on fox business. For one, lets talk about this. Weaker than expected initial jobless claims. The estimate was 200, the actual number was 207, the estimate was 210, so a little bit lighter than expected. But this still tells us we have a very tight the labor market in this nation right now. This brings us to a second concern among investors, interest rates. San francisco fed president mary daly today says, quote, we are going to keep going until we are confident on inflations path to 2 . That 2 level, she says, is a long way off, end quote. Well, the treasury markets been reacting to this, as you can see. Treasuries at this point at least on a basis point basis are lower, but the 2 and the 10year still were sitting around those 16year highs x and thats been a concern to a lot of investorsers. And then at a big concern for also a big concern for the economic landscape as well is oil. So oil has been really interesting because weve seen a lot of upside pressure to oil. Now were seeing downside pressure. So oil is at 8 2k. 29, thats almost 2 to the downside. But, again, and that affects the Energy Sector on the market side. But whats interesting is weve got a 5week low, down more than 10 in just the last week on oil. What gives with all of this . A lot of data today. Lets get to our floor show. Joining me now is t3 trading chief strategist scott redler or and john lonski. Its great to have you both here on set. So many things to get through. Im going to start on the market side with you, scott, and that s p number in particular. The dow could easily become positive by the end of the session, but the s p is really your focus. Why . Because its really a better barometer of the health of the market. And this week we hit 4216 which was about a 9 correction off the highs, and it happened pretty fast, you know . The problem here is though with all the problems out there and and the macroeconomic landscape, the s ps still up 11, 12 on the year. Nasdaqs still up 32, 33 on the year. So economists are talking about recession that we price in recession, those arent recessionary numbers the same way the s p around 20 is elevated and not cheap. So you have this divergence between sectors,ty e very generals in different regions as far as mack can coeconomics and technicals, and finally everythings coming together where the markets realizing rates have to go higher, and things are elevated and chances are, you know, the consumers starting to feel the rates higher and corporations, you know, that are the margins are getting less, it just doesnt feel really good. Cheryl weve got Third Quarter earnings that are about to kick in, and many continue to talk about a Fourth Quarter rally. The question is from where. Thats a great point. John, the recession talk is obviously a big kind of overhang right now. Weve got the jobs number coming out tomorrow. That tight labor market, this week has been weird with the jobs data because the adp was a huge miss. It was very weak. And those were low paying jobs which tells me that that makes a recession more likely. But then, you know, the claims werent horrible this morning, and then youve got the september unemployment report tomorrow, and the estimates, 137. Well see. So tomorrow morning, as in whats my line, were going to find out will the the correct labor Market Indicator please stand up. [laughter] cheryl i dont know. Its been so strange. Right now im going to put more money, im going to say that perhaps the initial state jobless claims, very low reading for this week, will be closer to the truth. And and that is perhaps well see payrolls a little bit more slowly than they did e in august, 170,000 jobs. Thats still quite a few. Still indicates a tight labor market. And with that we get a dip by the Unemployment Rate to 3. 7 . But what im going to be focusing on keenly and so will many others, what happens to that monthly increase by the average wage. That was merely twotenths cheryl because thats inflation. Thats inflation right there, and thats the best indication of labor market tightness as it poses a threat to price stability. Cheryl yeah and you talk about that, you say that, basically, if you look at the jobs that are being created, charles actually mentioned this at the end of his show, its, you know, leisure and hospitality, and sometimes people are taking who two, three jobs to make ends meet because of food inflation and oil flakes which i want to the get to inflation which i want to get to with you as well. Scott, obviously not a good good day for the Energy Sector because of the oil sector. But tech has been a nice little surprise whether its nvidia, microsoft, even google. Thats kind of the space youre into right now. Well, every time it feels like the market was going to break this week, some flows went to tech. Megacap tech feels like its safe. There was a downgrade in apple this week, it held in there. Google actually looks pretty solid. Today nvidia and tesla la when the market was trying to test lower levels, they wouldnt go down and now theyre green. So tech is keeping the market intact. But its just, like, for how long. The 200day just after looking like it was going to break above ayear high 2year high, you had a historic move in utilities. So everything is so kiss located dislocated, its hard to trust a sector in particular. Cheryl look at the financial sector, trying to get an idea for predictions about how the Bank Earnings are going to kick us off. It is not a good story at all if you look at the year to year comparisons. But if you think about also when we had all those Regional Bank problems, you know where the 10year was . 4. 1. Now were 4. 8, we havent heard anything from the Regional Banks, so whats going on over there . You heard e overseas in europe there was a bank down 25 because they talked about a money raise because they have a bond issuing coming due in 2025, so the question is when does that start to happen here. So the banks are pretty broken a right now. People want to stay away with. But if they turn into a huge headwind, thatll definitely mean some volatility. Cheryl Something Else we havent hit yet, john, and that thats this chaos in washington. I cant say other words on television, but its the spending thats just been out of control. We finally get the shortterm c. R. , but novembers coming around, and youve got another deadline. Here we go again. And if you look at the calendar, how many Days Congress is working. My point is, you point to the debt that were sitting on in this country as an overhang for the economy. Oh, definitely. Thats why you have high interest rates. And its absolutely outrageous. Here we are, they supposedly say its a strong economy. The budget deficit should be no greater than maybe 3. 5 of gdp. Instead, this year s budget deficit that is approaching 2 trillion is a big fat 6 of gdp. You cannot do this indefinitely, and yet economists are predicting that the budget deficit9 will stay at a very high 6 of gdp through 2025. And by that time who knows what were going to be looking at in terms of interest rates, in terms of bond yields. And as scott knows, that can only mean hoe rear p if e ratio. Cheryl you make a great point that at some point itsgoing to be the markets that are going to force congress to get their fiscal act together because its definitely not right now. Mr. Market will have a final say on this matter. Cheryl as he should at this point. We need someone to come in and square with things away. Gentlemen, its great to see you both here on set. Same here. Thank you. Cheryl all right. You do not want to miss the the mornings with maria special jobs in america tomorrow ahead of the september jobs report. Were going to kick things off at 8 a. M. Eastern time. Im going to be break breaking those numbers right at 8 30 when it comes out. Were going to have the pregame and the postgame reaction to this number. And as i told maria this morning, its going to be anybodys game, what this reports going to look like. And also looking for those revisions. Well, weve got some breaking news right now. General motors says that it has made a sixth offer to the United Auto Workers on you to onas the strike is hitting now union as the the strike is hitting its 20th day. Details were not revealed, but Union President shawn fein is set e to give an update tomorrow at 2 p. M. Eastern time as 25,000 workers strike at 5 Vehicle Assembly plants and 38 parts warehouses. Meanwhile, the actors union, sagaftra, is also set to resume talks tomorrow with Hollywood Studios as three writers on the Drew Barrymore show are reportedly not going to come back to work. This backlash against her really comes after her show was initially slated to return amid the writer ares strike. Barrymore reversed her course a few days later saying the show would not come back this the show was resolved. Doesnt look like her writers have forgiven her. And now workers as Kaiser Permanente facilities are holding the Largest Health care strike with more than 75,000 workers walking off the job. At least for the short term. Jonathan hunt is live in los angeles just hours away from where Kaiser Permanente is headquartered and where were now, i guess, a little more than a day away from, hopefully, this thing taking a break, if you will. Jonathan, hello. Reporter hey, cheryl. We seem to be at a standstill right now in talks between the unions and those 75,000 workers who have walked off the streets along with the kaiser executives. They did not talk overnight. As far as we understand it, there are no new talks scheduled right now. So you have those 75,000 workers across the Kaiser Network right across the country having walk out, hundreds of them as you can see and hear outside the Kaiser PermanenteWest Los Angeles medical center. It is one of the biggest hospitals in the Kaiser Network. They say they have no choice but to walk out because kaiser has allowed Staffing Levels to fall dangerously low and wages to fall far behind inflation. And they say it is time for kaiser to stand up and make it right. Listen here. Nobody wants to be out here. Everybody wants to be in there doing their job, doing those to the best of our abilities. However, you know, we have to have Proper Staffing for that, and the only way we can catch the attention of the higherups is to be here today. Reporter and youre willing to come out again if necessary . Absolutely. Reporter , now kaiser, of course to, says its priority is also a patient care. In a a statement they told us, quote, Kaiser Permanente, our industry and our employees are now operating in a new cultural labor and and postpandemic e environment that we are all working hard to understand. We are committed to finding workable solutions. But weird, no prospect of agreement coming anytime soon. These thousands of workers remain out on strike, so what effect is that having on patient care . Well, ciez canner says that its kaiser says that its hospitals and Emergency Rooms remain and will remain open through the duration of this strike, but they admit that nonurgent procedures in some cases are being postponed, that some medical offices remain closed and that some pharmacies are also shut down too. Now, this particular strike, cheryl, is scheduled to go a full three days. That means it would enaround 6 a. M. Pacific time end around 6 a. M. Pacific time on saturday. But if there is no agreement, these workers say they will walk out again sometime in november. And if they do so, that strike will last even longer. And, obviously, that affects the health care of some 13 if million americans. Cheryl . Cheryl the largest in history. Its incredible, jonathan. Certainly appreciate the update from you and from there as well. Jonathan hunt from fox news. Thank you, sir e. Well, if you want to go around the world in 22 days but you dont want to fly cattle class, got a thought for you. The ceo of private jet Company Tells us how you can visit the eiffel tower, the taj mahal, the sydney opera house, french polynesia, other exotic places. There is a price on this. Were going to tell you about it. Look at this, airbnb, booking holdings, expedia, trip adviser and the daily travel indication, ticker ooto, all of them, well, theyre in the red. A little bit anyway. Claman countdowns coming right back. Baby grand piano. Youre replacing me . Customize and save with liberty bibberty. He doesnt even have a mustache. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. 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Cheryl from flights to accommodations, there are a lot of moving parts when it comes to planning a vacation, and sometimes you just want an allinclusive package so you dont have to worry about each individual hassle. Well, in 19 days one company is taking a maul group with of travelers around the world in 22 days in a private jet. Joining us now in a fox business exclusive is the ceo. Xi, its great to see you here. If. Thank you very much for having me. [laughter] cheryl my french is not what it used to be. In the best establish we can english we can do between the two of us, lets talk about this. What a fascinating idea. Youve been in the travel industry for decades or, but i wanted to ask you about the specific trip. Where did the idea come from, and lets talk about the financials of it. Well, the first idea is that when people are traveling, they are very often traveling to discover one place, and they can travel around the world, they can travel in many destinations. But in order to get a Global Vision on the planet, you have to unify a certain member number of conditions. One of them is to go fast in order to get the global idea. In order to go fast without being tired, you need a private jet. And if you have you have a private jet, so so lets enjoy, lets take the most of it and the most luxurious possibilities. The whole idea of the tour is to bring the passenger to experience a unique situation where he wakes up every three days in a new universe. And these travel much beyond the test nation that he, indeed destination that he, indeed visited keeps getting Global Vision on the planet which is totally unique. Cheryl we have a map, i want to show eau our viewers what this is. It arrives back in paris, but as you mentioned, you see some of the most beautiful parts of the world. I was looking at this just because i wanted the know, rio, easter island, peru, sydney, cambodia, v