Down 2 or 269 points and russell lower by 44 points or 2. 25 . We also have some breaking news involving a two pronged headline. First prong bed bath and beyond chairs are crashing at this hour, down 43. 25 getting close to session lows of 10 well, made a new session low, 10. 53 was the new low, were at 10. 52 and is this is on top of yesterdays 20 dive. Folks, even if you do not own this stock, you need to listen to the investigating message here. This is not what happens when an activist investor in this case, ryan cohen founded chewy and the coowner of game stop quietly dumped his entire stake on tuesday. Retail investors in the reddit chat room love to play bbby are pointing out cohens shares flooding back on to the open market did not technically affect the stock when that happened. Shares closed up 44 on tuesday. The stock was up again on wednesday and only when cohens regulatory filing yesterday revealed the sale did the stock, on the right part of the screen, it vaporized much of the 365 it had gained over the past month. Water way its dunking other meme stocks, amc, blue apron, fubu down 10. 5 and many names are lower anywhere from as we said about 6 to close to 11 at the moment. The second prong of todays headline high growth, high multiple name haves nothing to do with reddit. Selfdescribed ape traders are diving at this hour. Lucid down 7 and Mercado Libra down 5 and docku sign is down also. Bitcoin and ether are messy at this hour and bitcoin losing 2,007 and either yum down well below 2,000 a coin. Can you blame the Federal Reserve for what we outlined . Over the past three days, four fed Bank President s have used the verbal version of a red sharpy pen to make very clear the central bank is not done raising rates. Lets put all of this together in the claman countdown couldron. How do you see this in the final hour . That, liz is only part of the answer. Answer computers are piling on and cal gather rhythms are going and youve got a massive cocktail of toxicity today. Volatility even under normal Market Conditions would be expected. This is a global margin call and people throwing in the towel, whatever you want to call it but youre seeing massive rundown into the close here. Liz dutch, were double figures 354, 55 points for the dow and falling. Dutch, can you hear me . Were going to wait on dutch and see if we can get his audio fixed. Keith, talk about the fed as we said and i hate to keep bringing it up but now they have made it very Crystal Clear that they are going to continue raising rates because this inflation is just painful for everybody from the rent to the food et cetera. Is it time, in fact, to then buy the best, as you say, and leave the rest on the side of the road . Oh, absolutely, liz. Buy the best, leave the rest, forget the rest, ignore the rest. Whatever verb you want to use. Thats been my mantra for much of this year. The quality names and reliable names are putting up numbers and still growing and the Business Case for owning them is getting stronger so on days like today, this is the only store in the world where people should run to it. In fact, run away from it. This is where youve got to pick your names carefully, youve got to get the best names and those will be the ones stable and be there when you need them. The stuff thats the meme stocks, social reddit raiders, those are the questionable things and high stakes gambling and go to vegas and have free drinks and have fun. Liz thats if youre gambling. I never do. I cant figure it out. I cant either. Liz dutch, is dutch there . Okay. Hes not. Were trying to continue to establish that. All right, so lets dig down deep into whats going on with this reddit rebel trade and the meme stocks because these are individual Retail Investors who have shown muscle, respect; right, but at the moment theyve been tossed this kind of wrench into the whole system with ryan cohen selling out his shares. Bed bath and beyond is suffering at the moment and whats your message to the individual investor . If youre a individual investor, its awesome and powerful and what you need to do. Youve got to understood that the bigger understand the bigger investors and sophisticated investors are laying on strategies that arent apparent. Rather than doing what you think needs to be done, do what rale street is doing. Wall street is doing. What ryan cohen did is against the spirit of law. This is a rug pull of the highest order. The ironny here is he turned on the very people that elevated him to demagogue status and play the game but smart and learn from whats happening. Do not repeat the past. Liz let me push back a bit on this. Every individual investor has the freedom to buy and sell whenever they want ; correct . Unless its robinhood who shut down back in january of last year and wouldnt let people buy. To that end, he felt he wasnt Getting Movement on bed bath and beyond and he wanted them to divest of buy buy babe and this is a bigger story for everyone. That is a fair point and again, theres a lot we dont know here. But i will simply Say Something smells funny. There clearly needs to be an investigation. If for no other reason to prove that the trading activity he engaged in was legal because thats going to answer a lot of questions. If it is legal, then theres nothing to hide. But the fact is it is not being perceive that had way and being perceived as something nasty and sleazy and dangerous and thats the part of wall street thats desperately broken and where all the apes need to stand together and the individual investors because if theres going to be reform and we can buy and sell freely in a market thats fair and transparent, those questions need answered on days like today. Liz indeed. Indeed. Let me just toss to you the cryptoconcernty picture. I was doing a live cryptocurrency picture and i was doing a live tiktok on upping people on what i thought would be a freaky friday and appears bitcoin is tracking what equities are doing right now. They were asking me about shiba inu in some of these bitcoin questions and whats your message about digital money . Digital money, in particular, liz, its important you separate this because theres no question in my mind or rational investors mind that Digital Currency is our future. What does that look like and where does it go . My message is the same as with stocks, particularly now. Itll be best, not rest. The two at the head of the class will be ether and bitcoin. Which will win . I dont know but i submit ether because of the integral relationship to the market and bitcoin up 30 something percent and keep those numbers to small amounts you wont miss if everything blows up and big enough to make a difference if they do succeed. Liz good advice. I appreciate that. Er is getting hammer ether is getting hammered right now. Weve just established a quick new low for the dow down about 320 when we started and down 371 and dropping at the moment and feels like the friday where people dont want to go into the weekend long. That said, how about this lunch in london, drinks and dinner in miami . Yes. According to ultra fast jet maker boom supersonic, which this week nabbed a major order from American Airlines, even though the jets wont be ready for years. Will a faster plane solve the flight mare that traveler haves experienced this summer or will it be up to the government . Boom supersonic ceo is next. Closing bell, 50, 50 minutes away and were testing the lows of the session down 362 and s p lower by 63 and nasdaq made a new low, a loss of about 287. Were coming right back, dont go away. 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. 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Look at Airline Stocks but as you see they are falling pretty dramatically and American Airlines down 5 is one of the laggers on s a p and nasdaq 500 and we have all kinds of equity optoptions that are expiring to, about 2 trillion worth of them and maybe that has something to do with the volatility were seeing and the Dow Jones Industrial is off the lows of the session down 300 points, low of the session about a loss of 369. Back to the Airline Stocks. Why all of this red . Theyre facing significant turbulence in the final hour of trade after transportation secretary Pete Buttigieg pinned a strongly worded letter to the ten largest carriers saying the disruptions travelers experienced was unacceptable and demand they fixed the delays and cancellations that wrought so much havoc and buttigieg saying the department of transportation is weighing its options to write new rules that would expand the rights of airline passengers. Airlines clearly need to get their act together, they are going ahead with speedy purchasing. United and then earlier just this week, American Airlines both placing nonrefundable orders for boom supersonics overture aircraft at 3,190 Miles Per Hour travel at twice the speed of todays airport. Sydney to la, taking 3 hours with this plane. Boom will begin passenger flights by 2029. Is this at least the answer to some of the airlines problems right now . Lets find out from boom supersonic founder and ceo blake scholl. An Airline Startup and aviation start up and i hope the airlines figure out how to banish the flight mare sooner than 2029 but talk about the supersonic jet. Its giving us concord 2. 0 vibes. How will it differ from the concord, which stopped flying way back in 2003 . The most important difference is its going to be affordable for far more people. A ticket on concord set us back about 20,000. Its not transportation for very much people. Our ultimate goal is to make highspeed available for anyone who flies and on that overture 1, itll cost a quarter of what it did on concord so available to a lot more people. Liz lets talk a bit more about the details of it. Again, it goes just slightly slower than what the concord was. It went 1,354 miles an hour. You guys go mack 1. 7 which is 1,304 miles an hour. How do you start up an Aviation Company, blake . I know you have your pilots license and you had much success working as an executive at amazon and groupon, but how did this come about . I had a lot of personal motivation. My kids had a grandfather who lived in hong kong they only got to see three or four times before he passed. Why . Because 18 hours is too long, especially for the very young or very old. I started looking at supersonic eight years ago, i thought id get two weeks into the reservice connected and have be done. Research and be done. I found a whole lot of unconventional wisdom and no aircraft start up since 1921, its been a venture reigns leading. It need century and it needed entrepreneurship and regulation and we need to do it. So we are. Liz wait a minute, the technology exists . The concord built in 1969, last flight was 2003. How is it possible that all this time, since 2003, we havent had any industrial motivation or at least ability to improve the speed of travel by airplanes . I think weve suffered from this d duopoly and theres two aircrafts in the world and want to focus on protecting what they make and dont want to be disrupted and dont want to build an airport that takes the most profitable passengers out of the ones theyre flying. It needs a new company to make this happen, but i think that the potential is very large. Like i said, we ultimately want to displace subsonic as the way that we all get arnold the planet. Liz well, im quite sure that the two that you spoke of, which are boeing and air bus, are rather threatened by you. American signed the deal for 20 boom supersonic jet this is week and you had united, virgin is already a customer. Who sells in the pipeline . Theres hardly an airline on the planet thats not interested in this and its what passengers want. They want flights faster, more affordable, convenient, and more sustainable than what we have today. Boom has now built and rolled out our first test airplane and the only company ever to build a supersonic jet. People are saying passengers want this, i need to have it. Liz yeah, and i do have to ask because we had ed bastian, the ceo of delta on the show and i want you to hear what he said and well talk about it. Were not ready to make that announcement yet, liz. Weve been talking to boom over the last couple of years. Candidly i have a lot more questions than answers still that need to be resolved. Until were confident that we could actually generate a reliable return from the aircraft, were not thats not where were investing. Liz okay, he says hes had conversations with you. How do you get a guy like ed bastian and an airline like delta on board . I think he said it well, were not ready to make that announcement yet, but were excited for the conversations weve been having weed and his team and wee with ed and hism and were confident that as we continue to show what the airplane can do, more reach the same conclusion that united and american did that its great for passengers and itll be great for the world as well. Liz starting up an Aviation Company like yours, its got to be expensive. How are you getting funding . Weve been able to attract numerous sources of private capital as well as customer capital. Weve raised roughly 600 million, some from investors, some from nondiluted sources. The market for this is huge. We see ourselves building hundreds if not thousands of airplanes for airlines, also probably some Defense Applications as well. So this is a multihundred billion dollar if not a trillion dollar market, and for that reason its been very attractive to the people who are backing the company. Liz its fascinating. Thats a beautiful plane. We cannot wait to see the test flight. We got a pilot shortage. How long is it going to take to train pilots . Were designing overture so that the average Airline Pilot can fly it safely. Learning to fly overture will not be that different going from a boeing to an air bus. Liz all right. Well, boeing and air bus better watch their back. Id be interested to see how they react to this. Blake, thank you very much. Good to see you, and well be watching the company. Thank you, liz. Liz blake scholl of boom superer sonic. From planes to boats and lobster men are feeling the pinch when it comes to inflation. Up next, were going to travel and bring you along to the coast of maine to find out why the rising cost of your lobster roll is not translating to profits for the folks catching the crustaceans. Closing bell 38 minutes away. The losses have calmed down just a bit. S p down 54 and nasdaq 257 and dow still losing about 289 points but moderating just a bit. Were coming right back. Dont go away. Liz fox business alert, we take a look at General Motors and im saying this because gm is giving the signal that maybe the worst days of the pandemic is over. Shares of the autogiant popping 3 after reinstating quarterly Cash Payments to shareholders that gm suspended during the height of the covid lockdowns in april. However, the dividend will drop from the prepandemic level of 38cent as share to 9cents a share. Its a slow walkback but its happening. Its increasing the Share Buy Back from 3 billion to 5 billion. Rivian taking a beating after canceling the r1t, down 3. 5 off the lows. Not even that bad and ev maker said customers that preordered the 67,500 explorer package will be forced to cancel their preorder or upgrade to the 73,000 adventure package. Rivia n said its lower priced r1s suv will be discontinued as it attempts to simply fie and streamline the supply chain. Could rivians worst days be bind them. Filings show billionaire investors ray dalio and dinehorn increased on the second quarter. Way fair plunging at this hour after the layoff of 870 employees. Stock down 20 and the online retailer and pandemic darling said itll incur costs of between 30 40 million due to severance and benefit payouts payou Consultant Firm said 50 of ceo respondents are reducing overall head count. We look at foot locker. Theyre sprinting higher by 21 . On news that it has hired f forr ulta ceo to take the reigns and shell start september 1. During dylans time at ulta, both revenue and the stock tripled. Footlocker announced earnings of 2. 07 billion. Heres something investors havent seen lately. Warner bros discovery stock is one of the top leaders on the s p 500. The 3. 6 gain comes ahead of sundays hbo max debut of game of thrones spin off house of the dragon. Wbd has suffered through a brutal year falling 4 2 since january. House of the dragon is the precprequel to the game of thrs or got as its known, promises intrigue and violence. Im about to get violent if lobster gets anymore expen civpensiveand were being told s will shell out more for the lobster roll as inflation drives up price again of the catch and in turn is pinching the profits of lob terrific men that work lobster men that work hard to catch it. Jeff loche live from a lobster port in port, maine. Jeff. Jeff on board a ship. They dont come fresher tha