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tv   The Claman Countdown  FOX Business  October 4, 2021 3:00pm-4:01pm EDT

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dollar cost average is the name that you know will withstand whatever, and then hold that position, but to be all in the u.s. , i think, is a mistake from a diversity standpoint, you've got to have a global portfolio when half the market cap is outside the u.s.. charles: mark, we hope you get that patio furniture soon, meanwhile folks we hope the session is over soon, cheryl casone, i'm not sure how much pain we can take. >> stick with me everybody i'm going to try and turn this around and try getting a bicycle by the way charles i'll leave you with that thought wasteways a fun adventure, charles payne thank you. yeah, so we're looking at a lot of things right now as we go into the final hour of trading. the wall street fear gauge popping off the charts to start the first full trading week of october. this is the volatility index, the vix, as we call it, and as you can see look at the jump, higher by almost 12%, as markets flip deeply into the red. rootages out of big tech is
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broadly slamming stocks as worry over inflation, bond yields, that drama in d.c., that's all got investors pulling back, as you could see right now the dow is down 335 but we are well off of session lows, s&p is lower by 58 and nasdaq is down by 307 that's the technology story which is also pushing, we should say here, the s&p lower. well, president joe biden not helping the sentiment by blasting republicans for blocking a vote to raise the debt ceiling, calling them wreckless and dangerous and accusing them of playing russian roulette, with the u.s. economy. president's remarks from the white house earlier coming with trillions of dollars in spending on infrastructure and social causes, hang in the balance. we'll go straight to the white house for the latest as we are on washington watch for you, again today. and then this the global chip shortage is still slamming automakers. one company with a new name is hoping to help general motors
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bridge the gap. the wolf speed ceo is here on the day as the company finds a new home on the new york stock exchange. plus, it may look like half a car, but at half the price of tesla's cheapest model this ev can soon be giving elon musk a run for his money. the electric ceo here as his company delivers its first solo vehicle to paying customers that's a fox business exclusive. >> well the breaking news right now, president biden in attack mode today after receiving a letter from senate minority leader mitch mcconnell that said republicans will not be helping democrats raise the debt ceiling well the government is set to run out of funds to keep the lights on around october 18. the president warning senate republicans that their actions could have disastrous effects for the american people, and this comes as the biden administration turns its sights on china trade, as massive spending plans for infrastructure and social
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causes, are on the back burner until the end of the month. a lot has changed over the weekend, edward lawrence following live from the white house. edward? reporter: hey, cheryl yeah, the middle of the drama here, so to speak, the president came out saying he cannot guarantee the u.s. will raise the debt ceiling by october 18, that's the date that treasury secretary said that the u.s. will then struggle to start paying its bills. now, he said as he spoke for about 10 minutes, he called on republicans to come to the table, and help him over debt. >> the reason we have to raise the debt limit is in part because of the reckless tax and spending policies under the previous trump adminitration in four years, they incurred nearly $8 trillion. reporter: so i guess he's talking about the debt ceiling or the debt during covid. all that spending for the cares act, a lot of that came in 2020 that increased the deficit by $4 trillion in 2020 so republicans are saying democrats control all of government so they could raise the debt
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ceiling on their own. the president, on his overall spending agenda, says that he has 48 senators and he needs 50 senators, after seeing this video of activists chasing krysten sinema into a public bathroom, the president said that he didn't condone it, but then he went on to say it happens. now, the president told his caucus last week, the social infrastructure plan is linked to the bipartisan infrastructure deal, both of those are frozen, also today, the biden administration is resetting its trade agenda with china and the china policies that u.s. trade representative made a speech talking about the agreement that was caught under the phase i trade deal was made out of tensions she would like to reset that agreement and come up with a deal out of cooperation, with china. she talked about decoupling, didn't know what that meant is what she said. she then said that we need to look at recoupling with a way to make the supply chains a little more efficient. back to you. >> oh, gosh in the middle of markets worried about evergrande
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that's an interesting line from her, definitely, edward lawrence live at the white house. edward, thank you very much. >> well, investors are kicking off this first full trading week of october. they've got a full plate, with a lot happening here. we've already got factory orders for the month of august which showed sustained strength in manufacturing, orders increasing 1.2%, good. for the rest of the week, we've got earnings on tap, you've got pepsico coming out, constellation brands plus general motors annual two-day investor day event that's out october 6. that's where analysts hope to get clarity on gm's ev future and on friday, one of the first hurdles markets are going to face in this new quarter, the september employment report. a potential trigger for the fed to begin tapering, let's break it all down and get right to our floor show, got john galiardi, great to have you both here and john, i'll start with you on-the-jobs report coming out friday. there could be weakness in this report based on supply chain issues which we discussed a labor shortage, which we've
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discussed, and the fact that you still have some benefits being handed out in the month of september to those that were still, well, staying home and not working. >> yeah, the jobs report is an irony, is that never have there been more people hiring and not working than expected but from the fed's perspective we're at the goldie locks unemployment level, eventually these things work themselves out as employers entice people, i guess, with higher wages, but if we look across-the-board for what's going up, i see the airlines are going up and the hotels are going up, and the etf's are actually called " jets and betz ." >> well but kenny when you pick-up on that notion there, i was looking at the weaknesses we're seeing today, and excuse me, some of the strengths that we're seeing today, i'll correct myself and i was looking at obviously oil prices are higher but to his point, travel-related companies have been strong today
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that's the reopening trade, but that trade stalled back in august, as the delta variant becomes on the back burner, does that mean that this is the group that we're going to see kind of take us forward? >> well i think you will see this group take us forward because i do think the delta variant is becoming, it's still around, i get it, but i think it's becoming less and less of a focus as the world reopens. i will tell you, it's going to be interesting to see how the airlines do, because i just came back from new york over the weekend. my flight was delayed going, it was delayed coming and there's a shortage of workers and a shortage of crew members and pilots no matter what the they told you that the plane was late coming in from california to new york and new york to florida it was four hours delayed and it was the same going out and i think that's happening on other airlines so it's going to be very interesting to see when these airlines report, what they're reporting in terms of load factors and in terms of client service but i do agree with john that it is going to be the reopening trade, the hotels and the jet, the airlines that
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will do better, in this kind of anxious uncertain environment. >> although they do have some problems right now trying to get people to take the bags off the plane, that's the labor shortage that i'm talking about right now, john, but let me take this back to you, and look at another section of the market that i was watching today and again it says growth stocks faltering and it's the amazon, apple, it's microsoft, even verizon is really hitting the dow today. gotta ask, is this a buy the dip -type of day? >> well, the irony is it's a market of stocks, it's not just the stock market. we always have to remember that the top 10 of the s&p is 28% of the s&p, so if you get microsoft , apple, google, facebook, if you get those names down the markets going to be down, because the top 10 names represent 28% but the other 490% could be doing fine. that's not the case today, but this is the moment to look for strength. this is sector rotation at its
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finest. the stuff that tech has been on a terror since 2017. it's about time to take a back seat. it's just sector rotation. >> okay and that's not always a bad thing. people get so concerned when they see their favorite stock or favorite etf start to fall but that to me says that it's a healthy way to trade, and you can't be concerned about something like that. really quick, kenny, before i let you go i want to ask you about inflation. there's been so much talk about inflation. i do not think it's transitory. tell me i'm wrong, please, or inflation is going to go well into 2022 and the feds going to have to address that. >> listen, cheryl. i am so in your camp on this , i've been screaming about not transitory for at least six months now, and notice what they did. two weeks ago, jay powell dropped the word transitory from his speech and today, the way they do they send the fed members to go out float the balloon and he came out talking about inflation is going to spin-out of control if this continues, which is kind of
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what's happening today, you see why the market has pulled back so much because when jimmy bullard says it, our fed member says it that then causes investors to think about what's going on in the minds of the fed , and so the idea that you're going to see and i'm in the camp that inflation, if inflation spins out of control, we are going to see a change in rates sooner than the market expects which is why i think you're seeing action today. >> which is when? >> well, i think we're going to get , they're talking now the end of 2022 i think that you could see rates rise in mid-202e market is prepared for that and it certainly wasn't prepared for jimmy bullard's fairly hawk ish comments on inflation today, as you can see. >> i thought it was going to be earlier but i guess i'm wrong. i will say one thing and i've got to run but john i'll give you last words something i saw today is that you've got these really low mortgage rates just above 3%, but home prices are shooting up so high now, that is taking away the benefit of having a low interest rate when you buy something, that kills
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first time home buyers and i'm concerned that's really going to hurt the economy. >> it could, but you know, it could work the other way. i was thinking for years, if the fed started moving rates up more aggressively, people that were on the fence are getting off the fence. there's no more getting on the fence, or hey, i'll low bid for this house. i'm seeing it now that in my town, every house is sold. every house is a pending house. there's no houses for sale, so either have to invent new land in my area or have to tear stuff down because there's just no new houses left. >> you might feel a little bit of both. you never know. >> it's making it happen. >> yeah, john, kenny, guys, great. great to see you great floor show way to kickoff the monday. i'm awake now. >> thank you. >> goodbye. >> all right, well charging up, tesla going super hard core and delivering record numbers. the key facts you need to know and where shares are standing
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right now, is it just elon musk 's world and we're all living in it? but could this three-wheeler be the latest threat to tesla's empire? we're going to talk to the ceo of electromechanica as his cars again their journey from the assembly lines to the streets take a look at the markets we're coming off session highs you never know what's going to happen in this last hour, i love filling in for liz because you just never know and look we're only down on the nasdaq but we're pulling back a little bit of our session highs, session lows excuse me down 343 on the dow. we'll be right back.
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, the ceo kevin pavlov joining us in a fox business exclusivities great to have you here and this is a big event for you to finally begin deliveries, of the solo. my biggest question with you has got to be are you competing with motorcycles or are you competing with cars? >> oh, i say we carved out a really nice niche right in between micro mobility and cars, and that niche is all centered around the individual driver that can actually take this vehicle, use it like a car, but also have all of the efficiencies of the micro mobility pieces so i think we've put ourselves in a perfect position in order to really serve the needs of the urban mobility drivers. >> and urban is the key here. it doesn't have a far range, it's obviously electric, so it's more for urban dwellers for cities, at the same time do you think this is something that someone is going to buy for fun, it's beautiful, or do you think that it's going to be bought to
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maybe use as a like a delivery vehicle, kind of like an electric scooter to take orders around the city. >> you know the wonderful part is, we're here in southern california. la was one of our target markets we were making a design around and its been growing and growing we've been finding that consumer s are starting to use it more and more, so the niche part of it is will they buy it for fun? absolutely, but we see a lot of folks using it to drive to work and back, and it's not just in short range. we have 100-mile range, we go 8y safe. it is really really a very flexible platform. air conditioning, heated seats, power mirrors, and one seat, so three wheel, one seat, millions of possibilities. >> so one passenger that's very very comfortable that's got all of the bells and whistles so it's $18, 500 is that the base price? >> yes. >> is that everything included
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just in that? >> 18, 500 is the price. now there are a couple of others if you want to get some amenities on it there's not big option packages but we have a few other small pieces, fundamentally, 18, 500. it's a great price, strong ev, really really fun to drive. >> i have to ask you, you were disappointed ceo last week, so way to hit the ground running or driving or whatever the pun is here, but what are you going to do with the company. like what's the future here? what do you see in the next year or two years, five years? >> we've got a super plan, so while i tip over this a week ago , i go back just a little bit and say hey i've been working here really six to eight months so we've been making the product better and better, really getting it solid, right tool for the right job. where the company keeps going is we're going to really focus on getting the solo ev the solo
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transport aligned with all of our customer needs, and then we have some specialty vehicle projects that end upcoming out and you'll see more of them, in some upcoming events in the very near future, but the company itself, i believe, is going to continue to grow and expand our footprint. >> well before i let you go, we're looking at the stock at $ 3.30, it's under pressure today , frankly, its been an under performer which i'm sure you're very aware of. what do you say to someone that looks at the performance of your stock and says, i don't know. this is either a great bargain, or they've got to work on some things here. >> so i'm looking at it like this. today is our key moment, this is where we have keys to our vehicles and our customers and with that key moment, now we are an oem. we've got a current model vehicle that we're going out into the marketplace with, and that is our future earnings potential, so if we look at our stock price, and we start
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delivering vehicles, i just say to those folks, go make a reservation for a test drive. it's a $250 returnable deposit, do it, try it, you'll love it and then you'll see really how well we're going to step forward >> it looks fun, kevin pavlov, congratulations on the rollout today, appreciate it >> thank you very much have a great day. thanks to everyone. >> all right, well, we're going to stay with transportation for all of you. the is the trucking industry threatening to jackknife this holiday season? why the shipping log jam is not the only threat to stocking up santa's sleigh this year. as we go to break want to take a look at the big board as you can see. a lot of pressure not as bad as it was earlier, charles payne , but we're down 375 right now, tech heavy nasdaq which is also on your screen as you can see there is really the big story all of those big names are selling off that's a big loss on the nasdaq more than 2.25% we'll be right back.
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>> fox business alert the big screen back in action in today's pop stocks, amc recording its best weekend since reopening, for both ticket admission revenue, and food and beverage sales. imax seeing its best october weekend ever hauling in $30 million. this weekend also, imax's best evaluations overall since december of 2019. the boost coming courtesy of two box office heros, james bond, and venom, amc up earlier in the day as you can see now it's in the negative down about 4 and three-quarters of a percent. cinemark is actually strong up 5.25%, imax 3.25% to the upside, so holding on to gain throughout this ugly session. the blockbuster news for theaters and in-person entertainment taking a toll on some of the pandemic's biggest stay-at-home stars. zoom, peloton, and docusign all
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sticking to the bottom of the nasdaq today. zoom down 4.25%, peloton down 5.5%, docusign down more than 5% social media stocks are slipping ahead of tomorrow's senate subcommittee hearing on facebook 's controversial practice and its all-star witness and whistleblower that everyone is going to be watching out for that former facebook employee unmasked herself last night as one of the main sources of the wall street journal's deep dive into this over the past few weeks and accused the social network of prioritiz ing profits over online safety. of course this that blockbuster general report facebook is lower by more than 5.5%. twitter, pinterest and snap, well they are just all sliding in sim path it again an ugly day for tech. the new york times reporting that johnson & johnson will ask the fda for approval for a boost er shot of its covid vaccine this week. the news though, not lifting shares as vaccine makers continue to feel the pressure of
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merck's new game changer anti- viral pill treatment for the deadly virus that news broke last week, j & j is lower by more than three-quarters of a percent, moderna down 5.5, pfizer down more than 1%. merck though, again, this is the first oral treatment for covid. this was big, big news. stock is still higher, green arrows again today, it's topping the dow 30 at this hour and merck is higher again by 2%. >> well, trucking companies are warning that the existing supply chain strains could be pushed to the limit heading into the holiday season, but black friday inching closer and online orders expected to dramatically increase in the coming weeks how are companies going to meet demand with so few drivers in the mix? grady trimble out in chicago, has all of the latest. grady? reporter: cheryl, there's a backlog at the shipping ports, there's also a backlog here in the heartland. this is the confluence of extremely high consumer demand
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and also, a lack of workers throughout several layers of the supply chain including truckers. maria here is a driver for a company in chicago area called c nk trucking. they could hire around 200 drivers right now and have plenty of work for them, and look at the numbers across the independent. the trucking industry is project ing a shortage of some 160,000 drivers by 2028. like i said, people are shopping like crazy. they've been shopping at holiday -like levels throughout much of the pandemic. listen. >> let's go find a house. let's go find a house. >> i love this. >> oh, my gosh. >> not the right sound bite there, we talked to the president of cnk trucking who told us there are no signs of people, consumer demand stopping anytime soon and that's why they
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are trying to hire. they have been paying some drivers double what they made before the pandemic. other companies are offering first time sign-on bonuses for new drivers between five and $15,000, but there is some confidence that the supply chain will hold, cheryl, as we head into the holidays, because retailers have been buying products earlier than usual, to help avoid a christmas crisis. >> we've been talking about that, grady real quick, i promise you, it was not me that snuck in a promotion for my new primetime show on fox business. i know you're thinking that right now but i swear i did not do that. [laughter] reporter: speaking of primetime, by the way another plug, how america works with mike rowe tonight is about another type of trucking shortage. garbage truck drivers, so you got your plug in i'll get mine in, how's that? >> love it, this is teamwork, on fox business, grady. thank you very much. he just said it how america works is narrated by mike rowe.
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he is being looking at the lack of garbage truck drivers 8:00 p.m. eastern time tonight followed by american built with stuary varney, that's going to be at 9:00 p.m. and then tomorrow, we'll have a brand mu episode, which i'll show you again of american dream home, watch. >> come on, let's go find a house. i love this. >> this is amazing. >> oh, wow. >> with home values up 30% over the last year, finding the forever home would truly be an american dream come true. >> look at this honey. >> the resort living is right here. twice the size of any kitchen we've been in. >> i love the feeling of this house. >> wow. >> is that a fourth floor? >> this is what i'm talking about. >> dream home right here. >> and by the way one of the couples you just saw on that promo, you're going to meet them tomorrow night but i won't tell you who because that's the tease part of all of this. we are helping people from all walks of life realize the american dream of
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homeownership watch american dream home hosted by me every tuesday, 8:00 and 8:30 p.m. only on fox business prime, i'm out of video. all right coming up, the lon ex wolf, wolf speed not only switching the home of its stock but also making an electrifying chip feel with one of the biggest names in cars. the ceo greg lowe will unpack it all coming up next. taking a look at the markets well it's a rough day for the dow, the s&p and the nasdaq but again dow only down 358 we were down 504 at one point so well off session lows anything can happen in 30 minute , s&p is lower by 63, nasdaq down by 342, we'll be right back. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship
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>> got breaking news right now, senate democratic leader chuck schumer says he is soon going to file closure on the house passed
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bill to extend the debt limit until december of 2022, preparing for a vote on it measure the vote for the vote. the move comes after the house passed that measure last week. lot to follow on capitol hill. well, chipmaker wolf speed debut ing its new name and re listing on the new york stock exchange today as part of the company's transition from pioneering led's to pure play semiconductors. the company formerly known as c ree also making headlines today after announcing a new deal with general motors to supply its silicon carbide technology to power future ev programs and johning us on this exciting development and a new chapter for the company, wolfspeed greg lowe, great to have you here. >> thanks for having me thank you very much. >> this certainly is a new chapter for your company, i first want to start with the re listing. big move, what did they offer you that the nasdaq did not? >> really it's an opportunity to rebrand the company, at its
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fundamental core. you know, we sold a couple of different businesses and we were really now focusing the business on our wolfspeed silicon carbide business so it's really an opportunity to rebrand and the new york stock exchange really did a good job in working with us on it today. it was a wonderful day. we had a number of our employees join us on the floor of the new york stock exchange today and it's just really an opportunity for us to really focus or business on silicon carbide and being a powerhouse semiconductor company. >> now silicon carbide, those are more efficient but they're also more expensive, correct? >> well, silicon carbide technology is dramatically more efficient than silicon, and that's the technology that we pioneer. the entire semiconductor industry has been based on silicon for the last five decade s, in fact there's a whole valley in california called
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silicon valley. well we're pioneering silicon carbide, it's way more efficient , and while it costs more than silicon, the benefits you get at the end customer's level dramatically pay that back , so for instance, in an electric car, if you use silicon carbide, instead of silicon, your car is going to go five to 15% further distance, or range than it would with silicon and that directly translates into lower cost of battery technology and so forth, in fact there's a report out that says for every incremental dollar you spend on silicon carbide in an electric vehicle you get 3.5 to $7 back. >> i want to get to gm, i'll let you keep going and talk about this partnership with gm because this seems to be really lining up with the new direction of the company. >> well we're really excited about gm's focus on ev and the
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transition the company is going through. we've worked with them over the last number of years and we're really really excited to jointly announce this partnership together with gm that they're going to be transitioning not only quicker from internal combustion engines to electric vehicles but doing it with silicon carbide enabling that broader range. it's a great announcement, we're super excited about it, it's a strong partnership that'll last decades. >> well greg lowe, certainly we're taking a look at the stock , wolfspeed, new york stock exchange trading, up by more than 1% today, and certainly, i know you're going to have a couple, you've got two factories in north carolina, you're looking at another one i believe in the new york region. real quick before i let you go. >> absolutely, you know, so we started building that factory in new york, actually, two years ago, and it's going to come online in early 2022 and
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with the chip shortage that's been happening in the auto industry, we're bringing that capacity on board really at the perfect time, so companies like gm see that we made those investments and those decisions two years ago, before there was a chip crisis and so forth, and so now we're bringing on that capacity and just to kind of put things in perspective. our capacity is going to expand with this new york facility by 30 times, 3-0 times so it's a dramatic increase in capacity and that capacity is really needed to kind of alleviate the chip shortage that the automakers have been dealing with for the last year or so. >> its paralyzed the industry on a global scale absolutely, greg if you can take a hit at that it's a good thing for all of us, greg, thank you very much congratulations. >> thank you. have a great day. >> you too. well, now, to my favorite story. captain kirk joining forces with jeff bezos' blue origin.
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william shatner, we're just a few astronaut, billionaires and space geeks have gone before, we'll have all of the details coming up and taking a look at the big board we've got pressure on your markets but off session lows down is down 504 at the low down 326, nasdaq down 333. we'll be right back. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.
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>> hopefully this will go better than the one william shatner had in the twilight zone. the actor best known for playing captain kirk on star trek heading to space for real aboard jeff bezos' blue origin new shepherd rocket, a week from tomorrow. shatner, at the age of 90, going to become the oldest person to fly to space beating out wally f
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unk, who beat out the billionaire founder, the flight is scheduled again october 12 and shown live via webcast, blue origin rival virgin galactic is in the red, moving lower after getting a bearish rating from bank of america as you can see , lower by oh, almost 8%, and rocket lab is down by more than 7%. charlie: he looks amazing. >> he looks great. charlie: i wouldn't go that far. >> charlie's here. now breaking news, on the story that charlie has been following a judge from the southern district of new york granted permission for more than 23,000 xrp holders to get their voices heard in court after charlie interviewed the lawyer representing the cryptocurrency shareholders on friday. watch that. >> well right now, we asked the court permission to come into the case, and intervene, as de facto defendants or in the alternative, to grant us a standing with participatory
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rights, basically what that means is to allow us to prove that the xrp that we purchased is not only not a security, we also didn't enter into a common enterprise with ripple. >> here now to discuss charlie gasparino. so, what does this mean? charlie: that is the great john deaton. this is potentially a big, big development in the sec versus ripple case, which is a big development in crypto. if the sec loses the case against ripple, xrp, which is its cryptocurrency that is used in it's decentralized network for cross border transactions that's going to be declared a legal currency, not a security, doesn't need sec approval, huge story for the crypto business, because it's basically saying that the sec over stepped its bounds in regulating the crypto business by declaring xrp a security and essentially going after ripple for using xrp as a security to finance its, the
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build-out of its platform. huge thing. here's why it's big. john deaton now joins the suit, almost as if when he says it's an amicus brief, he's now being sued although he's not. he's part of the case and what he will do now is say okay, sec, not only you can do whatever you want with ripple, if you think ripple did something wrong, but he can go to the judge and this will be, i guess, before a federal court judge, not a jury, i don't know the particulars, but so far it's before a judge, he can go before that judge and say, you know, this action was so bad, so egregious, so outside the norm, because not only did you go after ripple, you basically went after these innocent xrp holders, who just bought the stuff, who were trading the stuff for seven years before the sec came in and said that it's a security, and lost a ton of money, the minute the sec said it was a security, because they got bounced off of exchanges, the price of it went down, and they owe us money, and
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that's what is going to go on here so essentially that the sec is fighting a front on this. its got a fight against ripple, ripple is fighting back obviously, so its got to prove its case against ripple whether it knew and whether it violated the law. not an easy case, in talking to people about this , a lot of securities lawyers are saying wait a second, seven years they let this thing go on, what ripple did with xrp in building out its infrastructure was no different than what ethererum did with its ether cryptocurrency and they were given the green light and now they listen to john deaton say how xrp people that had no, just weren't part of the ripple process, totally opposite. literally trading the stock, you know, or trading the cryptocurrency, i almost said stock, it's not a stock, not a security according to the ripple people. they were harmed and had no business being harmed in this whole thing. it's the sec whose overstepped its bounds, so it's a big case. obviously, xrp isn't gaining
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much ground, i think it was negative earlier in the day it's up a little bit right now, but i'll tell you, when you talk to legal experts it's up now, did it pop on the news, i think so. >> it's down a penny. charlie: so, it's an interesting case. listen, there's two cases that the crypto world is looking at. it's the coinbase case, the sec versus coinbase, huge implications for that crypto exchange, and its use of, it was basically starting a product that it stopped and it may introduce it, may litigate, this ripple case is big too because it will, if the sec lose s, its got, gary gensler got his wings cut and then jay clayton, the former sec chair, bill hinman, the former head of corporate finance, this is going to get really messy because they , because the whole notion was that they were holding ripple to a higher standard, or different standard than other major crypto places, including
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ethererum. ethererum is the second biggest blockchain, so very interesting stuff, we're going to keep following this development. it's obviously people are interested. >> oh, it's huge for crypto. huge for the crypto market in particular, the implications are enormous. charlie thank you very much. well, the nasdaq is down, but our closer is going to tell us don't count out big tech just yet. that and more coming up on the "clayman countdown." our retirement plan with voya, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... hey, graduation selfie! well done! and voya stays by our side, keeping us on track for retirement... ...giving us confidence in our future... ...and in kevin's. you ready for your first day on the job? i was born ready. go get 'em, kev. well planned. well invested. well protected. voya. be confident to and through retirement.
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i earn 3% cash back at drugstores with chase freedom unlimited. so i got cards for birthdays, holidays, graduations, i'm covered for everything. which reminds me, thank you for driving me to the drugstore. earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. cheryl: well the closing bell rings in just four minutes from now. stocks in selloff mode. we're off session lows. at one point the dow was down 534. we're down 324. it's a ref day for the nasdaq. amplify energy has halted.
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it has now resumed trading. the oil and gas company responsible for the oil spill off the california coast saying there does not appear to be an active leak from the pipeline. they expect to know more about accident in the next 24 hours. you can see it is down 44%. with just a few minutes to go here, treasury yields, look at this. we're up 2.6 basis points, 1.489%. that is the current yield. we hit 1.56%. that is the highest number since june. as yields rise tech stocks are getting slammed. the nasdaq down 322. our "countdown" closer scott redler, keeping eye on the technicals. you will tell me something maybe different than speeds the washout i'm seeing on my screen for technology, right? >> we're talking about a washout and the 10-year is barely ticking up.
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if you look at march the chart of the 10-year, the 10-year hit 1.%. 1.7%. we're well off the highs. most of the names broke off their 21-day. amazon is below the 200 day. facebook is testing the 200 day. 10 tech is still under pressure an 10-year is not at the march highs. that is keeping traders on the sideline, picking spots to trade. plus you have the qs, the qs are not at the 200 day. the qs at this level are 340. 340 on the qs which hopefully happens sooner than later so the slow bleed doesn't happen. you quill see where the keytek names are, apple, amazon, microsoft, to see where the 10-year is, where the equalibrium is, put real money to work besides just trades, lately every bounce has been sold, every dip hasn't worked more than a microsecond.
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traders are still watching because all the algorithms are programmed to when the 10-year yield goes you sell tech and 10-year yield really hasn't done that much in the past few weeks. cheryl: that is another reason, i'm almost out of time another reason tech is selling off. you have some buying opportunities. like b-of-a, and norwegian cruise line company a we talked about a lot here. >> right now we're trying to have a group that's hot, that's been working and selling into it when another group bottoms. that has been the crazy rotation. since last week i have been in bank of america. i bought dip in norwegian cruise line. and also oih. that trade has been working. we'll sell the trade, hopefully see a bottom in tech. we see the next big money move is in tech, is it a week, matter of three weeks, is it four weeks, make sure you know what levels are compelling so you're
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watching for signals as a trader to get involved in the right time and not get caught in a sector a little long in the tooth i say at some point that will be oil and banks but they're still trending. >> they're hot now. they're hot right now. scott redler, thank you very much. [closing bell rings] i'm glad you're saying that. markets are closing out this monday in the red, dow down 322, nasdaq down 56. s&p down 309. that is it for me. ♪. larry: hello, everyone. welcome to "kudlow," i'm larry kudlow and happy monday, everyone. already president biden gave a will press conference this morning. as you may know he took questions on the big reckless spending and taxing and big government socialist bernie sanders's bill one of the wonderful assertions by the president is that the debt ceiling is only about past spending. of course he blamed donald trump. but it is not about future spending. well actually that's

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