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tv   The Claman Countdown  FOX Business  October 7, 2021 3:00pm-4:01pm EDT

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government-related events in october, and i just think that it's a very normal thing, and i think that overall, investors should be cautious on a short-term timeframe but long term, still buying. charles: #buythe dip. danielle, keith, great stuff. that's what we talk about this is called making money after all. we got lauren simonetti in for liz claman, and you know what? we kind of drifted a little bit, lauren but last hour of trading it's always eventful. lauren: drifting but still up pretty nicely, 350 on the dow charles thank you very much. investors raising the roof after a catastrophic debt default seem s to be averted for now, the dow and the nasdaq and the s&p 500 all up about 1%, the nasdaq, the outperformer today appointed a quarter percent, and turning positive for the week. markets getting a lift from that temporary truth in the debt ceiling standoff, lawmakers reaching a deal on a
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$480 billion increase, we're going to bring you the latest from capitol hill, as the government pays the rent on time, one of the largest home rental companies in the country debuts on the new york stock exchange, we're asking the residential ceo about why the rental market is seeing record numbers, and about the big deal, his company has struck with black stone. >> plus, an anticipated event in the ev world that's tesla investor day and it starts in just a couple hours from now where famed ceo elon musk, may get investors to dance along with him, oh, i hope not, he discusses new plan, fewer chips and how he plans to handle the ev gauntlet just thrown down by giant general motors. our tesla power panel previews what to expect. >> but first, breaking news on capitol hill. we are waiting for details on when the senate may vote on a deal to raise the debt ceiling by $480 billion. that's enough for the u.s. to
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pay its bills to, well just a few weeks, guys, to december 3. stocks reacting very positively to this news, as an economic default appears to have been avoided for now but not everyone is happy with how this plan came together, we go to capitol hill, where hillary vaughn has a front row seat to all of the action. okay, hillary they have a deal but will they have a vote? reporter: lauren that depends on when that vote will happen because you're right. there is a deal between minority leader mitch mcconnell and the democrats but not all republicans are happy about it, so a few angry republicans could slow down the process, and stall a vote until as late as saturday , but even today, president biden was asked about this debt ceiling deal, and he's not ready to take a victory lap just yet. >> mr. president, do you support the short-term debt ceiling deal? do you support it? will you sign a short-term deal into law? >> [inaudible] reporter: so no
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deal until the deal is signed, sealed and delivered to the president's desk and in the meantime minority leader mitch mcconnell is in the hot seat taking heat from his own party. several republican senators today have gone public their dis dane for this deal. >> i do blame us for not fighting back when we can, and the idea of using reconciliation to raise the debt limit where democrats have to do it by themselves made sense to me then and it makes sense to me now, and today, we're going to abandon that strategy and putting it in december is another train wreck we got to deal with that probably empowers schumer more than us. i think this is overall a bad decision. reporter: some democrats are saying outloud, republicans were worried about that this bought democrats time not to deal with the debt, but to get trillions of dollars in social spending out the door. >> he's bought us, perhaps, two
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months to work on the bipartisan infrastructure bill, and the reconciliation bill. i hope that we can come up with a solution to this debt ceiling so that it doesn't become a political game. >> are we right back in the same spot again in december? >> we could be. it's up to senator mcconnell. reporter: so, this plan would give the government enough breathing room until december 3. coincidentally that is the same day that funding for government runs out, so while this short-term deal may have been enough to keep the markets from being spooked through october, december will be a doos ey with another debt crisis looming and possibly now a government shutdown too. lauren? lauren: oh, wow, hillary vaughn that is a lot and i'll take this to the panel, investors major sigh of relief today after that debt ceiling deal. the nasdaq is up 1.3%, it is positive for the week, and if you're looking at how far we are from record highs, the nasdaq is about four or 5% from its record high. meanwhile the 10 year treasury
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yield it's jumping up 4.6 basis points ahead of the september jobs report which is out tomorrow morning, the 10 year is at 1.57%, and let's take a look at initial claims for unemployment benefits coming in lower than expected today, that is good news for friday's big job number, so with that, we get straight to the floor show, and we have stephen guilfoyle and scott bauer. sarge, i want to start with you we gave you the yield on the 10 year treasury, 1.5 #%, the nasdaq is higher today why are they rising tech and yield together. that's not how it's supposed to happen. >> they actually decoupled earlier this week they are no longer moving together so i don't think we can go off of that. like you said yields are rising, i expect maybe 47 5,000 jobs tomorrow, unemployment around 5.1%, underemployment 8.5% this will be strong enough for the fed to move on november 3 which is ahead of the next unemployment report, so this is the last time they get to take a look at this.
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i don't know if you saw but danny blanchflower from dart mouth put out a piece of white paper where they actually, they don't predict but they predict the likelihood of a consumer-led recession here in the u.s. , not in a two-part system future, probably late this year, early next year, which i think is a little bit jarring because these guys are both very highly respected economists so i don't think you want to get too crazy on these dips right now. you want to keep your cash level s a little bit elevated. i think it's okay to get long or stay long, with a focus on net interest margin over trading or investment banking, so i'm talking like wells fargo, bank of america or the tech banks so fi, i think you should stay away from citigroup because they have too much international exposure, and the spread between ppi and cpi is the least narrow, it's more, it's narrower here in the u.s. than it is elsewhere, so they are the bank least likely to benefit, if there is some kind of safe move
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to the u.s.. lauren: okay gotcha and the banks start, they kickoff the reporting season for the third quarter next week, actually, but just a quick follow-up, sarge. you said you expect the fed to move in november. do you mean announce that they are going to move or to actually taper? >> i think they will announce a tapering that's effective, probably immediately. i think they will move on that rather quickly. lauren: so scott, do you agree, and does it even, we have this debt ceiling deal, at least until december, so does it not matter what happens with the job market, because the debt ceiling deal, while temporary, gives the fed a free pass to do it now >> you know, quite honestly, the debt ceiling deal is now off it's a non-factor at this point if this gets done and all focus is going to be on the fed and rates, and i agree with sarge on one point here because we don't get another number, another jobs number, prior to november here,
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i think they are going to announce a tapering, regardless of what this number is, tomorrow whether it's a hot number or a bad number; however, i don't think they do it immediately. i think they announce they are going to start sometime early in 2022. that being said, i think the market is actually sitting in a really comfortable spot for tomorrow's announcement. again, if we get a really hot number, to me, the market can accept it. the market can accept the 10 year rising to maybe 180-185. anything higher than that, okay then we start to get in a little hot water. if we get a real, you know, low number, if we get something that is perhaps even lower than august, which was a disappointment at 235, then, the fed probably holds off a little bit, but in either situations, i think the market is ready for it. i think we see s&p's trade higher back to their all-time highs by the end of the year, i know it's only what, 3-3.5% or so from now. lauren: its been well-telegraph
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ed but can the market handle we're talking about the debt ceiling but this is an extra two months for progressives to push through more of their social spending and the tax hikes that come along potentially with the social spending agenda, can the market handle that? >> i think the kicking of the can down the road is a negative, because we get now until december 3 and in goldman 's piece they are saying maybe further than that, so what happens is a lot of money starts moving back through september and october always had a tough month but the money starts moving back into equity markets in november, and in december, so now, you probably will put the brakes on a lot of that re investment that comes into the market later in the year, and we really have the potential for a heightened volatility event in early december, so i think it's going to happen at a time when most money managers are probably had good years are trying to protect their performance going into the later part of the year so they are participating less. we could have an event where there's less liquidity in the marketplace at a time where
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we need it so this is actually decreased my confidence. lauren: you sound awfully bear ish right now, sarge. where do you stand on all this , scott. you still a bull on the market? dan ives is saying if you look at the nasdaq it's 5% from its record high sitting at what? 14, 694. he thinks it goes to 16k by the end of the year. >> yeah, i'm not in that camp but i am bullish to get back to the all-time highs that we saw just recently by the end of the year, and just as an aside. i literally just had lunch with a very high-ranking house of representatives official that is in the midst of all of this here , and the bottom line is, neither side of the aisle wants to give in. neither side of the aisle wants to give a win to the other side; however, they both understand how important it is for the efficacy of the u.s. government, for the world to know that the u.s. government is not going to default and that our debt is not going to default, so yes,
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politics, unfortunately, play a part in this. it is getting kicked down the road. at the end of the day i believe the market absorbs this and we go higher. lauren: yeah but there's that whole song and dance, and that political drama that caused back in 2011 standard & poor's to downgrade our creditworthiness and we saw how the market reacted that time and i just fear and i think you guys might agree that we could see that situation play out between now and what's the date? october 18, which is right around the corner right? 11 days away, stephen guilfoyle, scott bauer, thanks for the time good to see you. well inflation hit the housing market and the price boom now has one rental giant tapping the public markets, coming up the ceo of tricon residential on his company's first day of trade in new york. his best guess on how long high prices stick around. let's check the stock prices on wall street. you can see the dow is up just about 400 points, the high of the session, 558, "clayman countdown" coming right back.
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lauren: tricon residential debut ing on the new york stock exchange today and with that the stock is up 2 three-quarters percent at 1,306 per share the company already listed on the toronto stock exchange has a pretty big u.s. presence. they own and operate one of the largest portfolios, a single family rental homes in the sun belt, approximately 25,000 homes in 19 markets, across 10 states, joining us now is the president and ceo of tricon residential gary burman. you're down at the new york stock exchange why the decision to list there now? >> opportunity really to access much deeper capital market and elevate our brand, tricon is a growth company going from 25,000 homes to 50,000 homes in the next three years and after that we're going to double again , and it just make sense to access this deeper capital markets and also have a u.s. dollar currency that can align with our balance sheet which is also and our currency is also u.s. dollar so it just make sense it's just an inevitable next step for us.
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lauren: you're doubling the number of home, you're doubling the supply on the market. does that make sense for where the industry is right now? i know there's so much demand for housing and prices have gone up with that, but sometimes the market that has been inflated kind of corrects itself , because prices get too high. are you worried about that? >> not at all. it's such a supply constrained market and really the problem we have is, i'll give you an example. in any given week we might have two or 300 available homes, and we're getting 6,000 leasing inquiries a week. 6,000 calls plus online leads. we just don't have enough homes for our customers, our residents and we desperately need to grow so we can verse them so this is a tremendous opportunity no concern at all. we need many more homes. lauren: so we were just showing a graphic that showed rental prices are up 13% in the year through july. i would imagine with that much demand that you're seeing, that much interest, your prices are up more than 13%.
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>> they are on new leases. on new leases we're up 20%. we've got a significant amount of loss to lease built into our portfolio but what's really important to understand is for our existing residents our renewals are only up 5% and during the pandemic they've only been between 0-5% so really what we're trying to do is be sympathetic to our residents during this difficult time and keep them in our homes and run the lowest turnover model we can and obviously, take the opportunities. when those homes ultimately turn , then we can mark-to-market and capture loss to lease but for existing residentses the priority is to keep them in the home. lauren: then you're also dealing with the eviction moratorium and oftentimes, landlords aren't getting paid. has that affected you? >> yeah, i mean, we've obviously been complying with the eviction moratorium and we have a small amount of bad debt in our portfolio, it's artificially inflated but not anything that's insurmountable and now that has been lifted and we've got more rental assistance we're working with the rental
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assistance program to obviously get back some of that so i think by the end of next year we'll be back to normal but its been a small cost of doing business during this time. lauren: so what do you mean back to normal by the end of next year? >> i would think that by the end of next year our bad debt, which right now is about 1.7%, will be back to normal which in a normal time be 1% owe lower so it's not a major impact on our business. it's something we've had to deal with but overtime as we come out of the pandemic and the economy continues to improve that will all right size. lauren: how much do you compete with let's say blackrock, who is an asset manager that's come in and bought homes and rents those homes, but also, the digital companies like zillo w? >> we don't really compete with them at all. actually, zillow they tend to be more partners of ours, and when we're buying homes on the mls, we have the opportunity to either buy from the mls, or buy from the i-buyer so we're working together and our biggest institutional competition be
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immitation homes, not blackrock but this is such a large market this is the largest and maybe most fragmented asset class in the world so we don't go head-to-head against any of the institutional landlords on a daily basis. lauren: gary where are you from? >> i'm originally from south africa and i live in toronto. lauren: okay. so just describe to me what does it feel like to be down on wall street right now, the new york stock exchange is open, i'm assuming people are wearing mask s what's it like? >> it's awesome lauren. it's the american dream. it's incredible. i love it. i'm so proud, you know, for our employees it feels great i love it. lauren: gary burman, originally from south africa. i don't hear an accident. >> i was young, thanks lauren. lauren: congratulations again. >> thanks so much. lauren: quick look at the crypto s right now, bitcoin and litecoin, we'll bring them up on the screen, they should both betraying to the downside. there you go, bitcoin at 54, 139 litecoin down at almost 1%,
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ethererum is the standout, up 1% coming up next, charlie breaks it on why today's action may only be a brief breather for bitcoin, the "clayman countdown" coming right back. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it.
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achieve their financial goals. visit lauren: some breaking news, president joe biden is now getting a tour of the clayco construction site in elk grove, village, illinois, there to push companies to push vaccine mandates on their workforce and he is expected to speak within the hour we'll go back to the land of lincoln when that happens. >> in the meantime, fox business alert for you, headline grabbing deals, leading off today's pop stocks, the managing parent meredith jumping on a $2.7 billion all cash buyout by the digital unit dot dash, the new combined company will be called dot dash meredith and the
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magazine publisher trading up 6.5%. iac also getting a near 8% boost on the news. twitter selling its mode pub unit to app lovin for more than $1 billion, and to use the funds of the sale to boost its titian business let's take a look at shares of twitter, up 4% and app lovin up almost 10% at 84.59 , i'm thinking of the movie charlie: is that like tinder? lauren: i don't think so. rocket lab usa going full throttle after winning a deal to launch nasa's solar cell system on its rocket. the big win reflected clearly in shares today, up 10%. space etf's also getting a halo effect on the rocket lab news, cathie wood's space fund seeing biggest jump, it is up, where is it charlie, the last one, jumped 1.5%. charlie: you're asking an old
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man like me, i can't see. lauren: and denim, if you're old you probably call jeans denim, levi's certainly not seeing in the blues take a lack at shares up 9% as post-lockdown shopping sprees helped the company to beat on both profit and revenue estimates in the latest quarter. charlie: we were too poor to wear denim. we wore tough skins. lauren: you're really showing your age. charlie: we didn't have enough money for levi's. lauren: square, anything but boring this hour, after jefferies upgraded the payment all-star to a buy calling fintech a must-own stock. the firm's new price target of $300 predicts a 25% upside for shares on high hopes for squares new cash app, stocks up 4.5% that is a lot of with the exception of levi's that's a lot of tech news. charlie: now we're going into bitcoin. lauren: let's keep it going indeed. the price of bitcoin on the verge of a massive spike, it did hit 55,000, charlie gasparino is here.
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you know? charlie: here's one of the things. i don't tell people to buy stuff i don't tell people to sell stuff, i'm not a financial advisor. i just give you some market insight into, you know, news, and sometimes market speculation on what is going to happen and one of the big market speculation points right now is on bitcoin. not that it's going to reflect the red arrow down. that it's going to reflect the red arrow up. lauren: how much? charlie: here's what people are saying and hat tipped to john de aton, the lawyer representing the xrp holders it's one of the cryptocurrencies that's coming under a lot of pressure because the sec went after the crypto exchange ripple be at as it may, john is a student of cryptos and he made a great point to us, to my producer and we've been investigating this , that apparently, a huge amount of bitcoin is not being traded. it's being just held by people.
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85% is stagnant. the last time we had that was in 2017, and from that point, bitcoin's price rise went from 6,000 to 20,000. now, it's obviously around 50, right? above 50 but what we're saying is that what people are saying in the market, that it is poised for another breakout move, and that's because bitcoin miners have been buying up bitcoin, storing it in, instead of selling it, so people are holding this in anticipation for some massive rally, which people are saying, again, i don't want to say this like i'm predicting it. lauren: wasn't there a big purchase yesterday of 1.6 billion? charlie: yes, yes, that's part of it. there's a hording going on, and people are talking about bitcoin going as high as 100,000. now, here's the thing. i don't want, makeup your own mind on this. i just throw the information out there. you should, as an investor and a trader if you want to trade this stuff you should look at the other side of the story i'm sure there's an analysis out on
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bitcoin including stuff it's way overpriced the fed will raise rates at some point maybe that'll pop the bubble of everything. lauren: but if the fed doesn't, or the sec if they don't regulate bitcoin, that really invites more institutional investors. charlie: think about it this way they have gone after ripple, so by going after ripple you go after ripple's crypto xrp. that is narrowing the amount of bitcoins that are officially sanctioned by the sec to just a few, including ethererum, the e ther crypto and bitcoin which is the crypto of the bitcoin blockchain, so what you have here is a narrowing down of theoretical supply in a sense. the other stuff still trades but what's being sanctioned by the sec and you could trade these on exchanges, like coinbase, are a narrow band of cryptos and bitcoin is one of those and so is ethererum so the
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buying up of bitcoin is a technical move and people are saying the last time this happened was 85% held in storage was back in 2017, and then you had a wicked breakout. so now, again, look at the bear side. i'm giving you the bull side. i'm not saying this is going to happen. just it's one of the things out there, because i just don't want people saying charlie gasparino said i should buy bitcoin and i lost my house. i'm not saying that, you know what i'm saying? please, let me finish what i'm saying here. lauren: you seem more cautious than usual. charlie: because i don't give investment advice. i give sides of the story on the market and this is a pretty compelling story. this is called technical innocence when you have this much held in storage, last time we had a break out and let's see if it happens this time. lauren: charlie gasparino, thank you very much. we'll see. 100k by christmas you never know elon musk unveilsing his tesla- bought plans at the clean
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energy powerhouse's ai day in august. they just want to show the deal again, remember that the robots that were real people dancing like robots? charlie: yeah. they are going to be humans these robots. lauren: we're going to be robots too, what will the billionaire ceo have to say two hours from now? as new competitors and safety agencies close in on the original ev maker we've got an all-star panel, that's coming up let's check the markets now the dow is 1,000 points away from its low yesterday, it's up almost 400, with about a half an hour to the closing bell, the s&p 500 up 1% and the nasdaq up 1.3%, "clayman countdown" coming right back.
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lauren: all right let's take a look at shares up 3% yes it's an update from the market but we
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have breaking news this is the parents of car brands like chrysler, jeep, dodge and ram announcing a $229 million investment in a plant in cocoa month, indiana, this allows them to ramp up its electric car production, they're clearly trying to keep up with ford, gm, and of course, tesla. their goal is to reach 40% low emission vehicle sales in the next nine years. all right, we're less than two hours away from the start of tesla's annual shareholder meeting, it takes place this year, in its brand new, manufacturing facility, in austin, texas, in anticipation, tesla stock is up just about 2%, 797.87 a share, now tesla investors they want to know about car production. chip shortages, and new competition. here with what to expect barrons senior special writer al root and long time tesla bull, ross gerber. gentlemen thank you for joining
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us. >> thank you. >> my pleasure. lauren: al is this event all about batteries? >> you know what i don't think so. i mean, everything is always about everything with tesla. so that being said, i think it's more about production. i think it's more about the austin plant coming online, an update about what's going on in germany, how fast these plants can ramp up, because we could be looking at 1.2, 1.3 million units for tesla in 2022, so and maybe we'll get a little bit more about cyber truck production when that's coming out so for me, i'm a little more interested in production than last year, which was actually, the annual meeting and the battery technology day. lauren: just, al, do i have this right? if we ramp up next year to 1.2, 1.3 million that essentially doubles last year's production, do i have that right with my tesla numbers? >> well so they are basically going from two plants to four now, it would take about a year to achieve full production, so
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this idea of how fast they ramp and how all of the numbers work out is a big deal for 2022, but you know, let's say at the end of 2022 you're essentially right , two plants to four plants exiting the year at 2 million units of annual capacity. lauren: they have to keep up right, ross, they have competition now from the traditional automakers who say they are platform companies like general motors and everybody else really pushing electrification. >> well there's no competition. gm just took all of their cars back and has to fix all their ev cars. there is no competition for tesla. nobody has been able to scale electric vehicle production. we're seeing lucid finally rolling out at 16 $5,000 a car, and maybe 20,000 units. we're seeing enormous demand for electric vehicles with soaring gas prices and consumers really taking it on the chin at the pump, so this is the best of times for tesla, so i think the challenge for them is exactly what was being discussed is really how fast can they ramp
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production in texas and i think that's what i want to find out today. you know, like where are they at , are we going to start production by the end of the year? where is cyber truck that's a big part of the equation because they have tremendous orders for it and semi trucks so that's what i'm looking forward to is hearing a little bit more about that and then elon musk this morning was tweeting about full self-drive beta testers getting a lot more testers out on the road so this is an exciting time for tesla. lauren: we're looking at the cyber truck and i don't doubt elon musk knowing what the consumer wants, but this is a weird-looking truck. is there really that big of a demand to drive something like this , al? and this be coming from austin, only. is that correct? >> i believe it's only austin, right now, yes. now listen, the beauty is in the eye of the beholder. lauren: [laughter] >> back about a million, you know, when they stopped
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reporting the pre-orders it was about 600,000 and other pre- orders maybe they aren't all real orders but like ford is proud of 150,000, f-150 orders, and i know what ross is saying about gm and ford, like i think the 150 is pretty good. >> no, i agree. >> tesla has 600,000 and then they stopped counting, so a lot of people, like that's years of production, if he can convert those orders into sales, so people like it. people like that truck. lauren: you know what also stood out to me, ross when you look at the margin for tesla, i think it's 24%, so they're pretty solid because they keep increasing the price of their cars. the beginning of the year was like 500, 1,000, well this latest increase is $2,000, and it makes their cheapest car $42,000 and you said there's no competition for tesla. well that price tag is good for investors, but you got all
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these chinese start-ups coming out with cheaper cars and some of the batteries go a long way too. you're not worried about that, ross? >> well the chinese competitors are really the only real competitor and one that is stack ing now, which is volvo, owned by china, you know, this is a pretty good vehicle, and they've been able to build a decent amount of them, nothing in the scale of a tesla, but like certainly it's a decent car , but what we're talking about is tesla doesn't really compete against other ev's because consumers want electric vehicles and they'll buy any electric vehicle that's good, that's for sale. the real destruction is in the ice vehicle sales and we're seeing horrendous numbers from the ice vehicle sales, ford and gm, because people just don't want those cars any more and they want ev's so any car company that makes an ev will be successful. we're seeing this with the porsche, turbo everywhere around la, it's a beautiful car, very expensive and not great
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specs, but people want ev's and porsche drivers are buying them just like ford drivers will buy ford ev's so you know, i think the big challenge for all the companies is can they get these vehicles made in scale and we still have yet to see anybody do this. lauren: the only, my remaining question and i have 10 seconds here, alan, is full self-driving is that a risk to tesla when you look at the regulatory environment around that and some of the mishaps they've had with the beta version of that? >> impossible to answer in 10 seconds, but of course it's a risk, it is risk. lauren: a thousand drivers get it tomorrow. ross, al, thank you very much, good job in that was five seconds i think, al just so we know. coming up, president biden expected to speak any minute, that is 60 seconds, in the land of lincoln on his push for workplace vaccine mandates we'll go straight to the white house for more on the biden push an let's check the big board, we're 15 minutes to the closing
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bell, the dow holding gains of 1 % it is up 358 points the nasdaq is surging as well, it is positive on the week after the big rally today. we'll be right back. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. i'll shoot you an estimate as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv! ow. get a free demo at centrum multigummies aren't just great tasting... they're power-packed vitamins... ow. that help unleash your energy. loaded with b vitamins... ...and other key essential nutrients...'s a tasty way to conquer your day. try centrum multi gummies. now with a new look.
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and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 lauren: china-based stocks taking a lead on the nasdaq today take a look at, net ease, all on the tech-heavy indexes leaderboard as fears ease over china's troubled property sector. potential tap down and rising tensions between the u.s. and china also helping lift the sentiment, you can see those name, well look, up 8.2% now president biden and president xi will hold a virtual summit, later this year.
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the news giving new energy to alibaba and tencent those are two of the biggest targets of president xi's regime in recent months as he clamps down on the tech sector, alibaba up 8.25 %, tencent up 7.6% and billy billy is up 9.5% the video- sharing and gaming firm hit hard by not only president xi's clamp down on the tech sector but limits on how long kids can play video games. three hours a week, people, that's it. breaking news, any moment now, president biden will make his latest vaccination mandate push, it's an attempt to force large employers to require covid-19 vaccines in the workplace. his address in elk grove village , illinois today will detail the white house's latest report on how increasing vaccination rates strengthened the u.s. economy and the job market, labor force overall, comes as pfizer awaits emergency fda approval of its covid-19 vaccine for children ages 5-11.
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pfizer stock is up 1.7% today, and their partner biontech is up 4% in anticipation of 28 million more americans, kids potentially being vaccinated, we'll see if it's mandated or not. edward lawrence joins us now live from the white house, with more on this vaccine push. edward what do we expect the president to say into reporter: hey, lauren, the president is going to be pushing for vaccines and his vaccine mandate. he's going to highlight the businesses that were there. vaccine mandates can be big business for those companies that have that fda approval. it also can be a political football, now the president is at clayco construction one of the largest construction companies in the midwest. he took a tour of that earlier which is what you're seeing here the company will announce its vaccine requirement to work there. the white house is saying this is all about saving lives. >> the president's message will be clear. vaccination requirements work, vaccination requirements get more people vaccinated,
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helping to end the pandemic, and strengthen the economy. that's why he's leading and implementing vaccination requirements for 100 million workers, two-thirds of all workers un in the united states. reporter: senator ted cruz says it's also about politics. lack at this poll, president biden gets his best marks on covid even though they are all falling when you look at areas of the economy, taxes, foreign policy, his approval falls off so when you talk about mandates you have to show proof of vaccination to fly into the u.s. internationally but others could just walk across the southern border without even being tested still big companies have signed on to the vaccine mandate. the ceo of united says that not only is 99% of his workforce vaccinated, he's ready to require all passengers to show proof of vaccination. now, the administration is not going that far yet, to require that; however, other big companies we're talking about tyson foods, disney, microsoft, google, other big companies have signed on to that vaccine
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mandate for workers coming back into the workplace, for republicans though, this is not about a health issue. it's about taking away that freedom of choice that people have, and those freedom, the president though, saying mandates do work. back to you, lauren. lauren: well edward lawrence, thank you very much. coming up, the markets rocking it since the start of the year, but have we reached what we call peak growth? our countdown closer says the markets best day may still be ahead so i guess we haven't hit peak growth. let's check the big board, you can see , well, saving just a little bit as we head into the close, the dow had been higher by nearly 560 points, it's now up 340 points. we'll be right back. flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to for a prospectus containing this information.
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. . ♪. lauren: closing bell rings in 3 1/2 minutes. markets off the highs as
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president biden delivers his remarks on vaccine mandates right now in elk grove village, illinois. he is pushing a vaccine mandate. you push workers to roll up their sleeves they will. that is how the country continues to recover. stock market recovered a bit. roller coaster especially last month and this month. seasonally the most volatile, the if not the worst months of the year. have markets reached their peak? our countydown closer thinks the best is to come. he has $99 billion unmanagement and ron joins us now. ron, why do you think the market has more room to run? >> certainly as you pointed out we had market turbulence a fair amount of volatility and i think we've hit a little bit of soft patch in growth and markets are questioning whether the best is behind us and whether the second quarter in retrospect will be the high-water mark. most likely will be but not to
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say there isn't a very strong runway and we believe the economic recovery is just getting started. there has been some fits and starts as we all know. the virus is not over and we've had a spike in delta and some issues and challenges, having said that i do believe we have a strong runway into 22 and 23. lauren: i want to ask you about specifics on that but first to highlight what you said the second quarter was fantastic profit growth for second quarter was 90%. obviously you can't maintain that pace. obviously expected to slow to 29% for the third quarter. does it go up again for the four? if so what sectors take us there? what sectors do you like? >> we do think we're hitting a lull here in economic data and that we're starting to see improvement in economic data. i think labor markets will improve. tomorrow we'll get some evidence of that.
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i think that our view around sectors and sort of in the beginning of the year when you had rotation from growth to value i think on both sides we are taking a core approach and continue to really advocate for high quality across all sectors. i think sort of the reopening trade that we saw early in the year lifted all boats. as we sort kind of moderate here i think you want to operate in the upper echelon of quality in owl sectors. lauren: you like com services tech and -- >> we do. that's correct. and health care as well. >> and health care. tech and health care, huge part of the market in terms of participation in the s&p 500. as they move the entire market moves. >> thank you. lauren: this is a market that you know, seems like investor ares are continuing to come in to buy the dips. we did see volatility return in
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a big way so far early in october. yes, that continues. so dow, s&p 500, nasdaq up three days in a row and positive on the week. [closing bell rings] that will do it for "the claman countdown." "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. before we begin this evening i want to congratulate the fox news channel on its 25th anniversary. i've only been here for seven months of it but there is no place i would rather be to talk about the tough issues facing americans right now and give my own views but my hat is off to all the folks on and off the air on fox news. many congrats on 25 years.
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