tv The Claman Countdown FOX Business November 22, 2021 3:00pm-4:01pm EST
is going to decelerate in our opinion because of the inflationary headwinds if you have decelerating gdp while the fed is hawkish or even start to consider tightening that the worst case of scenario from an equity market perspective. 2022 is decent. .charles: that's why i wonder if they will hike them, i don't think they will. over to my colleague liz claman. liz: breaking news returns, president joe biden nominates federal reserve chair jerome powell to remain at his post, the president making formal announcement just over an hour ago but it an end to speculation that said lael brainard has the inside track to replace powell, brainard does not leave empty-handed. the markets are endorsing the
continuity, the s&p 500 on pace for record close and the dow is shooting higher by 285-point the nasdaq down 29 and it hit a new high in the session and you can see from the picture and the tech heavy started to climb back off the floor and perhaps the ten year treasury yield indicates a market endorsement, the benchmark yield sailed above 1.6% and its climbing higher at 1.63% for the ten year yield, after weeks of speculation president biden announce jerome powell will serve as second term as chairman of the federal reserve over lael brainard will serve as vice chairwoman. of course it has to be approved by the senate. powell has been a favorite of u.s. bankers and also u.s. investors, he is largely regarded as lightning speed to
save lives in the economy during the worst of the coronavirus pandemic. recycling to the bank stock they climbed on the announcement they searched a section highest president biden took the podium over an hour ago they clear. listen. >> were in the position to attack inflation in in times like these we need tested leadership we need people with sound judgment approve encouraged to preserve the independence and we need people of character integrity who could be trusted to keep their focus on the long-term goals. of our country for our country. i'm confident in those people. >> the markets were up and running edward lawrence was there in the room were biden made the announcement he is joining us live on what happens
next in the saga. >> you heard the president wanted the big reasons he said he accepted the fed chairman jay powell for a second term is because of unity and he doesn't want 70 polarizing. the president making the point that we can bring people together and both republicans and democrats like the fed chairman so he wants to keep it. they'll brainard is the right picture vice chair because she works well out of the pandemic. janet yellen was in the rude and she was the main backer for jay powell to keep his job, president biden elevated lael brainard number two in the federal reserve the progressives wanted her to be chairman because they believe she would be more heavy-handed when it comes to bank regulation and climate change in a source familiar with the decision-making tells me that they believe if you talk with democrats and republicans and moderate democrats as well as progressive democrats to come to
the selection in both chairman powell and brainard were told about the decision on friday. >> we know high inflation takes a toll on families especially those less to make the higher cost of essentials, food, housing and transportation. we will use our tools to support the economy and strong labor markets and to prevent higher inflation from becoming entrenched. >> i'm committed to perverting working americans in the center of my work as a federal reserve that means getting inflation down at a time when people are focused on their jobs and have for their paychecks will go it means supporting a growing economy that includes everyone. >> you heard them talk about inflation, no confirmation hearings have been set as of yet but they do have to move pretty quickly. the president can select three more people to sit on the board of governors for federal reserve either in open seats or seeds that will become open soon. liz: we were just showing the
dollar hitting a fresh 16 month high on all of this news, now that powell and the president have made very clear it is time to attack inflation, how and how quickly or slowly will the policy unfold from here. vice chair bluntly stated last week, he said both inflation and job creation are growing so hot that as early as next month it might be time to at least discuss speeding up the original tapering timeline. what comes after tapering, supposedly rate hikes, fed funds pointing to an 85% chance of at least one rate hike by july time to game out strategies for the f1c without we have david kelly with j.p. morgan. you can almost hear the sigh of relief on wall street when powell was announced. if he's confirmed by the senate what do you think the feds next move is and when.
>> markets hate uncertainty with jay powell and if you rally the stock market and higher interest rates. i think the fed is going to take it easy to the federal reserve board, their very dovish there's no hoax left i think we will see tapering on schedule and ends next june on schedule and i don't think they will raise rates until december. the reason for this i don't think inflation will be that hot a year from now. liz: features are saying 85% chance in july. >> i don't think the fed is going to raise rates whether tapering. i think they will take their time on tapering along the lines of the fed but also inflation
will come off. if you look at used car prices up 24% year-over-year they're not quite to stay there, food prices are up 5.5% consumer spending pouring into food. a lot of the stimulus is easy enough that means it's going to ease off to energy is $80 a barrel inflation will cool down and that will get the chance to take the time by raising rates. liz: we are not at $80 a barrel may be brent the international benchmark but we have been watching crude tamping down 7667 at the moment. >> at $8 a barrel, everybody makes money, they will drill like crazy and that is bringing oil prices down it'll bring
inflation down and i do think the fed ought to be tighter but i think from their perspective that's going to give them time to get past the midterms. liz: we had a hot october jobs report. a huge job creation. do not fear that we are running way too hot to the point where you have i did not make affect what things explode. >> i don't think so i think were seen inflation and a lot of people are happy about wage inflation themselves but remember the stimulus is going to ease. it looks like the president plan will pass but into next year or the current is going to be less than 5% gdp, it's 12 at half% last year. were pulling back the fiscal support, the economy is reopening but i think it's not going to overheat in the long run applied the brakes from the
monitoring fiscal perspective. liz: aside from the financials which have been doing incredibly well they are right here, j.p. morgan, goldman sachs. travelers a financial entity is doing well in bank of america. what are the other possibilities for the best trades knowing what you believe will happen with powell. >> the key thing becomes down interest rates will go up they will go up in the year ahead even if the fed takes its time. >> what benefits is what's cheap in the market sectors the cost is 0 european japanese stocks rethink 2022 is you to look at evaluation interest rates wise.
liz: you have watch the nasdaq to incredibly well and certainly in the tech names you like technology at all? >> i do in the long run you to think about technology not just technology stocks but how it is used throughout the economy, a lot of companies that you wouldn't call technology even though they are because are coming from technology. >> the nasdaq is about to turn positive is down four-point into a 300-point swing but the nasdaq was down 158-point, clearly the market love this trade. >> is better for cyclical stocks than for the nasdaq stocks, you seem rates rise and that should help the value sectors more than the tech companies, why are tech deputies honorable to higher rates, if the earnings go to decades and decades into the future that's what you're
buying. the higher the interest rates the lesson future earnings are worth. if you value stock 12 times earnings, that is not affected by rates so much. cyclical stocks added to better in this environment rather than the more expensive tech stocks. liz: it is true, wall street is breathing a sigh of relief. liz: the dow is that session highs, 313 session height gain of 320. >> is that a very good job is very empathetic and aggressive in dealing with a pandemic, he's been very clear where monetary policy is. liz: has it stopped inflation? no i think it's by combination of the pandemic in a very aggressive fiscal stance policy response for the trump administration and the biden administration. that not be about thing we need to help people to the pandemic but the pandemic is winding down
and we need to pull back on the stimulus. liz: david kelly j.p. morgan check in the list and checking the price with everything more expensive the ceo says forget about that, use luxury goods might be the best gift option and available option as a nation supply chain ties up imports from around the world, julie is here in a fox business exclusive, closing bell ringing and 49 minutes, "the claman countdown" is coming right back, session highs for the dow up 321 points.
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liz: what of new new york city's popular winter attractions is back for the holiday, now they just open for public viewing you looking at some of those windows, the department store chain has reimagined with polar bears and reindeer plenty of folks know because we don't have any snow in digital background. but macy's isn't the only retail chain swing it opened its
windows with the holiday season luxury consignment retailers known for the online platform is expanded the brick-and-mortar footprint at a break and it pays to be the big boys with better pricing on the highest labels on the world to the real world ceo and founder joining us in a fox business exclusive on the east coast. it's great to have you here. tell me what sales are looking like right now. >> i'm happy to say that sales of stock are way up over 50% versus a year ago. were expected to build a good holiday. liz: when you say shelves are stocked, that is the beauty of your business model and platform. your supply chain runs through my closet and everybody else's closet, does not have to go to asia or overseas, correct. >> that is correct well over 10000 things a day posted to the site. when you think about everything
there, you rolex, gucci, prada, louis vuitton it's actually amazing and the earth indicated so when we start to give a inflation and you looking for something special it is a great play. >> i need you the authentication process that is a plus. >> is an ever-changing more and more sophisticated model. >> exactly. >> we need a tour we're going to walk through were in new jersey next time i'm here will walk you through. a lot of technology and a lot of skilled people. >> i'm still interested how good have the knockoffs gotten. >> they have gotten good which means we have gotten better in the high-end handbags there
using real pieces mixed in with fake it is a state of play. you did not use the brick-and-mortar yet 15 or so up and running and people can go in and chop. the we have one that launches friday, it is in miami, it is a test. >> how did you convince them to have consignment and their store. >> were in the jewelry section were selling estate jewelry and collecting consigned jewelry. we employ over 100, we have the
largest employer of gemologist in the world we have amazing estate jewelry it'll be a draw, it is great for us and great for them. >> talk about the future brick-and-mortar plan, how many stories do you envision opening. >> originally we were going to o open for in leave large stores. we shifted our strategy to neighborhood stores. by the end of the year while close to 18 including the pop-up. we will see their doing very well, 30% of our new consignors come to the brick-and-mortar store they look really good we will get the disease and then let everybody know the end of february timeframe. >> it's much bigger than that were dedicated to the luxury product.
when you think of fine jewelry, watches, home, art, fashion, many women fashion with only one dedicated to the high-end of the market if you look at the price points there is no different #is 49 or 69 are averages in the 200 average order close to 500 that can tell you something but we come to your home and do all the work there's no self posting which keeps out the fraud. we do all the work for the consignor we focus on the high-end and with only one with full-service with dedication and the only one with brick-and-mortar. >> if you are at the forefront have you had the crypto talk with any of your top managers with whether you would consider accepting crypto. >> no and yes, yes it comes up
where consumer driven business when the aspirate will give it to them they are not asking and were a market follower, not a market leader and if they ask will evaluate not this year end no one has asked for next year. liz: before we go 50% higher this year compared to last year but what about compared to 2019 before the lockdown. >> the beginning of 2020 we were going 40% versus a year ago because of the foreclosures in california when the necessary closures across the u.s. we drop down 45% read 85-point swing in the business. we ended 2019 almost flat versus 2020. where about 50% up versus 2019 but we lost the year no doubt about it we can put pickup product and it was a tough year but we are experiencing effects anymore. it's a pretty happy time.
liz: you're making it through, keep us posted. i want to show our viewers into her at some point of your authentication in your warehouse i think they find that fascinating and help them decide on the stock. >> we would love to do that. >> i should let our viewers know up 16% month to date far outpacing the xrt the etf and big in retail we will be watching. >> happy thanksgiving. >> a marriage made in ev heaven may be coming to a crashing end why ford and vivian have second thoughts and their no longer headed to the altar when it comes to creating a partnership ev. that is ahead in today's pop stocks closing bell ringing and 37 minutes were talking about crypto's treading water we have been quite below $57000 required at 56154 theory and 4086, like
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you get a different kind of bank. truist. born to care. liz: fox business alert to automakers driving in opposite directions after scrapping plans. rick began is down and ford is up announced after enjoyed ford and they will not develop electric vehicles ford owned 12% of vivian. you can see rivian is down 10%, tech publication also says rivian band battery may have a limited range than expected. we began priced at $78 and opened on the nasdaq at $106.75 a share in the public debut in right now trading with you dollars above that level at $115
and change, as money flows out of vivian is flowing into tesla the ev maker rising 30 to half% after elon musk tweeted the model s plot sedan may launch in china as early as march. that cost nearly $131,000, tesla lost more than 215 billion in market value over ten days from a peak on november 4 of $1000.229 a share, 1178 at the moment. of course it fell during the peak, after the peak because they were selling off a big chunk of stock. apple is coasting along nicely up 1.8% after the bloomberg report that plans were kicking up for the apple tv, shares at a record high, $163.55 as the
iphone maker is set for seven straight session of gains, j.p. morgan about improvement even as demand picks up during the holidays. of via shares soaring towards the sky after the cloud communications reported annual revenue that the estimates in the company gave a bullish stance forward for the guidance, it is jumping nearly 20% right now. of via said annual recurring revenue for the cloud surd 177% year-over-year, big move there. one toy company nearly sweeps the global loved by children award, which of the toys grabbed the number one spot, was that barbie, lol dolls, legos, which company in which toy can you guess. we have the big winner and the ceo of the nation's biggest and fastest growing toy company to talk about that nine out of ten wins in the survey and whether he'll be able to cite the supply
chain to bring in the goods on time for christmas. the closing bell is 29 and a half minutes away, the dow is up powering higher by 250 points the s&p is a record of 22 and the nasdaq struggling. coming right back with mga entertainment. is the planning . this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.
liz: we asked before the break which toys were loved by children mga owns lol, little tykes, brass and so much more, with a near sweep of the global survey, california based company won awards nine out of the ten categories, barbie was not in there but the global supply chain could it still lay the grinch that sold christmas,
shipping delays, labor shortages, rising production and shipping crossed, could guarantee the goods? with black friday a few days away dare i ask our consumers are ready to late? let's bring in mga entertainment and a fox business exclusive. nine out of ten congratulations on the near sweep. >> thank you for having me, happy thanksgiving, i'm really proud of my team at mga this is historical to win nine out of ten and more important not by industry. liz: they had a bunch of kids globally voting lol dolls one how many awards?
>> including number one, number two and number three ella will be the number one toy this year, unfortunately we are short in supply because of the supply chain issue that we have. i see a little bit left. >> let me cut to the chase is it too late, don't dance around us we are going to push you. there is thin inventory, fed up by this toy now, am i in trouble if the kid wanted?
>> let me there 4500 container sitting at the port 338 of the containers are mga and another 330 containers under pacific ocean. there is going to be a major shortage of the lol surprise. liz: hold that up a little bit higher so our viewers can see it. tell me about the situation. liz: we got make jagr here. if i don't buy it right now is it too late is this what were trying to find out from toy manufacturers? >> my advice to the consumer especially like toys like lol and glitter baby, go to stores and buy them, come december
you're not going to be able to find a lot or you will find them on ebay at three or four times the price you will pay now. liz: let's talk about lollapalooza, i said that with a straight face. the awards that this one, did that surprise you? you have to explain to our viewers why that is so significant. >> , it was introduced ten years ago. it was on the top toys all the time. the anniversary of it. we got it back this year end it selling great to the kids, that is significant. liz: isaac we know there's a broken supply chain but you say that you have seen improvements, can you give us granular
description of how it has improved. as i understand the journal had a great piece on how many container ships are lollygagging around off the coast. it is not exactly a thin number it is slightly better but expected to get worse between now and christmas. what are you seeing? >> from one, ten, i am thinking one person is better than 0%. per the cost of shipping is beginning to decline. the inflation is a major issue for all consumer goods and toys. our cost of production of merchandise putting aside shipping is up 23% from last week so this is going to be here for a long time. liz: jpl has been renominated by president biden, do you feel he's the right man he kept rates
are very low for very long and he said the supply chain problems in the covid demand and stoked about inflation and price hikes. >> the inflation is going to be here for a long time because they will have less money to spend and really worried about the status of the economy in 2022. all of these things there will be a lot of merchandise sitting at the harvard worldwide there is would be a walk of merchandise in the store which means retailers are not going to buy if we don't act now.
liz: isaac, have a fantastic holiday, i want to tell our viewers you are going to donate 50 cents to every toy sold by the homeless, that's a wonderful thing. everybody should check out his link. isaac of mga entertainment. his being disbarred to silicon valley child of the decade, elizabeth combs takes the stand in california, details of what she said on day two of her testimony, straight ahead, closing about 18 minutes away it's holding on from 232 points. s&p up 16. needs to see again of six and a half points to see a record. we are there. ♪
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liz: breaking news elizabeth home returning with her fraud trial in san jose, california in the last hour she attempted to reebok a key argument made by prosecutors that she lied about her company's work with pharmaceutical companies. prosecutors presented evidence that she sent falsified pharmaceutical company validation reports to investors, pfizer and sharon testified that their companies never validated the technology nor have they approved having no logos added to the reports, she faces 11 federal charges over allegations that she knowingly misled investors, doctors and patients
about the blood testing capabilities. she has pleaded not guilty. >> we had to get to the ten year treasury yield on this news that jay powell the current federal reserve chief has been renominated by joe biden, it jumped above 1.6% and now it's at 1.633% time to look at the bill back better plan which cleared the house last week charlie gasparino has his ear to the ground heather doing the big spending bill. that is physical versus monetary. >> we should point out the treasury yield should theoretically go down on a powell announcement. here is why he is considered more of a hawk if there could be more of a hawk everybody is more of a hawk than lael brainard. david kelly said there was here and no hawks left. he's considered a guy that will go to the taper meaning cut back
on the bond purchases, he may be more inclined to raise rates and deal with inflation. his appointment was designed essentially to appease the markets that you are going to get somebody in there to endorse the modern monetary theory. i made the calls, usual suspects and they're talking about bill back better, what is going on the trading desk today is a lot of chatter about what kyrsten sinema the senator from arizona, joe manchin from west virginia the two key moderate boats that were holding up essentially the talk is that the get go for something they will be degree of additional spending and the trillion dollar range that trillion dollar range to play it out gets added to the deficit
and that means more bonds get sold, prices go down in yields get up and speculation is the bill back better trying to figure out what the impact is on the u.s. this is why you saw the spike that's not an insignificant spike it was 6% one point they are pricing in this thing happening, look like it wasn't going to happen it's starting to look like it is going to happen then that would be a pretty big victory for president biden getting this through if he can convince the moderates to go for, the question is how big is big to trillion? liz: 1.7 which is probably three. maybe they get it down to one which is really to, you know
what i'm saying is probably something less than what it is now and depending how blessed you will see treasury bonds gyrate all over the place but clearly that's what's going on it is less power and more spending and a lot more spending and maybe some there when the file brainard will have a physical say in the monetary policy. liz: mga entertainment he makes the brat toys, he wanted to on of awards he just said the fed has been printing money like toilet paper. he has not been happy. >> wait a second i'm going to correct that guy toilet paper is a scarce commodity than the u.s. dollar. it was during covid it with a paper run and now because of the supply chain issues all goods
and services have gone up. that is the problem you have commoditized the dollar in such a way you flooded with so much liquidity from a physical standpoint to monetary standpoint. liz: the dollar hit a 16 month high. >> there's a lot of that, here's the other thing some of the stuff is the voice from reality, the fed is buying this. they keep saying the fed doesn't monetize the debt because the fed does not show up to the auction. the fed does go into the market, what it does advise the secondary market and it frees up buyers for the auction. liz: please stop talking and cut its gains in half because of you in the s&p just turned negative.
liz: thank you. don't worry i am on it. liz: tomorrow we should have an interesting show. i hope mark comes on the hedge fund manager. >> it looks interesting. we will see. liz: good to see you, pandemics habits really hard to break according to the closer, the etf he says will have your portfolio online retail remains very much a part of your daily life. the closing bell ringing in seven minutes trade we'd been up 313 points this hour, up 116 and kind of falling. we will find on just a minute why.
hit intraday records but now nasdaq which had been down most of the session at the moment still as we see moving lower and i'm just looking at my charts really trying to see some of the laggards. the nasdaq is down 187. it blew through the earlier low of the session which had been a loss of 158. the laggard is now the dow. the dow had been a session high around a gain of 320. we're up just 40 points. there seems to be a last minute rotation as we see the bond yields rising which is what charlie gasparino was talking about. we have money coming out of equities at the moment and the laggard on the dow is visa. as we look at that, we had seen earlier today, names like paypal, square were moving lower, some of these payment names but visa at the moment is down 2.6% really drag on the dow. all right, to our "countdown" closer who says let your fingers do the shopping. online sales is setoutpace last
year's record jump of 32%. outpace that, right? investors shopping around, online retail etfs in the county -- "countdown" closer, todd rosenbluth has three names. >> onln, we have amplify online retail etf, ibuy, global x, e-commerce etf, ebids. the primary one to focus is onln, proshares online retail etf. amazon is the heavyweight on this space. that is where i'm doing a lot of shopping for our family. and my wife is and lot of people are doing so. it is 20% weighting in the etf. the two other etfs are equally weighted between small and large companies. it matters whether you want to concentrate your picks with
heavyweight and diversify with smaller names or have broader diversification with the smaller and larger companies with ibuy and ebiz. liz: i want to go to ibuy, you talk about heavily weighted with oln with amazon. you have lands' end, thread up, just eat, up work, stitch fix. some other names, the real, real. we just had julie wainwright on the founder of the real real car parts. you look at this you can't talk shopping online or otherwise without talking about what is going on with inflation. are you worried at all this will crimp consumer, you know, consumer discretionary names? >> we think there is a secular shift to online spending so people will look for savings. they will find more of that online. spending may be altered because
of inflation we think will be on ibuy, oln, and eb bill. uy. these are etfs so outperform. [closing bell rings] liz: todd, thank you very much. turn tail and skedaddled. dow up 26 points. s&p in the red. we'll see you tomorrow. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. happy monday. president biden announced reappointment of jay powell as federal reserve chair and new appointment of lael brainard as vice-chair. miss brainard is a governor on the board. here is takeaway from the president's speech. jay, our guy.