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tv   The Claman Countdown  FOX Business  November 30, 2021 3:00pm-4:00pm EST

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tomorrow. charles: i know, my man, david schweikert always taking advantage when other people are panicking mark, david, thank you both very much. folks we had a little bit of the cp effect but we're pulling back pretty big as we head into the closing bell. again we started with a variant, but jay powell, which is interesting, because we knew they were going to taper, maybe wall street thought he was going to say something to, i don't know, diffuse the virus he didn't though, did he, liz? liz: well he's not a doctor and no he didn't. you're right, charles. looks like a double whammy slam ming wall street as we kickoff the final 59 minutes of trade. folks it's very hard to find green on the screen look at the dow it is down right now 587 points low of the session a loss of 679, s&p and nasdaq also crimson at the moment, oil, small caps and transports are taking an outside hit at this hour this as yes, fresh headlines on the new omicron variant collide with the federal reserve chair's testimony on capitol hill, where he made an
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important admission about inflation, and investors are interpreting it as here come the rate hikes. the vix, otherwise known as wall street's fear gauge, is kind of going through the roof here as 18.9%, as everything from energy to healthcare stocks and stay-at-home names, even weed stocks are selling off in this hour, we've got a major market genius right here for you , on how he's investing through the haze. bob doll on how to play the powell omicron market on this final trading day of november, and how to view on profit from the market whiplash versus getting frightened off by it. travel stocks taking it on the chin as investors fret about flight restrictions and the ceo of hotel operator mcr, which owns the named twa hotel at new york jfk specializes in airport hotels about to give us an up to the minute check on bookings right now and cyber monday gets
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hacked as shoppers turn cautious ahead of the holidays, the ceo of bitcoin is taking a pulse of the retail landscape, and of the interest or lack thereof at the moment in crypto, but let's get right to the markets here folks. yesterday's rally, so far, in the rear view mirror investors can't even see it at this hour. the bears decide against a winter hibernation and right now , in this final hour, are out in full force after both covid vaccine maker moderna and regene ron which makes the covid therapy drug both expressed uncertainty about their products efficacy against the new omicron covid variant, but it was federal reserve chair jerome powell's appearance before the senate banking committee that took market jitters to a whole different level. powell admitted that the fed has gotten it wrong on inflation and that it's "now time to retire the word transitory for inflation." >> we now look at an economy that's very strong and inflationary pressures that are high, and that means it's appropriate i think for us to discuss at our next meeting which is in a couple weeks
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whether it will be appropriate to wrap up our purchases a few months earlier, as i mentioned. within those two weeks we're going to get more data and learn more about the new variant. liz: okay so what did that mean wrapping it up a few weeks earlier? well an accelerated taper time line might mean earlier lift off for interest rate hikes so no surprise then that the 10 year yield, which this morning fell below friday's 1.42% low, is now slightly off that level at 1.44%. now, how to invest with so many question marks hovering over the markets let's bring in bob doll, cio of crossmark global investments. okay, answer that question. how do you invest when friday we saw 905 point drop in the dow, yesterday, the dow scratched back a couple hundred points of gains and today is another sell-off. >> carefully i think is the word, liz. look, yesterday was deceptive. the average stock was down yesterday, so the way i look at
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it we're in a three-day decline, and i think, you know, the covid variant is part of the story, and i think today's comments are right on the money. finally finally finally the fed has admitted that inflation, clear to many of us for sometime now, is not totally transitory, and that's between a rock and a hard place. they have all this tapering to get through this system, and then think about raising rates from zero. thinking about moving them up, they are at zero, liz, appropriate for emergency, the emergency passed many quarters ago so the fed has gone to work fast. liz: well absolutely and by the way, everybody should note that in and of itself, his message to the senate banking committee is not that bad, the economy is so strong that we need to possibly discuss the tapering of these bond purchases that were put into place of course at the worst of the lockdowns last year, but bob
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, as we look at the nasdaq selling off, the s&p, the dow, the russel 2,000, the small and mid caps are now very close to correction territory, correction of course means 10% off the recent highs. does that send any message and then you look at oil. crude oil is now well off its recent highs of more than $82 a barrel, so tell me what you're thinking when you see these now- discounted prices of different assets. >> well, no question, some damage is being done here, liz, and look i don't think we go straight backup to new highs but you already said it. we're talking about a strong economy. earnings will be good, so the tailwinds that got us to where we are have not disappeared. it's just there's some other negatives that crept into the story, like a fly in the ointment. inflation is one of them. growth will be good, but maybe it won't be as good as it was so investors now have a two-way street to think about as opposed
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to just i've got to be straight up from here. i think volatility as you already pointed out when you talked about the vix will be higher than the last 12 months, in both directions. absent punitive fed that unlikely we'll see a big decline and/or a recession, just a correction and a pause. liz: okay, so isn't a day liked to the time to buy, bob? and i'm not encouraging anybody to do anything that's rash, except that when you look at, for example, moderna, which is certainly selling off by the same token, pfizer, which earlier yeah it's still up about 2.7% higher after biontech its partner in the vaccine came out today and said do you know what? our vaccine should be just fine on this new variants, in fact, specifically, the ceo told reuters the firm pretty much expects that it will be a good protection against any severe aspects of this new variant. >> so for starters there's a lot more we don't know about the
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new variant than we do know. we'll learn more as time goes by i think that investors that have had the luxury of sitting on cash, perhaps they sold and cut back prematurely, yeah, they can do some bargain hunting but don't chase them. let them fall to your price. conversely, i find a lot of people who are just fully invest ed or then some beyond that, i'd say you know, be cool about it. don't have equity significantly above your limit. i was talking to a client recently, their target for equity was 50% of their portfolio, and they were at 52. i said just trim back to 50. liz: why, but bob, it's the best thing going, and treasuries are still not yielding much and money-markets don't do squat. why not be in equities at the moment and just dollar-cost average in there? >> dollar-cost averaging is absolutely fine by me if you've got that cash, go on and do it and i would say over the next 12 months i agree with what you're implying, that is stocks will be
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bonds over the next 12 months as interest rates creep higher because the world's realizing inflation is a bit of a problem. stocks will do better than bonds , but that doesn't mean they have to go up a whole lot. they could be very bumpy. liz: stocks will beat bonds over the next 12 months. that is certainly crucial. we're looking at s&p 500 losers and by the way was looking at the dow and nearly every stock and we'll talk about the one that is in the green, down at the moment. i just look at a day like this and i think well yesterday, we started to see the comeback and what are you hearing from your clients right now? >> they're pretty quiet. i think nobody is panicking that i can tell. i think most people are blaming this on the covid variant and i come back to say that is an excuse, the real issue is inflation is not going back to 2 % anytime soon. we've gotta fight this for a while which means quicker tapering and probably some interest rate increases, but do you know what?
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that's already in a lot of the markets that in fact the rates aren't going to be at zero. we still need small economic growth and strong earnings to counter-balance that and i think we'll get that, liz. liz: that's what jerome powell says we've got strong economy, so much so that maybe we need to discuss feeding up the taper starting next month. bob great to have you on a day like this , but you're the voice of calm and reason and i know our viewers appreciate that. >> thanks, liz. liz: fox business alert, so we were just talking about this , if you're looking for green. you've got parent look at apple. apple is sitting at the top of the dow and the nasdaq and very close to the top of the s&p 500 right now. it's up 2.5%, according to taiwanese research term trend force the company is getting ready to unveil the third generation of its iphone se or special edition, in the first quarter of next year, and it's expected that this is going to be a major instrument for the establishment of mid- range 5g smartphones, and when we say mid-range we're
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meaning mid-price range. separately a sector research report indicates that ipad shipments in western europe climbed to nearly 3 million unit s during the third quarter, even as the overall tablet market there shrunk by 20%. all right, tesla veering between lanes at this hour, green-red toggling at the moment right now down but barely by just a quarter of a percent on news ceo elon musk is back, and back on the earnings call after missing the third quarter conference call, musk tweeted last night, he will be on tesla's fourth quarter investor call, which happens around late january. he says on that call, he plans to give a cyber truck production update. on the screen, you're looking at that crazy futuristic cyber truck, and people have been dying to know when that thing is going to start rolling off the assembly line. now, as elon musk also stressed
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we need to tell you he said this year has been such a supply chain nightmare, and it is not over. flip it over to dollar tree, the loser kind of falling off dollar tree stock after goldman sachs downgraded the discount retailer to neutral from a buy. shares down 4.6% after goldman said the stock is already trading at full valuation, and that investors should expect a slow down in sales as low-end consumers curtail discretionary spending. we've got a call on shares of plant-based food makers beyond meat and oatly. oatly down 3.13% after hsbc initiated both names as a reduced rating the firm is concerned heightened competition is going to make it difficult for the companies to expand further. >> president biden says no new lockdowns over the highly- contagious omicron variant, but are travelers already thinking twice about hopping on a plane over the
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holidays? mcr hotels owns and operates landmark names like the twa hotel at jfk airport, the new yorker, and the highline in new york city, ceo tyler morse is here next in a fox business exclusive he's going to open a window into what the he's seeing as far as bookings are concerned over the past 72 hours. closing bell 49 minutes away, a second ago the dow was down 600 points and still down about 595 right now, a lot happening, folks we're with you every tick of this market. don't go away the "clayman countdown" is coming right back. ♪ limu emu... & doug ♪ ♪ superpowers from a spider bite? i could use some help showing the world how liberty mutual customizes their car insurance so they only pay for what they need.
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liz: omicron, the new covid variant, revving up fears and in turn, driving travel stocks down pretty much across the spectrum. now, in the hotel sector, you can see at the moment that investors are checking out of ih g, marriott, hyatt, hilton, choice hotel stocks, as multiple countries cope with omicron fears, and they still haven't decided what they're going to do with travelers coming and leaving the countries. mcr hotels owns and operates 110 properties across 33 states and has developed landmark names
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including what you're seeing on the screen. the iconic twa hotel at jfk airport in new york. in a fox business exclusive, mcr hotels chairman and ceo, tyler morse joins us live from the twa hotel. let's get to it, tyler, what have you seen, let me throw it out since last late thursday night when the word omicron suddenly became part of the worrisome lexicon. >> liz great to be here, omicron, very difficult word to say. liz: i know. >> it's even harder than the variant right now. we have seen about 10% of bookings cancel in the last 72 hours, but notably, you've seen greater in the day for the day, both on saturday, sunday, and monday, after this news broke. there is a lot of people out there, a lot of people that don't care. they are happy to travel, they want to go out and see their loved ones. if you look at room rates in
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manhattan, for the next three saturdays, they're between $600 and $1,000. it is, the city is full. liz: what about elsewhere? you're in 33 states, 115,000 guest rooms, 110 hotels, what about the other states? >> you know, they don't move at the speed that manhattan or london or san francisco or miami move at. you're not seeing much in the way of cancellations and you're not seeing much in the way of new bookings. people have these trips planned, unless their air carrier canceled their flight, they're sticking with it, so we're see ing very very few cancellations across the country you're seeing more liberal markets like new york, san francisco, miami, et cetera. some people worry about the offshore traveling. you know, the mayor of new york city is going to ghana next week
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, and he wants to reconnect with his roots and he's going to africa so i think that's a great sign. people are still out there traveling. the mob has spoken and the mob has said i want to get out and see my friends and family and have some fun and i'm not worried about covid. liz: well you're the kind of ceo and i know you because you and i go way back, i know how intense you are as a ceo. what were you doing friday as you start to see the 10% cancellations? >> i mean, it was pretty scary to be totally honest with you and the question is, the science i think that covid has really evolved into the common cold. not a lot of people are dying any longer, and there are some people getting intubated and hospitalized in greater numbers,
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yes, but the death rate is way off, and, you know, i think the world has largely recovered, the vaccine is almost 100% effective. could this be a bad strain? maybe, but pneumonia is very dangerous and its been around for a long time and people are taking a more researcher kia approach to travel right now. liz: that would make sense definitely and as we look at the dow i want our viewers to know because we have a lot of people who listen on xm 113 in their cars dow is down 613 points at the moment but it was just, tyler, 22 days ago, november 8 that president biden said we are reopening our borders to foreign travelers, what did you start to see on that good piece of news? >> oh, we had a ton of bookings every plane was full, i'm sitting here at jfk airport right now and on that day and everyday since then there have
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been 1,200 flights a day, normal for kennedy is 1,400 flights per day so it's almost back to full capacity. there's a few routes that are still lacking, but, you know, i mean, i know the dow is off 600 right now and was off 900 on friday, but it's still at 35,000 i mean, it's only 1,000 points off of its all-time high, so i think we need to take our finger off the panic button here. i've done the math on this , and about 220 million people have died since covid started, global ly, from everything. from disease, old age, heart disease, car accidents, you name it, and covid is 5 million so it's an increase in mortality rate of 2.5% and i think that's why the dow is at an all-time high, because people are looking at that and saying, you know, it's not like half, this is not
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the bubonic plague, and we're getting through this and the vaccine is very effective. liz: right. well it's just all so new that people get anxious and we understand that. tyler, i do want our viewers to no one thing about you. you began your travel career as a baggage handler at lax for delta airlines so many years ago. >> true. on the swing shift, i worked until 2:00 a.m. unloading the l -10 and 11's that came in from atlanta. liz: i remember that. good to see you, tyler. thanks so much forensic weighing in really important stuff. >> thank you, take care. liz: sec honchos current and past talking up crypto regulations at a summit tomorrow charlie gasparino ahead of it is planning to be there and he's going to give us a preview next with the closing bell ringing in 38 minutes we do have the dow at the moment falling, but we're
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keeping an eye on crude oil, which is at a three-month low as well in the after market session. don't go away we're coming right back. growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort.
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liz: guys we need to tell you we have nearly all of the crypto space going against the grain at this hour higher except for bitcoin which is down $902, to 57, 401 but ethererum, litecoin, xrp all seeing gains here, charlie gasparino has some details on this very hot cryptocurrency summit he will be attending tomorrow, where key sec players are coming? charlie: when you're an important guy like me you send your producer just so you know. liz: okay if you're that important don't wear that jacket tomorrow! charlie: i love this jacket you don't like it? liz: well it's a little fogey
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for the crypto crowd. charlie: heffner would wear this jacket. liz: he was wearing silk pajamas charlie: it's a cryptocurrency conference tomorrow in new york, it's put on by a company called solidus, and here is where it gets really interesting it's essentially a fireside chat , two of the people next to the fire will be jay clayton, the former sec chief, and gary gensler, the current sec chief, who are neck deep in crypto regulation particularly against xrp and ripple. xrp is the cryptocurrency started by people associated with ripple, ripple is being sued by the sec, clayton sued them his last day in office for selling for people associated with the company including its ceo, brad garling house, selling xrp and it should, as they believe it was a security, they say the xrp people say no, it wasn't , it's a currency, they
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said you weren't registered, they sued him, huge case, it's going to set the tone essentially for crypto regulation, and you can have the two principals of that case on stage together. gary gensler is moving forward with this case, incredibly aggressively. you know jay clayton, last thing in office, had written a huge ex pose on the sec ripple case and the regulatory implications on check it out, we did amazing reporting spent the better half of a month or two months digging this stuff up and here is what we understand. there are xrp people and a prom prom prominent xrp people at the fireside chat grilling both of them on certain questions including why was xrp and ripple attacked by the sec as decentralized as a centraliz ed network, it wasn't decentralized, thus it was,
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garlinghouse & company were selling securities that were un registered. why didn't you do that with bitcoin and particularly, ethererum? and i'll say it, this could get a little rally tomorrow and that's why i'm sending someone other than me i don't want to get caught in the crossfire. liz: why are you scared? charlie: i'm scared [laughter] no i'm not getting up at 9:00 to do this. liz: oh, baby are you scared? charlie: by the way, gion carl o , whose that? john carlo stanton, aka crypto dad is going to be there as well the former cftc chief and he opposes both of them in terms of they think the sec clayton and gensler think the sec should be aggressively pursuing crypto regulation and he says no, it's the cftc's businesses, most of these are currencies, this could get really interesting so that's
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why we're sending elle there, bringing out the big guns. liz: i want to you go so there's a food fight. charlie: [laughter] the xrp people like me. it's the amc. by the way, did you notice you're the kiss of death with amc i think. liz: me? charlie: take a look, can we toss amc up there? liz: it's down about 7.6% right now. charlie: your interview. liz: what? you know what he's doing? he's trying to deflect. the art of deflection. charlie: it's down on your interview i think with adam. liz: do i really have to tell you everything? charlie: well i was asking because someone said john carlo in my ear and i thought it was the yankees. liz: good thing you have a handle on your story. thank you, charlie. charlie: it's all good stuff and by the way watch the fireworks tomorrow. it's going to be interesting. liz: you've gotta go. charlie: maybe i'll go. liz: for realtime crypto data, just go to, no need to go anywhere else.
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by the way fox is rolling out that new feature tonight. it basically shows how other major cryptocurrencies are doing , we're all over this , just jump on because by the way, we break all kinds of news. charlie: read elle's story because it's amazing and it'll tell you something about where this industry is going and the future. liz: all right, were you on website, shopping websites for cyber monday? well you mesas as well get a bit of bitcoin for shopping at your favorite retailers but does it signal regarding a disappointing cyber monday? we will speak with the ceo of bitcoin rewards site lolly about what he's hearing from his partners nike, lowe's, sephora, chewy and more, a fox business exclusive, stay tuned we're coming right back.
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liz: okay, cryptocurrency match ed with online shopping, this is it but yesterday's cyber monday online sales overall did see a drop for the first time ever. adobe reporting a 1.4% year-over-year decline in online sales it's about $100 million shy of last year's numbers, but while black friday and cyber monday sales saw disappointing stats, bitcoin rewards company l olly saw the benefit of its largest shopping day of the year record breaking. now if you don't know this name, lolly is paired with thousands of online retailers from microsoft to ulta to sephora and macy's and more and the buy button sends free bitcoin, little pieces of it, as a crypto reward to your account, like you promise, only bitcoin is your reward to lolly ceo and
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co-founder joining us in a fox business exclusive. tell me how cyber monday and black friday was for you guys. >> absolutely incredible. we've had three consecutive record breaking months leading up until this weekend, and we broke every record that we had, so online shopping is up dramatically for us and our partners, we're driving more sales than ever and then yeah, we've 3x'd our year-over-year growth with our average cart size, so all of the trends are showing that bitcoin rewards are driving more sales for our merchants and people want to earn bitcoin more than they want to earn cash. liz: you know, this is really interesting, because any online shopping site that's watching right now, not all of them, but a lot of them, are having severe envy at the moment hearing that you had recordbreaking numbers and of course, you are a young company, but nonetheless, you have seen something that is quite different from what a lot
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of other sites saw, just on cyber monday, so talk to me about what you think it really is. with the rewards as they pertain to bitcoin, what's your average payout? >> so total payouts, so far, we've already given over $8 million in merchant-funded bitcoin rewards, so we've been growing dramatically there. we just passed 400,000 users, and we give about 7% on average across our 1,000 merchants back in bitcoin rewards, and historically, clearly, bitcoin has gone up dramatically since we launched three years ago, so when we launched three years ago and probably not too far from when we were on your show the first time, we actually bitcoin was around like 4,000, $ 5,000, so now, bitcoin has increased dramatically and so a lot of these users that were earning 7% back on these merchants, it's now 12-15x their
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original reward, so i think we're just showing that bitcoin is better money, and it's certainly better rewards. liz: alex if i were to go on ulta's website and i buy some kyle kylie jenner makeup, $50 worth what am i getting back in bitcoin? >> so, i could do some head math for you, but i would estimate you'd probably earn around four or $5 in bitcoin, and then if bitcoin were to let's just say you earned $5 and bitcoin were to continue to increase, let's just say 4x from here, you would now have $20, so it's this whole concept of you're getting to play a part of bitcoin and our whole mission is to make bitcoin more accessible to everybody so this is not, you aren't having to go buy bitcoin or cryptocurrency, you're getting to join it and earn it for free when you're shopping at the merchants that you already
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know and love. liz: have you considered expanding to offer dogecoin or litecoin any of the other names >> we're certainly open to it, as our users request it. i think one of the things that we've been very adimate on is a bitcoin is the best currency in the world and the best value, and so far we've been very right about that, and so as our users continue to demand alternative currencies, we are open to it, but right now we're very focused on bitcoin, very focused on giving people bitcoin, and educating people about the power and importance of bitcoin and why the value is so important for the world. liz: well for people shopping on , as i said, macy's, sephora, ulta, so many of these other names,, you know, consider, as you look at this , it's sort of a safer way, i think, to invest in bitcoin and we're watching you. you came on in the very early stages of your company and you're growing, we're going to
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continue to watch this , alex, thank you. >> thank you so much, liz. liz: companies called lolli. president biden is, right now, on the ground in the north star state at this hour to push his trillion dollar infrastructure plan, we will get a live report from the white house about what to expect from the president's visit to minnesota and which stocks might possibly benefit from that, and we know that online dating is now, a lot of people have understood it, but coffee meets bagel? that's kind of the newer form of this , ceo and founder of dating app coffee meets bagel joins me on my everyone talks to liz podcast at age 12 she immigrated to the united states from korea, years later she made the bold move to quit her big-time corporate job at jpmorgan to work with her two sisters on building this dating app. okay? many years, a lot of stumbles and a few billion dating matches
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later, she shares her take on the business of love, listen on apple, spotify, google, wherever you get your podcast very inspirational story of chucking the wall street big time job and taking a chance on owning your own future, closing bell ringing in 18 minutes the dow struggling we're now down 611 points stay tuned we're coming right back.
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liz: we need to take a look at m eta platform stock in the crosshairs of uk regulators british anti-trust authorities ordering the formerly-known facebook to unwind its acquisition of giffy, the popular search engine, is it gif? saying that the deal would deny or limit other platforms access
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to giffy. [laughter] stupid. the tech titans soon to be known as meta platforms responding by saying both consumers and giffy will be better off to support a facebook infrastructure, talent and resources, the stock is down about 3 and 1/3 percent and let's not forget this could be playing into david marcus long time meta platforms who worked on messaging and led the company 's cryptocurrency initiative announced his resignation today. breaking news president joe biden making his first appearance in the twin cities since becoming president. he'll be appearing at any moment right now, the president will deliver remarks on his build back better plan which is expected to bring the north star state more than $6.8 billion in funding to improve the state's roads, bridges and broadband. we need to get more on this though, edward lawrence joins us live. reporter: liz, that shot you're looking at right there is dakota county technical college where the president will be speaking as you mentioned talking about his bipartisan infrastructure bill, now, this as his
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administration is dealing with a new variant of covid omicron, which could, according to the federal reserve chairman, increase inflation. it's causing uncertainty and could prolong inflation is what he said. now we're seeing a 31-year high in inflation and there are supply chain issues, now with all of this , president biden wants to move forward with more spending. now, for that democrats have been leaning on senator joe manchin. there was another meeting today, with senate majority leader chuck schumer. as i've said repeatedly, once this necessary work is completed with the parliamentarian, i will bring the president's build back better legislation to the floor, so we capacity as soon as possible, and send it to the president's desk. our goal continues to be to get this done before christmas. reporter: and before christmas, now the other big financial cliff coming is the debt ceiling and the treasury secretary janet yellen saying today, that if we do not raise the debt ceiling or
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suspend it this month, it will evicerate the current recovery we're seeing, senate minority leader mitch mcconnell is saying that they had good discussions today and he reassured the markets. listen. >> first let me insure everyone the government will not default as it never has and second, majority leader and i have been having discussions about the way forward. reporter: and the white house is confident in two things in december. one, that they will raise the debt ceiling or suspend it and two, that the social spending package the president wants will be passed this month; however on that last point we've heard that from the white house over the summer and we heard it from the fall and now we're hear ing it in the winter. back to you. liz: edward hate to say it but we're one point away from session lows, session low down 679 for the dow jones industrial s and we are down, well there it goes, down 680, okay, we've now set a new low at the moment. the dow still standing at 34,
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467 though, big banks are set to benefit with a possible interest rate liftoff for next year and maybe even earlier if you believe what fed chief jay powell said this morning, so why is sector trading in the red? we will ask our $40 billion countdown closer, next.
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liz: we are six minutes away from the closing bell. if you are a bully can't come soon enough. 703-point market sitting session low for the dow. i want to flip it over to the russell 2000. it is now down about more than 2% at the moment the russell was losing 43 points.
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at the moment were off session lows for the russell. that's a trend bunker at the moment. there is no such word. let me look at transport this is the biggest percentage leader at the moment for the transport, a lot of that has to do with crude oil down and aftermarket by 4.8%. in a regular session closed down more about more than 5%. can we look at the ten year treasury yield basket for a lot of changes, down 5.8 basis points of the moment to 1.44% off the floor from earlier today. the ten year yield trading below what you have percent, the efficacy of vaccines with the omicron variant have investors fleeing to safe haven nonetheless. bank stocks are flipping. today's countdown closer says still very much bullish.
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joining us now asset management cio and president cliff who is 41 billion in assets under management. you like financials. can you explain to viewers why you think a sector that should do well with the conventional wisdom that the fed will raise rates earlier rather than later would be positive for the financials prewired we down now. >> a couple of reasons a jerk reaction to a trade year and particularly in the long end of the yield curve. that's a second reason we are seeing a flattening of the yield curve meaning the commentary for chair powell today indicated it might be moving faster and raising rates. we had the quality over some of the concerns you pointed out the flattening yield curve or pushing the long and lower. if you like about the banking sector it does better when the yield curve is steeper opposed to flatter. those of the two main drivers. >> what did you make of what jay
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powell said today. he said december meeting next month they will be appropriate to start discussing speeding up the tapering process of the bond buying that they've done in the past. we have a huge fed balance sheet do you see any black swans at all. >> i think there's always a black swan by definition. i think omicron during. the most interesting thing chair powell is leading into speeding up as opposed to stepping back. liz: does that worry you? >> no i think the feds doing the right thing at this point in time. they had emergency policy going on for 20 months past the recession ending. we see what it's doing in terms of inflation. if they don't get on it sooner about it entered rather than later will be behind the curve on inflation. liz: aside from financials are
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there other sectors where you were nibbling on a day like today? >> sure we haven't really changed the way were thinking about the next 12 or so months. we do believe the economy continues to reopen and will keep our eye on variance. by the way that's if things continue on because the world thoughtfully vaccinated. they will be less frequent. we believe and it continued reopening of academy to upset the value. we talk about the banks value sector banks. we like energy, obviously that's get beat up a little bit today and materials. a segment commenting on infrastructure. that sector is well-positioned as we move to the next 12 months. not eliminated or running away from growth, we believe in diversification because of uncertainty and volatility but we need a little bit more into the cyclical of opening trade.
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liz: the president is taking his tour, we have a camera there. this is a live picture with the infrastructure is baked in at the moment. or do you feel there is subsectors whether it be steel for the bridges or cement. where you see a chance to start adding to those positions? >> those two are good examples. we don't believe it to six or 12 month opportunity. we think it's a very long-term opportunity. the infrastructure goes out ten years and the economy in the u.s. is under bill in every way shape and form. materials, metals, mining going down the food chain. those types of sectors should to. liz: the army corps of engineers gave us a c- for infrastructure. it looks like my zoology grade back in sophomore year of college. great to have you.
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you can hear the cheering at the moment. maybe it's because you have people were heavily invested helping like a day like this cannot come to an end soon enough. we are not closing session lows. a loss for the dow 636 points, the nasdaq down 435 on the spinal trading session of november. tomorrow is december let's see what we can see. ♪. larry: hello everyone, welcome to "kudlow". i am larry kudlow. south african folks who discovered omicron are saying the variant is mostly mild. nothing to get excited about and i don't know why some governors and some health officials seem to be panicking right now. right now it's a nonemergency. we have practicing physician in fox news medical contributor doctor jenness to tell us what


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