tv The Claman Countdown FOX Business June 17, 2021 3:00pm-4:00pm EDT
reaction -- charles: okay. >> i expect that both the dow and the russell are going to find some support right here after this little bit of a temper tantrum that they're throwing, and then they'll start to move higher as well with the broader market. charles: the words from kenny polcari, you can never have too much garlic, and stay cool, folks, don't panic. my man, thank you so much. [laughter] liz claman, you're going to have a crazy, wild hour. liz: kenny always puts a recipe at the bottom of his morning note -- charles: only thing is you can't make those things, liz, because you need all these exotic ingredients -- [laughter] i can't make those kenny recipes. liz: that's right. i don't make recipes, i make reservations. thanks, charles. [laughter] wall street kind of displaying a split personality as we head into this final hour of trade. the dow cannot shake its fed
hangover, but forget that for a minute. the nasdaq is now very, very close to an all-time record close. needs to be up 134 points. now, the post-pandemic travel boom though hit by a glitch this morning that knocked out web sites of major american air carriers. delta airlines ceo bastion is here this his -- ed bastion is here in his first interview following their shareholder meeting this morning. he's going to react to that and whether people are buying tickets to europe. now, while that was merely a technical problem, the glitch this morning, the biden/putin summit shining a light on cybersecurity as ransomware attacks incree at an alarming -- increase at an alarming weight. the chairman and ceo of palo alto networks is here, what his customers are saying, and wait til you hear what he says is now the average ransom being
demanded of companies and their ceos. and el salvador turning to crypto for its legal currency. former child star brock pierce joins us exclusively live from san salvador. he just it shoulded up a high profile -- finished up a high profile meeting with the central american government. we're going to get the scoop of what happened in that meeting here first. but in the meantime, check the nasdaq, up 120 points. let's get to the breaking market news that kind of needs some translation right now. yes, the dow is down 247, s&p barely down, 4, but the u.s. dollar and how it's moving right now is key at this hour. dollar bulls are charging ahead just a day after the fed said that the u.s. economy is speed climbing out of the pandemic hole. see all of those red arrows? that means the dollar is stronger against all of those currencies. now, to give you an idea of how hard the bulls are charging, it took just 24 hours for the dollar to muscle back against
the euro that it hasn't seen since april. you can see that the euro is slightly down at the moment, but it just takes $1.19 now to buy a euro whereas just a day or two ago it was $1.23. here comes the translation participant, right? the dow is chock full of huge multi-national companies whose products become more expensive overseas when the dollar jumps. so, yes, the dollar is flagging, but flip it over to the 10-year yield which yesterday right on this show it popped to about 1.54%? it is now dropping back to pre-fed meeting levels. actually, it was earlier about 1.49%, i would say, we're at 1.50%. so it's inching around those lows that we had seen before the fed neating. now -- meeting. we need to check electric vehicle stocks, and they are having pretty strong segs. the all-electric ocean suv is
going to debut this november, it's the up about 6.2%, but look at north nikola, up 6.25%, poppn a deal of its own with cnh to produce zero-emission heavy duty trucks. and, by the way, the nasdaq, very hot action. we've got it on the lower right-hand side because at this hour it's indicating that the big tech trade is back. again, the nasdaq needs to close up more than 134 points. that'll be a record close. we're up 124 at the moment. but, you know, it was a big tech glitch that caused a bigtime freakout for the major airlines, american, southwest, united and delta airlines got smacked with an outage at the host service for multiple airlines and even some banks including the australian central bank. the disruption hit web sites and mobile application forcing many to flag their customers on their web sites that, quote, contact
centers were experiencing longer than normal hold times. the issue was fixed just as delta kicked off its annual shareholder meeting, and now we're joined from the delta that flight museum in atlanta by ceo ed bastion who, by the way, everybody, was just named by glassdoor as one of the top ten ceos for leadership through the pandemic. that's great. that's when your employees love you and they vote for you. boy, ed, the hits just keep coming. if it's not one thing, it's another. we do understand the glitch is resolved, but any impact on business as people may not have been able to book flights this morning? >> well, first of all, thanks, liz, for having me. it's great to talk to you again. yes, we run a tough business. this is a tough environment. complicated technology channels across the industry the -- challenges across the industry especially as we bring the volumes and mass improvement in themes of the surge of volumes we're seeing. at delta it was a very modest
glitch, it was something that was taken care of fairly quickly. we didn't have any serious outage for any extended period of time, and we're getting all of our customers where they need to be and access to the delta.com web site has been fine during the course of this day. but people are -- liz: give us a headline, yeah, give us the headlines from the shareholder meeting that perhaps are the most important ones to come out of that meeting that really matter to you and this company. >> yeah. i think the most important thing is how the company fared during the pandemic. we've done a great job, i was incredibly of how our team took care of each other, our customers, our business, our finances and, importantly, protected our future. we made some very significant, strategic decisions over the course of the last year that's going to position us well for the recovery as we come through. and the second thing that was talked about was how the recovery fearing, and as i was -- faring, and as i was
saying, it's been a massive return to travel led by consumers. we're already back this month, in june, to somewhere around 80% of our normal domestic volumes, where we were pre-pandemic, and we expect by the end of the summer that number to get pretty darn close to 100% back. business is slowly coming back, about a third of the way back. international's going to be the one pole in the pent. liz: yeah, exactly. but before we get to the end of summer, you're squarely facing this critical summer travel season. we're less than 24 hours away from, and you just mentioned international, that european union meeting in brussels where officials are going to rubber stamp the reopening of the bloc of 27 nations -- block of 27 nations. how are ticket sales to europe trending ahead of tomorrow's meeting? >> bookings are very strong. people are anxious to get to europe where those countries which are open which right now, pending the results of tomorrow's meetings, tend to be
the southern european countries in france and greece, portugal, spain, italy. people are having an opportunity to get back, they haven't been there in a couple of years, and people are getting back, and they're being welcomed by the europeans. what we need in our country is for the u.s. to take europeans and particularly u.k. citizens back into our country. so we're working closely with the administration and the authorities about creating a corridor for travel between the u.s. and the u.k. and, hopefully, we'll be seeing that start soon. liz: well, what about that? i saw a u.s. travel association survey done that says our country is slipping as a global destination. what are you seeing on that front? >> it is slipping as a global destination because international visitors can't get here. our country is closed unless it's truly for essential purpose. and as a result of that, u.s. travelers are taking their vacations abroad, as they
should. we're not getting the reciprocal trade back. so it's not really helping the u.s. economy, it's not creating jobs in our markets, it's not helping getting new york stood back up again, the restaurant business, all the businesses that depend on european travel for summer are not being attended to now. so we're bringing as much weight that we can bear particularly based on the science that the mayo clinic has helped us on showing that it's entirely safe for the u.s. to take in travelers, particularly starting with the u.k. but then, i think, many of the european countries as well as vaccination rates continue to rise and infection rates continue to drop. liz: i would agree with that in the short term, but this survey goes out to 2023. and it just continues to climb where travelers are choosing other destinations than the u.s. but, i mean, look, who has a crystal ball? i don't with put that much stock in it, but when you're talking about ticket sales in the immediate time the, two weeks ago delta's june revenue was
expected to be, what, 6-6.2 billion. that was up from previous expectations of 3 billion. can you tell me, since then you've gotten fresh, realtime sales data. can you update that revenue number of 6-6.2 billion? >> the numbers continue to improve. i'm not in a period where i can give a public number, but they continue to improve to the upside. one of the things that i'm really happy to see, liz, is in the current month of june our company expects to be profitable. not a big profit, but we're going to be profitable. and to be able to get through the pandemic months from when -- 15 months from when it started, and i expect as we go forward for the next six months we'll be profitable as well, it's really a good sign, and we're quite optimistic. liz: ed, you made it through. i mean, i know that we're still kind of at the tail end of the tunnel, but watching delta from the beginning going back to february and the lockdowns, i
just, you know, i can see why you got the glassdoor award there. keep fighting on, and we'll have you back, because i would really like to see those numbers once you figure out what the revenue's going to be and business travel. because i don't -- i'm not sure it's going to really ever come back, are you? >> oh, it is coming back, and it's coming back fairly quickly. i spoke at an investor conference a couple weeks back, liz, and this may surprise you, but i think if you take the period from july 1 forward, we're going to see business travel at levels that were consistent with where we were pre-pandemic. there are so many businesses that need to get back out to their customers that have created new contacts they haven't been able to serve during the pandemic period while they couldn't travel that need to be back out with their teams, it's -- can i think you're going to see advertise businesses opening this summer. our campus, for example, here in atlanta is fully open taking visitors in. you're going to see a huge surge in business just as we've seen with consumer leisure demand.
liz: let's hope. let's hope. ed bastion of delta airlines, thanks so much for joining us right after you just finished up your shareholder meeting. thanks so much. we've got a fox business alert here. spac 2021 kicking off, 23 and me making its public debut with a bang. look at this jump here. up 21.6% after completing a $3.5 billion blank check dealer with vg acquisition corp.. the genetic testing start-up posting a wider loss in fiscal 2020 versus 2019, but it's hoping to change the tide with its 23 and me plus which as of january had about 83,000 plus users. to the a company that took the traditionalized route to wall street, jessica alba's honest company is offroad and in a ditch at the moment, down 7.5%. despite a pandemic-related sales boost, the household goods maker
did report a wider than expected loss in its first quarterly report since going public. and while, yes, it's off session lows, honest opened below its $16 ipo price this morning. flip it over to advancedded micro devices, climbing up the s&p leaderboard. the semiconductor's new chip getting the nod from google, of all people, amd getting a big pop there. let's call it 6% up at the moment. alphabet google up 1.25%. to fellow chipmaker nvidia, hitting a new all-time intraday high after jeffrey's raised its price target to $854, that is a 19% premium to yesterday's close. we're at 750 and change right now. nvidia's acquisition of arm behind this bullish move. and we really ought to take a quick look at social media stockings. pinterest and snap are the big movers, in the green at the
moment, so is facebook and, of course, twitter. but it's bitedance, the parent of tiktok, feeling the spotlight after reporting a full year 2020 jump of revenue 111% to more than $34 billion. bitedance, which was last valued at, you ready? $180 billion, is reportedly considering a potential u.s. or hong kongics p our. and i -- ipo. and i know it's all because my tiktok producer and i do our morning market minutes. i have to say a big thank you for the now more than 207,000 of you following us on tiktok. and for those who haven't joined in on the phone, check us out on tiktok @redfoxliz. okay? don't forget to check out that morning market minute because it's fun. we get you all the ott hot news from overnight. in the meantime, metal miners getting slammed, newmont
and freeport-mcmoran at r near the bottom of the s&p for this hour. how you should be playing the mini shocks that today are being felt across the market post-fed day. the floor show is next. 45 minutes before the closing bell rings. we are coming right back. watch that nasdaq. ♪ ♪ ♪ na na na na ♪ na na na na... ♪ hey hey hey. ♪ goodbye. ♪ na na na na... ♪ hey hey hey. ♪ goodbye. ♪ na na na na ♪ na na na na... the world's first six-function multipro tailgate. available on the gmc sierra.
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♪♪ liz: okay, we're 24 hours post-fed day, and wall street is still feeling let's call them mini aftershocks following yesterday's meeting. facts that freaks investors out a bid, the fear raised etc. year-end -- its year-end inflation forecast now at 3.4%. but the real quake came on news that seven of the fed's eighteen officials expect a rate hike as early as 2022. additionally, 13 of the 18 fed officials now favor at least one rate hike by the end of 2023 with 11 of those expecting at least two in 2023. as for stocks, you can't really call what we're seeing any kind
of shock. look, the s&p is now positive. it's now up 4 points. you can see where the nasdaq is, that is an all-time record. again, we're up 149. yeah, the dow is down 174, had been down more than 407 points earlier. so we're looking at some movement here. but let's get right to the floor show traders. we are joined by sarge guilfoyle and scott. scott, i'm wondering, have investors actually grown up and matured, and if so, are they still going headlong into equities, or is there a bond play here? >> you know, i'll pick up where you left off on an important point which i think freaking out investors might be the fed's third mandate expanding from their dual mandate. [laughter] yeah, i think the market has grown up a bit. i agree with that sentiment. in reality, we're with looking at the fed, what are we talking about? the terminal value of the fed funds rate at, what, five-eighths, three-quarters? all indications are less than
1%. in reality, yeah, we've transitioned out of a pandemic. we are seeing tangible evidence that inflation is moving if not above or outside of the fed's range, certainly towards the top end of it. and the economic recovery has been not just only robust, but we are seeing some signs of sustainability. not saying there hasn't been some punches traded with some bearish data, but overall the trajectory of the economy is consistent with the fed's hedge, and investors should take a step back and bask in that, enjoy having are potentially some largely higher rates. i think all the bonds being printed with 2% coupons have frustrated all bond professionals, not just me. liz: yeah. well, so enjoy let's call it investor puberty, growing up a little bit, right in i totally agree with what you're saying, scott. sarge, you think equities are absolutely the place investors should be, but where? >> well, the pressure yield curve for a second, either the
bond market dodged second is half market growth or accepts that inflation is transitory, or the bond market is simply flooded with foreign money seeking real yield. if you take that the way it is and if these knuckleheads at the fed are going to go ahead and keep buying $40 million worth of mortgage-backed securities every month, then the strength of the dollar is transitory. you need one foot on each side of the established sales growth specter and the potential economic/inflation growth specter. is so what i do is create a 3 to 1 hedge where i've pitted salesforce and service now against the three plays that are getting absolutely killed, alcoa, free port freeport-mcmord southern copper. i'm long all five names in that 3 to 1 ratio that i mentioned, and i'm taking topics out of the tech side of the trade, which is working, and i'm feeding the side of the trade that isn't working right now because i do
think that -- i think this is probably too wig of a selloff -- big of a selloff if we do get even moderate second is half economic growth. and i didn't expect china -- liz: well, yeah, exactly. okay, so i'm getting the feeling both of you aren't totally enamored with the fed. at the moment we're watching it, you guys have to come back. scott kimball, sarge guilfoyle, thank you very much. we've got 37 minutes lefts before we see the closement cryptos slipping today after el salvador's plans to legalize bitcoin hit a new snag with the world bank. coming up, we've got the crypto all-star who helped push el salvador to legalize bitcoin as tender. joining us live, he's stepping out of the high stakes meeting going on in latin american nations right now. what he has to say about the world bank's diss. brock pierce, you know him from "the mighty ducks" or you know
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♪♪ liz: all right. we are about 38 minutes before the closing bell rings. folks, i just need you to look at the nasdaq, the s&p. both are now in the green. so whatever, as we've been saying, the freakout? whatever freakout that the markets had yesterday when it came to what the fed had not done, didn't raise rates, but had announced liftoff will probably start to be a little bit closer than far out in 2023. we do have the s&p up 4 points, the nasdaq up 139. again, we're looking at an all-time record close. we just need a gain of 134. the dow's been struggling, down about 159 points, but a lot of that is the strong dollar which has suddenly begun to rear its held pretty darn dramatic.
the strong dollar is something that really kind of makes big multi-national american companies who do business overseas,ing makes their products more expensive. and so what you have to do is look at that and say, well, maybe people are going to tamp down on their buying of some of those products. but things are changing so quickly, that's why you need "the claman countdown" every single day. all right -- tell me again, alicia? okay. we're going to take a quick break, and we are going to be right back. russian president vladimir putin denying the russian government had any role in cyber attacks aimed at the heart of america's infrastructure. what palo alto's ceo has to say about these recent attacks and the skyrocketing ransoms that are being demanded and paid for by ceos across the country. and wait until you hear a what top dollar is right now just to keep hackers out of your business. the chairman and ceo of palo alto networks next exclusively.
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♪♪ liz: breaking news, the world's largest cruise ship operator, carnival cruises, the latest company to report a cyber attack. reports are saying both guests and crew members' personal data were compromised. the hack did occur three months ago, but as it comes to light, the stock's getting dinged, down about 2%. all right, we've got let's call it 26 minutes before the close. cybersecurity at the eye of the storm in a major meeting
yesterday between presidents joe biden and russia's president vladimir putin during their first in-person meeting, as joe biden is president. the russian leader denied he had been encouraging attacks on u.s. companies. there's no question someone has it out for u.s. businesses with ransoms and companies just going through the roof. so far this year according to cybersecurity giant palo alto toe networks, companies are paying, on average, ransoms of $850,000 with some hackers demanding as much as $50 million from their victims. so what are companies doing, what must they do to fight back to keep their information and customers' data protected and, most importantly, you know, is this to the moon with these ransoms? in a fox business exclusive, let's bring in chairman and ceo nikesh arora. wow, nikesh, the average ransom -- i thought in 2019 it had tripled by 2020, but you've
got to tell me, this is an exponential jump, is it not? what are you seeing? >> liz, nice to see you. i always maintain, you know, that cyber hacking has gone from a hobby to a profession. what you're beginning to see that with all the recent hacks, you're seeing a lot of the supply chain attacks, cyber criminals have the ability now to go and entrench themselves into companies' infrastructure, and now they're leveraging that to create economic upside for themselves, and they're treating it like a business. it's very fascinating. they have customer support departments, some offer customer service to bring your business back up, but they realize the value is far in excess of $830,000. liz: you know, they're verying professional. i talked to a guy in jersey, and he's got a small new jersey business, and he said, liz, i get my e-mail, this is what we know, we're shutting you down. pay, i don't know, it was like 80 grand. he actually negotiated them down
a little bit. and then he said he paid the money, called the fbi and, boom, his operations were back up and running. it was, like, pleasure doing business with you. i mean, it wasn't, but does this surprise you? >> the unfortunate state of affairs we're in right now because today, as you're seeing, we used to have very strong physical security, physical borders, we had policing at a micro, city level, but in the digital world it's the wild, wild west. i can access a system here in any country in the world. so you're seeing that hackers have figured out there's an opportunity. they've gone ahead, as i said, enstretched themselves -- entrenched themselves, and they realize the economic value of shutting down a pipeline is tremendous or the ability to turn it back on. you're seeing a lot of businesses saying, listen, if you pay me a surgeon amount of money, i will -- certain amount of money, i'll help you restore your systems. they'll also tell you your
vulnerabilities from an infrastructure. like you said, they are turning into this a business, and it's important to create a governance system that does not allow this to continue to perpetrate. liz: what you saw yesterday between joe biden and vladimir putin, tell me what you thought when vladimir putin denied, denied, denied that russia is encouraging or having anything to do with the recent attacks on the colonial pipeline that we saw here or jbs meat. >> well, look, i'm going to let the administration figure out how to engage in those conversations, but i think trying to blame anyone in this process is counterproductive. i think what's important is for all of us to sit down as nation-states or as part of governance, to figure out the right rules of engagement. i think this problem's going to to get bigger, not smaller. you can't enter a country without a visa, right? there's a whole series of
process -- we figured out goods and security, what we haven't is when this stuff happens in the digital domain. we're talking about applications collecting data from one country and going to the other, cyber attacks from one unto the other -- country to the other. so we need to develop rules of engagement to figure out how to help this problem. liz: before that happens, it's got to start at companies who call, say, pal palo alto networs for help. a lot of these companies have hodgepodge technology, kind of fragmented. talk to chief of technology officers and ceos who might be watching. what must they make sure they don't do going forward so that they can avoid being hit by ransomware? >> well, you know, liz, it's very hard to fix this problem overnight. this problem is an accumulation of legacy technology that companies have deployed over the many years where they have not made sure security's a priority
in the beginning. and we're busy opening up our systems making our systems available to consumers so that we can live our lives in a more digital fashion. so we've got to go back and relook at the security architecture to make sure that we are protecting the crown jewels, we are protecting the data for consumers, we are protecting ourselves from the ability of other people to penetrate our system and shut us down. now, it's not going to happen overnight if, so i think getting your cyber hygiene right is important, and also there's a new concept which we've been espousing to figure out if something happens to you how quickly can you come back up. unfortunately, this is going to be a state of play for a while. what does it take for you to come back up, what happens if you get attacked with a ransomware attack? so there's a bunch of that risk management that needs to happen, at the same time, you've got to get serious about cybersecurity. liz: not surprised that your stock has popped 13% just quarter to date. nikesh, please come back because
i'm very interested in talking about the hybrid workplace from now going forward. people will be part time working at home, part time at the office, so it'll be interesting to see how companies remain secure. we'll see you again soon, i hope. thank you so much. >> thanks, liz. liz: from child star to crypto billionaire who's become so expert in the field, he's meeting with world leaders who want to begin accepting digital currency in their respective countries. brock pierce is at el salvador's ministry of foreign affairs where he's leading an official delegation of bitcoin ambassadors to help the nation kick off its crypto strategy. joining us live from the national palace at san salve, do chairman of the blockchain foundation and crypto entrepreneur brock pierce. brock, welcome. thrilled you're here. what happened at the meeting? >> wow, i'm so glad to be here. we're not at the palace, we're actually up at the volcano, but
we're still here in san salvador. we met a number of ministers, secretaries from the central bank to investment, to energy, justice department. you know, we're here as a group of people trying to understand as much as we possibly could about what is happening here, to understand their objectives, their needs to see how we can be of service and helping them meet their objectives which is financial inclusion. 70% of the population here do not are financial tools -- have financial tool. there's an opportunity to bring a lot of people out of poverty, to upgrade the energy grid with geotherm also they can have abundant, cheap energy. wonderful things in store. liz: are the people of el salvador ready for this? are they open to this idea? i understand there's some beta tests in some of the seaside beach towns in el salvador, but you've got to give me some
examples of how they're actually using bitcoin which, you know, is $37,000 and change at the moment. >> as you correctly point out, bitcoin beach, that's where a lot of the activity is. street vendors, you know, everybody's starting to use it, and the government's new bitcoin law is going to be fully implemented in 81 days. so that's why we're here figuring out what can we do, you know, building a task force to help put together the right services, the right infrastructure to make this happen and to create an optimal outcome. and everyone's figuring it out. it's -- but the approval rating of the president here is at 92%. and that's because of the incredible work that's been done, and so the people are trusting that leadership, and that's what's allowed this courageous sort of event to occur. fortune favors the bold. the future belongs to the bold, and i commend this president, i commend this government for recognizing that innovation, you know, the world is changing, and
we have to adapt to it if we wish to be the beneficiaries of it. wonderful things here, and we're going to be back -- this isn't -- this is my first trip and, clearly, will not be the last. and some of us are going to stick behind, and we'll be working all the way through into september. liz: well, the president has become sort of a crypto hero. you've got to tell me though about the situation with the world bank. the world bank has said hands off, it's not going to assist el salvador in transitioning, implementing bitcoin. but their point is this environmental issue which, of course, elon musk complained about because it does take voluminous amounts of energy in certain cases to mine bitcoins. i know, people are shaking their heads saying i don't get it. part of me doesn't get it, brock with, but what happens if you don't get the help from the world bank? >> well, hopefully, other sources of revenue arrive. right now the meetings here, i think it's the bitcoin miners
are the ones that are likely going to be financing a lot of the energy infrastructure and upgrade to make it clean, to make it abundant, the make it cheap. and so in industries such as ours, if we can bring that direct foreign investment here, it doesn't really matter where the money comes from. revenue is revenue is revenue, expect private sector here working with the9 public sector may be able to fill in for that gap. i clearly hope that the world bank and the imf continue to support this nation, but if for whatever reason they don't, i hope others rise to that occasion to support this government and its leadership focused on creating a more equitable society and a country that is embracing the future. liz: brock, please keep us posted. you down there in san salvador really kind of making history. we'll be watching this very closely. brock pierce. "claman countdown" is coming right back. don't go away. ♪ ♪
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sign a bill designating juneteenth as a federal holiday. you can see him right there, and the house passed the juneteenth national independence day act last night. it will become the 12th federal holiday, the u.s. government will be closed each june 19th to mark the end of slavery. u.s. troops set the last slaves free in galveston, texas, on the date back in 1865, two months after the end of the civil war. juneteenth is the first new federal holiday since martin luther king jr. day created back in 1983. but as you watch this live picture, you've got to know something, the minute he puts pen to paper there, the new federal holiday will get the banking world scrambling instantaneously for answers as to whether they're open for business. to charlie gasparino, this is unveiling as we speak, is it not? >> i guess so. you're watching it live. listen, the act itself is not
controversial. i think most people favor -- even on wall street, this commemoration. it's the way it got rolled out which is problematic. president biden gave federal workers tomorrow off, which is friday, not saturday. then that caused this sort of mini panic earlier today in the banking system, on wall street, particularly at the new york stock exchange, among banks that maybe the federal reserve, which is the regulator of everything, would be off as well. if that's the case, liz, guess what? then the banks might have to close. and i will say one thing, it's almost impossible to turn the light switch off the banking system in that amount of time. it would be very difficult. wall street tomorrow's going to be a big day, it's some sort of options exploration day, quadruple witching hour, whatever you want to call it. we should point out that we have a full write-up on foxbusiness.com. if the stock exchange had to close tomorrow, that would pose a huge problem in terms of orderliness of the markets -- liz: hold on, do you think it
will, charlie? >> no, no, i don't. here's what -- just let me get through this. here's what we're hearing is happening. number one, the banks are operating as if the federal reserve and consumer financial protection board is not going to shut down tomorrow. you know, we have to wait for the announcement. it should be coming out today. what we're hearing from our sources at the new york stock exchange, that the stock exchange is going to remain open and that they're going to deal with a this as a 2022 issue going forward if the holiday falls during the week. but, you know, i will tell you this, liz, it was pretty crazy this morning. people were, like, what are we going to do in there was a sort of open-endedness in terms of when this thing goes, when this holiday would go into effect and whether the -- and then when president biden announced that tomorrow would be a holiday for federal workers, then people started saying, okay, every
banking regulator would be off. the sec wouldn't be working. what does that mean for the stock exchange. if the federal reserve is not operating, liz, i don't think the banking system can operate. and you just can't turn off the switch on a bank. no, it's just -- that takes some time. so we're waiting official word. i hear it's going to be, tomorrow's going to to be, you know, it's going to run as a normal day. but for a few hours today, people were worried, like, what are we going to do? back to you. liz: well, we still don't know yet. we'll be keeping everybody posted on foxbusiness.com. we're coming right back. six minutes before the closing bell rings, yeah, the that is a damage is right there. we need to see a close of more than 134 points for a record, to stay tuned. ♪ ♪ ♪ ♪
liz: breaking news, the nasdaq is this close. it's so close to its 15th record of the year. we've got about two and a half minutes left before the closing bell rings, it needs 134 points, we're with up 132. the leader right now, a amd, it's up 5.7%. let's bring in megan hornman, you're saying forget u.s. at least at the moment, go europe. where? why? >> so when you look at the developed international market, they're not -- they're still in the beginning stages of their recovery. and while we're here in the u.s. moving more towards tightening monetary policy, they're still a very long way away from that. that's one of the reasons why we like the developed international markets. also from a valuation perspective, they still are more attractive than the u.s., and they've lagged the u.s. really over the past decade. also the last thing is they do tend to lead m tilt more cyclical, and we think as the global recovery continues to take hold, that these developed international markets, because of the way that they lean
cyclical, can actually do much better than the u.s. markets. liz: well, yeah. and as you look at some of the names in there and the opportunities, is there a particular market, a particular country that you like in europe or at least the internationally-developed countries? >> yeah. so, i mean, i would be broad and well diversified there because you still do have some countries that are dealing with potentially possibly more lockdowns. you've seen that in the u.k. so a well diversified approach there in the developed international market, i think, would be been official. liz: oh, megan, you know, i tell you, it's been a crazy day. you've got a couple of seconds left here. does this bull market continue knowing that we're going to have rate hikes sooner than later? >> yeah, i think over the summer it's going to be a volatile summer. the entire market really kind of is stuck here in a trading range while the nasdaq, as you mentioned, is breaking out, the s&p, the dow jones, the bond market remaining sub bornly low and even -- stubbornly low, so i
think the market's looking for a breakout. in our opinion, we think you might see at least some modest consolidation over the summer months. several reasons, remember, earnings season coming up as well as just industry tells us you typically get at least a 5% correction in the market. liz: yeah. megan horneman, great to have you. it doesn't look like a record for the nasdaq at the moment, we shall see. ♪ ♪ larry: hello, everyone. welcome back co"kudlow." i'm larry kudlow. folks, i'm still hung up on yesterday's biden/putin meeting, and i suspect many of you are too. so many problems, so many issues, so many things left hanging on both sides, although, look, i don't want to play politics with foreign policy. i'm very old-fashioned. i actually believe in the old-fashioned dictum that politics should stop at the water's edge. when our leaders go overseas, they should not be petty