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tv   The Claman Countdown  FOX Business  April 13, 2021 3:00pm-4:00pm EDT

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so i'll be surprised if oil's not at $75 a barrel by august. so you may have to be a little bit patient, but i expect oil to rip within the next couple of weeks, so i continue to add to this position. we bought more today as well. charles: all right. eddie, tell you what, you've been spot on. thanks a lot, my friend. meanwhile, we're getting some really good traction as we head into the final hour of trading. liz claman, the next 24-48 hours is going to be very exciting. liz: indeed, indeed. on so many levelses, from coinbase to what's happening with j&j. either way, south africa, the latest nation to put johnson & johnson's coronavirus shot on hold. they're calling it a pause after u.s. regulators decided to take the cautious move earlier today. european regulators, canada also seeking more information after the pharma giant says six women under 50 developed blood clots after getting the vaccination.
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the j&j newot seem overly concerned as the s&p pushes for its 21st record close of the year. big tech pushing the nasdaq higher, both are near session highs at this moment. but it is bitcoin hitting record highs before the much-anticipated initial public offering of coinbase tomorrow. the ceo of crypto exchange competitor crabbingen is here to -- cracken is here to tell us if he sees any cracks at this very moment. and you can actually participate, terry duffy is here nor a fox business exclusive to reveal his latest product that will help retail investors get in at a much more reasonable cost. he's going to explain exactly how his new micro bitcoin futures work.
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right now johnson & johnson driving the index lower after the u.s. halts the vaccine due to concerns over blood clots in patients. so at this moment johnson & johnson is way off the lows of the session, down 1.3% to 159.40. now, keep in mind while only six cases have been reported out of 6.3 million vaccinations, dr. anthony fauci, just an hour and a half ago, assured reporters today that safety is of the utmost importance, and the distribution of the j&j vaccine was on pause because the fda and the cdc want to look specifically into the issue. >> safety is the important issue here. we are totally aware that this is a very rare event. we want to get this worked out as quickly as we possibly can, and that's why you see the word pause. in other words, we're going to hold off for a bit and very well may go back to that, maybe with some conditions or maybe not. but we want to leave that up to the fda and the cdc to investigate this carefully. so i don't think it was pulling
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the trigger too quickly. liz: it appears that the damage is really held toward when you're looking at the stocks of this to j&j. again, j&j's not down that much. but as we look at shares of moderna, biontech, novavax, pfizer, of course, they are all popping at this hour. specifically, novavax up more than 8%. but what does this all mean? you know, are there other areas where you can pounce in and start scooping up shares that are either advantage signs or vaccine -- vaccines or vaccine related? to our floor trade thers, tom hayes and chris. chris, j&j's 1.3% cheaper. now's the time to buy? what do you think? >> i think absolutely. when you think about the magnitude of what's happening here, we have 6 cases out of over 6 million doses. you want to be very careful about that, you want to make sure that if there are important protocols to put in place, to understand maybe people that may be at more risk than others, you want to do that. but it's not going to affect the
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overall efficacy, and in the long run, covid's going to to be with us for a while. so i think it's a steal. liz: you think it's a tale here. let -- steal here. let me get to tom. there's a massive biosphere of companies related to the making and distribution of vaccines. where would you pulse your money even as we see -- put your money right now even as we see the s&p 500 jumping to an all-time high? >> with the market up 85% off of last year's lows, it's getting harder and harder to find value, and big pharma is still undervalued. i'm going to give you three names now that the 10-year yield has stabilized in the short term, people are going to want a defensive group in case we get some short-term chop. we do like j&j, but here are the numbers. it's trading at 15 times next year's earnings, its average multiple is 18 times earnings. you've got a 2.5% dividend yield
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and, by the way, they've raised that ty tend every year -- dividend every year for almost 60 years. and pharma is only 50% of their business. medical devices is a third and consumer products is 20%. finish we also like pfizer which is up 10% since we talked about it last month. we think that has room to run trading at 12 time it is earnings, and the yield on this one is 4.2 which is about 2.5% the 10-year yield, so we like that as well. liz: right. you don't want to throw the baby out with the bath water. chris, i've got to get your thought on coinbase tomorrow. is that something you would buy shares in as we await this massive ipo? >> i think it's very hard to understand exactly what's going drive the price of that. you've got kind of fundamental economics are hard to understand. so it's going to be only for those that have a significant
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risk tolerance. certainly nonfungible tokens are here to stay. it's going to be a big market. i think it could have a big role, but the exact valuation is going to be difficult to determine. if you're getting in, you just need to be prepared for a ride. liz: well, you know, they have first quarter profit of about $730-800 million. they've got a lot of active users, so i think it's important just to balance that. but again, i get it. it's a little confusing but, boy, are we seeing some real action which leads me -- gentlemen, thank you so much for joining us -- to what's going on next as we look at bitcoin and coinbase. the s&p is not the only index setting an all-time high. the qqqs, the nasdaq 100, are at a record high right now. and as we look here, the broader nasdaq index ahead of tomorrow's gigantic direct listing of
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coinbase, it's now less than 1% from its record high. and that, of course, as i said, is for the entire nasdaq. bitcoin's already there. [laughter] early this morning the original crypto raised the roof, blasting through $63,000, and right now look at this price, we're at $62,826, so just hovering slightly below that. no doubt coinbase's debut tomorrow is lighting that fuse. our best indication of how coinbase's shares may open actually coming out right now. futures are trading in germany already, and it appears coin's opening price will see a 9% jump. that could all change overnight, and tomorrow, but what was a $100 billion valuation yesterday for coinbase is now, in theory, $147 billion. keep in mind also the sec filing suggests a valuation of $68 billion, but we know the market is not necessarily a rational-thinking thing. while coinbase is the first, it
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will not be the last are. joining us now, jesse powell, the ceo of kraken, the world's fourth largest digital currency exchange. jesse, what's your reaction to this new stratosphere bitcoin is in, the price it hit overnight, more than $63,400, how much does coinbase's debut tomorrow have to do with that? >> it's amazing to see a new all-time high for bitcoin, it's now in the top ten currencies in the world in terms of n1 supply. and i think it's hard to know what influences the price of bitcoin day-to-day. i think the coinbase ipo has a lot of eyes on this base, i think a lot of people are hyped about that. i think people are increasingly seeing the legitimization of the space, and, you know, many people is have not had access to cryptocurrency because they've been regulated out of it somehow, but they may have access to the equities markets and looking at coinbase as a way to get exposure if they haven't
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got it through microstrategy, square, tesla or any of these other companies on the balance sheet. liz: right. we've heard about the breadth of coinbase, the numbers of more than 50 million people who have signed up to be on it. fifty currencies you can transact in on coinbase. we've heard about all the so-called good things. you're a competitor. why should i choose kraken over coinbase? >> we focus on customer service first. what we're the largest exchange in europe. coinbase got their start in the states ahead of us, although we're a u.s.-based company. what drives us really is access to financial services. we want to bring crypto to the masses. we're really focused on the retail consumer market. you know, what -- that pinpoint we had early on that goressed us into europe -- forced us into europe, that was because we couldn't get a bank account for
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the business to facilitate transfers. and we got shut down for many bank accounts other -- over the years. and access to financial services is still worldwide a major problem that affects millions of people, and that's really the challenge we're focused serving, and we really want to give excellent customer service, excellent security. the company's been around ten years, 1800 people now. you know, so i'd say that is our differentiating focus. i'm not, you know, i can only speculate about kind of where coinbase is headed. liz: but you don't have to speculate on this, because it became a fact the last couple of weeks. coinbase was hacked. people looked and they couldn't either get into their accounts or they found their accounts were emptied. have you ever experienced anything like that in your customer vaults? >> i'm not familiar with this incident. you know, there are occasionally users who get phished or their accounts are hacked using weak passwords or using the same
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password in other places, and that, unfortunately, you know, makes accounts vulnerable. and, you know, just like you could have your bank account hacked, your paypal account hacked, the same for crypto exchanges as well. so people do need to be very careful with their account credentials, they need to make sure they're on the right web site. i think there are very few exchanges that have stood the test of time. c hopefully, we can maintain our high level of security. liz: never been hacked. okay. we've seen reports that you too will eventually consider a direct listing or somehow going public possibly next year. can you give us more on that? i mean, i would like to hear it from you and why you would consider this when you're already making a lot of money, and it exposes you to the public markets and that sometimes is not a great thing because you have to sit there and give your quarterly reports, analysts are all over you, shareholders are.
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complaining, so will you go public within the next year? >> for sure. and, you know, it's kind of nice to have coinbase being the guinea pig for this, and we'll see if it affects their business and ability to move quickly, and this is a very fast moving space. that's manager that we're very -- something that we're very cognizant of. we want to retain our ability to move quickly. the u.s. regulators historically have been among the most severe internationally, you know? we're dealing with the sec and the cftc on a regular basis. they're asking us to shut down products that they are not able to shut down for international competitors. so they're putting u.s. companies at a disadvantage. and i think it's still on the table whether we stay a u.s. company or not. we may be forced out of the country by overregulation or by the enforcement guys not talking to the policy guys and not having kind of a national strategy on cryptocurrency.
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you probably saw the report from the former cia director who says we need to be worried about china. bitcoin is least used for illicit transactions, and we really need to treat this as a national security issue, a national economic issue like we did with the internet. i think it's something the united states can be dominant at, but there are other countries competing, and i think we could fall behind by shooting ourselves in the foot. as far as kcaken's listing -- kraken's listing, we want the option to do it but no guarantees we pull the trigger. in the end, we'll see where things are at that time. liz: i do just have to ask you if you were to move to a different country, where would you with move? >> we've got licenses in several other countries. probably tokyo has a very robust set of regulations, the u.k. has a very robust set of regulations. the uae is also very
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business-friendly. so, you knowing or i think any one of these countries which kind of understands the business better, is not really looking to put local domestic businesses at a disadvantage to foreign competitors, which they're not able to enforce against, i think would be a good home for us. liz: jesse, thank you. you've made news here. i think this is really fascinating. please come back because we're watching the kraken story. thank you very much. [laughter] it's pretty incredible. and by the way, you should listen because, coming up, you know, if you can't buy a $63,000 bitcoin, the cme is about to make it way more affordable for you to buy into bitcoin. coming up in a fox business exclusive, cme group chairman and ceo terry duffy is here to unveil the micro bitcoin futures contract that they are going to offer next month. that is straight ahead. cruise lines not happy to hear about j&j's vaccine
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troubles, but they've got problems of their own. will they be forced to drop anchor instead of setting sail for exotic locales? next, we're taking you live to port canaveral, florida, on the battle now brewing between the ports and the ships. closing bell ringing in 45 minutes. dow has pared lots of its losses, we're down just 22 points. you've got the nasdaq and the s&p in the green. stay tuned, we're coming right back. ♪ ♪ cell phone repair. did you know liberty mutual customizes your car insurance so you only pay for what you need? just get a quote at really? i'll check that out. oh yeah. i think i might get a quote. not again!
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♪♪ liz: travel stocks making a comeback with the dow despite the john and johnson pause. -- johnson & johnson vaccine pause. the airlines were all in the red, now look at jetblue, united airlines, southwest or airlines. delta and american are still slightly in the red, but we are seeing a major shift at this hour. possibly because the dow is moving up off its lows. i believe the dow down just about 3 points at its high, so we are really moving at the moment. the bookers show a similar story, i'm talking about the travel boxers. booking holdings and expedia.
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at this hour the cruise liners have a whole different category of stories due to breaking news headlines. to ashley webster at port ca-and-a-halfal, florida. >> reporter: you know what? it feels like the cruise lines are very much snake bitten, you know, liz. when you think about it, they've become the poster child for covid when it first erupted last march, in march of 2020. that was 13 months ago and still these cruise lines cannot set sail from u.s. ports. you look at the year to date numbers on the stocks, royal caribbean up nearly 16% or thereabouts on the year, norwegian up 15% and carnival doing a little better, up 27%. but let's be honest, they've come from a very low base to try and recover. if you can see behind me, liz, a i'm not sure if you can, but there's a cargo ship being refitted here at port canaveral. that place right there is normally held by a cruise ship.
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where's that cruise ship? it's operating out of barcelona right now. the caribbean, for sure, asia with, and they're just looking to make money. take a listen to ceo of norwegian who said, look, we have to go wherever we can drum up business. take a listen. >> other cruise companies, including ourselves, have announced the start-up of vessels outside of u.s. waters. look, we're a business. we're public companies, and we have shareholders to be accountable to and employees. and if we can't operate out of u.s. waters, we'll operate elsewhere. >> reporter: well, it kind of makes sense to me. this is the world's second largest cruise port right here. and apart from me, five pelicans, three sea turtles, there's no one else here and that is terrible news, of course, for the ports who rely so heavily on the cruise ship revenue. in fact, we spoke to captain john murray, he's the ceo of
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port canaveral, and he said, yeah, i kind of feel like the cruise lines are being treated unfairly. take a listen to him. >> there's no other industry that i'm aware of that's been sidelined the way the cruise industry has been. if you go back in the history of the coronavirus, the first incidents happened to be on cruise hip ships, and i think the industry has been painted in a very negative way. >> reporter: the cruise lines say they'd like to be setting sail from these ports no later than early july, and the state of florida has sued the cdc. now there's a bill in congress trying to revoke the powers of the cdc. there's a real standoff between the ports and the cruise lines on one side and the federal government. we'll have to see how it plays out. in the meantime, the economic impact is devastating. liz, back to you. liz: exactly. but when you look at these one-year charts at least, the stocks are coming back. >> reporter: yeah. liz: you and the pelicans and the sea turtles, yeah, that's
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not going to be enough to help them with their revenue. thank you. thank you very much, ashley webster, in florida. we've got to talk about apple. apple is sucking the downdraft on the dow all because siri may have spilled the beans? what did tim cook's virtual assistant leak early that has the stock on the move? we're going to tell you when we come back. dow jones industrials down 28 points but, again, the nasdaq has just hit a new session high, up 157. ♪ ♪ etirement plan with voya keeps me moving forward. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. stay restless with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $439 a month for 36 months.
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leonard is coming back. ♪♪ ♪♪ ♪♪ liz: y, siri, what's ng in pop oc? we it' is apple sto the stock is jumping m than 2% after early today the neaker's virtual out of the bag., met cat w, apple has confi it, ok havee confirmed i ri let users kno well ahead of that apple is goi t
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a scipealal eventt e confi the speci enenev called s . apple islly providi speculatinghe companyill ipad pro models before its annual developers' conference in june. but they also expect to do something called air tags. you know, we have told you right here on the claman countdown months and months ago that apple was considering possibly launching a challenge to tile, those little things you attach to your backpack, purse or whatever so that you can find it? well, might be called air flyer. we'll be watching. due to, of course, blood clots in some very, very few number, of patients. concerns as more folks stay at home, order and work out from home, peloton, wayfair and overstock are also moving.
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chipotle's done, overstock up 9%. and as j&j's news means we'll see a temporary reduction in the number of people getting their jabs, domino's pizza, ebay, amazon are all moving higher at the moment by about 1%. but the lure of the big screen is still boosting movie theater chain amc. shares up 3.5%. this jump is particularly encouraging for the reddit crowd considering viacomcbs paramount's pictures again delayed the release of top gun: maverick, moving it from july 4th all the way out to november? are you kidding me? we have to wait til november to see this thing? yeah. well, moving higher by 2.33%. there is a battle brewing in washington, d.c. between the credit union industry and fin-tech the as the latter has started encroaching on traditional banks services, but they're free of stringent
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regulatory oversight that the credit unions have to face. ceo and president of the national association of federally-insured credit unions, dan berger, is here with charlie gasparino. charlie are, take it away. >> let's get right to it, dan. thursday, i believe, the rubber's going to meet the road in washington where there's a hearing by the house financial services committee. you guys will be represented at that committee. what, essentially, are you going to tell lawmakers about fin-tech? fin-tech is huge, everything from sofi, you know, that big company out there with a stadium named after it, paypal is getting into the fin-tech business, walmart, i hear, is getting into the fin-tech business. what are you guys going to -- what is the message you guys want to give washington on thursday? >> charlie, it's really simple. all we want is to make sure that regulators create a fair and level playing field between fin-tech and other financial institutions. we want to insure that any new
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banking models are held to the same high standards that exist for our other financial institutions like credit unions and banks. >> right. i mean, most people assume that fin-tech is regulates. aren't they regulated by various players? >> no, they're not. the fact is many fin-techs are are taking advantage of regulatory loopholes that, quite frankly, escape supervision by federal financial regulators such as having minimum capital requirements or regular examination. and this could be bad news for the american consumer, taxpayers and, of course, the big fear is it could create systemic risk in our financial system. >> yeah, no, i get all that, but you're really telling me that -- i mean, listen, i guess i got a that go back to sofi, which i will, that a company like sofi which has been around for a while, you know, they're not like -- they're not new. that they're, they don't get
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regulated by the fed? >> yeah, you even have, you even have jamie dimon who came i out earlier talking about fin-tech, said they're now becoming shadow banks, and they're finding cracks in the regulatory system to become a bank with little to no oversight. most, if not all of these fin-techs didn't exist prior to the passage and enactment of dodd-frank, so they don't have the same regulatory compliance costs that financial institutions have have. they don't have any regulatory examinations and oversight. so regulators need to be sure they, too, have a robust compliance infrastructure like credit unions and banks. >> have they stepped out of line? i just don't hear about sofi or any of these fin-tech companies blowing up or costing people -- major scandals. i guess the question is if they're so bad and they need to be so regulated, why so little
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news about their missteps? >> well, there has been news out there with companies that have had missteps. look recently what happened over in the e.u., specifically in germany. the fin tech wirecard had $2 billion worth of customers' money disappear. think about that, $2 billion. and then you had beam financial which just got shut down by the ftc because they were promising you could get your must be out in 3-5 days, and it was taking weeks and sometimes months to get your money out. they needed some kind of regulatory schematic so the american consumer's protected. >> we've got just a few, i guess, moments left. who's going to get into the fin-tech business going forward? and when we say fellowship-tech, we talk about using an app to basically get credit, loans, tradition theral banking services through this sort of technology where it sort of circumvents bricks and mortars.
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who else is getting into this thing going forward? >> well, you hearing about a lot of companies like h&r block, robinhood, walmart. here's the problem, the term fin-tech is amorphous and has become commodified. the fact is financial institutions have been partnering with fin-tech for years if not decades. they've partnered with mastercard and q2 and aws. so they have that relationship. the difference is the host bank or the host credit union has a rigorous regulatory schematic they have to jump through. and so the other fin-techs don't. so we're just looking for a level playing field. >> all right. well, it's interesting issue. you know, it hits average people because average people are using fin-tech for their banking services. and if it's a shadow bank without regulation, it's probably something that the fed should take a deeper look at. dan, thanks a lot. thanks for your time. liz, back to you.
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>> thank you. thank you, dan. thank you, charlie. you know, new technology, new regulations. all right, we are now about i want to say 18 hours away from the nasdaq debut of coinbase, and as bitcoin clocks no fewer than four records since this morning, the futures platform that was the first to launch bitcoin futures readying a new product that'll make it way less expensive to trade. terry duffy next in a fox business exclusive. rst-of-its-k, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit ♪
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♪ ♪ this is worth. that takes wealth. but this is worth. and that - that's actually worth more than you think. don't open that. wealth is important, and we can help you build it. but it's what you do with it, that makes life worth living. principal. for all it's worth. ♪♪ liz: remember it was the chicago mercantile exchange that was the first to launch bitcoin futures way back in late 2017 which, of course, was when bitcoin was around 18, $19,000. that contract now trading at $64,000 reflecting a recent surge in the underlying cryptocurrency which, of course, is hitting record levels today. if that's too rich for your
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taste, the cme is about to launch a product that may be able to cater to the average investor's wallet. here in a fox business exclusive, the man who leads the company handling the massive trading transactions in the oil, commodity futures and cryptocurrency markets, cme chairman and ceo terry duffy. terry, great to see you. you guys are always at the forefront here, right? >> well, we try to be, liz. but, first of all, thank you very much for having me. and, yes, we try to be at the forefront on a whole host of products. and crypto being one of them, you know, you talked about the price just a second ago at the levels it's at today, could you imagine trying to list a futures contract on crypto to make that decision should you go forward at $64,000 a coin? versus the price you referenced. liz: yeah. and pending regulatory approval, next month people won't have to put out all of that money. in fact, you have -- you're going to launch something at the
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cme called micro bitcoin futures contracts. explain, if you could, what that is and how it'll work. >> well, today, liz, our contract at cme, there's five bitcoins per one contract. so, you know, you referenced a price of bitcoin at 63, $64,000, so you've got to multiply that times five, you're looking at a $300,000 plus contract for one contract today. so we're going to list a micro contract which would be one-tenth the size of one micro contract. so it's going to be significantly smaller. people have asked the is it going to to be a retail-driven contract. i could still see this being traded by is institutions as well as retail. so or you know, we're pretty excited about the new audience that we could achieve in this and the existing participants. liz: do the math for our viewers. if today these micro bitcoin futures were available and we've got bitcoin at $63,530 right
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now, what would a contract cost people? >> well, 63,000, so a tenth of that, so do the math, i mean, significantly less. liz: 6,000. >> yes. a much smaller contract than we have today, liz. again, our contract is 300,000 because it's five coins per one. liz: speaking of which, you know, back when you launched the bitcoin futures -- and here we are at 300,000 -- can you talk about the trajectory, terry, of when you first launch. ed it and the numbers that you saw and what you've seen as far as adoption is concerned over the last couple of years. >> i think it's fascinating, liz, to be honest with you. listen, we try to embrace things. we don't want to be last, and sometimes you don't want to be first, but we were into this, listing this contract at a relatively early stage as you referenced, and the trajectory has been absolutely amazing. to warp the participants -- watch the participants and the different businesses that have
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interest in this today that when we first listed, you know, people were calling it everything from tulips to a scam. you're not hearing that same rhetoric today. you're hearing people trying to adopt this type of currency into their portfolio some way, some shape or form. and i find it quite fascinating. whether it's going to continue is hard to predict, liz, but i will tell you that for everybody that said it's going away, so far, has been quite wrong. liz: well, yeah. but can you give me average daily volume back then versus say, for example, what we just saw in march? >> oh, sure. so the average daily volume was de minimis back then because the participation was small. and even today our average daily volume, you know, 10-14,000 contracts a day, you might say that's not very big but, again, you've got to multiply that times five if you want to trade bitcoin. it's roughly 100,000 contracts a day. so it has significantly gone up from a couple hundred a day back in 2017, '18.
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and i will say that the first half of this year and the last half of last has been an explosive growth in the volume of cryptocurrencies. and now we have futures that we're listing also, and if you look at their price today, i think it hit a record high in ether. we're seeing a lot of attention. liz: yep. would you go to doge and xrp at some point? [laughter] >> well, i don't think you ever say no to anything -- [laughter] but right now, you know, with these two products that we have, i think we're doing quite well with it. we have many more asset classes that people are managing their assets on, so we're not just a crypto exchange like the one that is going public tomorrow, coinbase. so cme's got many asset classes, right now both bitcoin and ether are good for us.
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liz: lithium futures coming up, terry, how's that going to work? >> you know, liz, i don't know, you know, how it's going to ultimately pan out. there's been, obviously, a massive push in the automobile industry to go to electric, and we all know that's battery driven for now. so we need the infrastructure around the country to support that. but there's huge demand, all the carmakers are coming up with their own battery-operated or electric cars for lack of a better term. it's continuing to grow, and it's kind of hard to say that that's going to fizzle out too because the people that want to have those type of vehicles, the demand is truly exceeding the supply. liz: i just bought one. i bought a model y tesla. okay, i'm renting it. representing, leasing. [laughter] >> did you? nice. liz: couldn't put out all the money there but love it. >> you forgot who -- ♪
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♪ liz: inflation rearing its rather unattractive head today as it rises at its fastest pace in nine years. what we got was the labor department's march consumer price index, cpi. it jumped six is-tenths of a percent, and if you do year-over-year, we're looking at an increase of 2.6%. the rise in oil prices sent gasoline prices up 9.1%, and that accounted for nearly half the increase. federal reserve chair jerome powell, as we keep telling you, is standing by his prediction that inflation will be transitory or temporary.
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but should we be more concerned that inflation could impact the post-pandemic economic recovery as it slowly creeps higher? i would even say, larry kudlow, that it's slowly creeping higher, it's kind of jumping, isn't it? as we look at these -- sorry, what? he's not there? oh, okay. [laughter] let's -- [laughter] let's look at the markets as larry's getting in the chair. s&p is up 13 points. the nasdaq better by 139. by the way, the high of the nasdaq, i believe, up 157. the dow started to make a run for the flat line, but it's now down 63 points. but back to inflation. larry kudlow now in the chair, my friend, putting on the microphone. larry, here's the thing, transitory or not? temporary or not with this inflation? because this consumer price index number's a little alarming, is it not? larry: no, i'm not really
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alarmed. most of my friends disagree with me on this, so feel free to disagree. i'm just not crazed about it. [laughter] i think it's a temporary bulge because commodity prices have gone up in the recovery. you know, we're heading for a very strong recovery til the biden tax hikes kick in next year. and so you're seeing it's a global recovery. and some of this is filtering through the price indexes. you had a big ppi, i get it, and the cpi was mostly energy, lizzie. i think it was gasoline. but i understand -- liz: yeah, but -- >> larry: -- the numbers are moving ahead. you know what? here's my thought. if the dollar starts falling bigtime, i will be an inflation worrier: but so far the dollar's doing very nicely. and so i think after this temporary rise, inflation's going to calm down. but most of my friends disagree with me. liz: okay. and i'm your friend, and i'm disagreeing with you because the median inflation expectation is
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the highest, i believe -- it just looks elevated to me since october 2014, but, larry, that's a conversation we can continue as we move forward. larry kudlow at the top of the hour, don't miss his show. yes. [laughter] stay tuned, we are coming right back. don't go away. ♪ ♪ stay restless with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $439 a month for 36 months. experience amazing at your lexus dealer. . .
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♪. liz: now we just got this breaking news from tessa. the stock take a look, jumping about 8 1/2% at the moment. this is what we know. elon musk is apparently saying that tesla is building up collision repair capability. we can only assume this means that now they will have auto body shops where if you get in some type after collision they can fix it on widespread, perhaps national basis. we'll watch the story very closely but with tesla up
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8 1/2%, that is good for a 52-week gain of 439%. it's a record breaking day for spacs. grab holdings, a ride-hailing, food delivery and digital wallet group in south asia, southeast asia operates in the all over the place merges with al altimer growth group. not just spacs investors are watching. last september snowflake went big on the new york stock exchange after biggest ipo. after pricing at 120 per share but snowflake is down nearly 7% since its ipo. even though shares are down since then, our "countdown" closer says it is still his top pick. two billion in assets under management is here to explain why.
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i know this was a huge momentum stock. why are you still with it at the moment, mark? >> well, snowflake is defining a new cloud. it is a great company. it has been run by two executives of software. it has been forgotten a little bit and i think it is one of those stocks people will wake up to. i don't know if it will be next month a quarter a year from now, it will be up in a short period like a lot of growth stocks we've seen. i think investors should pay attention. it rocketed from the 240 level. it was $400. coming back to the level. i still like a lot of growth stocks you and i talk about all the time, liz. liz: such as? things certainly changed since the last time we spoke. tell me your favorites since we talked last time? >> we talked about spacs, symbol, cap. a great group of managers back
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east, a revolutionizing the title industry and revolutionizing what is going on in real estate. the arcane getting a title, estimate for the house, hasn't changed since my parents bought their house 50 years ago. a more frictionless, cheaper, faster, better. that will be a 30 billion-dollar industry they will revolutionize. they are target ad spac. pay attention to c-a-p. liz: you like vroom, and ipo coinbase, direct listing, are you buying it? what do you think? >> you have to see where it opens. that is on the tip of everybody's tongue. it will be fun to watch. i think it will be heady like snowflake day one but that is an offer you want to pay attention to. liz: great to see you, mark.
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we've been together a long time doing this. great to see you, as we look how the markets are closing right now, the s&p will clock a brand new record. [closing bell rings] i believe that is the 21st of this year. not bad. 33 in total of 2020. that will do it for "the claman countdown." we'll be a all over the coinbase ipo tomorrow. ♪. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. a great pleasure to be with you. the biden infrastructure story, with all these humongous tax hikes continue to lead the news and we continue to talk about it. as you know i oppose it. last evening on this show, senator roger wicker the top republican on the senate commerce, science, transportation committee said, and i quote, clearly parts of this program are nonstarters for republicans. he said it would be nearly impossible to persuade


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