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tv   The Claman Countdown  FOX Business  June 17, 2022 3:00pm-4:00pm EDT

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refuses to look down on the regular folks close enough to acknowledge this. well, this is exactly how we got here. don't worry. all will be well. in the meantime, don't forget to pat dad on the back this weekend. every now and then, we appreciate it. liz claman, over to you. >> liz: crazy pills, i know, sometimes, listen all of them, everybody, and then suddenly the whole market shifts. have a lovely father's day. >> charles: thanks a lot. >> liz: hey, everybody, i call you my children of the corn; right? we're only halfway through the month. and we're about to show you how cruel june has been to the markets. while the bulls are in fighting form this friday, the bears are brandishing the weekly trophy with the s&p and the nasdaq down 10 of the last 11 weeks. we are bringing in wall street legend bob doll. he is here to tell you if the market has finally found a bottom.
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what signs tell him so or when we will finally see the bears retreat? how long are they going to keep control of wall street? and federal reserve chair jerome powell sending markets into a tailspin this week after the fed jacked up interest rates, but did he out himself as a crypto bull in a speech this morning? what the crypto verse is saying now about his comments on the potential for a central bank crypto currency. and vince mcmahon comes out on the losing side this hour of a steel cage death match inside the wwe c suite. a ceo has the juicy details of the scandal that has the wrestling kingpin counted out. if you don't know what it is, every executive is subscribing to it. hollywood royalty, we are looking at all that's going on as growth collaborative goes public by a stack at the new york new york.
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drew barrymore is an investor and the public face of it. this is a spac, a reverse merger. wait till you see the stock performance in final hour of trade. fox market alert, 59 minutes away from finishing the second full week of june. if investors feel like they have been through the wringer, they have. not withstanding the picture we have seen right now, let's clock it. dow jones up 115. s&p up 23. nasdaq gaining 185. russell up 21 points. the transports up 34. just since the start of this month, the market value of all stocks, actively traded in the u.s. as calculated by the wilshire 5,000 index has been cut by an eye-watering 5 trillion dollars. the s&p 500 getting brutalized having its worst week since march of 2020. you have to go back to then. that's the month that the world health organization declared the
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pandemic as global and the country shut down. both the s&p and the nasdaq have closed out the week down as we mentioned so of the last 11 -- 10 of the last 11 weeks. we wanted to pick out some of the names here. the tech heavy index, big names like apple, microsoft, alphabet enduring significant chops to their market caps. microsoft, again for the week, losing about 26.4 billion. alphabet google down 47 billion. apple almost tripling microsoft's losses seeing 75 billion vaporized. so the spooky stock stats in today's quadruple witching only made more unsettling by continued warnings of an impending recession, ex president biden as charles just pointed out. jpmorgan strategist say the gloomy picture the s&p is painting implies 85% chance of recession based on the average 26% decline that the s&p has taken during the past 11 recessions. the r word also has ceos
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trembling in their corner offices. 60% of america's business leaders expect a recession in their region within the next 12 to 18 months. that according to the conference board survey. by the way, forget expect. 15% say we're already in one. as the recession calls continue, how should investors digest the headlines? is now the time to begin recession proofing portfolios, or is it too early, too late? let's get to the floor show joining me is keith fitzgerald and wells fargo market strategist scott wren. scott, is this the moment in time where investors can rejigger a portfolio to ensure capital appreciation, or is it too late? >> well, liz, what we've been doing for the last three and a half months is trying to do things that are more focused on capital preservation rather than capital appreciation. so in other words, you know, we had been leaning hard towards stocks for 18 or 20 months
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before that, and in a few steps here over the last three and a half months, we've backed off that. we've gotten a lot less cyclical. we have upgraded things like healthcare, staples, utilities, so for us, we're in capital preservation mode, at least, you know, for the near to intermediate term. >> liz: you said healthcare utilities consumer staples. >> correct. >> liz: when you look at those particular ones, explain to our viewers why they are the ones that will preserve people's portfolios, you know, i mean, we're hoping that we would see some type of gain. >> right, and that's, liz, that's not to say these defensive sectors won't be down at all. we think they will be down a lot more than say industrials, financials, and things like that. the reason that these sectors are defensive, for instance, think of healthcare. you're going to go to the doctor. you're going to buy your medicine whether the economy's good or bad. utilities, you are going to turn on your lights, take a hot
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shower, heat and cool your home, whether the economy is good or bad. and staples, you're going to buy deodorant, laundry detergent, food, toothpaste, whether the economy is good or bad. if you are thinking in terms of the stock market, if you want to go and hide, those are three sectors that are a good place to hide. >> liz: keith, we were talking about couple of weeks ago with you specifically saying go with companies that are profitable and have good cash flow. are there specific companies at the moment you are saying in this moment in time, through this prism that we have seen, very tough month of july so far that you say buy, buy, buy? >> absolutely because if you take a page out of warren buffett's play book, the time to be greedy is when everybody else is fearful. right now certainly qualifies. companies like chevron, for example, are not going anywhere. they pay great dividends. they have record profits on tap. and contrary to what the president thinks, they are doing a pretty darn nice job, especially when it comes to
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renewables. if you look at where customers shop, we call this the difference between the must have and the nice to have. it is a play out of a play book. you look at what people have to have. that's going to include gasoline, medicine. a place like costco or wal-mart makes sense. stocks like that fall less, stabilize first, and recover fastest, recession or not, and recession especially. >> liz: scott, what are you avoiding? you know, we always talk about what do you like? what are you absolutely avoiding? >> well, i'm certainly going to avoid the crazy pills this weekend, liz, that's one thing i will avoid. [laughter] >> liz: you and charles, yeah. >> i know, yeah. in terms of asset classes, let's say, i mean, we absolutely want to avoid small caps here and emerging markets. i mean, those are -- we're most underweight there, most unfavorable. you know, those are very tied to the global economy. small cap u.s. stocks, that's an early cycle outperformer.
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we're well past that. we're trying to focus on things that, you know, good balance sheets, easy access to credit, buying back shares, lots of products, all those kinds of things and small caps are not the place to be for that. so i would say the things we're really trying to avoid in terms of asset class, emerging markets and small cap u.s. stocks. those are right at the top of our list of avoidance. >> liz: all right. gentlemen, on this friday, i wish you both a great weekend. happy father's day to you, keith fitzgerald, scott wren. the nasdaq is up 181 points. we do look to close out this week at least today with some gains. the bulls have woken up somehow. we can get you the fox business alert. as u.s. stocks do edge higher, but again, have had a very difficult last four days, chinese stocks show firmer conviction at this hour. just about the entire group of chinese names, the trade here in the u.s. are moving higher after
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china's central bank approved ali baba group's --. you may recall fin tech had been under the thumb of chinese government for more than two years now as the government curbed the power of china-based internet companies. but investors hoping this latest development signals a possible ipo for the fin tech business and a softening regulatory hand. i mean, they tried to go public and then the whole thing was thrown out. you've got baba up 2%. up 5 1/3% on good news as well. according to bloomberg the company says it is exploring expansion into food delivery. such a move would put the e-commerce giant into competition with ali baba. chinese adr up draft is happening right now. a we should look at tesla right now. musk taking his critics to the chopping block reportedly firing
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several space x employees who had filed a letter of complaint criticizing the ceo and calling him a quote embarrassment. the open letter first reported by the verge criticized musk's twitter activity. obviously he's focused on twitter and denounced musk for recent allegations for sexual harassment that have been made against him which musk has denied. tesla which has lost 59 billion in market cap this week is up about 1.8% right now. speaking of tesla, a competitor announcing it is opening its first retail studio. don't call it a dealership. retail studio in colorado. the stock is jumping 6 1/2%. where in colorado? of course denver. it's the ev maker 27th studio location in the u.s. while up today, it's lost 57% year to date. and 24 hours after revlon filed for bankruptcy, shares are
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actually up 117% on a report that indian conglomerate reliance industries is discussing a possible buyout of its u.s. operation. revlon shares have lost nearly 69% year to date trading near record lows to $4.26. record low was about a buck and change. of course the company filed for bankruptcy wednesday citing supply chain disruptions and intense competition. but some analysts say revlon missed the tik-tok and youtube make up revolution. i got a question for you. is jerome powell a secret crypto bull? what is the fed chair signalling to the beaten down crypto markets? he made new comments today on a central bank crypto currency. we will get you details next on what powell had to say. closing bell ringing in 49 minutes. the dow is up 50 points. we're watching the names in all of the areas here. the s&p up 15. the nasdaq up 167.
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oil and gasoline, we will show you that in few minutes too. going in the direction you as a consumer might want to see. claman countdown is coming right back on this friday. another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ your shipping manager left to “find themself.”
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>> liz: a beaten down crypto market in the red at this hour after a brutal week. take a look at bitcoin right now, about $455 above the 20,000 level. that's sort of been the floor that's holding. it's been down about 30% this week, along with ethereum, down more than 30% this week as investors flee risky assets, turning the temperature gauge even colder during what is already a crypto winter. but could the development of an official digital version of the u.s. dollar be enough to bring on a crypto spring? look at light coin it is up. i believe xrp a bit higher too. fed chair powell throwing a lightning bolt during a speech today giving support to a potential central bank currency. why and what brought this on? let's get to edward lawrence live who has been scrutinizing what powell said and what it might mean. edward? >> you know, the federal reserve has really resisted getting into this digital space.
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in fact, the u.s. and u.k. are some of the farthest countries behind in developing a digital currency, but today the fed chairman powell says that a digital u.s. currency could help the dollar remain the reserve current si around the world. -- currency around the world. he also acknowledged the interest that's in crypto currencies. listen. >> in light of the tremendous growth in crypto assets and stable coins we are examining whether a u.s. central bank digital currency would improve upon what's already a safe and efficient domestic payment system. it could also potentially help maintain the dollar's international standing. >> so there are 10 countries around the globe that have a digital currency now including china. 105 others are in the process of considering it. now, the fed just finished collecting public feedback about a u.s. digital currency. powell says that they will consider the feedback as they look at where the economy will be in five or 10 years in the future. he believes, though, that any
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move made related to a crypto currency should be made with the consideration of how it will impact u.s. dollar as the reserve currency around the world. liz? >> liz: edward lawrence, thank you so much. well, as we continue, the king of wrestling dethroned. wwe founder vince mcmahon tumbles from the c suite in a scandal worthy of -- well, the ankler. former editor-in-chief of us weekly and now editor of the hit hollywood newsletter is here next with the insider details on the scandal rocking business sports and entertainment. closing bell, 42 minutes away. nasdaq continuing to climb. not near the session high. still up about 151 points. but we've had quite a swing today. we're looking at a big move in the s&p, which has seen quite a move and the dow has endured about 500 point swing from trough to peak. right now up 25 points.
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>> liz: breaking news, we got to look at wwe shares. the stock is dropping 3% in its final hour of trade as the wrestling world gets rocked by the headline hitting today, the wwe founder and ceo vince mcmahon is stepping down as chairman and ceo. it comes amid a scandal revealed earlier this week by the "wall street journal." the board of directors is now investigating whether mcmahon paid 3 million dollars in hush money to a former employee with whom he apparently had a consensual relationship. mcmahon's daughter stephanie will be stepping in as interim ceo and chairwoman of the largest wrestling group in the world as yet another corporate leader gets mired in a sex scandal. let's bring in the most buzzed about voice in the entertainment industry right now, media ceo and editor-in-chief of the
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ankler which is the wildly popular business newsletter that focuses on entertainment executives. this is a major story from many standpoints. i mean vince created and ran this company for 40 years. what is the latest buzz you're hearing on how long he'll be out as ceo of wwe? >> for starters, i want to set the scene a little bit here. this is like success in a wrestling ring. -- this is like succession in a wrestling ring. this is a huge story. wwe has been on a roll. they have 1.1 billion dollars in revenue and have been doing really well. vince is iconic. whatever you feel about him or his outrageousness, he's iconic. and so the word right now is -- so you have this board. you have a new leader that came in as the president.
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and he is very well regarded, beloved, co-head of television from caa. he came in. he was vince's hand-picked choice. he has created a ton more value in the company. he did a huge 1 billion dollars deal with nbc universal and managed to also have wwe going into indonesia through disney and still have a relationship with fox sports. he's done it all. the real twist in all of this has been stephanie mcmahon, the daughter who sort of cryptically left in may claiming that she had -- wanted to deal with her family, and as i think some wrestling fans know, her husband is triple a, a wrestler and he had had some pretty serious -- issues. -- serious heart issues and they have three young daughters. she's suddenly back in play. >> liz: succession, right?
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some ceos cannot survive sex-related scandals. obviously harvey weinstein of the weinstein group. mcdonald. intel. les moonves of cbs. you don't see these guys anywhere anymore. others manage a second life; right? hewlett-packard mark hurd went on to run cisco. which side do you believe vince will land here? >>i think the investigation will tell us. the thing is vince is not the kind of guy you are -- he's not going to go run ibm after this; right? he is someone who is uniquely wwe. he is the heart and soul of wwe. and this is a man -- what's interesting about this to me is his brand has been controversy. he enjoys poking the bear all the time. and when you look at the board, though, what's interesting to me i think is the independent board
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of directors now includes some people who came from companies that have a lot of experience in these issues. one of them is connor shell who was one of the most senior executives at espn. you have erica bardini who is the ceo of bar stool sports. they have been in a lot of culture wars. then you have the ceo of the atlanta hawks, and as we know, the nba has gone through a lot of pains to clean up all the reputational cultural issues in their organization. i think that those are probably three directors to watch as they figure out what to do here, but i think as we have also seen with these sorts of stories, liz, where there's smoke there's fire. i would be surprised if this is the last we hear of allegations and claims coming out of wwe. we don't know that, but i think that's going to be -- that will be the thing that tips the balance here. >> liz: they put out a news release yesterday and
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reconfirmed it at this hour that vince will appear on the wwe show tonight at 8:00 p.m. that is going to be interesting. that gives us a sense of how he might survive, don't know. i want to get to the ankler. you were at us weekly. you were at people magazine. this is not a celebrity tabloid. this is a newsletter on sub stack that people are paying $10 a month for. to get anybody to give up 10 bucks a month at this point where we're all oversubscribed and overstreaming and oversubscribing and people are pulling back. who are your readers? >> i ran the hollywood reporter for eight years as well. and it's the c suite of entertainment. it's the leaders -- i mean, i wish i could tell you who is in on subscriber list. it is pretty insane. it is all the names you cover on fox business. it is the who's who of executive
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leadership in entertainment. it is the top producers, a lot of top talent, actors i see you are showing some people here on screen. it is the people who run the town. i think that you know liz you grew up here. you have family who work in hollywood. >> liz: yeah. >> it is as much of a club as any industry remains. we have the mine share of the club right now which i love. >> liz: yeah, and i would be remiss if i didn't -- we were just showing people magazine covers. it just announced that it is going to go all digital. no more hard copies. i believe it's looking into that. i mean, does this signal the death of hard copy magazines, janice? >> liz, you have kids. have you tried to get them to read a magazine? it is like you are handing them a giant spider. it is like get it away from me. like nobody -- >> liz: okay, boomer. [laughter] >> i mean, you know, there's no one who loves magazines more
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than i do. i don't consume my media that way anymore. so i think, you know, producing a magazine is expensive. producing digital content, a lot less expensive. i think they will just inevitably have to follow those trends. >> liz: well, the trend right now is if you're in business or looking at the business of entertainment and the revoling door and all the drama around it which i think is better than hollywood and the movie that go on about it, look at the ankler. janice is the ceo of ankler media. thank you. come back again, janice. something tells me there will be more to this story and many others >> absolutely. thank you, liz. >> liz: let us turn to the war in ukraine. it's really been one of the catalysts propelling energy and oil prices sky high. but recession fears are dragging them down today. is the oil patch still a good place for returns in this bear market? if not, where?
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we have a guest who is going to answer that question next. closing bell 29 minutes away. the markets are all at the green at the moment. not so for the week. but the dow up 1/2%. s&p up 3/4%. the nasdaq up nearly 2%. we're coming right back with so much more. don't go away.
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>> liz: can you look at your screen whatever you are doing, stop. is this finally the moment where the energy market is seeing the first signs of demand destruction? well, that means when prices go so high, people stop demanding it. crude oil at the moment $110 per barrel, down 6 1/2%, went as low as $106 during the regular session, and you can see gasoline down 4 1/3% to $3.78.
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the pullback in those prices, though, still is going to have a ways to go before it makes its way to the purpose -- pump. diesel prices hitting a fresh record, the current average $5.79 per gallon. regular gasoline, retail, right, has eased off the high we saw on tuesday. right now the national average is standing at $5 a gallon. our next guest with 363 billion in assets under management, well, we need to know her view on energy. joining me now invest net co cio dana daria. it takes much longer for the price drop in the wholesale market to appear at gasoline stations. we can't ignore that it's pulled back about 10% this week. natural gas retreated something like 17% -- 17%. is the energy trade a place you still want to be right now? >> actually i do think that energy is a place that you might want to consider staying for the
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time being. i don't particularly think that the decreases that we're seeing are, you know, necessarily here to stay. i think we're maybe one hurricane or supply shock away from even more soaring prices. we have summer vacations coming up. you know, the driving season. i don't particularly foresee, you know, a steady drop in prices, and i also think fundamental profitability favor the energy trade right now. >> liz: dana, what would be the sign in your mind and with your experience that the energy sector is now -- is overbought? not now you say, but is getting close to overbought? >> it is a funny thing, if you look at etf flows, you still money still going into growth. you see, you know, innovation getting a lot of flows in in spite of being actively down. energy massively up, but it is still a small portion of the overall s&p at the end of the day. i do think the headwinds
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potentially energy of course is the talk, you know, around windfall profits tax, and we're going to go after kind of the oil companies for exacerbating the situation. you know, that's certainly -- you have to factor that in, but i think again where energy prices are and the demand that we'll see an up tick, i would say energy is still a fair place to be, should be part of the package certainly. >> liz: okay. if you look at say in the refiners, i always check the refiners, apache down 18% week to date, but still up about 97% over the past year, but i don't know. it's almost a little bit of a signal here. signal to us where you really are turning your attention for your clients' money at the moment. >> yeah, i think it is about, you know, how do you position? you know, all signs point to continued slowdowns, potentially a recession, maybe stagflation followed by recession next year. you know, there are some thoughts that we're already in recession; right? we know that we don't know until
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a month later that okay we hit into a recession. the obviously play is something like [inaudible]. you can do that with quality stocks that look at profitability, credit default, etc. you can also do it from a technical perspective and look at low volatility stocks. one thing i would say to clients, though, is if you're positioned well, vis-a-vis your risk tolerance, now is a buying opportunity. it is still hard to look at it that way; right? certainly i am not suggesting we are at bottom. if you are a long-term investor looking at how you will make money in the long run, you may want to think about some areas of the market that are not typically where you'd invest in the face of, you know, recession or stagflation, right? think even emerging markets, even small value stocks, where the outlook is going to be pretty core for them in the short-term but over the long haul, they can tend to pay off. >> liz: short-term, we just had scott wren on at the top of the show, he said don't go into em, emerging market, but again in
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retrospect, when you get 11 months out after a bear market and you turn around and look back and say that would have been a great opportunity to buy. i think that's specifically what you are saying. dana, thank you for joining us on this friday. >> absolutely. >> liz: dana daria. we have the spac market disappearing as markets crawl into the bear cave. but one spac reverse merging with a sustainable products company deciding today to brave that trend. did it pay off? wait till you see the home run it is scoring on its new york new york debut. and we've got the ceo of grove collaborative. that's the company joining us next. talking about bracing unfamiliar waters. pf chang's ceo is my guest on this week's edition of the everyone talks to liz podcast. this ceo's story is one for the ages. his unconventional climb as a nigerian immigrant, how he
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didn't just preserve the brand during the height of the pandemic. he grew it. you got to hear it coming from him. it is my podcast. everybody talks to liz. you can download it on wherever you get your podcasts. the nasdaq up 181 points. closing bell 19 minutes away. the dow reclaiming triple digit gains here, up 107 points. when traders tell us how to make thinkorswim® even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim® web. because platforms this innovative aren't just made for traders -they're made by them. thinkorswim® by td ameritrade this isn't just freight. aren't just made for traders these aren't just shipments. they're promises.
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>> liz: breaking news, meta is moving higher by about 1 1/2%. this news just hitting the tape. zucker berg is announcing that his company is launching a clothing store for avatars. he's making these comments on instagram live.
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zuckerberg appeared on instagram live moments ago. he says the first brands to participate for the avatar's launch will be [inaudible], prada and tom brown. of course avatars are the sort of identity that you take on in the meta verse. now you can outfit them. okay. by the way, year to date, an ugly picture for meta. of course since zuckerberg announced he was going all in on the meta verse, the stock is down about 51%. bidding for the chance to dine with warren buffett surpassing the 13 million dollars mark at this hour. more than tripling the previous record of 4 1/2 million dollars. that was back in 2019 when he had his last charity lunch. the annual auction raises money for glide which provides meals and healthcare to poor and homeless people in san francisco. at 91 years old, buffett has announced that this is going to
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be his final charity lunch. hey, if you want to get into the bidding by the way, and it is right there in that restaurant where you see him at the moment, smith and who len ski. -- wollensky. we covered him every year. the auction concludes at 10:30 p.m. eastern tonight. >> liz: talk show host and movie star drew barrymore has decided to put her money behind a company called grove collaborative. she is the major investor of the sustainable consumer products company which makes everything from toilet paper made from bamboo to compostible wet wipes. grove went public today. it opened at $5.95. it is jumping 48% at the moment to $8.88. what is behind this company?
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and why when people are rushing away from things like spacs? is grove collaborative suddenly the place to be? co founder ceo joins us. when you were on with us with sir richard branson, congrats on taking a plunge during a questionable time with the markets. what made you decide to forge ahead? >> so it's great to be back with you, liz. i think today's a super exciting day, and the reason we forged ahead is if you look at our opportunity, in this 180 billion dollars market for home and personal care products, our market leadership in zero plastic and moving the category towards sustainability is something that is durable and is something that we see as inevitable in good and bad markets. we are undaunted by the tape today or any other particular day. but really see the opportunity over the long-term to build one of the most valuable and important brands that can change our category for the long-term. >> liz: you got to make your
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case to potential investors. we have a lot of them watching at the moment. so as we look at your stock, and as we continue to watch exactly what's happening, your first quarter net revenue dropped 11% year over year, plus your operating loss widened. give us some hope here on turning this around. >> so of course like many companies that had what i will call unnatural demand during the pandemic, we as an e-commerce company and one focused on cleaning are giving a little bit of that back. if you look over the long-term, almost every single product in our category relies on single use plastic, and our market leadership in eliminating plastic from our categories is something that will create durable long-term growth. and if you look under the coverage, you can see our gross margins continue to be strong, and if you look at our guidance, you can see we expect material improvements in gross margins and ebitda margins and expect to grow double digits profitably over the long-term which really drives the market leadership position we have in such an
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important and such inevitable transformational piece of this large market into meaningful shareholder returns over time. i think if you look in 20 years at single use plastic, it will feel like a styrofoam cup today. nobody uses it. >> liz: what is your hottest selling item? how important is that drew barmore to getting those items -- drew barrymore to getting those items going off the shelves? >> our number one selling product is our concentrating cleaning product. it is a one ounce concentrate that you can mix with a glass bottle that you can use forever. and having someone like drew and having richard on our team, this is what creates inevitability around our brand. if you look at the opportunity, the opportunity for us is to become the de facto winner in this massive category where billions -- tens of billions of dollars of market share will change from the legacy players to players like us who are building a future with zero plastic, and having folks like
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drew and richard on our team just gives us a leg up in creating that market leadership and making sure that consumers and investors across the world know that this inevitable transition will be led by grove which will create value for our customers and our shareholders. >> liz: your stock just topped $9. you are getting a leg up by appearing and making your case to our investment audience. stuart, please come back, we want to continue to follow this company as you grow. >> a pleasure, i would love to come back any time. >> liz: stu, thank you. >> thank you. >> liz: of grove collaborative. so we got to admit it, the bears are taking home the prize this week with the major averages set to finish the week down more than 4% across the board. yes, it's been a tough week. today we have gains but not enough to push us into the positive, but one of the top market gurus, cross mark global's bob doll up next on whether now is the time to throw in the towel or get in on the
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action. when is the bottom? is this it? closing bell ringing in 9 minutes. the dow clinging to gains of just 13 points. we will see if we can hold on here. you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence.
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your passions, and the way you help others. so you can live your life. that's life well planned. >> liz: we are five minutes exactly before the closing bell rings for the week. major averages are all going to close down again for the s&p, it is the worst week since 2020. the week of the lockdowns in march. right now we do have the dow looking to close down for the week about 4 1/2%. the s&p down 5.6%. the nasdaq down 4.6%. well, if you look at the stocks that have really performed very poorly this week, on the nasdaq, chip stocks, marvel and amd, the biggest laggards. you've got net ease down 11.8%. on the s&p 500, oil stocks have gotten absolutely crushed.
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names from eog resources, devin and marathon the biggest laggards anywhere from 20% clip down 22% for eog resources. they are pretty much the worst performers there. some other laggards again all energy names. so what happens next week? and what is in the grand scheme of things happening with the markets right now? joining me now bob doll, cio of global investments. bob, i read your note every single week and day. cross mark global, you have about 5.8 billion now at the end of march in assets under management. is this the bottom? when we look back several months away from today, will today have been the bottom or this week at least? >> i think a bottom, liz, but i wish i could tell you it is the bottom. i don't think we're there yet. we had a bottom in february. we had an a bottom on -- may 20, and an a bottom this week. what that means is you can get a decent rally. the first one was low double digit percentage for the s&p.
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the second was high single digits. i don't know what this one will be, but we're way oversold, pessimism took over again, and i think we'll get a rally, but i don't think we've seen the low yet, not enough [inaudible] and no visibility that the fed is anywhere close to the end of the hard work ahead of them. till we see that, it is hard to say the bottom will be in place, liz. >> liz: yeah, this is the tenth week out of 11 that the s&p and nasdaq will have lost the week to the bears. talk about, bob, if you could, some advising, some ideas for the investor right now, if you believe this could be a bottom, not the bottom? >> so i first of all say if you're leveraged in stocks, reduce that leverage. get out of that leverage. if you have a lot of cash, having seen a lot of red on the screen this week, do a little buying. it is okay. i tend to be a buyer on the big red periods and try to trim on the green periods, not knowing when the bottom's going to
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happen. where do you go for conservative investors? i'd say in the stock market, hmo's are still pretty conservative names. they've done well, meaning going down less than the market. they have good fundamentals. my favorites are anthem and cigna. then for those who are a little bolder, old tech, companies that have been around for a while. they're perhaps not the sexiest technology companies but they have done better by going down less in this tough environment because they have earnings now and yield now as opposed to, you know, waiting, those high duration tech stocks have gotten hit hard. a couple of names there would be hp. ibm is on my list in that area as well, liz. intel. >> liz: you have intel on there. intel is down about 20% year to date, 20, 23 percent. but amd, one of its big
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competitors is down 43%. so i see what you are saying where it is sort of the less worse picture. bob, where do you see some unravelling here? we know crypto is -- bitcoin is having its worst week since march of 2020. again, that week during the lockdown. do you worry that too many people who have had their feet stuck or at least dipping their toes in crypto have really started only the beginning of what could be much more pain? >> i don't think crypto bottoms until nasdaq does, and that's -- we're not there yet in my view, liz. crypto has brought in a lot of speculators, some who made a bunch of money and sadly some who have lost a lot of money. we still don't know a lot about crypto. the government hasn't said how they are going to regulate it. to me it is still a speculation. doesn't mean you can't make money, but you better be a good trader in this environment. >> liz: well, on a someday where we've got -- on a day where we've got some green on the
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screen. we appreciate your voice, bob. bob doll, thank you so much. the dow just turned negative after having been up more than 240 points. couldn't hold on to the gains. 1 1/2% gain for the nasdaq. it's been a rough week. we are right back here on monday. we will of course tackle all of this as we always do for you guys. we will see you monday. that will do it for the claman countdown. larry: hello, folks, welcome to kudlow. i'm larry kudlow. our president joe biden launched quite a few whoppers all this while talking to the associated press. i think my favorite one is his claim that the idea that spending causes inflation is bizarre at this point, really, outside of the white house building. virtually no one doubts that


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