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tv   The Claman Countdown  FOX Business  July 15, 2022 3:00pm-4:00pm EDT

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companies and their shares. people are angry about elected officials and their families making bigtime money from their positions in power. i think more people should actually be screaming about these egregious, obviously very greedy money grabs. they have to stop at some point. here's great news for you though, liz claman is back. liz, great to to see you. [laughter] liz: i missed you. charles: same here. liz: i really did. okay. all right. well, back together, and now you're done, get off the screen, sorry. [laughter] thanks, charles. let's kick off with this fox market alert. the bulls are charging to the finish line. look at the lower ticker here, fueled by the very sector that yesterday had them stuck in quicksand. look at the s&p 500, right now up 63 points and set to halt a 5-day slide. the dow right now up 578 points, it is the percentage leader. it's pumping higher by 1.8% followed by, as you see, actually, the russell just made
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a run for it here, up 1.97%. you've got the nasdaq up 1.5%. financials which yesterday choked off the bull run are right now the propellant. look at wells fargo and citi. wells up 6.5%, citi is the star of the session here, it's gaining 14 percent. -- 14%. you know, moral wily a 27 drop in profits would be a huge negative, but for citi, it was smaller than analysts feared. plus, revenue rose 11% to 19.6 billion, surpassing the $18 billion expected. if driven in great part by citi's currency and trading revenue as the bank rode the volatility wave of the quarter. yesterday's disappointments, we're talking about jpmorgan and morgan stanley, both of which whiffed on quarterly expectations, just a distant memory. jpmorgan is topping, i believe it's nasdaq, brad? the nasdaq or the dow?
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jpmorgan up 5, and it is at the very pinnacle of the dow,,s and we should flip it over to retailers. retailers are getting a costarring role in the trading action at this hour. everyone from the discounters to the millennial favorites, to department stores are9 getting a push from an upside surprise in june retail sales and strong preliminary july consumer sentiment. retail sales seeing a 1% gain, that topped the eight-tenth expected, and then,nen x autos, a gain of 10.6. consumers still bellying up to the cash register because, you know what? sentiment is still holding strong. the july preliminary consumer sentiment report rose unexpectedly. look at it now, 51.1, up from 50 in june. that, by the way, was a record low are. so the consumer not collapsing, folks, even under the weight of 40-year-high inflation. does this mean recession fears
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are pulling a kiss appearing act? speak -- disappearing act? speaking today, st. louis fed president james bullard who, by the way, is advocating for a 75 basis point hike on july 26th, pulled this rabbit out of his hat about a potential recession. listen. >> it certainly doesn't feel like on the ground that the u.s. is in recession right now. now, the other aspect of this is that markets have been predicting recession next year, possibly in the second half of year. based on recession prediction models, i think those are fine as far as they go, but i don't think they're particularly accurate. if i were you, i wouldn't want to be trading on, you know, 1090% reliability of -- 100% reliability of one of those models. i'm a little skeptical that we'll get to version. liz: skeptical of getting into
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recession. all right. with many money managers, though, dyeing into defensive plays over the last couple of months because they think there will be recession, are they on the wrong end of the trade? if to our floor show traders, teddy weisberg, phil flynn. phil, citi's ceo, jane frazier, said she sees -- this is kind of on the same level as bullard -- she sees little data that suggests the u.s. is on the verge of recession. so are investors making a mistake by being too cautious and scooping up discounted stocks? should they be going more head first in? >> well, it is a recession. it's not your daddy's recession, right? [laughter] liz: right. >> this is the first time we've had a recession, you know, where the jobs market is so strong and we have a labor shortage. but that's not to say that there isn't some economic problems out there because there are, liz. you know? but i just think they're not all
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encompassing over the overall economy, they're in certain sector toes. and, obviously, sectors that have been impacted by the rising costs of oil and natural gas, i mean, those are real problems, and is we're, you know, truck drivers that are, you know, shutting down their trucks. but there's other parts of the economy that are humming along well. and i talk to a lot of different company owners, and it's sporadic, you know? a lot of them are holding up pretty good. so we're definitely seeing a slowdown, but whether it's a recession, it really depends on your point of view as opposed to the overall economy. liz: can i just jump in though and, phil, bring up the point about the very strong dollar? and we know it will affect some of the big multi-nationals here in the united states who are trying to sell their goods overseas. >> yep. liz: but we are at parity today against the euro which was great in ireland, let me tell you. laugh -- [laughter] i mean, we have a very strong
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dollar. go to europe, spend. but is there a trade here as we we begin to see this is holding on for quite some time? >> when you went ireland, i did go long the beer stocks, i'm just saying. [laughter] i thank you for that, if by way. [laughter] you're right. if you go back to 2008, one of the things you have to look at was the spread between the dollar and the euro. if you remember back then, ben berman key was saying, oh -- bernanke was saying, oh, we've got a problem. hey, we've got inflation, you know, we're9 cutting rates, and that discrepancy caused bigger problems and helped accelerate the financial slowdown. so you have to look at that spread very dramatically, and with the dollar being at a 20-year high, we don't want it to get too far out of whack with europe. having said that, in some ways a strong dollar, i think, is a little bit healthy. it shows that the u.s. as far as a recovery is ahead of europe concern.
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liz: yeah. >> -- there are more risks in europe than there are here in the united states, and i think that's the big thing we're looking at right now. liz: so, teddy, bullard -- [laughter] yeah, st. louis fed, he's getting trolled on twitter for saying what we just played for our viewers, that he doesn't think recession models are particularly accurate and the gdp which, of course, we know went negative in the paris quarter, is likely misleading -- first quarter. we pulled one of these tweets from some of these people, and one of them was from north man trader, bullard today: the gdp lay data is wrong and the yield curve doesn't matter because it's different this time. and then the he goes on to say: god help us. teddy, you've been bearish, you've been concerned, and yet you start to see a few rays of light? >> well, first of all, you know, one day doesn't make a bull market, number one.
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number two, we are at the very lean edge of second quarter earnings, liz. yes, we had some decent numbers today, and the market was anxious to see some positive numbers. the retail sales number and the citibank numbers, although they weren't great, they weren't as bad as expected. i think it's a little early to get too excited about where we are. we've got to get into the earnings season. i think the real test for the market, the real test is going to be how the market reacts to what clearly are not going to be or terribly decent earnings. now, maybe what we saw today with citibank is a good sign, you know? maybe the overall market and a lot of individual stocks have been beaten down pretty good in anticipation of less than positive earnings. but at the end of the day, it's all about corporate earnings, ask and we just need to see how the market reacts. if the market basically starts to ignore some of the bad news that we're going to see from
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earnings -- and let's not forget it's earnings tripeck a tasker right? it's the -- trifecta. it's the top line, the bottom line, and perhaps most important of all, it's the guidance going forward. but if the numbers are anemic and yet with stocks and the market overall doesn't really react negatively, in fact, starts to rally maybe on some of the news, you know, then perhaps, just perhaps then maybe we're getting off soft sand onto more solid ground. but i think it's way premature to obeysically say we've turned -- to say we've turned a corner yet. i'm still cautious. liz: teddy's still cautious. see, i thought maybe, maybe -- [laughter] guys, looked at the 10-year yield, 2.92%, so i think there's still a big question about interest rates and all that is expected to happen. of course, the big fed meeting july 26th and 27th.
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and, boy, that's going to be a big deal. mark your calendar cans, cancel all plans on that day. guys, great to see you, thank you very much. >> thank you. liz: first bump diplomacy. president joe biden in saudi arabia today as he pushes for increased oil production and closer ties with israel. former u.s. ambassador to saudi arabia jim smith here live to tell us what the president's paris trip to the middle east means -- first trip to the middle east means in our nation's rocky relationship. we've got the closing bell ringing in exactly 5-0, 50 minutes. "the claman countdown" on friday is just getting start ad. don't move. ♪ 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...
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liz: folks, we need you to look at the markets at the moment. we now are very close to a 2% gain for the dow jones industrials, up about 583 points. let me give you some perspective. earlier, a gain of 657 points, the s&p up 1.6%, the nasdaq, a nice gain of 171 points although for the week so far the markets were sill in the red. we shall see though because we still have about 45 minutes left to trade. what's in a fist bump? diplomats and energy investors in full-blown palace intrigue mode after president biden let his fist do the talking as he greeted saudi crown prince if mohamed bin salman. president biden became the first u.s. president to fly directly from israel to saudi arabia after the country, once israel's bitter enemy, made the decision to open its air space for unlimited use by israeli
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airlines. the step considered a feather in president biden's cap as the two nations work to thaw their hong frozen relationship. -- long frozen relationship. candidate biden had vowed to make saudi arabia a pariah on the world stage after the murder of jamal khashoggi. some say he was ordered killed by the prince himself, but the u.s. needs more oil amid price spikes, and the saudis hold the key. did they open the door? james smith served as u.s. ambassador to saudi arabia from 2009-20 # 13. -- 2013. ambassador, welcome. let's start with the macro picture if we can. as the president wraps up trip to saudi arabia, from what you can tell, are relations better, worse or the same after this crucial meeting? >> oh, i think they're, they set the stage for it to be better. finish i have no doubt that privately president biden and mohamed bin salman established a
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relationship republican, and hopefully it's a working relationship. everything in the region is about relationships. so if they established a positive one, then there's hope that that as we move in the future for the things that really matter, they can work together. liz: much is being made of this fist bump between the president and mohamed bin salman. you know, as i looked at it, the crown prince, he's 36 years old. he didn't seem to be bothered by that at all, it seemed like he had a common and confident move there. so is it kind of ridiculous to be focusing too much on this? >> yeah, i wouldn't read too much into the meeting. other people have mentioned the deputy governor messed up him at the airport. again, with we don't think salman's -- [inaudible] my guess is he could not make that, and i doubt seriously that they would have had mohamed bin
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salman meet him because they'd want their first meeting to be many private to work through differences. and then the first bump, for his generation that's what everybody does. it's us older guys that have had to learn. [laughter] liz: yeah. us grown-ups here. although people were saying, oh, it's a handshake avoidance kind of thing because of what president biden had said in the past about saudi arabia. but let me jump to the issue of oil production. the big question has become did president biden bring it up, did he ask the saudis to increase or ramp up production, and how much capacity might there be left in saudi arabia to do that? >> i suspect it came up, but probably in an oblique way. it's not the central focus of the meetings although you could argue that president biden likely would not be making this trip now were it not for the energy crisis.
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in reality -- [inaudible] can only do so much in the near term. the saudis. they can invest and bring it up about 2 million a day in a six month to a year period, but they're not likely to make that investment because the crisis will be over with by then. so there's really are rah a limited amount the saudis can do to impact the price. other things will drive the price down. liz: i think that's a great point. he probably would not have made trip had he, of course, not been faced with a country that is looking at extraordinarily high prices. although the price of crude oil, we want to just let our viewers know, has come down 15% this month. okay, i want to bring back what just happened in the last 48 hours, 24 hours. the president met with the israeli prime minister, and sudden hi we are looking at -- suddenly, we are looking at what could be maybe a tiny step toward the saudis joining the trump era, the trump administration era abraham
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accords. the fact that the saudis, this is a big deal for those of us who grew up in the '70s and watched these two countries, israel and saudi arabia, be bitter enmies. the fact that they are now allowing israeli airlines to fly over their air space, how significant is that? >> i think it's hugely significant, and i would argue that the fact that the president started his middle east trip in israel is an indication that u.s. interests in the region start and and end with the israelis. and you're right about the abraham accords in that it was a good first step. but it's more than getting the saudis to join the abraham accords. it's in israel and saudi arabia's best with interests -- best interests to be fully integrated into the region. for israel, i would argue their chance at long-term security is to be fully integrated into the region. saudi arabia wants to move from
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a public sector economy to a private sector economy. they're not likely to be able to do that if the largest private sector the economy in the region is on the sidelines. so it's in their interests to start moving in this direction. so the overflights, great first step. next step is an agreement that saudis can go to israel, and the israelis can come to saudi arabia. this is important for muslims because the third most important mosque in islam. and, of course, the travel would generate income and we start talking from a business perspective the ability of israel and the gulf countries to work together economically has a huge upside into the economic development of the region. liz: indeed. and you're already seeing that with the first countries involved in the accords, and that's the uae and bahrain. listen, nothing would be better,
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in my opinion. business does solve a lot of problems, doesn't it? ambassador jim smith, thank you very much for joining us. we are hearing, by the way,9 that the president is going to make -- this is just hitting the tape -- make some remarks from his hotel in saudi arabia. could be within this hour. if it does, we are going to bring that to you live. in the meantime, america's ports no longer dead in the water as the supply if chain logjam that held up everything we needed to get now sees some easing. madison alworth live at port jersey where shippers are suddenly seeing a long-awaitedded drop in the cost of freight. all right. closing bell, 38 minutes away. the dow up 586, ask we do have a lot of strength here on behalf of the bulls. don't go away. ♪ with my hectic life, you'd think retirement would be the last thing on my mind. thankfully, voya provides comprehensive solutions,
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liz: china cannot shake covid yet. beijing now experiencing its largest outbreak of the virus since the worst of the wuhan hockdowns back in 2020 -- lockdowns. and we are now learning how damaging recent lockdowns in shanghai were on china's economy. china reporting gdp grew at a meager .4% in the second quarter, worse than expected. but china's daisy chain lockdowns aring having one
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positive unintended consequence here in the u.s. with fewer shipments coming from china, look at the shipping stockings right now, everything is up either 2-5.5%, not bad. things coming from china, well, now ports can unload and move out cargo ships that had been just pounding the ports here, and that's got the cost of shipping retreating. madison alworth live at port jersey on shipping prices finally, madison, sailing in the right direction. for how long? >> reporter: liz, they are sailing in the right direction, the question is, like you said, how long? and, unfortunately, the answer i'm getting is that we should not expect this to continue. but let's start with the good news,right? we saw record highs, so that dropped. we are now moving in the right direction. to give you a sense of what we're talking about, a 40-foot container is now going to to cost you from china to new jersey, $10,000 for that container. that is way down from the high of last year of $22,000 per if
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container. addition of new vessels is helping. >> this is a capacity issue, and with capacity issue and more people coming into the market, the carriers have more competition a little bit. >> reporter: so, of course, freight ships are only a piece of the supply chain puzzle. consumers are not yet seeing that decrease at the store because of other factors like the price of gas, concerns over china lockdowns and trucker shortages. lower shipping rates cannot be the only improvement to move the market. and it appears that shipping companies may prevent rates coming down any further. >> so i think we were pleased in a way to see prices dropping to half, but they don't want to see the prices dropping any further, and nobody can force them to ship at a price they don't want to. so they -- we are seeing signs they may be canceling savings rather than ship at a lower price than what they want to
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ship at. >> reporter: so those companies obviously decide whether or not they sail, and right now even though we've seen rates come down, we are still five times higher than pre-pandemic rates, liz. and unfortunately, this could be the new normal, this rate, which is currently five times what we were experiencing in 2019. liz: yeah, but, you know, these things tend to move with the economy and demand supply. i have faith we'll at least get a little bit closer to sailing in the correction direction. madison, thank you. madison alworth. we've got this fox business alert, the bulls are kicking off happy hour just a little early on this friday. take a look at the markets, we do have the dow jones industrials up 568, s&p s&p up 63 points, the nasdaq better by 172 points. let's give you some individual stock stories we need to tell you about, especially pins rest. have you -- pinterest. they are still holding on to much of their pop they saw at the open when a "wall street
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journal" report hit the tape that activist investor elliott management has taken a more than 9% stake in the social media company. point if rest powering higher by 16.33%. this move comes in the wake of a 74% drop the in the stock over the past year and the recent exit of several executives including ceo ben silverman. solar stocks, they're under a gray cloud after senator joe manchin told democratic leaders he will not support an economic package that includes tax increases or new spending on climate measures. sunpower, they are all falling anywhere from 1-7. shares of united health care, though, showing healthy gains after the insurer posted second quarter adjusted earnings that beat analysts' forecasts. unh up 4.8%. the company does attribute its growth to the a subsidiary with, okta brand. they raised full-year profit
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forecast for a second straight quarter as a slow recovery in non-urgent medical procedures and lower covid care costs help rein in medical expenses. and unleash the lawyers. twitter shares are are popping at the moment by about, let's see, 3.5%. as it brings in the big guns to aim right at elon musk. the social media giant set to have its first hearing this tuesday on motion to pension we diet -- to expedite a trial against elon musk. twitter is i suing musk for his decision to back out of his $44 billion acquisition of twitter. musk, meanwhile, is using twitter to answer a question about whether he plans to lower prices on tesla cars. elon tweeting: tesla could lower car prices if inflation slows. this is what's interesting about company. he decides whether to raise or lower prices pretty quickly. he controls all of that. he says if inflation calms down a bit, he'll lower the price. tesla, while up a third of a
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percent right now, is down about 5% week to date. now, elon is not the only one back pedaling on a deal. home sellers, beware. buyers, have you heard about this? are backing out of purchases at a stunning new rate. real estate entrepreneur jason mayber just sold a 70 million apartment in new york city. will it be one of the last for some time to come? as the housing market appears to be shifting nationwide. if jason's up next to tell us what he is seeing in the u.s. home sales. and how much do people spend on their dogs? well, enough to help propel a start-up company called bark to multimillion dollar status. cofounder and ceo matt meeker built his own success story after failing at his first attempt. you've got to hear how his great dane, hugo, inspired him to launch a company that customizes dog toys for your pup. and, oh, question, you have to hear about how they make
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"stranger thing" toys. he's got all kinds of relationships he's strike aring with movies because, yeah, you know, you immediate to have -- i don't even know what it's called, whatever that evil creature is in "stranger things.." it's all in this week's edition of everyone talks to liz, get it wherever you download your podcasts. closing bell 26 minutes away, we are coming right back. don't go away. ♪ ♪
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this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. liz: breaking news, we mentioned that president biden might be about to speak? he is apparently minutes away from delivering remarks from his hotel in saudi arabia. the president just participated in a working session with crown prince mohamed bin salman and saudi ministers. we're going to keep an eye on oil which right now is up about 2% and bring you the president's
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remarks as soon as he gets to that podium. in the meantime, remember the days of lines around the block at open houses and multiple bids for a single home? a new report by redfin says home buyers are now back out of sales at a stunning rate. redfin found that i roughly are of 0,000 deals -- roughly 60,000 deals fell through in june which equals about 14.9% of homes that were under contract for the month. the highest rate on record. that compares to 12.7% of sales collapsing in may and 11.2% in june of 2021. and is with mortgage rates back on rise after a three week decline, according to freddie mac the 30-year pixed rate hitting 5.51% week, that is up from last week's 5.3%. but get this, ah, just a year ago this week the 30-year fixed rate was at a paltry 2.8%. could have, would have, should have, right?
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that leaves home buyers with some breathing room at least to negotiate as higher costs slow demand and at least create more inventory on the market. but is the entire market about to shift of? let's bring in jason haber, real estate entrepreneur in new york city. jason, if we're interrupted by the president, we apologize -- >> understood. liz: what are you seeing globally, and are you seeing deals fall through now, which is kind of unheard of? >> so i think -- i'm not surprised by the figure given the dramatic move haas month in interest rates -- last month. but keep in mind those folks who walked away from contracts didn't necessarily walk away from their down payment. it's not like people were just walking with away from cash. most of those deals had contingencies in place, and when you peel back on the day, it's not people saying i'm not going to put good money into bad, it's just saying i'm going to pump the brakes because fed has changed the game, and it's too expensive now. and when housing becomes too expensive, buyers will take a pause, and that's what we're
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seeing right now, particularly the interest rate-sensitive side of the market where people use financing to make a purchase. liz: but people are starting to renegative whereas just a -- renege whereas just a year, year and a half ago, it was like the hunger games -- >> i mean, yeah, absolutely. [laughter] people would give blood, do mig to get the deal. it's -- anything to get the deal. the it's changing. and, by the way, like you said when we started the segment, rates were under 3% a year ago. the difference between buying at 3% and over 5 is immense, and it's going to change affordability. affordability is a real issue particularly with the lack of supply across the country of housing. and that's something we need to address on the policy side. liz: the high end of the market, okay, you just sold a $70, 7-0 #, million apartment in new york
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city to somebody. is this -- can we find out if it's an american? i know you don't reveal -- >> i'm not going to say anything, i'm not going to say anything about the buyer, but 70.5 was the purchase price. very complicated deal, but, you know, if this was easy, everyone would be doing it, i always remind myself. i embrace the challenge, and i was glad we got that deal done. liz: well, it's the on park eave. -- avenue. what kind of interest did you get overall, and were there multiple bids this time? i'm just trying to get a sense of the shift in the entire housing market, both high end and lower end. >> well, i'll say this, i represented the buyer, but i will say that from buyers who are not interest rate sensitive, when they see a market start to get nervous, they like to pounce. and so i am seeing, i was just out with someone today that was an all-cash buyer, and he said to me if the market's going down, that's when you want to
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buy. so if you have the ability to do it and you can afford it -- again, affordability nationwide being the big issue here -- if you can afford it, there are really, really good opportunities out there. liz: the average new york city rent just reached $5,000 a month. >> yeah. liz: we've never seen that before. something's gotta give, right, jason? >> it's too high. i do believe we're going to start to see cracks in the market. i think that $5,000 is just simply too high. that being said, again, we have a supply problem here in new york city. if we don't is have enough -- we don't have enough quality, affordable housing, and and so as a result you have three people fighting over one apartment, and it's going to drive up the price. part of this is also seasonality. the rental market tends to peak if around now into august and then comes down a bit. but still it's too high, and policymakers need to address this. you must have affordable housing here in new york city for the is city to have a future, and right now we do not have enough of it.
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liz: well, just look on your screen. consumer price inconnects, the breakout for rent, for shelter up 5 plus percent year-over-yea- >> right. liz: -- and yet the inventory, yeah, the inventory's interesting too because redfin also showed that for, i believe, two months in a row we've started to now see a tiny uptick in inventory for at least homes. and maybe that's because rates are rising and people are backing away. >> yeah. well, that will push people though toward the rental market. remember, you say i'm priced out of the sale market if you have a need for housing, it's going to push you into the rental market. so those pressures are going to remain in a higher interest rate environment. we need to do more on the federal level, state level -- liz: jason, sorry to interrupt. president biden now speaking from saudi arabia. are let's listen. >> -- with the crown prince and all the ministers from the, from
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the energy minister the to the sports minister, all the way down the line. got the chance to talk to basically the entire saudi government. and thanks to many months of quiet diplomacy by the staff, we've accomplished some significant business today. first, as you saw this morning, the saudis will open their air space to all civilian carriers. that is a big deal. a big deal. not only symbolically, but substantively it's a big deal. it means saudi air space is now open to flights to and from israel. this is the first tangible step on path of what i hope will eventually be a broader normalization of relations. second, we concluded a historic deal to transform a flashpoint at the heart of the middle east wars into an area of peace. international peacekeepers, including u.s. troops, will leave the red sea with where they've been for over 40 years since camp david accords.
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five american soldiers died on this strategically-located island in 2020, and it's important to remember them today. now, thanks to the to this breakthrough, this island will be open to tourism and economic development while retaining all the necessary security arrangements, and the freedom of navigation of all parties including israel. third, we agreed to work together to deepen and extend the yemen ceasefire. and you know there's been carnage in yes, ma'am withen of late. -- yemen of late. resulting in the most peaceful period in yemen in seven years. we further agreed to pursue a diplomatic process to achieve a wider settlement in yemen. and saudi leadership also committed to continue to facilitate the delivery of food and humanitarian goods to civilians. in this context, we discussed saudi arabia's security needs to defend the kingdom given very real threats from iran and
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iran's proxies. fourth, we concluded several new arrangements to better position our nations for the coming decades. saudi arabia will invest in new u.s.-led technology to develop and secure a reliable 5g and 6g networks both here and in the future many developing countrieg countries to coordinate with global infrastructure and investment which i put together at the g7. this new technology solution for 5g will outcompete other platforms including from china. saudi arabia where will also partner with us on a far-reaching clean energy initiative focused on green hydrogen, solar, carbon capture, nuclear and other projects to accelerate the world's clean energy transition and to help the u.s. clean energy industry is set global standards. and fifth, we had a good discussion on insuring global
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energy security and adequate oil supplies to support global economic growth. that will begin shortly. and i'm doing all i can to increase the supply for the united states of america which i expect to happen. the saudis share that urgency, and based on our discussions today the i expect we'll see further steps in the coming weeks. finally, we discussed human rights and the need for political reform. as always, as i always do, i made clear that the topic is vitally important to me and to the united states. respecting the murder of khashoggi, i raised it at the top of meeting making it clear what i thought of it at the time and what i think of it now, and exactly -- i was straightforward and direct in discussing it. i made my view crystal clear. i said very straightforwardly for an american president to be silent on an issue of human rights is inconsistent with who we are and who i am.
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i'll also stand up -- always stand up for our values. so that's a quick summary of tonight's outcomes. tomorrow with nine leaders from around the region we'll have more. one thing we will discuss is the multibillion dollar commitment of the gcc to invest in the partnership for global infrastructure investment which i announced at the g7 last month to help address infrastructure needs of low and middle income countries who don't have the wherewithal to borrow the funds to meet the needs of their people. and after years of failed efforts, we have now finalized an agreement to connect iraq's electric grid to the gcc grids through kuwait and saudi arabia and deepening iraq's integration into the region and reducing its dependence on iran. and it was pointed out to me, i was reminded by staff at the time of the meeting that i've tried to do that back when i wae presidency. finally it's done, being done. tomorrow i'll also be laying out
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an affirmative framework for america's engagement in the middle east to build on these important steps going forward. the bottom line is this trip is about once again positioning america in this region for the future. we are not going to leave a vacuum in the middle east for russia or china to fill, and we're getting results. i'll take a couple questions now. [inaudible conversations] >> -- response to your comments about khashoggi? >> he basically said that he, he was not personally responsible for it. i indicated i thought he was. he said he was not personally responsible for it, and he took action against those who were responsible, and we -- and then i went on to talk more about how that that dealing with any opposition to the -- or criticism of the saudi administration in other countries was viewed as, to me, a violation of human rights.
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it was -- >> sir, two quick questions, if i may. first, we just heard from jamal khashoggi's wife who said the blood of mbs' next victim is on your hands. what do you say to mrs. khashoggi? >> i'm sorry she feels that way. i was straightforward back then, i was straightforward today. i didn't come here to meet crown prince. i came here to meet with the gcc, nine nations. deal with the security and the needs of the free world and particularly the united states. and not leave a vacuum here which was happening as it has in other parts of the world. >> on gas prices, if i may, you said we'll see relief at some point in the not too distant future. what is the message for americans who are looking for that relief now? when should they expect to see - >> [inaudible] >> they've already been coming down. >> that's right. they've been coming down every single day -- >> what was the impact of this visit? >> i suspect you won't see that
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for another couple weeks. [inaudible conversations] >> and we'll see more when we see gas stations start to lower their price consistent what they're paying for the oil. >> -- the saudis -- [inaudible] >> i don't -- [inaudible] anything i said. >> do you still feel that way, mr. president? >> i just answered that question, i don't regret anything that i said. what happened to khashoggi was outrageous. >> mr. president -- >> yes. >> you're coming under a lot of fire for your fist bump with the crown prince. [laughter] i just want to give you a chance to respond to that. how can you be sure another incident, another murder might not happen again -- >> god love you, what a silly question. how could i possibly be sure of any of that? i just made it clear, they'll get that response and much more. look, you've heard me say before and when i criticized xi jinping for slave labor and what heir
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doing -- they're doing in the western mountains of china, and he said i had no right to criticize china. and i said, look, i am president of the united states of america. for the united states president to remain silent on a clear violation of human rights is totally inconsistent with who we are, what we are and what we would do, what we believe. and so i'm not going to remain silent. can i predict anything that's going to happen? if let alone here, let alone any other part of the worldsome no. i don't know why you're all so surprised the way i react. no one's ever wondered if i mean what i said -- say. sometimes i say all that i mean -- [inaudible conversations] >> -- joe manchin obviously made significant news right now which appears to be torpedoing what was one of your biggest priorities as it relates to energy and climate back at home. your message to those americans right now who are looking for
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that relief as it would have a wide impact on energy and climate specifically. >> i am not going away. i'll use every power i have as president to deal with global warming. thank you -- >> mr. president, is joe manchin negotiating in good faith? >> i didn't negotiate with joe manchin, i have no idea. liz: president biden speaking right now in saudi arabia where it is 10:54 p.m., he just basically outlined developments that have come out of his meeting with crown prince mohamed bin salman. maybe we can put up oil prices because he did say he is doing everything he can to discuss global energy supply. he did talk about that with the prince, the crown prince, but he also mentioned that the saudis will be part of a clean energy partnership with the united states. of course, a bunch of other developments here. joining us now with more, charlie gasparino. charlie, you and i were just listening to this. oil is still right what it --
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where it closed. we're not sure exact arely what might come out of this, but i heard the word partnership a couple of times here. >> yeah. the devil's in the details with these things, and i would say that joe biden's energy policy in particular as it relates to the climate, to climate change, is going to come under tremendous criticism and pressure legally in the courts right now. okay, we know this is going on, we know we need more oil, we know we're going to saudi arabia, essentially, begging for it. but, you know, here at home there's, you know, movement afoot, essentially, to scale back u.s. production. you can see it in the massive regulatory state that's been assembled and the people that joe biden's put in key positions. but there's one thing that could prevent this from taking mace in the future, and that's that recent scotus decision, supreme court decision, west virginia v. epa, which essentially said the epa can't really set these climate standards. so what you're going to see, liz, and this is what we're
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hearing from our sources, is that all these climate initiatives scaling back u.s. oil production here, the stuff that you see coming out of the sec in particular, their mandates that they're trying to get companies to disclose their carbon footprint, it's a sort of back door way to get, to enact cleaner energy rules and regulations, that's going to come under tremendous pressure. we do know that the job creators network, a conservative group, is thinking about suing sec chairman gary gensler and the sec over his new proposals for esg. so there's a lot of stuff going on here, a lot of moving parts. the biden administration found itself in a real sort of pickle here because joe biden, you know, sort of just historically has never been a sort of zealot in the, on the environment. he did though move way left in appointing certain people at certain agencies, particularly at the sec, epa, you name it. that whole agenda that he's
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developing is sporting -- forcing him, essentially, to go to saudi arabia and to beg for more oil -- liz: yeah. but could i just say -- >> but it is going to, it is going to -- i just want to make this one point and then feel free, it is going to come under pressure from the courts right now and by conservative groups after this epa ruling. go ahead, i'm sorry. liz: okay. nasdaq is now at session highs, i believe just a point below session highs. the dow has just popped up, 626 points. it almost feels like we were just up 500 points before he began speaking, that this kind of relationship in the middle east is a positive for the markets. it's almost as if things went well enough, if you believe the president, that we will start to see some ramp-up in production depending on how much capacity saudis have left. it's not that much that they have left there -- >> i don't understand, you know, what more -- i mean, the stock market on a minute-by-minute
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basis trades up for all sorts of reasons, even irrational reasons. what more could the saudis pump out? they're at full capacity. they say this, we know this. it's not going to handle our energy woes, and the biden administration's -- the courts are going to start, conservative groups are going to start taking him to court over these environment environmental mandates. so, you know, i don't know, i mean, this was marginally positive, liz, i just don't bet the ranch on it. i think better relief will come if joe biden loses in court, if the job creators network, for example, sues gary gensler to to get him to back off his esg disclosures. that, i think, is better long term for oil production here. liz: gotcha. charlie, thank you very much. charlie gasparino. folks, on this friday bulls are kicking down the door. we are at session highs for the nasdaq and look at the dow jones industrials, a gain of 648 points.
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we did need a gain of 707 points to see the dow go positive for the week, so we're not quite there yet. but with just a few seconds left before the closing bell, all major indices will close down for the week but on, certainly, an up note. that's going to do it for "the claman countdown." thank you so much for joining us. so much ahead next week, "kudlow" is next. ♪ larry: hello, welcome to "kudlow," i'm larry kudlow. i know senator manchin pulled his punches by saying he won't make a decision on the tax and spend bill until after he gets a look at the august inflation. but i think the west virginian pulled the plug and he's saying


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