tv The Claman Countdown FOX Business August 24, 2022 3:00pm-4:00pm EDT
length. this is really important. we're proposing to make what's called an income driven repayment plan simple and fair. here's how, no one with an undergraduate loan today or in the future whether for community college or four year college will have to pay more than 5% of discretionary income to repay their loan. that's income after you pay the necessities like housing, food, and the like. you currently pay 10%. we're cutting that in half to 5%. after you pay your loan for 20 years, your obligation will have been fulfilled if it hadn't been fulfilled meaning you won't have to pay anymore, period. borrows with original balance of less than $12,000, many whom are community college students, will be done paying just after ten years. these changes will save more
than $1,000 a year on average for the borrower. it's a game changer. we're also fixing what's called, and this has been the bane of driving me crazy when i was out of office, the public service loan forgiveness program. this program forgives student loans to encourage those students who have those loans if they go into public service. think of the millions who are. public schoolteachers local police officers, workers at local charities, members of the military and national guard, and so many more. think of the folks who work for federal, state, local, tribal governments keeping essential services going, responding to natural disaster, all the fire fighters and cops. the program is designed so that if you serve in one of these jobs, you'll be able to accurately assess whether you do based on the list and make your loan payments for ten years, even if it's not consecutive
years, your remaining balance will be completely forgiven. it's a great idea but the program is a mess. so inefficient and many people give up. many defer their loan payments while their deployed and so restrictive their active duty service didn't continue as service and their loan must be repaid. it's outrage yous. the man to my left is fix it. we're making changes to make the program work better and over the long term much better. now the department issues emergency temporary changes to retroactively credit public service so it counts and loans are forgiven. since i've been in office, more than 175,000 teachers, nurses, police officers have been able to get over $10 billion in loan
forgiveness so far through this program. but this opportunity expires on october 31st, 2022. so my message to all servants, all public servants, all those who are the ones that are volunteering is outwith student debt. to go, if you're worried about how to do it, go to pslf.gov before october 31st to see if you qualify for public service student loan forgiveness. this is another game changer and we'll have people there to help direct you and work you through the process. one more big change we're making to the system is we're holding colleges accountable for jacking up costs without delivering the value to students. liz: president biden speaking to the legions of americans saddled with student loan debt, $10,000
of the debt wiped away. r $125,000 per year if you're single or $250,000 for married couples or heads of household. the relief is also capped at the amount of a borrower's outstanding eligible debt per the education department. the president just referencing colleges role in this. they've continued to hike tuition well beyond the rate of inflation and of course, they know that people are desperate to take on these loans. there are others who say this is a big ticket for the u.s. government to spend and they are concerned about more spending as we are facing inflation overall. in the meantime, let's get to the markets, fox market alert, t minus less than 24 hours with the kickoff of what wall street is saying as the next catalyst. symposium in jackson hole, wyoming. the two day event kicks off
tomorrow morning and the dow jones industrials in the green up 53 and s&p better by 11 and nasdaq up 58 and russell up 15. the leered on the blue chips, it's a colorful mix of tech, heavy industry and media. we have salesforce.com up about 2.6%. that's the leader and disney up 1.7% followed by boeing 1.6%. let's look at apple. apple has the heaviest wading on the s&p right now and as you look at the stock, it has been down, it has been up. right now at the moment it's up a third of a percent. the big news here: the rumors have been confirmed. invitations to apple's product rollout event are flooding inboxes around the world. can we show that on the far right as you see. they show a continuelation of stars -- constellation of stars forming the apple logo with the words "far out". let the guessing games begin on what that means. now to tech overall, enjoying a decent session. a day after underperforming and already pretty ugly broader
market, netflix outperforming with shares up 2.5% and garmin ban hunters -- bargain hunters pile in and intuit showing big gains of 4.25%. this is a big market cap company of more than $120 billion. shares hovering an the top of s&p and nasdaq 100. it swung to a quarterly loss, adjusted earnings be beat and company hiked full year revenue forecast. nordstrom e envious and the department store chain slashed the full year outlook a quarter of raising it. nordstrom, whose shares are down nearly 20% are trading at the bottom of the s&p mostly because the company expressed real nervousness about the deteriorating consumer, pretty much what wal-mart warned a few weeks ago. if we can, look at this. we've got a contrary picture on big ticket spending. durable goods od orders for july
came in flat. core orders and seen as a bell weather for business spending rose four tenths of a percent beating the three tenths of a percent estimate and demand sizzling for lots of durables or big items lasting more than 3 to 5 years but demand is burning white hot specifically for new cars. coming up in this hour, a fox business exclusive with general motors ceo mary barra. can gm fill the orders as components and material shortages continue? plus, we will discuss that and the dividend, which just was re-instated and whether gm is still on track to beat tesla at its own ev game. mary barra coming up only on the "claman countdown". fed chief in the jackson hole on friday. teddy and scott. teddy, we have to look at rates here, in the last couple hours, interest rates and rate bets are rising. if we look at 10 year yield, yesterday it was at 3.05%.
now it is above 3.1%. that has got the very latest fed funds futures numbers, which we just got the latest print here. there's a market shift from yesterday. right now it's a 75 basis point bet, 60.5% that's outweighing the 39.5% bet for 50 basis points. what is this all telling you about where markets go and what they're most listening to, teddy? >> well, clearly two scenarios, depends on who you listen to or talk to. some people think we're getting mmore dubbis message from powell and others thing we're staying the course and the interest rate moving higher faster than people would like. but the bottom line, liz, the bottom line is no matter which scenario you embrace, interest rates are going up.
clearly that'll be a problem for the market. i think the wishful thinkers want to see them slow down a little bit. maybe he will, maybe he won't but i don't think at the end of the day it's going to matter cause rates are going up, the question is how fast and how far but the conclusion is they're going and you happen that's not a good backdrop for the markets overall. liz: yeah, i know. scott, it's really kind of happening in realtime. we know that neel kashkari of the minneapolis fed made a big deal of the possibility that inflation is a lot worse. tell us all something we don't know, a lot worse than expected and it may be sort of more sticky and hard to pull away so what are the bets that people need to be looking at as opportunity at this very moment in light of that? >> well, i think it all hinges on the answer to your question to teddy and i think it hinges
on energy, i really do. we've got a dire situation out in europe, and we've got a situation here where look at what happened when the saudis said they might have to stop production. we've got a squeeze in crude oil and own natural gas up 70% since june and up 575% since the covid lows of june of 2020. we have a problem on our hands and being driven by energy and it's not being taken care of on the supply side. we're only taking care of the demand side so my ear -- i think that you've seen that 10 year yield going up to 3.1% today because people see energy prices going up and that might wipe off the wanes that we had -- gains in cpi from 9.1 to 8.5 and only went down because of crude oil. if you have crude oil on the way back up and gas going higher and last month we had food, labor, and shelter all up, that's got to scream higher rates. like teddy said, they're going to go up but i think
precipitously and it'll be a problem and i would say we're not going wind and solar anymore soon, folks. we are wet to do the fossil fuels and there's tons of opportunity in fossil fuels. liz: maybe and by the way, wait till you hear what mary barra tells us exclusively in a few minutes about demand. it's not just general motors. we have a report out from jd, which of course jd.com which is, they are a big consultant in the industry, in the auto industry, and we're hitting record high prices for new cars. i thought that was last year. i thought that was the pandemic where everybody was rushing to get a car so they could go training around the united states because we were all tuck inside. in the past you've liked meta and other names you've seen opportunity in, but it's a tough call right now, isn't it? >> it's a very tough call.
over all the stocks, meta has been embedded at the top of the list but it's become a problem stock at least for me right now. i don't know what to do with meta. on the other hand and i've said this for weeks now, the best trade we've been making, liz, is buying three months and six months treasuries. i realize that's kind of a weak response and if you press me, it would be the energy sector. there's all different ways to play it, but it would be the energy sector because i would agree the problem really is energy, the problem is food, and unfortunately the fed can't fix those. that's really a washington issue and uns until they change cours, that's going to continue to be a problem and therefore inflation will continue to be a problem. liz: that was a trader answer, and that's an important perspective, ted di teddy. right now the three months are paying out 7.3% and one year 3%.
teddy, welcome back and good to have you back. and scott, as always, we appreciate it. here's a question, guys, what activist investor ryan cohen takeout away the debt markets give back. bed bath and beyond popping 16% on a report. it has lined up fresh cash financing to shore up the balance sheet. next, we've got the man who kicked off the meme stock movement. wall street bets reddit chat room founder on the wild august for retail investors and what's ahead for that crowd. closing bell, 47 minutes away. now the dow is up a little more than just slightly, up 90 points, quarter of a percent. decent enough and looks like we'll possibly go above 33,000 and the "claman countdown" coming right back. don't go away.
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liz: a bed bath and i don't getting a boost in more ways than one. investors in reddit levels cheering on the embattled goods chain. it is up 18.25%. "the wall street journal" said it secured a loan deal to shore up its debt. led by jp morgan light on specifics at the moment. transactions and the details of it are not yet disclosed but comes as bed bath and beyond shareholders endured a wild ride in august surging nearly 100%
month to date. bbby a favorite with the retail investor crowd having its best month since the start of 2021. you remember what happened then; right, when meme stock mania swamped wall street hedge funds but pushing heavily shorted stocks dramatically higher. the original memes, game stop and amc moving in opposite directions at the moment. amc down just a tick about half a percent. bed bath and beyond as you see up 19% and game ststop down 2.7. let's get to the man who is the founder of wall street wets reddit forum. forum jaime rogozinski. what do you make of this month? >> it's been an interesting month and the retail traders, wall street bets crowd were out for the summer. i don't know maybe there was
summer boar d bo boredom and itn exciting few days. liz: what's driving them, not just the so-called ape in self-described way but it's retail individual investors who have gotten more sophisticated even as the sec and some others say, oh, they don't know what they're doing and they're being lured into a big trap? >> you know, it's actually interesting about this. after gamestop took place, a lot of people asked what the next time or stock was. my answer was something along the lines of we're not getting another repeat and the market is smart and not going to allow something like that to happen and not dealing with the regulator sos it surprises me that what's driving this seems to be really similar to what happened last time: there's a high short float, you have a lot of enthusiasm about this stock, you have ryan cohen stepping in being its own version of the
saga and giving it its mightest touch for awhile. you have the exact similar thing replicating except for the novelty of it. liz: you know, i'm glad you brought up ryan cohen. he went into the stock of bed bath and beyond very motivated, march, and then he entirely exited the stake just a few days ago. that enraged a lot of investors and my take is, hey, investors have free will and they can do whatever they want, and this decision, whatever it may be, sits for ryan cohen. but can you just give me your sense of what happened here and is this something that needed investigating? >> i mean, i'm not going to tell the regulators what they need to investigate and whatnot. they know their job much better than i do, but i do agree with you in that every participant in the market isn't there to make money. it's not necessarily to try and look out for each other.
i do agree with you; right? if ryan cohen made some move, regardless of what the regulators might think, if he was able to make a decent profit from it, then go him. it's the same thing the retail partis pants or traders are doing. same thing the investment banks are doing. anybody trading in the stock market wants to make money and if he succeeded in that, then this is -- these are the rules of the game. >> jaime, fast forward two years from now, is this whole window of time that people are calling the meme stock traders, et cetera, reddit rebels, will this be a couple pages in a history book like the tulip, you know, the tulip mania back last -- many centuries ago, or is this something that continues and entire world and markets and investor area grow from? >> yes, this will definitely not be a fad that blows over n. a
tulip mania, it's even more specific to a particular asset that bubbles up and goes back down. the retail partis pants know realize they can take control and they're here to stay. sometimes that looks like bed bath and beyond or gamestop and the stock goes up. sometimes it's going to be a more sophisticated version of arbitrage as it was before, gamestop made wall street bets famous. they're going to basically keep looking for inefficiencies and exploiting them so they're able to profit. to further evidence this is here to stay, i just noticed that the street has like a section called meme stocks; right, and you have goldman sachs with a division for social media and all the sentiment bots going out and reading it so now the participants going in through the market have now made room for the retailers to sit down at the poker table and actually play in the long term. liz: heck, why not? it's been a long time coming. my dad used to say, those big
guys on wall street, they know before we do. not so much anymore. jaime, good to seeout thank you very much. >> yes, thank as lot for having me on. liz: come back again. jaime rogozinski. after a gut wrenching 62% drop this year, peloton make ago prime move. the fitness maker striking a partnership with amazon. its bikes, bottles, and merch live on the site and up for sale on amazon.com but will it be enough to appease investors of the beaten down stock? closing bell 36 minutes away and we're holding onto gains for the dow, s&p, nasdaq, volatility falling just a bit and we're coming back with the peloton story and much more including mary barra exclusively right here talking gm and more. ♪
liz: all right. fox business alert. markets, look at this holding onto gains at this hour after three days of losses, the dow still up about 75 points and s&p up 14. nasdaq up half a percent or 69 points. look at peloton. peloton may as well be at the top of the leader board of it is own after strike ago deal to start selling the iconic bikes, cycling shoes and apparel on amazon. the fitness equipment maker for the station maker bike starting at $1,444 and now available on amazon.com. amazon up about half a percent
on that and peloton says customers that purchase the bikes on amazon, can have the product delivered and assembled for free and they'll also sell dumbbells and water bottles and their drip, as my kid says, drip and merch. after soaring during the pandemic when gyms shuttered and people rushed to work out at home, peloton stock jumped to $167 in december of 2020 has fallen from grace. crashed to earth and lost 90% over the past year but for now, scratching back about 18.6% of that. in the high end fashion sector, shares of luxury ecommerce site far fetch up about 21% after reach ago deal to buy 47.5% of online fashion retailer yukes. far fetch will acquire the stake in exchange for more than 50 million fetch shares. the deal lays a path to far
fetch potentially buying the remaining shares and removes a loss making business for the other company. big luxury conglomerate is the parent company of cartier jewelry. portanovamark and reel reel all in the green. poshmart and others up. president biden announcing he'll forgive up to $10,000 in student debt to borrowing makes less than $125,000. the pause on federally backed student loan repayments and sofi up 4.5% and navient up and nelnut down. sofi an unregistered block of shares offered and priced at $6.10 a share. the seller was not identified
but soft bank has been off loading shares as the japanese cconglomerate looks to shed the shares. tesla will get two additional tesla shares after the market closed. the stock begins trading on that split adjusted basis tomorrow and ahead of it tesla up half a percent to $893.69. tesla splitting a stock at time when demand for all car continues to vroom forward. up next, my interview with ceo mary barra. we'll ask how she and team gm will handle the demand rash while ramping up production to meet the ev goals and match buyer's desire to get their hands on thou those new cars and what's on the re-instate of gm's dividend last friday that sent
liz: kind of stunning news for anyone expectiing a buy a new car. overwhelming demand for new vehicles this month will push car prices to record highs. that's what jd power and l.l.c., predict in their new report out today that shows the average transaction prices will smash through previous highs to a record $46,259. that's an 11.5% increase from just a year ago. horrible for car buyers, but great for auto companies if they can match that demand. if the wait list for gm's all electric hummer pickup that i got up close and personal with two weeks ago is any indication.
gm, just last friday re-instated the quarterly dividend could be in a sweet spot. with aggressive ev targets and iffy economy in play, how will gm reach it is own capacity goals and keep buyers happy dealing with material inflation and the chip shortage? here to tackle all that and more is general motors chair and ceo mary barra joining us in a fox business exclusive. welcome and thanks for being here. >> it's great to be here. liz: let's get to the demand picture, put aside the ev hummer for a moment, we'll get to that because that's so crazy and i got a chance to see it as you know. what does demand look like for general motors across all of your divisions right now? >> demand is exceptionally strong. you know, we have a new chevrolet silverado and gmc sierra version coming out. there's super strong demand for that and full size utilities and mid size. frankly every vehicle across the brands, it's very much in demand. we've been dealing with, you know, supply challenges and the
customer's very robust from a new vehicle perspective. liz: well supply challenges, i get with the materials so how are you overcoming that but at the same time filling the orders cause you know how that .s if the custom customer wants a card can't get it, we are hearing of long, long wait times. >> we do have a long wait time but the purchase and supply team scheme almost every week to overcome challenges from a semiconductor perspective or other supply issues. since the beginning of covid, the supply chain was stretched thin. we're seeing an improvement with semiconductors and that's allowing us to make more and more vehicles but demand is still outstripping what we can produce. liz: well, the dividend, last fright you thrill add lot of investors by re-instating the dividend and came in lower than it had been back in april of 2020 when you had to suspend due
to the horrible schismuation with the lockdowns. but i guess you did not do that without being really confident and not have to go back and suspend it. how did you model for re-instating the dividend and arrive at the 9-cents? >> as we looked as strength of the business and our allocation is reinvest in the business and we're doing that. between 2020 and 2025, we'll invest more than $35 billion primarily for electrified vehicles, electrify indication, and autonomous. we looked at our plan and the strength of the business, even with volatility, we felt very confidence in the business plan that we can sustain that dividend, but then also we announced share repurchase because that gives us more flexibility but, you know, our third pillar after reinvesting in the business, maintain an investment grade balance sheet is to return value to shareholder. liz: ford announced it'll lay off 3,000 people.
is there a chance that general motors will mirror that move? >> when uplook at their business right now, we -- we look at their business right now and we went through a transformation in early 2018 and 2019, we look forward and believe we have the right team at general motors who is 100% dedicated to our transformation and we don't see that in our plans right now. liz: okay. you were confident enough in january to throw down the gauntlet and say by 2025, we are going to take over tesla. we are going to beat them at their game and overtake the number one position when it comes to ev production. does that still stand? >> we believe absolutely with the portfolio of electric vehicles we have coming out with different forms, whether it's a truck, whether it's a small crossover, large crossover, the strength of our brands and then our ability from a manufacturing perspective, we've said that by 2025 we'll have a million units in north america alone. liz: can you say the point where
you believe that the price parody will be hit between electric vehicles, which are awfully expensive right now, and internal combustion cars? >> well, there's a lot we're working onto drive scale, and that's something general motor does really well as our battery plants come online, we then have better control b -- we have a strong partnership with lg energy solution so as we do that, that's going to be a opportunity. the scale that we have from altium and in 2018 we started working on a dedicated ev platform that can scale from a chevrolet equinox to a truck like the hummer and when you look at that scale that we're going to bring, we believe we can get to parody in the latter part of this decade. liz: not that the ev hummer is the metric for general motors evs because it's very expensive, but you have a wait list of 80,000. i had this opportunity to get up close and personal with it. amazing and yet it's definitely
high end here. how many are you churning out per month to reach that demand so you keep the wait list people happy? >> right. so we're working on the battery plant coming online and that'll be key and unlocks our ability to have more battery cells and build more hummers and lyrics and all the ev portfolio. this is a critical fourth quarter is critical. liz: is it eight or twelve a day? >> it's low volume right now. we've made right around 1,000 that we've made so far but as the battery plant comes online, that'll unlock the ability to make more. hims and lyrics and the whole -- hummers and lyrics and the whole portfolio liz: this push for the inflation reduction act that's become law, talk about general motors and your ability to make sure that people who buy these cars can get that $7500 tax
break. >> well, we have been working for quite awhile at our last earnings call, w we announced wd secured the supply to make the evs in north america alone by 2025. with all that we learned from the semiconductor short age, we wanted to make sure for our north america supply we on shore or allied shore. in some places we have a develop the sources to actually have them, but we have plans to do that. then i think another important part is the fact that if you look at the blazer and the equinox ev, those are coming out next year, those price points are right around $330 to $35,000 and a little over $40, they're well volumed positions in the market. liz: my dad was a guy that bought buicks. you're driving gm and i finally
went from what i used to drive, which was a lexus suv to a tesla because i wanted an ev. this was a couple of years ago. when will you, and it's expensive, even the model y, when will you get to sub, can i say $28,000 per ev? >> when we look at what we'll accomplish with the equinox, that's very important. because in that $30 to $35,000 range, that's the heart of the market when you look at -- it's the biggest segment across the globe and a price point that's very attractive. we have announced that we're also working on an affordable electric vehicle that will be sub$30 and that will be again in the latter part of this decade so we really want to make sure one of the things that's general motor's strength is we have a full portfolio of vehicles from very affordable to very luxurious from a cadillac to high feature like a sierra or denali and we want to have the portfolio to meet every
customer's needs. liz: what about their autonomous ride hail business. i asked about the revenue gm is banking on when the autonomous taxi cruz is fully up and running. you've got to hear her assessment on that. we have it on foxbusiness.com and general motor shares up 2% right now. will the revelation from the twitter whistle blower spell massive legal troubles for the social media network and the c sweep? charlie breaks a very, could be worrisome angle. that's next. closing bell is 13 minutes away and the dow up 107 points and we are coming right back. charlie gasparino in the house once again. love it or leave it ♪
♪. liz: can we look at shares of twitter bouncing back a bit following yesterday's drama where the company's former head of security made bombshell allegations that twitter has been misleading investors about the number of fake accounts or spam bots, whatever you want to call it on its site for years. charlie gasparino spent the entire day talking to white-collar lawyers on the possible implications, if it about true. >> remember, he is making whistle-blower who used to work for twitter, making an allegation.
he has offered no proof we should point out. we should point out twitter is saying don't listen to this guy, disgruntled former employee. you heard that before. he is making two essential claims. somehow he warned them about data leakage, that people can tap in, people can break in essentially hack into the system. liz: everybody, every site has that. >> so he is saying that. i think that is problematic that has all the democrats particularly in congress going nuts right now. data leakage, investigate, referring it to the sec, referring it to the just justice department, whatever. the second part, he john coffey, university of delaware, all our experts on white-collar crime they're all lawyers what could really be problematic for twitter and what they're say something this. said twitter purposely fudged the numbers, kept them low on the number of bots. did that over the years because
they want to get advertising. they have done that obviously in their public disclosures. okay? because they say it is less than 5%, 5% or less. and he says, whistle-blower that they knowingly, they know it is a lot higher and he has the proof. liz: materially higher. >> materially higher. if that is the case that is securities fraud writ large the market is not saying they believe him just yet. what they're saying security lawyers have evidence, costello, dick costello. liz: former ceo. >> first ceo, jack dorsey, then jack came. liz: jack is the founder. >> then jack came back and current gentleman they knew this, put it in public disclosures that twitter is, again, 5% or less, well, we are talking, we're talking major problems here.
i mean like potentially criminal problems. not saying that will happen. you have to prove they knowingly did it, high bar. if you do prove that, this is really bad for the company. this means years of disclosure were fraudulent. that is essentially what elon is arguing in his case backing out of the twitter deal. he can impose a material adverse event clause. he can trigger that thing to get out of the deal because they purposely misstated their bot numbers. again, you know, this is an outside person. he essentially, this was an inside person who is now an outside person. he essentially had data. i think it is incumbent upon him to put up or shut up. see the real evidence. because i will tell you, liz, this is, if it is true, enron is unique in many ways. liz: that disaster, yeah. >> but it's up there if this is
true. liz: knowingly. >> it is up there because disclosures, lying to investors for many years if true. i'm not saying it's true, okay. i want to see the evidence. liz: folks so you know, sarbanes-oxley, post-.com era rule that congress put into place and sign a quarterly report, knowingly it is not correct this is a big crime. >> it is even higher. even before sarbanes-oxley this is a crime. disclosing stuff to investors and knowing it is wrong. it is mind-boggling they would do it. i know jack dorsey a little bit. he doesn't strike me as a crook. liz: or dick costello. evidence, where is it, we will wait to see. charlie, thank you. charlie is working the story hard. u.s. dividends hit a record high in the second quarter, according
to janice henderson global index, dividends paid out by american companies rose 8.3% to $144.4 billion. how do you invest to grab some of that? joining me now with nearly 300 billion in assets under management. janice henderson director of research matt parent. do you look at that, wow, this is pretty interesting. it means companies are stronger post-pandemic. we just had mary barra general motors talk about reinstating dividend. what do you see that investors should know now? >> u.s. dividends in particular have been locomotive, unstoppable, continue to grind higher. the rest of the world is catching up and they're going to reach new records as well we expect. but, the u.s. dividend story has been strong and continues to be strong. the number you cited, that 8% is you know, keep in mind that u.s. companies didn't really lower
their dividend much during the pandemic, you know, a couple of companies you talked about aside. so it is a good story. so we'll see how it continues to unfold. liz: the airlines, pretty disasterous what they had to do. listen, you preserve cash when you are in a crisis, so i get that. where are the areas that you think are best in play to not only pay dividends but continue to grow the dividend? >> yeah. so, and you're right, there were some sectors that had to cut for sure. at the aggregate level most companies stopped their buybacks rather than dividends but the strength of late has been in ones that cut, in particular banks. they have been catching up and they have been strong. oil companies are also very strong in the u.s., so they continue to increase their dividends obviously given the
backdrop with the energy sector. liz: i look at broader market here at this point. we do see some strength ahead of the federal reserve. does the fed and its decisions on raising rates, how does that play into stocks that have felt comfortable about paying out dividends? >> yeah. that is a great question. we looked for signs of whether there was some caution by managements or boards, hey, maybe we shouldn't raise the dividend as earnings are up to be cautious, we didn't see much of that in the sector. if anything management felt motivated to -- auto sector. i think we expect to see some of that. i think it's a grate point to watch. we're watching for it. we're not seeing it yet. but we very well could see caution come in as we move into 2023 and the picture looks a little bit cloudier. liz: caution, i see that right now with trading volumes,
certainly. we're losing a little bit of steam here with the markets. matt, always a pleasure to have you, matt peron. yes, high of the session, dow, gain of 185. we're up 57. [closing bell rings] a little bit of retracement. tomorrow the big kickoff the two-day jackson hole central symposium. be major market news depending who speaks. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. well the talk of the town this evening is president joe biden's announcement a little over an hour ago to cancel student loans to a large number of people who are mostly concentrated concente upper reaches of our national income. i'm being a little vague here because i'm seeing a lot of numbers bandied about. so far there has been no official scorecard priceout from the congressional budget office or not that i know of. essentially kind of