harder for these men and women. two weeks ago bp bought travelers, their goal is to set up a national network of charging a stations. remember bp after that spill, they want to be out of toes fossil fuel business, but that means you've got to take out gasoline pumps and put in ev stations that, by the way, nobody wants to the use. meanwhile, fuel remains to be a victim of all of this aggressiveness against fossil fuels, and then, of course, basic respect, right in the industry's perennially short on drivers, and it's become even more acute as candidates often lack that sort of get up and go. you talk about minimum mondays, folks, it takes a lot to be a trucker in this country. still, i've got to say we don't survive without them, we owe them a debt of gratitude, and service the certainly my honor to speak with them today. now over to cheryl casone. cheryl: we are working hard

right now because we're trying to see9 if the market is going to the hang on to gains today. the here's your fox market alert, the bull withs trying to make a run for a rally but giving back almost all of their earlier gains as we enter the final hour of trade. right now the dow is up by 12 is the, the s&p up 5, nasdaq up by 4, russell 2000, that's actually dipped into the red. now, the cow is getting a boost from -- the dow is getting a boost from if merck and really from apple. the tech giant climbing to the top of the blue chips after a goldman sachs analyst initiated coverage with a buy rating and slapped a $199 price target on apple. right now apple is 154 and change. goldman's price target implies a 30% upside on apple. now, on the flipside, boeing, one of the biggest laggards on our session after reports that software issues could significantly delay deliveries of the 737 max and the 787

aircrafts. investors are looking for any sign of the economy starting to cool, and they got it from, well, here you go, factory orders, which fell 1.6% month over month in the month of january, slightly less than estimates. however, it is a significant drop from the 1.8% increase that we got in december. now, looking ahead investors are going on the closely watching fed chair jerome powell as he deliverses his semi-annual testimony before congress this week with. he's going to start with the senate banking committee tomorrow, and then the house financial services committee is going to be wednesday. we are also going to get the akp monthly read on private payroll growth. that comes out wednesday at 8:15 a.m. eastern time. of course, initial claims and then friday we're going to get the report, the february jobs report. right now estimates are looking for a gain of 200,000 non-farm jobs. there are questions about a possible revision of january's blockbuster number.

so there's a lot that's going to be breaking this week. now, on the earnings front, dick's sporting goods and crowdstrike are both reporting tomorrow. jpmorgan raising the cybersecurity company's price target to 137. crowdstrike is hitting just under 128 per share right now. we're going to get campbell's soup on wednesday, that's a big inflation read, if you will, the consumer read. ulta beauty, bj's wholesale, docusign, gap. gap's going to be an interesting one to watch, they've had some store issues. all those come out on thursday. the week is going to close out with the retail company the buckle. so a lot of numbers that really, again, give us a window into the consumer, inflation, how americans are feeling, are they spending or in some instances not spending. to how the market's going to react to powell's testimony and of course those earnings reports, hodges capital management chief investment officer craig hodges and slatestone wealth chief market

strategist kenny polcari. gentlemen, welcome to both of you. kenny, i'm going to start with you because in your note you write: because none of these elected officials that are going on the listening to powell's testimony even understand what they're asking or what the answer should be, it may be comical. so what are we going to get out of his testimony then? >> well, listen, i think what you're going to get is they're going to ask the questions, powell's going to try to address them as best he can, so investors and people listening will understand kind of where it's going. i'm really not sure -- you hear some of the questions that they ask, and you almost have to scratch your head and say, really? you're asking that question? i'm sure they're going to say why can't you cut rates, why are we going so drastic, all that stuff because, you know, they sit outside of where the rest of us sit. and so powell's just going to have to try to maintain a sense of not being too optimistic but not being too pessimistic in order to try to control the reaction. cheryl: well, kenny, to be clear, you also make the point that 40 percent of the issues

we're having right now are because of congress, because of the out of control spending. >> right. cheryl: the republicans do have control of the house, there's some hope now that some of in the stimulus is going to get reined in a little bit, this excess spending. we're also going to get biden's budget coming out on thursday, a few things on that tomorrow. craig, over to you because with the market, i mean, really in your opinion we're showing resilience. and the this is the most telegraphed, predicted, slam dunk recession that we've ever seen. my pushback on that though is that if we, if everybody says that it's a duck and it quacks like a duck can, maybe it's a bird and maybe we're not going to get a recession because we're so planned for it right now. >> yeah. there are so many co-concern cross-currents and different ways that you can look at it. and this is a very highly anticipated recession, probably the most anticipated we've seen in, like, 40 years. so usually the market goes ahead ask discounts that, and i think that's why we saw the real weak action late in the year.

that's because the anticipation of this recession, now it's a question of are we going to have it. i mean, obviously inflation's not coming down. the fed is trying to talk the market down in order to to, you know, to cool things. so, you know, which side do you go on, that's the dilemma. cheryl: certainly companies are gearing up for that and, kenny, that's whey -- why i mentioned a lot of the retail companies because they're going to show us, many particular with gap are they closing stores, are they cutting back on staff, reducing inventory? i think that goes to the big bigger picture of what companies are doing, and they're the cutting. heir getting ready for a very, very bad recession, and that could be in earnings when? >> well, it could be, right, if they cut deep enough which i think they possibly could because you always see, it's always an overreaction. they hire too many people and hen -- then they slash too many people. but, yes, if they slash too many

people, it would be less pressure on their earnings, so maybe the earnings will not fall as much as maybe it's anticipated that they will. that's kind of the wildcard there. i still think we are going into this recession. i think this idea of no landing is ridiculous. i think it's going to be a hard landing, and i think that the market is trying to tell you that. but it may be it's going on the, you know, i think they're going to officially announce it sometime many in may or june because that's about 12 the-16 months after it initially began when we saw the inversion of the yield curve, and that's typically about how long it takes. so i'm expecting them to say, yes, it's here sometime in the next late spring. cheryl: craig, you're nodding your head to kenny's point, and also you've got some interesting picks that i want to go. what kid he say that got your attention? >> when you say a lot of the work's done, i have this list of commodities from one year ago. soybeans down 99 %, corn down 14. -- can 9%. silver, 16. gasoline, 16. heating oil, 17. coffee down 20%.

crude down 26%. cotton down 30. cheryl: a year ago, this was a year ago. the copper plague, i know. >> so it just takes a while to get into the system. cheryl: okay. >> so it looks like, you know, and the lag will start showing up. but these are really good signs that you're seeing -- cheryl: and you like freeport-mcmoran, you said that is a copper play. >> yeah. we believe at hodges capital that we're going to have a real shortage of copper. you look at electric vehicles, they use four i'ms the amount of copper -- four times amount of copper as a combustible engine. there's going to be such a command for copper going forward, and oil and gas, you can get oil out of the ground in six months, copper mines you're talking 7-10 years, so we believe there is going to be a copper shortage, and the leverage you get on free freeport is just tremendous. that's a good long-term investment -- cheryl: we've actually had companies come on, ceos come on

that run copper mines and say that the stock has been taking off because of the bullish nature of, you're right, the cop or story. kenny, for you, what do you like right now? it's, obviously, you could still arguest a stock picker's market. >> right. so i like cybersecurity names, crowdstrike was going to be one of them. i like artificial intelligence, so c3.ai is another i one that i like. i think it's mt. infant stages, i think there's plenty of time and runway for both those names, and clearly they're going to the become more and more important in the years ahead, right? separate from all the usual stuff which i got, you know, the apples9 and the amazons and the ibm and microsoft, those are two sectors that the i really, really am starting to like. cheryl: craig, you like norwegian cruise lines, interesting play. >> yeah. costs are a little bit out of control, but a year ago only 50% of the ships, now they're at 100%, so it's going to be back out. cheryl cheryl one of my high school friends is on an '80s

cruise right now, and it looks darn fun. best decade ever. [laughter] ken nicker craig, thanks to both of you. kenny, i know you agree with me. i know. >> absolutely. [laughter] cheryl: all right. as we were having our discussion, by the way, the nasdaq turned negative. so much for that tech story we had for the day. enter well, artificial intelligence finding a new calling. mobile x is using a.i. to cut out all that wasteful broadband spending in a new mobile phone service. boost mobile founder peter adderton is the ceo, he is here next in a fox business exclusive. and taking a look at big board as we go to break right now, dow is up by 29 but, remember, we were up by 181, so really erasing a lot of the gains as we look ahead to powell's testimony tomorrow. "the claman countdown" coming right back. ♪ ♪

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cheryl: well, a new player has entered the mobile wars, mobile x is a new wireless service that helps consumers control the cost of their mobile if plan. launched last week by the boost mobile founder who created mobile x to save customers money with help from, get in this, artificial intelligence. using a.i., mobile x tracks and learns users ' data consumptioning for ten days to predict what plan will work best for their needs, and founder and ceo peter adderton joins me now in a fox business exclusive. welcome back, sir. >> thanks for having me. cheryl: good do see you on this side to have ocean, certainly. the a.i. component of mobile x, do you really get enough data from those ten days to tell me here's the plan that you should have? >> we co. most people are fairly

predictable on their quites which which people find strange. when we founded boost, one of the biggest consumers had is how much do i need, how much data do i use in a month? most people can't answer the question, so they end up buying these unlimited plans as some form of security blanket knowing, as the carrier does, that you don't need that. carriers make money on breakage and overage, right? they will sell you a plan and charge you for it, but if they sell you a one or two-year program knowing you'll go over it, i wanted to answer that that question of what do i need. so what we do in the first ten days is you basically do what you want to do. it's free, and we basically allow you to go out there, and we can come back fairly accurately, 95-98%, of exactly what you need when it comes to megabytes, minutes and we only sell you what you need so you're not stuck on these unlimited

plans. cheryl: and what kind of plans do you offer? do you have a suite of plans and is it 1-5 or is it completely customized? because that seems to me to be a lot of work on your part. >> well, it's not. the machine learning is doing all the work for you. cheryl: thank goodness. [laughter] >> it's really simple, it's basically tell selling you what you need. it's no different or than every other commodity that you buy, you basically pay for what you need, so from a consumer's perspective, knowing the average usage is about 11 gig bites across the board yet these guys are buying 25, 30, 40, 50-gig plans, i've got a friend of mine on t-mobile spending $# 12 the a month -- 11 the a month, not a social media, mobilex brought his bill down to $10. cheryl: 110 to 10. >> if you're not a heavy data user, if you're not on tiktok and you're in wi-fi which we are most of the time, you're not really on mobile networks, it's

significant savings for customers. and that's really what we want to drive. cheryl: so you're using verizon's network, i want to ask you how that works if you're kind of competing with them in a way, or you're not? >> we compete with anybody who's got a phone right now -- cheryl: but you're using their lines. >> i think they're smart enough to know they don't have 100% of the market, so they're going to have to come with other brands. there are people that love the big carrier brands and people that can't stand them. thank god there's more of them that than there are the less. cheryl: this is true. you say that 5g's a bust. >> look, i think it's been a bust. i think the promise of what we were going to be delivered is just not there, there's no killer app that has come out of that, and i actually think the carriers and the industry have stalled itself. if you think about it, they spent hundreds of billions of collars rolling out 5g, there's nothing they've been able to demonstrate -- cheryl: [inaudible] investment. >> i think for the next decade that 6g won't be coming. you're not going to walk in and

say i need to spend another $100 billion on 6g. so i think what we've cone in basically offering these cheap unlimited plans at 4g prices, i think we've stalled the growth. so i think that consumers won't be winning, and it's eye. ronic because we think that they win now with these lower prices, but they're not going to because the reinvestment back into the networks of the future are not going to be there. so i think 5g, in my opinion, has killed 6g because they're not going to say, hey, you have got to spend another $100 billion, you guys, to build out 6g when 5g has been a bust, and it has been a bust. you can stream your show at 5-10 megabits per second. it's been a disaster for them this. cheryl: that's interesting. real quick, expansion. you're in the united states -- >> yep. cheryl herl but what about a global story here in. >> one of the biggest concerns, complains that i've had from customers is global roaming. when you leave this country, it's so expensive. and they pat themselves on the

back, they charge you what it costs you today in the u.s., then they charge you clash 10 a day for half a gigabyte. when you sign up for mobilex anywhere in the country, your data will come with you. cheryl: anywhere in the world? >> anywhere in the world. that's the next generation of what we're putting together, so we're pretty excited about that, and most of the carriers basically make a huge amount of money off global travel. we're in the u.s. now and we're rolling out globally. cheryl: peter adderton the, it's a different and intriguing take on mobile services. i say mobile, you say mobile. we can agree to kiss the agree. of. [laughter] peter, it's nice to meet you. thank you so much for being here. good luck with the company. all right. while the economy struggles with inflation, the job market is still tight. 11 million job openings giving workers choices. but some are cutting their hours, making it even harder for some employers to fill those jobs. madison alworth is hive in the

garden state with a look at the future of work. taking a look at the markets right now, we've had a little bit of a retrenchment for the markets on this monday. dow is only up by 10. we were up 118 at point -- 181 at one point. nasdaq is negative. ♪ ♪ like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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filmmaker tyler perry is in talk toss to buy a majority stake in bet, black entertainment media group. after reports from the "wall street journal" that paramount global, parent company, wants to sell the cable channel. perry currently owns a minority stake in the company, helps produce a large chunk of its content. paramount global, the stock, is dropping on that news right now, down more than 2%. we'll keep you posted if we get any confirmation from perry's camp on this report in variety. a fox business alert on the markets because really we've had a change in direction in the last few moments, the dow has now gone negative. we are down more than 5 points, s&p was up 32 the, now only up by barely a fraction, hanging on, and the nasdaq has gone into negative territory as well, about 35 minutes to go until the bell rings. tesla is cutting prices of its two most expensive models. the base price of the model s is

going to drop by 5% to clash 89,990. still a lot of money. the model x was cut by 9% to clash 99,990 -- $99 rkdz 990. this is the second time tesla has cut prices this year. jeff jeffreys has said that product upgrades should fueled model 3 and model y sales growth, but a lot of analysts want to see tesla come up with a cheaper model. the cheapest tesla's 40 grand. a lot of analysts are saying come up with something else. all right, there's tesla's sock the, down almost 2%. lordstown motors posting a bigger than expected loss for the fourth quarter as the ev maker missed the delivery target for their endurance pickup truck. the company has set a target to deliver 50 vehicles last year and then more in 2023, but they suspended production in february. they had, quote, performance and quality issues, plus they're struggling with supply chain constraints. that stock is down more than 9%.

jetblue actually on the uptick right now, up more than 1%. there are some reports out there that the justice county is trying to block the airline's planned takeover of spirit airlines, and it might happen in the next few days. jetblue's see yes telling "the wall street journal" that -- ceo telling "the wall street journal" they are determined to stop the merger. jetblue was a clash 3.8 billion deal that would crypt the fifthest airline in the u.s. it's seen as a big competitor to southwest. we shall see what happens here. web bush cutting its rates on -- and they cut the price target to clash 3. the firm says it's concerned about slowing revenue growth and underperform to the peers at the sneaker maker. consumers are less really kind

of keen on making repurchases, bird set to report results on thursday. stock is down almost 7%. web -- wed bush, hey dude grew between 55-70% last year. birds rode just 11%, so those are the two stocks. and then siriusxm, they're cutting their work force by 8%. that's about 475 employees. the satellite radio company taking a hit from slowing subscriber growth. back in february sirius had expected a drop in subs this year as consumers brace for, you guessed it, a recession. well, while sirius is cutting workers, some employees are cutting their hours across all sectors. according to the labor county, 1.2 million americans took a part-time job from last december to january by choice. workers are taking a step back from the grind. many are saying they're

overworked and they just want a better balance in their life. let's go live to the madison alworth with more on what the means for the work force overall. hey there, madison. >> reporter: hey, cheryl: yeah k you know, we're seeing that the increasing number of americans choosing to work part time around, just under 900,000 making that choice, and we're here at the brewery because they rely heavily on part-time work. the owner, bob, telling me they wouldn't be able to run without it. i want to talk to lauren, one of their part-time workers. you started part time not by choice. why kid you start working part time? >> the pandemic kind of forced my hand. after everything shut down, it kind of became where can with you find work, you pick it up wherever you can. now i'm just piecemealing my job together between two different, sometimes three part-time jobs. >> reporter: so at first necessity and then, you know, we were talking about it, now that you've gotten used to it, labor market has lots of openings, but

you're still at this point choosing to do multiple part-time jobs. why make that choice. >> you can make your own hours. you can really do whatever you put your mind to the. if you want to sleep in one day, you can do that. as long as you get your job done, it's very flexible. i really enjoy traveling, i would go on 2 the-3 cruises a year, and this allows me to do that without losing income at the same time. >> reporter: thank you so much. i want to also hit on another portion of the work force that we're taking a look at. people taking multiple jobs. right now it's the around 7.8 million americans opting to take on more than just one job. whether it be multiple part-time or a full-time and a part-time job, it adds flexibility. take a listen. >> simply helps because i don't have to go get another part-time job where i have to stay there for hours on end. i can pretty much turn my app on, go make money, turn off whenever i feel like it and go about my day. >> reporter: so james sells insurance, and he also drives

for uber e eats. so he's at full-time employment plus the part-tile dollars. all of this helping americans to afford life right now with record high inflation. but you really hear those two stories, some taking on multiple part-time jobs to make one full-time schedule and others saying they need that supplementary income to help their family. cheryl: especially if you are a beer drinker, you know? you've got to have the it, right? [laughter] >> reporter: yeah, there you go. cheryl: bring us back something fun. madison alworth, thank you for that live report out there the at that brewery. this thursday tune in to a special town hall on "making money" with charles payne. it's titled the future of work, that's 2 p.m. eastern time right here on fox business. well, sky-high interest rates driving car buyers mad. we are going to the ache you to the an upstate auto dealership to the see how the fed's moves is changing the way business is

done on the lot. and the ceo of huntington bank shares is going to be here to tell us what he is seeing in the housing market. mortgage rates ticking above 7%. all right, let's take a look at the bilge r -- big board as we go to break, going back and forth over this flatline. the dow is trying to hang on to gains, we're up 15. "claman countdown" coming right back. ♪ ♪

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talking to one of hose managers. -- those managers. >> reporter: good afternoon to you with, cheryl. yeah, people want to buy, the question is can they afford that car. in fact, people are finding car loans clip again says are rising to levels we can't see even in the great recession because rising interest rates is getting people into more and more expensive car loans. one in six americans is paying $1,000 a month for those car loans. now, let's dig into the numbers. when we look at clip again says, they're up 20% year-over-year. delinquencies, 60 days past due or more, and defaults are up # 33% year-over-year. why is this in well,s the almighty apr, the annual percentage rate, or the interest rate you're paying on that car loan has gone through the roof. last year in january at 4.3%, now nearly 7%. so what are americans doing about this? listen.

>> they're forced to swallow a $200 a month increase in payment. the days of a 60-month loan are over. 84-month is a very, very key term for us now. it's the only way people can stay anywhere near the payment they would like to see in their mailbox. knox mach. [inaudible conversations] >> reporter: the domino effect of this is pretty significant. american car certain, a big subprime lender, went out of business last week, and now ford is trying to patent technology that would allow them to lock the car doors of people who don't make their payments. so lots of news, and it's not all good for car buyers. cheryl, back to you. cheryl: yeah. a big part of the economy as well. gerri willis, thank you for that that live report. you know, as many americans get hit by higher car prices, the loans, they might turn to bank withs like huntington bank shares for a loan, and the

regional bank can certainly be impacted by what jerome powell says before the senate banking and house financial services committees over the next two days. we're going to be getting the fed chair's testimony there. president and ceo joins me now in a fox business exclusive and, steve, i think, first, let's start with powell. you know, we expect to get the mirror statement, he'll give his opening remarks, the same on tuesday and wednesday, but what do you think it is that he needs to telegraph to the u.s. investor and also to bank executives like yourself? >> well, i think he's going to talk about higher for longer interest rates and that we can expect to see a number of increases yet this year as they work on inflation as the number one priority, try to bring that down closer to 2%. and with that they'll also be trying to orchestrate a soft landing, and we're seeing increasing signs of stress. your earlier section on subprime, near prime reflected

that in the auto space. cheryl: wall street right now the the expectation is 25 basis points over the next three meetings. do you agree with that? >> i do. i think there has to be a continuing effort to the, again, bring inflation down. it's hovering in the 4-ish plus percent, and the target is 2 over the next couple of years. so at least a couple more quarter point increases, i think, are highly likely. cheryl: so we just had a reporter talk about what's happening on the car loan side of the economy. let's talk about mortgage rates. bankrate saying we're now above 7%, and for a while we had seen the 30-year fixed which, of course, is the most popular mortgage loan out there, that was actually ticking towards 6.5, now we're going the other direction. if, indeed, we get these new three- quarter-point hikes, where do you think we're going to top out at the 30-year?

>> i think around 7, but the short end of the curve, which the fed if is influencing, will clearly be increasing. there's already an inversion in terms of short yields being higher than long yields, and i think that will continue. i think 7% is in light of what's happening in the housing market, getting close to the top end for a while. cheryl: steve, are you seeing pressure for the bottom with line for you? are you seeing decreasing mortgage demand at the bank? >> well, we have been seeing increasing demand, february better than january, and expected as we moved into our prime season, the second quarter, that there'll be a lot more activity. and we still expect that to be the case. there's generally a housing shortage in our markets, and as we -- our consumers, our customers approach that, they have to find housing for their move or their move up as they fulfill their plans. cheryl: you know, i want to kind of focus in now on where you operate. you've got ohio, colorado,

florida, illinois, indiana, kentucky, michigan, minnesota, pennsylvania, west virginia, wisconsin. talk to me about these particular housing markets and the command that you're seeing, because obviously that's going to be a different story than someone who's trying to get a loan for a place in new york or california, for instance. what is the picture out there for those buyers in those states? >> generally, the economy is still doing well, 3.5% plus unemployment in many of these states, and economic activity still being announced, new plans for expansions. so there's a growing command foi think that'll put some continuing pressure on employment numbers. having said that, there's just not enough housing in most of the states. there are senses -- exceptions to that. and as that equation becomes balanced again which i suspect will be later this year at best, probably next year, then we'll

see more of an equilibrium right now. but there's not a lot of inventory in many of these markets concern. cheryl: which means that you're not going to see the price falls that you might see in some other parts of the country. so it's good for some of our viewers, not so good for others. you say that there's a business side to the real estate that you're focusing on. what is that? >> well, just as there's an economic multiplier with any investment, a disinvestment -- and the housing construction is clearly reflecting disinvestment, a significant slowdown last year continuing this year and we think it will be for much, if not all of this year -- that backs up things like furniture and then furniture suppliers or and all the way back to cardboard consumption. so there's a knock-on effect that the i think is being felt and we'll see in numbers throughout this year in a variety of the related sport. it's not just directly home construction. cheryl: right. but also to your point about home furnishings, i think that's

a very strong point, and we kind of heard that already from home depot and from lowe's when we got their numbers out. stephen steinour, thank you so much for being here. >> pleasure. thank you. cheryl: good to meet you, sir. well, the housing market may be struggling with high rates, but fox business is helping you find your american dream home. my show is part of the real estate block every week, fbn prime, wednesdays. don't miss. ♪ cheryl: all right. securities and exchange commission chairman gary gensler under mounting pressure to make his controversial climate change proposal more palatable to registered companies and the investing public. charlie breaks it coming up next. taking a look at the big board, stocks have had an interesting few moments. we're trying to inch back up. dow up 45 and s&p and nasdaq, we're close to locking in those numbers. we'll be right back. ♪ ♪

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charlie gasparino is here, breaking it. hey, charlie. >> i think the consensus is no. let's back up little bit on the rule. the rule should come out. then there is 30 days to study it for the commission. then they vote on it this thing could be a while yet. i think it will be around summer but you know, who knows what is going through gary gensler's mind. there you see him right on the screen. here is what we do know, the vast, vastness. this sort of scope which is incredible of the current rules right now which include everything from you know, your own carbon emissions to your use of power generated from carbon emissions to even carbon emissions in your supply chain, that type of disclosure will likely be scaled back. i hear under tremendous pressure the, from wall street, from the corporate, from corporate america.

gary gensler is now going to scale back parts of that. now how he goes is a little bit suspect. he is walking a tightrope. progressives truth the administration and congress want most onerous disclosures, everything i mentioned there. the business community is essentially again everything. they do not think climate is the responsibility of the sec he has to scale back to prevent a lawsuit from the chamber of commerce, business councils, which will likely, particularly go to the supreme court will likely win. gary gensler is on new ground here. never been done before where the sec which generally man -- mandates investors, things of earning, talking about the environment, is not their province, never was. cheryl: sounds political. >> will be highly political. you see my point.

there is something called scope one of the disclosure, scope two, scope three, is everything includes supply chains. scope two is literally if you get energy from a polluter, a colburning plant, you got to do that. scope one is what you do yourself. if he went to scope one, just did that one he might be able to avoid lawsuits from the chamber of commerce, from the energy industry, which he will likely lose. at least a lot of legal experts say. so we'll have to check to see how far. from what i understand he dumped scope three. that's done. you won't have to disclose what's down in your supply chains. the question is, does he get rid of scope two, which you're a business, any business, for foxr example, we get energy from plants burn coals not just fox,

any company. you can see how that could be generous and problematic to figure out. you're just getting information, you have to figure out whether your energy is many could proga coal plant. i guess it is doable but not easy and costly. does he get rid of that scope two, just to avoid a lawsuit and declare victory. scope 3 is likely done. scope 2, if he gets rid of two, he might avoid the lawsuits. i almost called you liz, cheryl. take that as a compliment. but he will, if he can do just scope 1, there is a good chance he doesn't get sued this thing goes through on 3-2 vote and then there is no lawsuits. just something people have to deal with disclosing how much they pollute the world. so anyway, it will be interesting, again, new ground here, very contentious, very

political. esg as a whole is one of the most contentious josh and in trouble. esg is in josh in other ways. >> would cause problems. keep an eye on this. this is big story going forward. back to you. cheryl: charlie gasparino, thank you very much. i'm here all week, charlie, just so you know. closing bell will be ringing. we have just unfive minutes right now. the dow, s&p wiping out most earlier of gains. the nasdaq as you can see is in the red. dow up 49, s&p up 3. the dow was up 181 point. we're looking at lost ground today. big story we've been following over the weekend, and now again, china, they set this year's growth target about 5% but the founder of mobius capital partners, mark mobius says investors should be very careful of china. if you want to follow his advice, our "countdown closer" says european funds would be a great way to play this. david kudla, main street capital

management. more and more we're getting away from investing in china. the biden administration is getting in on the train now. you say europe is the winner. why? >> well you know we were excited about china and the reopening there when they gave up the zero covid policy but there is other issues with president xi and the politics involved, what you just mentioned about mark mobius. so we think there is some opportunity in emerging markets but in europe, we have europe right now, almost every industry sector is trading to a discount to the corresponding sector in the u.s. some discounts are warranted. there is a gap to close there. a lot of that europe was expected to have a recession based on the energy crunch that would significantly affect them this winter. ended up being a warm winter. lng was shipped to the u.s. to europe to make up for russian energy supplies. we think europe has a wrong

runway ahead still. cheryl: any change to the positive, any potential end or even stalemate with the war in ukraine could be a big market boost, really for the the global markets but really for europe markets. we were showing your pick, the european etf. let me ask you about a couple sectors, everyone is talking about small caps. everyone is looking for a place to put their money and make their money as we deal with the economy. small caps you say yes? >> yes. small caps right now are trading historically low forward price-to-earnings ratio. looking where they trade relative to large caps. the pe of large cap versus small cap right now is near the lowest that it has been in over 40 years. so, attractive valuations in small cap, tend to do well with this, what we're seeing in a resilient economy an as we move

forward here we think small caps should be overweight in investor portfolios. cheryl: i want to tee up ahead to tomorrow. we'll be hearing from jay powell. he will talk to the senate tomorrow. this is his biannual testimony, the hawkins testimony which sounds like a middle school dance. he will talk to the house on wednesday. when you talk about recession, the economy i think a lot of recessions will be related to the word recession. what do you expect? >> well i think, what we'll be looking for is there any hint, an i don't think there will be, any hint if the next hike will be 50 basis point rather than 25. we still think we get 25 basis point. when we look at this economy, what we've seen in terms of the labor market continuing to be tight, now we're seeing ism and pmi numbers coming in stronger again, and you know, essentially it's a game with the fed of trying to tamp down inflation, how far do they need to go?

i don't think we'll get a lot from jerome powell over the next day or two. cheryl: you say it's rolling recession. i will add that to the list of words to describe this recession, prolonged recession, short recession, shallow recession. i'm going to write a book about it. david kudla, david, great to see you, thanks for coming on and thank you for the picks. really appreciate it. >> thank you, cheryl. cheryl: i want to give you some context here, technology, growth names kicking into high gear this morning e we're looking at a market retrenching. the dow is up 48. [closing bell rings] cheryl: fed chair powell speaking tomorrow. snapping a two day winning streak. i'll see you tomorrow. now for "kudlow". ♪. larry: hello folks, welcome to