means the economy is many trouble, so this won't be too bad. the bottom line here is that the data is specious, the commentary will be overdone no matter what, and the pom-poms will come out. you have to stay laser focused with your own -- what i've been saying on the show -- with your own portfolio. you've got to stay in the market, but you have to be select i have, and you have to be somewhat nimble -- selective and nimble. i think that's going to continue to be the case. we talked a lot this show about rotation. rotation from one sector to another sector. it's easy to chase, and it's not too bad with if you chase at the right time, but right now is a real pivotal time, folks, particularly tomorrow. pay close attention to the jobs report. we've got your back. in the meantime, this last hour of trading should be intense, but you've got the right person to guide you through it. liz claman,s over to you. liz: yeah. we do need to guide people through what is going on right now. session lows for both the s&p and the nasdaq, the russell as

well. nasdaq had been higher by 40 -- let's see, 190 points. we are now down 110 points. look at the dow, down 396. it had been up 296. the markets all flipping around in the past let's call it 46 minutes from modest gains to outright losses. we should look at some a intradays here. you can see the news, geopolitical tensions turning u.s. markets upside down. and here is what we know. if you look at oil prices, this may be the key of what's going the on. oil prices surging in the aftermarket in a dramatic split between the white house and the government of israel over the war in gaza. at exactly 1:31 p.m. eastern time, you can see the dow chart -- and right now we are hitting session lows -- when the index started to nose dive, erasing earlier gains, as a i said, of 29 4 points after a phone call between president joe biden and israeli prime minister

benjamin netanyahu. we understand that biden demanded an immediate ceasefire in israel's war against hamas if terrorists. israel pushed back. netanyahu said it will defend itself, it can defend itself against anyone if that is going to hurt it including iran who has been working against the jewish nation for years. now you throw in fedheads to the mix, so we've got a lot of worries here that are hitting the markets. fedheads, seven of them, fanning out across the nation if starting about five hours ago. six federal reserve bank prosecutes and a governor have either -- presidents and a governor have either spoken or about to speak p. three of them are voting members, one of them, tom barkin says he has, quote, no interest in changing the fed's 2% inflation target. and, of course, considering we're still above that the level, the central bank should, quote, not back with off by cutting rates just yet. mega-cap tech stocks in play for the second day in a row.

earlier we had meta notching a fresh record high, right now it's at $516.83. still up about 2%. jeffreys raised the target to $585 from $550 on ad strength. alphabet, let's look at that one. it is off its earlier lows that was hit in the wake of a financial i'm times report that google is considering a first for the company. well, now it's back down to etc. -- [laughter] my goodnesses. this ab a wild session for just about everything here. -- has been a wild session. apparently, according to the financial times, google talking about charging users for premium a.i.-powered search features. does the paywall chatter suggest traditional google search and the ad revenue that always has come with it is now threatened by rival chatg gpt? ever core's mark mahaney, the top guy who covers all three of those stocks, is here and, you know, we're questioning is this a flashing light for google

investors? he's got his internet favorites and the ones where he says investors should a take a detiewmplet we should look at treasuries because often when stocks fall, treasury yields climb. we have treasury yields though still moving lore -- lower, down about 1 basis point for the 2-year yield with. yesterday we were at a couple weeks' high, so we've got the yield at 4.66% for the 2-year and the 10-year cooling just a bit too, the cooling yields could be due to rising weekly jobless claims which indicate, of course, more people than expected joined the unemployment line. initial claims gained 9,000 to 221,000 last week. the expectation was for a gain of 214,000. so a little bit hotter than that. let's get right to the floor show. joining me right now, rbc capital markets head of derivatives strategy amy lucille veryman and jpmorgan strategist for the americas, gabriela santos. this breaking news certainly anticipates, gabriela that, boy,

the markets are very sensitive at least suddenly to geopolitical issues here. let's talk about what's happening right now as we cycle through some intradays. >> so i think the markets have been very sensitive here to start the second quarter with. keeping in mind the sr. -- very, very strong past five months, right? equities are up a 25% in five months, credit spreads are tight, and i think really investors are trying to figure out how much they should question the narrative that emerged over these past five months of solid economic growth without inflation and a fed bias to normalize interest rates rather than take them any higher from here. and we've been seeing all week investors very sensitive to any minor economic data point, the ism survey, the jolts report, jobless claims and then you throw in as you mentioned, liz, fed speak and geopolitical tensions to the mix, and it's fanning some of this temporary bump in the road, in our opinion, given that we just see

these at at the moment as bumps in the road of that positive narrative. liz: folks, we are looking at a swing from trough to peak to trough here of 724 points for the dow. amy, we're just looking at volatility. you're in the derivatives world, and of course, options markets scream all kinds of messages. what are hay screaming here? >> so, you know with, i find situations like this especially fascinating because with for, you know, a few years now post-covid the left tail has been completely ab a sent. people have not been messaging. people have known there are geopolitical risks out there, and they're ignored that a -- liz: are people getting caught flat-footed here? >> i was going to say, you know, that that's potentially an issue. we're going to start to see the vix move, and it can spike to 88, a high for the -- can. liz: we're at 16 for those of you listening on xm. >> it's a long road in terms of with where volatility can go, but coming into this cost of protection was incredibly cheap,

and people were much more focused on upside tails. liz: yeah. and go ahead, amy -- i mean, gabby. what were you saying? >> in terms of the geopolitical tensions, certainly we see it impacting on the downside in terms of the narrative the on the inflation as well as the economic growth side. i think it's interesting to note that we're seeing stocks sell off at the same time that bond yields are low -- liz: right. >> and to us, that's really the right reading if we continue to see oil prices spike on geopolitical concerns with regards to israel and iran but also with regards to ukraine and russia which is another variable driving this. because, ultimately, if we do get a spike in oil prices, we would actually be more concerned about how that affects the consumer's wallet, spending and the economic picture much more so than the inflation side of the boat here. liz: right. >> more of a protection ferries aring assets. liz: i do want to make this point about the phone call between joe biden and netanyahu.

apparently, joe biden said that any aid to israel -- and, of course, for as long as israel's been a nation, the u.s. has been right there with a lot of aid -- any aid would depend on how israel treats the people of gaza. this comes, of course, days after aid a workers -- aid workers were killed in an accidental strike. but there wasn't a real demand for downside protection before this. that that's what i'm hearing you say. what do you suppose is going to change here, if anything? >> i think a lot will change, you know? you've taken an unknown unknown, and you've made it a known in the market. the one thing i'll say is, yes, we didn't see that much hedging, liz, in s&p puts. but even prior to this we saw a focus on energy upside, and we saw a focus on gold upside. so investors e were very worried it's just that the worry was coming through these two channels rather than the s&p itself because the s&p itself has to contend with the breadth of the market, with a.i. and

nvidia being a theme. it's too concentrated. so how do people play these geopolitical worries? we saw it in xle, xlp, people were buying call spreads if as well as gold -- liz: a call spread on the xle which is the energy etf would with make sense because we're looking at above $86 a barrel. and amy just made the point, gabby, about how the broad withenning of the market was just starting to happen. are you expecting to still see that if people get a little anxious here? dow is down 364, off the lows of the session but still a 700-plus-point swung in the matter of a link of -- blink of an eye is disconcerting to some people. >> i think we have to see how the situation evolves. it's certainly still an unknown situation of how exactly this is the ultimately going to -- or not -- affect oil supply and, hence, oil, gasoline prices from here beyond just a temporary spike on some geopolitical

uncertainty. i think if you think about the reasons for the broadening out, at the moment they still hold which is this idea of still solid real economic growth with some inflation but without a surge in input costs that's too damaging. hence, you get earnings broadening out as the year goes on, and you get a continuing broadening out of actual market performance. liz: you like high-yields investment grade, earn certainly among the equity picture as well, but mid-cap technology, is that true? that's correct, right? >> so i think, yes. the broadening out goes beyond just is it technology or energy. of it's, well, what other ways can we access even the a.i. theme. and mid-cap tech are the companies that haven't yet quite participated in this enthusiasm around a.i.. we also like some quality cyclical sectors which can include large cap banks, industrials, parts of health

care -- liz: okay. >> but i think the risks around geopolitics, rising gasoline prices, to me, i think the nuance is we're still talking about quality, we're still the talking about focusing on the companies that can weather uncertainties -- liz: yeah. >> and one success or to have that we're still cautious around is the consumer. liz: and i would think, amy, gold. obviously, gold's billion on an incredible run, it's above $2317 an ounce right now. you're looking at options play there? >> yeah. you know, we had been looking at call and call spreads in gld and gdx actually prior to this as a flight to safety. i want to say one thing on the bred withth of the market that i think is really interesting right now, when you look in the past when things like this happen, the flight to safety tends to be a play between s&p and iwm. so people start to flee back into these mega-cap tech names as a flight to safety. that's what we've seen before, and then iwm suffers. so iwm put spreads as a hedge, you know, especially with the rates in play is another

interesting strategy that we've looked at especially when you bring geopolitics into the mix. liz: of course, iwm is the financial instrument for the russell small and mid caps. >> right. liz: great to have you both, amy, gabby. important voices here especially at a time where we are continuing to watch the gyrations in the last let's call it 53 minutes of the markets. we're getting new information on the roping of that port in -- reopening of that port in ballot or more following last week's collapse of the francis scott key bridge. we are going to have detailsen on where the clearing of the debris stands. there is a major business component developing to the timeline. the ceo of international freight platform freight hose is here to tell us how wadley the maritime accident could reignite -- do we even want to say this? -- the nightmare of a supply chain disruption again? here's how maritime shipping stocks are trading right now, some of them, ocean, pal, shipping, tidewater, they have a mixed picture at the moment the only thing that's mixed in the markets right now because the

dow, nasdaq, s&p, russell and the transports are all lower, bitcoin is higher by 3.8. stay tuned, we're coming back in a moment. ♪ ♪ (grandpa vo) i'm the richest guy in the world. hi baby! (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is. (vo) the key to being rich is knowing what counts. from pep in their step to shine in their coats, when people switch their dog's food to the farmer's dog, the effects can seem like magic. but there's no magic involved. (dog bark) it's just smarter, healthier pet food. it's amazing what real food can do. ♪

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liz: we need to get you this breaking news, maryland governor wes moore holding a news conference in baltimore about the removal of the debris if from the bridge collapse just over a week ago. he just said that the port will stay open even if the channel is closed because then able to carve -- they were able to carve a separate area for some maritime traffic to go through. meantime, president biden heads to baltimore and the bridge tomorrow to assess the recovery effort of the bridge workers who are still missing since a cargo

ship slammed into the structure just over a week ago, collapsing the entire span and killing four. this as shipping companies are frantically carving out new ways themselves to get around the baltimore port if closure with. -- closure. here's an example, cs, and. earlier it was gaining, it has now let finish like the rest of the market, reversed after announcing a new rail line to move diverted cargo that was supposed to head directly to baltimore. the train route will help move goods and commodities between chicago, kearney, new jersey, and baltimore. steve. >> shriver is the ceo of an online marketplace where businesses can set up with freight companies, clients include ups, electrolux. what do your clients describe as they attempt to get goods in and out of the port? >> well, i have to say just that the port of baltimore for container or traffic, which is most of what trades on freighters, it's about 5% of the

u.s. imports. and fortunately, we didn't have any customers with contarians oc ship that's a stuck after the tragic accident and is stuck. that was a medium-sized ship, a small part of the trade there. in general is, the network is welling -- coping well. people are finding alternatives. the impact, while tragic on a local basis, is not really impacting overall flow of goods in and out of the united states. of. liz: well, i do have to say that's not entirely what we heard from some auto parts suppliers. let's talk about specifically what your clients are trying to move in and out of the area and how much time will be added to that sort of end run to the final point that tease goods are supposed to -- these goods are supposed to go now that you have to do the reversal. >> yeah. let's make a distinction between container and containerized goods which is the majority of goods. and as you say, vehicles which

come on railroads, baltimore is more significant for roll-on and roll-off. but the trade -- terminals is still operating in ballot or more, so one-third of the capacity is still available. and other ports, you know, are able to step in like brunswick, georgia. so there will be some local delays for that percentage of vehicles, for sure. liz: okay. >> but overall, when you look at the flow of containerized goods, we're not seeing an impact. we actually saw container orized rates drop in the past week perhaps surprisingly are. we don't track the -- [inaudible] rates specifically. there is no more impact for railroad, but it does seem other ports are picking up the slack. of course, some vehicles may be delayed as they come to a port slightly further away, but we're not seeing a backlog at a other railroad ports. we're seeing that the network is coping even if there are some, obviously, local disruptions. liz: well, let's talk about

global disruptions because t not just this. this comes on the heels of everything from the drought in the panama canal which brought water levels so far down that ships cannot maneuver through it, you have the houthi attacks in the red sea and, by the way, there is a headline are coming through right now. of course, there is the some -- a big development in the middle east. but a you think leader is sayins saying, almost cheering the fact that a total of 90 ships have been targeted in the red sea since the houthis launched their attacks on basically any country that's trying to move cargo through that. if there is that. as you said, the baltimore bridge chance. this scares me because you think about the old -- and i say old meaning two, three years ago, 2022 -- the supply chain disruption that that really sparked the inflation that we see today. might this push us toward a version of that?

>> we can quantify the impact, and it's much, much less than that. liz: okay. >> certainly, the houthis have had an impact. almost a third of that goes around the horn or -- of africa which takes more time. so that has had a big impact. we've seen ocean rates on the freighters terminal go up from about $1,000 before november to about $5-6,000 at the peak. and this is to the east coast which is also impacted. but they've dropped in the haas week from 5,000 to $4,300. so the network is kind of adjusting to the new normal, adjusting to the longerst transit time -- longer transit time and still coping9 with the capacity. we're seeing rates elevated9, but put that in context, rates during covid were up to $20,000. and now they're at a $4,000. so it's, you know, $1,000 to $4,000 sounds like a lot, but

compared to $20,000 during covid, this is still a very moderate peak in rates. lew e liz okay. we like perspective. we always think it's important. i mean, today, right now, we've got a much lower market than we had when we opened the session. that is sort of a moment-by-moment situation. but we do always appreciate that per spent if i. yeah, much more costly trying to ship things back during the pandemic. zvi, thank you very much for joining us in a fox business exclusive. >> thanks, liz. liz: while the key bridge represent, of course, both a human and business disaster, ahead of monday's solar eclipse some doomsday preps anticipate disaster -- preppers anticipate disaster much bigger. they're so hard at work with at this hour doing what? well, to them, here's the question: is the eclipse a sign that the end of days is near? and what's the billionaire class doing to insure their own you are survival? we are about to show you companies making billionaire bunkers for the rich and worried. here's how prepper stocks are

trading right now. what are programmer stocks? consumer staples in canned goods companies because, of course, if the apom lips is upon us, you've got to use colgate palmolive, pepsico, walmart and, of course, beer. anheuser-busch. we are coming right back. the dow is now heading right back down to session elopes, down about 4 -- session lows, down about 431 points after having popped 24 earlier in the session. ♪ dub 299 4 earlier in the session -- 2294 earlier in the session -- 294. you founded your kayak company because you love the ocean- not spreadsheets. 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

♪ liz: we are going to check the markets again because we are looking at a developing story out of the middle east that has forced the dow to swing from a high of a gain of about 294 points to now even further into the red. the dow down 481 points, the s&p had been up 45 points. this is a big swing for the s&p, had been up 45 points, now lost all of that, down 52. the nasdaq down 171. it had been higher by 190. you can see the russell down nearly 11 here or -- 1% here or 19 points. the repercussions of president biden's phone call earlier this afternoon with benjamin if netanyahu of israel where he demanded that israel put in place an immediate ceasefire if has caused a big spike in oil prices can then appears to have triggered our market move

downward because this all a happened at exactly the same time. biden demanding this immediate ceasefire and threatening policy changes by the u.s. and and how it fashions its own policy with israel. and and as we continue to watch this, i want to show dow the coffer of -- cover of the israeli web site here, biden to netanyahu: u.s. policy -- sorry about that -- u.s. policy on gaza will be shaped by israel's reducing civilian harm. and and so the dow now continues to climb lower by about 485 points. i do just want to quickly check oil in the aftermarket, it is up 1.5%. all right, once again -- now look at the dow, down 500 points. so we are seeing this -- can we punch up, i'm just going to call an audible here, the volatility index, the vix? an intraday would be helpful. we have it up about 15% at the moment week to date that means that a we have seen the vix,

which has been so come place is sent, this is the fear index -- complacent, week to date now up 27%. so at the moment you can see when that phone call happened just after 1:30 p.m. eastern, and then the big moves intraday in the markets and in the vix. while we continue to follow that story, we need to follow this one, 2024 survivalists not just worried about the war in the holy land, that is one of their concerns, but also artificial intelligence and monday's impending solar eclipse. throw severe drought many in africa into that and global disasters elsewhere, and all of them at least to some people hint that the end of days could be on the horizon. i'm an optimist, griff. let's get to fox news' griff jenkins live in washington, d.c. on how companies, i guess, are helping build so-called billionaire bunkers. >> reporter: well, listen, liz, if you have a billion dollar bunker, you're probably not worried too much about that dow plunge happening right now. and the question is though when

the apocalypse hits, where are you going to go, and how much do you want to spend to be comfortable? chances are you won't go to one of these old 1960s cold war-era a shelters. all we were worried about were soviet nukes. now it is everything from world war iii to a terror attack, to a power grid collapse. and bunker builders or say people are worried about what the future holds. >> they're afraid that there could be a revolution in this country, and it could be all-out civil unrest. and they don't want to be a part of it. so there is a race to get all the bunkers in before the november if election. >> reporter: ron hubbard, the ceo of atlas survivor shelters, saw a spike in demand when the ukraine war started and again when war broke out in gaza. he builds these bunkers across the economic spectrum. for 20 grand you can get the basics, a bomb shelter. dig a little deeper, you can get the $100,000 big boy bunkerrer. but take a look at the high-end bunkers.

this one ran about 400k, it's in texas, two months old. inside it's as nice as our own homes. but for some of ron's customers, that big boy do does just fining. >> a lot of people waste money on things that just don't matter. for a little bit of peace of mind, it's worth it. it's worth it, 100%, just to have, just to know, that hey, just in case, we have it. >> reporter: just in case, you have it. we actually saw some renderings too of the builders building a ring of fire like a moat around your home or water cannons to repel i invade isers. it's really a whole big ball game here, it and seems to be sky is the limit on what you're willing to spend. me personally, i'm a surfer, liz, so if i can spend whatever i want, i'm going to put a wave pool in my bunker just so when the end of the world comes, i'll still be riding a wave. [laughter] liz: i need a wi-fi, a blow dryer, i need chocolate --

[laughter] a ring of fire and water cannons. okay, if it comes to that, everybody, just hands up, let's go. griff, thank you. we do just want to check the dow here. we hit a new session low of a loss of 054 -- 504 points. right now we're down 485 points. we continue to follow the story out to have middle east and washington d.c. in the meantime, unfortunately, doomsday preppers will not likely be able to escape terrabonn firm ma, but intuitive machines is still making plans for life in space. and nothing is working for it ever since we heard that news about the phone call that has brought the markets down to session lows. even something like lunar, lunr, which has nothing to do with what goes on in the middle east, the phone call between joe biden and benjamin netanyahu where biden used some strong words demanding, basically, a ceasefire right now. let's get to intuitive machines at this hour. i it did win a $30 million massa

contract to build a terrain vehicle part of the art miss -- artemis campaign. the packaged french fry maker is at the bottom of the s&p 500, down 20% and on pace for its biggest intraday percentage loss since march of 2020. the company cut its annual adjusted profit and net sales forecast as it revamps its supply chain due to a slowdown in restaurant demand. and, i mean, listen, there's always room for french fries. i don't know why this would be a problem but apparently it is. levis strauss doing the opposite. earlier today it hit a 52-week high. it's barely off that right now. still up 14.6% after the denim company with the distingtive red label -- distinctive red label beat with estimates and raised guidance detroit citing the new ceo's cost-cutting initiatives and a focus on direct to consumer sales. you may remember he was the former ceo of kohl's.

hubspot is up right now about 5.7% at this hour on a reuters report that alphabet is mulling an offer for the online marketing software company which has a market cap of around $35 billion. the potential acquisition would be google parent's biggest ever. a alphabet google down 2.5%, but maybe that has to do more than with toying and the idea of buying hubspot. it's also apparently thinking it might put its artificial intelligence products behind a paywall. top tech analyst mark mahaney is here to tell us what might be driving -- or maybe it's forciny and whether he thinks google's gemini and its a.i. image assistant -- yes, the one that spit out a hallucinations like a black george washington, a female pope and and more odd bawl images during surges -- will be something users each want to pay for. bag to google's top competitor, microsoft, which is a

multibillion dollar stock in openai is earlier at the very top of the dow, it has reversed. it's still number three in thats position behind walmart and chevron, but it's reversed with the rest of the market, down about a quarter of a percent. we are coming right back. now the dow is dropping to session lows, down 519 points. mug. ♪ welcome to ameriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcía's, love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence. my sister's told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. ♪ i have type 2 diabetes, but i manage it well ♪

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get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo liz: all right, we've got another fox business alert here. we are making fresh lows as we we speak, so i'm going to look down here really quickly. dow jones industrials now down 561 points, s&p lower by 64. folks, look at the nasdaq, down 209 points, 1.25% loss here, 1.5% for the dow. russell getting clobbered here, down 1% or 24 points.

and, of course, this has to do with a big swing where oil started to spike at around a 1:30 p.m. eastern after news was made that president joe biden had had a phone call, a tough one, with benjamin netanyahu, saying ceasefire now. and now former president trump is weighing in. this is breaking news, speaking to hugh hewitt, the radio talk show host, the conservative radio talk show host. trump, in's essence, saying he does not like -- he's not sure he likes the way israel is handling this situation in gaza. you have got to get it over with, quote, and you have to get it back to normalcy. the former president saying let's get back to peace and stop the killing people, and that's a very simple statement, trump said. they have to get it done, get it over with. meaning the war against hamas in gaza. and then go back to normalcy and peace.

so if we can just dip in to the volatility index, it continues to climb now, up about 17%. this session alone are. of course, all of this developing in the last are hour and about 20 the minutes. as we continue to watch. that story, we're watching tech and let's talk tech now with every core isi's research head mark mahaney. google alphabet up $160 but does see some warning lights and ors mark, thank you for joining us. you also cover microsoft and meta. we'll get to those in just a minute. but let's really talk about what the financial times is reporting, and that is that google may put its a.i. search behind a paywall. is that a good thing especially considering they've been a little late to the party with hair the gem my versus opena a i's chat bot -- gemini. >> well, thanks for having me on, liz. google is doing a lot of experimentation. you put it in the context of a

lot of things that used to be sort of free content, ad-supported content or going welcome back behind the pay -- going behind a paywall. it is a little surprising that google would do that. but with there's probably a small percentage of their audience, i don't know, 5% of their audience of the users, the billions of people who use google, that would actually pay for kind of accelerated, amped-up, you know, really kind of unusually strong search results, search tools. it's not just forking you know, quick look-ups of golf courses nearby, but to do research projects, to help me write a letter to the editor, you know, whatever, things like that. a lot of the things that you're seeing out of the most advanced versions of chatgpt, that's paid forral well. so there the probably is a new business opportunity that wasn't clear to anybody until about a year ago. i guess in that sense i'm not terribly surprised, but all of us should expect the vast, vast majority of google usage to

still be free for the foreseeable future. liz: the problem is, i think the gemini chat bot that google has needs a bit of refinement. it was hallucinating, putting up in basic searches george washington, a picture of george washington as a black man. i just think that this might be not a white flag waving by google, but saying, wait a minute, we're losing ad revenue on our basic search here. so do you continue to have an overweight rating on this stock? >> yeah, i do. i think there's a bunch of overhangs on google, the stock. i think some of them are fixable. i think this company could any day announce a dividend. they should be paying a dividend. i think that's a positive catalyst. i think they could be more aggressive about managing costs. it's kind of like a memo went around silicon valley saying, hey, it's time to i pay heed to cutting costs. meta practically wrote the memo, but google seems to have sent it back. i think this overhang related to somehow google is gen-a.i.

roadkill, i think it's the wrong. i think this gemini tool is actually very powerful. have there been some mistakes? absolutely. but this is a very powerful tool that's good not only for database searches, for research projects -- liz: as you said, yeah. >> it's something that i think if there's going to be an a.i. assistant that we're all using, i think google's got a decent chance of being the company that bricks it to you, and i don't think -- brings it to you. liz: i want to pivot to spotify because it's one of the names still in the green at this hour and hasn't been swamped by thed broader market turning south here. it hit an earlier, i believe, annual high, even more than that, of $304 a share. it, too, is able to -- well, it is able to get some pricing power here. it's expected to raise prices by about a buck or two in fiver if major markets including the u.s. what happens here? >> yeah. so, look, i like spotify as a stock. it's a small buy for us just like netflix. both of these companies have had dramatic rallies in part because they finally pulled pricing

lever, and the reason they can take it up is they offer a phenomenal value proposition. these great librarieses of music and they're easily accessible. what's come out now is spotify's reportedly going to do another price increase, and the market's confident they can get away with it. you just hired a new cfo or announced a new cfo for spotify who's known for really managing costs and delivering free cash flow. and the rest of tech has kind of caught this, you know? it's not just growth at any cost anymore, you've got to do profitable growth, and the companies that are really steering, keeping costs fixed and allowing all that revenue growth to flow down to the bottom line to come back to shareholders, those stocks are being rewarded. i like it. it's had a big rally, so it's not a big, big pick for us but, yes, i'd still recommend buying its. liz: be careful of buying something at a 52-week high, for sure. mark, it's lovely to have you, thank you very much. on a very busy day. >> thanks, liz. liz: amazon was earlier within kind of spitting distance, i

guess when you talking about trillions, of a $2 trillion market cap. it's the at 1.ing 877, it was at about $1.9 trillion earlier. as as we continue to watch the rest of the market, amazon right now has reversed. it is down just under 1%. biggest point swing for the dow jones industrials in 16 months. it was earlier up 294 points, has completely reversed as you see, down 522 on breaking news about the future relationship possibly, at least the tenor of it, between israel and the united states. ♪ ♪

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>> do have more news from the middle east. adding to the market tremors since the contentious phone call earlier this afternoon between president joe biden and israeli prime minister benjamin netanyahu. the "jerusalem post" reporting that israeli embassies around the world have been put on high alert amid iranian threats. according to israeli media, diplomats abroad are concerned that the embassies will be targeted specifically by iranian

retaliation. some ambassadors have been cautioned not to arrive at public events over concerns of their security. this pertains with the phone call between president joe biden and netanyahu, where biden said we demand a cease-fire immediately. any aid to israel from the u.s. will depend how israeli, how the israelis treat the people of gaza. so this question, charlie gasparino has sparked a major selloff in the markets. >> you and i follow markets. that is our specialty. not exactly geopolitics but we follow it. the conflict between politics and finance is always present and this is where it gets really tricky. let's follow the events and how the market is interpreting events. liz: show intraday here, folks. >> joe biden comes out and basis says, israel, we want you to quit now.

liz: cease-fire. >> want you to quit, cease-fire. everything is dependent on how you treat the people of gaza. basically saying we're casting doubt on your continued military advancing to get rid of hamas. the minute that happens, iran turns around and starts sabre-rattling, okay? one of the most, one of the worst actors in the middle east. and the minute that happens the markets literally tank. so what the markets are saying is that the void in leadership in many ways in the write house, the fact -- liz: concern about oil prices going higher, sparking inflation once again plays into the fed. >> the fed, the fed can't raise rates. liz: cut,. >> cut rates. remember they're also worried about like when america speaks pretty forcefully and singularly and strongly usually you don't have these cascading events and i think it's raising questions about biden's leadership. now trump came out and weirdly chimed in on this too.

liz: he said to hugh hewitt, the conservative radio talk show host in the past couple hours, i'm not sure i like how israel is handling this, more of let's get this over with fast. of course. who wouldn't? >> one of the reasons why it is not over fast because the biden administration keeps making these things arms are contingent you do everything you can to limit human casualties, civilian casualties. if i'm looking at this as a market player, as great as everything looks, all the stocks reached these all-time highs it only takes something like this to really take the markets and turn them on their heads. obviously if we have a spike in oil priceses, we have inflation, no more cuts. liz: speaking of cuts, sam stovall, cra research. he has been following oil and the steady rice recently.

same, we have oil spiking 1 1/3%. it is a fact of the markets these things just as charlie say correlated, the? >> exactly, liz, and i think what the concern is that the market has done so well. they have been hearing strategists talk about you how the market is vulnerable with a digestion of gains and the possibility the fed will be slower to lower interest rates, combined with heated rhetoric in the middle east, those factors are taking profits as they can. liz: go ahead. >> sam, do you think the june rate cut is still baked? we had larry fink on, blackrock ceo, saying he will generally do it. powell usually telegraphs what he is going to do, that was early but now it is kind of

mixed, what do you think? >> charlie, good to talk with you. there is still more than a 50-50 chance the fed will cut in june. we're forecasting 75 basis points, 25 basis point cuts between the june and the end of the year. we're only likely seeing one rate cut by bostick. some are saying why have any rate cuts. liz: barkin said today, sorry to interrupt, tom barkin, he sails he has no interest in backing off the 2% inflation target. he said just, we got to wait until we drop to that and we are not there yet, sam. >> sure. well as they were saying when they were raising interest rates they doesn't want to make the same mistakes made in the early 1970s or later 1970s, where they

started, stopped, started, stopped again in terms of rate hikes. they want to be fairly consistent. they want to make sure their dual mandate is met. i think they will be happy to wait if they feel that would not lead to recession but would indeed bring inflation down. liz: all right, sam, good to have you on a very busy breaking news day. sam's picks, patter sown, target resources and synovis energy. we appreciate you coming on. folks, it is the swings that have been quite dramatic for the dow having been up more than 294 points. now down 525. the big swing, 860 plus points peak to tough and here we go. [closing bell ridges] there are the bells. looks like the s&p down one 1/4% or 63 points. nasdaq down 228. we get the jobs report tomorrow. see you then. ♪.

jackie: hello,