in fact, it keeps compounding and compounding at higher and higher rate. in fact look at that chart close enough and i don't know we've seen a more blistering move in inflation and in the 70s, the first spike in the 70s not looking agreeance as we're dealing with right now. egregious and wartime spending effort and they won't. it's all about the clean climate agenda and you'll have to get used to more gaslighting folks. meanwhile we know one thing and inflation is crushing americans. 41% of the country and now mentions inflation as most important family financial problem. wow. i mean, they deserve a break. i don't think they'll get one though. meanwhile ashley webster taking you for the final hour of trading with liz claman. ashley: always appreciate it. thank you, my friend. the dow's 40,000 party, what hook and hold, fizzling out here

a bit late in the session. i'm a ashley in for liz today. major averages holding onto gains and dow s&p 500 and hitting intraday the dow hit ago key milestone and crossing 40,000 for the first time ever during today's session. get out the hots and rise for 30,000 to 40,000 took 873 trading days to be exact. on the 4 of 2020. what starts have driven that 10,000 point gain. dolled man zacks and 150 point-blank layupses to the dow and followed closely behind for

microsoft, united health and caterpillar. posting top and bottom line beat and wal-mart's online sales rocketed higher by 22%. impressive. helped by households earning more than $100 per year. also for the first time, the retailer saw its delivery business surpass store pickup in terms of volume. value mart now expects to hit the high end or top its previous four year guidance and investors loving that news. wal-mart also of course considered a bell weather of the economy. what is the retail giant telling us. wal-mart analyst and ivan fineseth cio with tiger

financial partners and gene goldman. gentlemen, thank you both for being here. ivan, let me begin with you. i guess, what is this saying if wal-mart is doing well, even with those wealthier shoppers, good for wal-mart, but is that not a good sign for the economy? >> it's a good sign for the economy that they are and able to attract a higher income customer because everybody like as bargain and value, and especially that wal-mart excels in selling stapled goods. ashley: is the john coupler feeling the pinch? >> yes and thanks for having me

on your show. of course i think the key players and we're not headed for recession because areas in recession today and housing and manufacturing are bouncing back and credit card debt at trillions and it's rising at a decade high and student loans and taxes and high interest rates and average slowing down. it's worsening ashley: it's back to around october 2022 and the big question, where do we go from here? still room to run? >> yeah, i think the market has way more to go. first of all new highs beget new highs and new highs in all three indexes, dow s&p 500 and there's

cash on the sidelines feeding into the market and it's it's missed out and 4-5% getting money markets or t bills. the big driver continues to be earnings growth and revenue growth. we just get out of good results out of q4 of last year and good results so far out of q4 of this year and average earnings of s&p 1500 is 5.4% for first quarter up from 3.2% expected. full year is expected to be better than 11%. and earnings drives the stock market. revenue growth and earnings growth drive the stock market and what drives the economy is still jobs, jobs, jobs and the employment picture and the overall wage picture remain

strong. >> let's take a step back in terms of seeing the market ask agreeing with the october 27 correction low of last year and valuations are high and certainty on fed action and consumer is under pressure and we expect the pullback and should be short lived and no recession in the next 12 months and fed will cut rates later this year. earnings growth looks pretty good. you tie in what does it mean to the market and means a widening market breath. other asset classes that in sectors that are undervalue and underfollowed and goes to us and small cap and value and within

those sectors, industrials and think about this. agriculture, defense spending and healthcare and defensive growth sector and financials, financials as yields start to pull back between vision later this year, it's a boom for financials and they've been pricing in the worst case scenario and that's great for financials. ashley: we need a bit of correction, 5-10% and can't go on for a shock. what say you? >> we had a little over 5% correction in the s&p about 8% in the nasdaq. covered strongly and first of all, the sideline cash and the biden dip reaction to any pullbabacks and the wanting to give in on the market recovery

with pullbacks and that is right short and shop. ashley: so much to talk about and not enough time as always. gene and ivan. thank you, gentlemen, both for chatting with us today. really appreciate it. we have breaking news from the front lines in the war in ukraine president zelensky traveling to car sense of aloha and going to russia north and east of the city and ukrainian president according to to president extremely difficult and disturbing article in "the wall street journal" today reveals russia launched a research spacecraft for antisatellite weapon that could carry a nuclear device. u.s. officials telling the journal that the weapon that was launched in 2022 does have the ability to wipe out american government satellites as well as spacex's star link network, which has proven as we know critical for ukraine's war

effort. meantime, this is going on and vladamir putin visiting beijing and presenting a united front and highlighting the partnership and juul jillian turn service connected live from the state department this afternoon with all the latest developments. jillian. reporter: hi, ashley. the state department dippinged china in the briefing -- dinged china in the briefing for cozying up to russia and they're sorely mistaking if they think they can fuel the bloodshed and still remain friends with the west. take a listen. >> people of china can no have its cake and eat it too . you can't have it both ways. you can't want to have good further stronger deepened relationships with europe in other countries and continuing to fuel the biggest threat for european security for a long time. reporter: putin in beijing to

visit xi for the highlighting the no limits partnerships they're scheming together. >> china and russia are not going to stop each other and they're going to continue their attacks in the west. reporter: beijing is the first international trypsins winning the reelection and he'll do anything for xi including negotiate an end to war in ukraine. the white house is also accusing china's private sector now. companies are contributing to putin's bloodshed. >> we've been always pretty consist, but i want to make one point clear and we find it unacceptable that the chinese companies are helping putin wage this war against ukraine. reporter: the two leaders wrapped up day one of the summit in beijing and putin plans to

talk about the war in ukraine and they'll spend all day again tomorrow. we'll have that for you as well. ashley. ashley: i'm sure you will. jillian, appreciate that. the dow jones industrial average hitting 40,000 points for the very first time any games of the dow s&p 500 and nasdaq with a record close and dow component wal-mart hit ago record high after reporting strong earnings. for the first quarter. all right, the 2024 nfl schedule is out and football fans may have to pony up a pretty penny as more streaming outlets get a piece of the broadcast and super ball champion with the baltimore ravens are here to talk football schedules and the league's new revenue stream. there he s look forward to talking to him and nfl broadcast and streaming partners and disney fox and netflix, paramount a bit of mixed bag. comcast, walt disney, paramount higher and the other two down.

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ashley: the steaming partnership between disney, warner bros discovery and fox has an official name. venue sports. that's venu without the e on the end. it's offerings from all the three major companies according to the new venu ceo and it's a new streamine traditional paid tv ecosystem experience an incredible collection of live sports in one place. there's no official launch date

and service on track to go live this fall in time for nfl season and nfl unveiled schedule for all 32 teams last night and big news, the two christmas games streams on netflix this year. there'll be games in brazil for the first time and have super bowl winning coach for the baltimore ravens, brian bilic. it's getting expensive if you want to catch all the nfl games. if you have netflix, espn+, prime video, pis peacock, youtube tv, nfl sunday ticket, bunked it will all together, that's about $579. is this starting to get expensive for your average fan to watch the games? >> sure it is. just like psls and go and go to

watch them and the nfl is brilliant in terms of creating this competition for it is market. this is the last must see tv in terms of live entertainment and all the major networks, abc, nbc and cbs to bid against each other to get the services and now in terms of streaming services and netflix, google, disney, you've got to know it's head that had way because the nfl is all about creating that competition on and off the field for the different services because they realize that would be a boom for them to get. ashley: absolutely. we should take note that taking the game around the world is important but then you have germany and then england and now brazil. from the point of view of a coach, that's a heck of a lot of traveling, horrendous time differences. how hard is that on the team?

>> it is .x that's the challenge that people are conjecturing to get european teams in the nfl. i don't know how that extensive travel would factor in. they stretch it out so the jaguars play two weeks a row in london and play the vikings on the sixth and bears on the 13th and they'll be over there to mitigate that. but down to brazil and munich and three games in london and insatiable demand and i do radio shows in bonn don and it's -- london and it's an excited and knowledgeable fan base. the international market is a big one for the nfl. ashley: even back here in the u.s., coach, for instance the new york jets play three games in a span of 11 days. monday night game and then there's a sunday, then the following thursday. that's a lot of games in a short amount of time. when you mix up the schedules like this, is that hard to cope

with? >> that's the first thing as a coach when you first get the schedule. you've known who you're going to play and where but just know know where you're going to play. that's the first thing you look at. they're all tough and difficult schedules but what's the spacing and my bye? the jet haves that pack intoed less than two week period. when is my travel. very importantly, who do i play after i'm on the road for two or three games and a sequencing of games and only have 17 games. unlike major league baseball and basketball, we have so many games, each of those games carries such a premium so the spacing of is is huge. ashley: the nfl is instating a new kickoff rule aimed at keeping players safe. what do you think?

>> yes, they saw that a long time ago is the kickoff is the most injury-prone part of the game with a lot of bodies moving fast and moving the kick where you kickoff and the team can lead from, they're basically trying to slow that down and impact again and one more thing to try and protect the players. ashley: i noticed you're partnering with a company about a relief pain patch. you know, in the world of football, you know all about pain. how effective is it? >> it's all about keeping players healthy and getting them back on the field. it's the next big step and it's a movable patch and reusable and put it where you need it. pain is nothing more than an electrical signal. this helps mitigate that signal. put it between the pain and brain, that allows you to do the other things and movement is medicine. it's so important.

so being able to move the joints and the muscles, people immediate to go to signalrelief.com and check out the science. it's incredible. ashley: very good. before i let you go. anyone you like going ahead with the new season? i mean, i know the chiefs will be always tough but any dark horses? >> i don't know about dark horses but the great thing about this season coming up is there's a lot of teams in afc and nfl being able to contend along with the chiefs and the ravens, the bills will be there. we'll see what the jets do with aaron rodgers. in the nfc there's a whole nfc h of folks. green bay packers inserting themselves, san francisco back in the mix and philadelphia looks to be good. rather than just a particular team, i think the fact we've got a lot of teams that can lay claim to being potential super bowl champs will make it a very exciting season. ashley: and very competitive.

brian billick, coach, thank you for taking the time to chat with us. we really appreciate it. okay, moving on, investors get name for undisclosed stock berkshire hathaway has been racking up since the second half of last year. what's buffet been guying and one of the stocks on the s&p 500 leader board. maybe. we'recosming right back.

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the sportswear maker laid out a plan to restructure it is business and cut jobs in the face of weak u.s. demand. under armour announcing a $500 million share buy back plan and stock down 1%. chubb stock trading at record levels after berkshire hathaway disclosed stake of 6.72 billion worth of shares and berkshire began buying the stock in the third quarter of last year and it is now among the top ten holdings in its portfolio. cisco systems at bottom of the dow after fiscal third quarter earning ands revenue fell from a year earlier. however cisco beat estimates for the july-quarter and expecting $6.5 billion at midpoint of the outlook and stock down 2.75%. deere churned lower and the company said farmers are buying

fewer tractors and combine harvesters because of falling crop prices. deere expects large ag equipment sales to decline between 20-25% this year. that's a lot and the stock is down more than 4.5%. well, the hammers are swinging as new home construction actually picks up the pace ahead of a possible rate cut later this year. but, acceleration of building new homes not enough to make up for shortage of inventory and founder of emphasis digital risk is here to give us the 4-1-1 on struggling real estate market. by the way, starting next week, the fox business rundown makes its debut. liz claman and other fox business stars bringing you a biweekly podcast to get you caught up on the latest in the financial world and what it all means for your wallet. kicks off on monday, may 20th and drops every monday and friday. just go to foxbusinesspodcast.com, apple,

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you know what i'm saying? let our expertise round out yours. ashley: housing stocks road month over month and i did spited missing estimates, builders are ramping up projects pomoxus -- projects to help tame the u.s. housing shortage and in april, rental building starts jumped 31.8% and developers are trying to keep up with demand with more consumers turning to rental properties and origin rates continue to move higher with applied pressure. going live to jeff flock. he's at a townhouse on the market for rent in glass borough, new jersey. all right, jeff, how much?

reporter: looks nice, well, for rent, $2750 per month. does it look new, ashley? i think it does. you know why? because it is new. this is the trend right now to say plays being built to be rented, brand new. that's something you didn't see before. single family homes, not so much. now it is a big trend. not only here in south jersey but elsewhere across the south of the u.s.. there's a map that shows you some of the rental hot spots, single family home rental hot spots. phoenix, dallas, atlanta, austin, myrtle beach are some of the ones. take a look at numbers, 75,000 new ho homes built last year for the sole purpose of being rented, it's an increase from the previous year. we're in a place called high street estates and maybe you see it. these are all single family homes and -- town homes, and a lot of them billeted built and bought by investors to be rent

with keller williams, what's driving it? >> a couple things. persistent interest rates like right now at 7%. reporter: don't see them going down? >> no. we could be in this for a bit .x low envenn tourist. there's not enough homes for the amount of people looking for homes so having the high interest rates and drives people into the rental market. reporter: i remember the joy and dream of home ownership and now a lot of people are dreaming of renting or maybe not dreaming but force intoed it. >> yeah, and that's where they are. now, you can move into a brand new home for a rental. reporter: yeah, a brand new rental. take a look at this, ashley, when supply is low and demand is high, that means higher prices. take a look at numbers and this is the median rent for, this is both apartments and single family-owned. $1500 per month before the pandemic and more thanasis like

$2100 and now this market even higher? >> yeah, in this county actually. the median is about $2900. reporter: we're not even in manhattan or new york. >> now u we're better, in south jersey. reporter: there you go. that's a good point. this definitely beats manhattan. we're in south jersey, glassborough, new jersey. in manhattan, you don't see the school bus. show them the school bus there. is this god's country, ashley. ashley: a place like that in manhattan would be like $20,000. thank you, jeff. home builder stocks trying to digest all the new housing market and mortgage rates are showing, well, a little signs of easing. according to the st. louis fid, the average 30-year fixed mortgage rate hitting 7.02% today. new home buyers still battling

higher rates and obviously compare to do the 6.35% in may of last year. it was down a 4.14% this time in 2019. the question is how do house hunters navigate this market? i have jeff taylor, founder of nation's largest mortgage risk provider and emphasis digital resident and can he's a board member with a mortgage bankers association. you know what you're talking about. jeff, great to have you here. how would you characterize the housing market? i've heard it's not enough inventory and mortgage rates too high and for first time home buyers, they can't get on the ladder.

>> thanks, ash limit you can get a deal and negotiate with them. over 59% of home builders on a monthly basis have been giving some sort of concessions whether closing costs or what have you. as fast as they're building, there's the demand for this. on existing home sales and there's the good news. on existing home sales, 4% off the high of june 2023 as farads overall cost. people always asking if we're heading back to 2008 scenario. not even close. we're strong. there's a lot of runway for home builders to continue to build new houses and be creative whether they're being purchased or like we talked about houses that are being built brand new and put on the market for rentals. ashley: i did a story last year

in palm bay, florida r a whole entire community built by investors that purely wanted ren torrs. i understand -- renters and i understand that and addresses the tight number of rentals available and we've seen prices going higher. the american treatment is the house with the white picket fence. is that harder to achieve? >> last week we got a bit of bump and dropping 10 basis points and 7.12 on manager rate to 6.87 and a bit of cushion right there. it's getting hard tore achieve and a scenario where it's achievable and household income of around 108-116,000 combined. you put 5% down. # you have $600 non-ous housing rising insurance rate of $2,000 annual, you can get into

a how many times the question is where you're living and you have to act very, very quickly. there's not a lot out there. most houses are still going at list or a little bit above. if you're prepared, if you have it your mortgage and documentation in order to move quickly, you can find pockets of achieving that american dream with the white picket fence and not in great abundance and got to move quickly. ashley: jeff, i hear all the time it's hard to get a mortgage and the hoops are hard and if your credit is dinged at all, you can pretty much forget it. is that true? >> from our seat as the largest third party mortgage outsourcer in the country for large big banks, i think the accessible credit is actually -- it's very robin lou bust. robust, again, you need to take care of your credit and have your documentation in a row.

they're structured correctly and people getting loans can pay them back and all time low delinquency rates in the morning products and it's not that hard, you need to be organized and thoughtful and make all your payments on time and go to different lenders and if you have a dipping, repair yourself for 69 days to actually buy a house. ashley: very good, jeff. great advice and i feel a bit better after the housing market after talking to you. jeff taylor, thank you for talking with us today. much appreciate it. >> thank you, ashley. ashley: thank you. who president trump picks as hi vice president could be the key factor in whether he receives support from one of the biggest republican donors on wall street. interesting, isn't it? charlie break it is next. and the dow jones industrial average looking to close above 40,000 for the first time ever. it's going to be a tough go, but

we shall see. stay tuned and see if we can make history. we'll be back. your record label is taking off.

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ashley: one of the biggest republican donors on wall street says he plans on withholding his support for president trump until he's named husband choice for vice president but -- his choice for vice president but declined to see who he would like to see him pick. that's a tease. let's get straight the charlie gasparino who might have an idea. >> i don't have a firm answer, ashley, i wish i did. but i do know people that know ken griffin, and here's what they tell me is his preference and his druthers here. you know, who knows. he still may support trump, but i think biden has gone so far to the left, all these guys are likely to come around to trump, in my view, just based on what i'm hearing in republican fund raising circles. what i understand is this is kind of a last ditch attempt possibly to get nikki haley on the ticket. as you know, south carolina governor, was trump's, like, main opponent during the primaries after -- particularly after ron desantis, the florida governor, dropped out. she had a great showing. there's still a lot of people who like her in the party, particularly the donor if class

like griffin. griffin actually supported her during the primaries. he doesn't do that a lot. i think he supported ron desantis, but as governor. i don't think he ever supported him specifically in the primary. so what i'm hearing from people that know griffin is that's his, that's his preference, his dream, if that could happen, a trump-nikki haley ticket. i think a lot of republican donor base really would like that given the fact that the she policy really well with suburban republican voters and particularly women, and donald trump doesn't. but that might not happen. as you know, that was a nasty campaign, you know, trump has already, you know, threw cold water on an axios report that she was going to get it. but still, i hear this is what he's to dangling. the other thing i hear is, number two, which is what he would like and probably accept is someone like tim scott, the senator from, from south carolina. and also from south carolina, and that is a more likely scenario. i mean, tim scott and trump are really close. i keep hearing from republican

donors he's leaning towards scott as his vp -- at least that's that he says. someone may come and say haley's a better, you know, scores better in polling so pick her. you never know with donald, he's all over the place. but scott seems to be his personal favorite. that's where we are right now with ken griffin. you know, i think he would also settle for someone like marco rubio, but you have to check me on this because i'm not an expert on how this interplays. rubio's from florida, he would have to give up his seat, i don't know how he runs for vice president and how that all works, you know? it would be, it would be with -- and there may be some -- ashley: it would be more complicated. >> and there may be some electoral complication, so i don't know if that's doable, getting a florida candidate, so to speak. any ware, that that's -- any way, that's where we are right now. you never know about trump. you could see him do a is --

180. they had a nasty campaign against each other, but let's face it, these guys are all nasty. do you remember all the stuff trump said about ben carson, about little marco, remember that? marco rubio. ashley: oh, yes. >> lindsey graham -- ashley: low energy jeb. >> well, i don't think those are friends. they hate each other. at least the bush side hates him. politics is such a nasty game. it's hobbs january, and you know, it's the -- ashley: so, charlie, you mentioned this -- >> yes. ashley: what a if they come to trump and say, look, we've done all the polls, we've done all the surveys, and you know what? with nikki haley as your running mate, you're going to tick more boxes than anyone else. he's been nasty with everyone at some point many time --? >> right. ashley: do you think he would be open to it? lying ted, do you remember that one? ashley: a yes. [laughter] >> who knows? i don't know.

i think, knowing him, he's so -- i mean, listen, i covered him as a businessman. remember, i'm an old dude, okay? [laughter] so i've been covering donald trump since the early, mid 199 to -- 1990s. of he's extremely transactional, as most businessmen are. if they said to him you're guaranteed e to win president if you pick nikki haley, do it now, forget that you called her bird brain, you've got to get her to forget he called her bird brain too, remember that. [laughter] ashley: that's true. >> and, listen, it is a perfect scenario. if you think about it, he's term limited out, right in they need someone to do two terms. she can, you know, have a role in policy, it'll be a stabilizing force. it makes all the a sense in the world. i think, from what i understand that's what griffin is angling for. whether it happens or not, trust me, you know, here's the thing that i will tell you before i leave and you fete to your next guest, you know, i never try to report what donald trump is thinking. you never know what he's

thinking, because he may be thinking one thing, and by the time you're done with your story on air a, he's thinking something else. [laughter] so, you know, or i'm just telling you what i think the game plan is from ken griffin. and that's a lot of money. ashley: if he does pick nikki haley, he's going to get a lot more money -- >> well, ken griffin's worth, i believe, $40 billion himself. steve schwarzman on the sideline z -- cans as well, he'd be back in it. he's not supporting donald so far. ashley: we'll see. you're not an old dude, charlie gasparino. >> keep saying that, please. ashley: i will. i say it about myself. i'm not an old dude. [laughter] the closing bell's going to ring in just about 5 minutes' from now. yes, i know, i'm delusional. time to see if stocks can hold on to any gains, the dow up 60 points, the s&p essentially flat. you can see the nasdaq and the russell moving slightly lower.

but any gains for all of the the indexes today, certainly the big three, would mark the second is straight day of new record closes. doesn't look like it's going to happen on the nasdaq, but we still have five minutes. earlier in the session is, as we told you, the dow touched 40,000 for the first time ever after closing above 30,000 for the first time more than three years ago. right now it's at 39,9311. still pretty darn good. joining me now is our countdown closer, andrew cry. andrew, great to see you. obviously, making history today. but are we due for a pullback anytime soon? if we have had analysts who said, you know what? there could be a correction coming up. what say you? >> well, you know or or we get to break with out the dow 40,000 hats today which is an exciting moment. yeah, the main event this week was cpi. i think we got a number that sort of delivered in the sense that there was an asymmetric action function meaning if we

got a little bit of a lighter read on cpi, inflation's cooling a little bit, i think that's sort of aligned with the goldilocks kind of scenario and alongside it, retail sales that were a little lighter than anticipated. you get this goldilocks scenario, all this in all, that's pretty positive for risk assets historically. yes, can you stretch the rubber e band too far and have a technical reset of the supply and demand dynamics, sure. but i think it's pretty favorable at this point. ashley: in equities you say you're rebalancing your portfolio from tech winners into cyclical sectors. which sectors to you like now and why are you doing that? >> yeah. i think it's sort of blocking and tackling portfolio management, for one, but you've had such great returns in the mag 7, everybody's pointed to that, this chasm of outperformance you've seen over the last year or so. for us, it just makes sense, it's sort of the broadening theme, right? we get more of a catch-up trade

whether that's in small caps, that's in industrials, materials, financials, so more of the cyclical sectors that would do well if we continue to persist, if we're correct in our assessment that nominal growth is going to stay pretty strong in this environment. and beyond that too you looked a u.s., that's been such the leadership position based on those tech companies. is there scope for non-u.s. markets to catch a bid here as well as you start to see some of the manufacturing data, the export data start to firm, global growth picks up, this part of the cycle. ashley: right. you like, apparently, you like europe, you like japan, you even like china. why china? >> we're really more emx china, right? we like europe and japan for their cyclicality, but china, we still think there are structural issues that give us pause. it's had a great rally over the last month or so, let's call it, but with we don't necessarily think that's fundamentally based. the underpinnings are there the for that to continue. we like those segments like

europe, japan, taiwan, korea, sort of emx china in this environment. ashley: you also like fixed income. what kind of duration? >> we tend to be tilt toward the shorter duration part of the fixed income universe, and as much as anything you look at the 10-year yield, you've got a trading range that we think is forming. as yield withs push up towards 5% on the 10-year, buyerses come in. so for us right now as we drift back towards that 4% level, we just take the cash yield and your money market at 5.25, let's say, sit in it and is wait for yields we think, ultimately, are going to tick back up towards that 5% level over the next several months and quarters. so for us, stay a big shorter duration, wait for a better entry point. ashley: got about 30 seconds, andrew. have to ask you about the fed and and what it's going to do, it plays such a role these days. do we see a rate cut in

september? >> certainly, the market says we're probably about 85, 990% chance there, and we tend to think that they are biased towards wanting to cut. and so we think if they've got the data readouts that sort of allow them to cut, they will go for it. they will a try to get one off before the election and then perhaps again in december. november's a big -- bit fraught, obviously, timing wise. ashley: yes, it is. andrew krei, thank you so much for joining us today. really appreciate it. a historic day on wall street. the dow crossing 40,000 for the first time ever but down now, down just 26 points, under 40,000 but nevertheless, till worth the ticker tape parade. any gains, by the way, for the dow, s&p and nasdaq would be a record close but, you know what? a little bit of selling at the end put that to rest. that will do it for the countdown here. ♪ larry: hello, folks. welcome toku