Bag the dow attempting for a Third Straight interestrate session of gains but between the bulls and the bears as anyones game, the s p 500 and nasdaq on the other hand are little more firmly in the green as you can see, nothing to write home about but there in the green, as big tech and growth stocks, maybe the chip stocks to lead the way higher, nvidia, micro, their higher but not just tech and control, Steel Dynamics claim in the top spots on the s p 500 at this hour. Coming up by the way were going to dig into whats driving the gains in the rejection and rocking the Steel Industry the ceo of spring maker Cleveland Cliffs will join me whether to discuss whether or not he can seal the deal with u. S. Steel, that is a lot of rhyming. The Chinese Markets are reeling today as the countrys property crisis deepens the hang seng deeply more than 1 of chinas top privately run developer, Country Garden holdings failed to make its Interest Payments onto u. S. Dollar bonds. Could turbulence and china create a Ripple Effect across the globe and here in the u. S. Markets, that is a good question to ask, lets get right to the floor show, joining me wealth chief market strategist. I was going to say my great friend and Culinary Genius kenny pull kari, great to see you. Lets begin with china, whats going on there, anything that happens in china does have a Ripple Effect. Is that something we should be keeping her close eye on. There are certain things that happened in china have a Ripple Effect, i dont think this is going to have a global Ripple Effect. I think it is very specific to china and while it or create angst in the market, itll create a reason for some people to pull back in the long term i dont think it affects european markets and nor do i think it affects the u. S. Markets as much as they made it sound this morning. We saw asian market sold off overnight. European markets were under pressure but they turned north once they said Country Gardens is trying to extend the payment and make it right so therefore i dont think there will be a lot of difficulty with the rest of the world. Ashley certainly the markets today treading water, all sort of data out tomorrow, the retailers reporting, target, home depot, we also get retail Sales Numbers for july, what he expecting what is the state of the consumer right now. I expected i said this a while i think were going to see the broad market backup. The state of the consumer is tenuous. As a People Living handed mouth put money on credit cards that are barely making it. I guess you guys did a report earlier today and is as average American Family is painted additional 702 a month for basic the subsidies. Is 8500 year that a lot of people are struggling to have. It could be interesting to see, retail sales are supposed to be up for tens of 8 which is up over last month to tenth. Its good to be interesting to see what that report really says and then the retail that are reporting this week they range walmart is at one end of the spectrum, target at another, home depot at another all in different parts of the market. I suspect well see the lower end retailers do well and as people stepped down to the lower end retailers. I think the market probably is going to trend lower over the next five or six weeks so i would not be surprised to see that happen. Ashley very quickly, you have 20 seconds. The fed minutes i know Everybody Loves to read the tea leaves but the market believes there will be a positive september, are you one of those that believe that . I think this could be two more rate hikes, 6 which means we have two more 25 basis point hikes. I dont see especially after fridays ppi report, it was on fire is hotter than what it is, that didnt even include the increase in energy and gas that we saw over the month of august or the month of july. August cpi did not capture the whole thing i think thats going to hit us at the end of the month and next month cpi and 50 more basis point. Always terrific stuff. Kenny polcari thank you for joining us. Now to the deal rejection of the day surgery more than 30 after the Company Rejected from fellow steel producer Cleveland Cliffs offered to buy u. S. Steel in a cash and stock deal valid at 35 per share, shares for cleveland up 6 , check out united steel up 40 , cleveland ceo thank you so much you are the person to ask about what the heck is going on, u. S. Steel rejected your buyout offer saying it was unrea unreasonable, what is your response to that. Is clear that the market disagrees it is pretty reasonable so much so there up 41 and we as the buyers are up 7 . Its a very reasonable offer in the market and the very clear on their verdict they say you have to sign a nondisclosure agreement unless they agree to your terms, they demanded you should not talk to the u. S. Government. I dont know how much of that is true, can you explain what the process was and why you didnt want to sign an nda. I would like to sign the nda but we were unable to get to terms that i could sign the nda. The foundation of my proposal is there partnership with the union. The union has the right to present a counter offer in the face of any offer that the u. S. Steel receives to sell the entire company or assets that have Union Represented workforce. The very first pardon i had to clear was the union and the union was extremely positive to my deal, gave me a letter which i made public supporting my deal and make it abundantly clear that they would not support anyone else. After i had that, the nda that was presented was aligned too far for me and thats only reason i did not sign the nda. Weight is the deal stand, more room for negotiations . Absolutely. A publicly traded company particularly the ones that are very loaded with consultants into law firms and things like that. It is not true, they will believe that it is true that they need to reject the first year, thatll happen so far now the same minds that start to chime in and bank that make a lot of money and investors in a shareholders are starting to reach out. All the positive reports by researching analyst and they rate the agencies, everybody supported the deal and seen the logic of the deal. I offered a very compelling offer only motivated by the fact that i can extract 500 million in synergies without cutting jobs. Thats pretty compelling. It is compelling, and regulatory landscape if you like and confident that this will get approved if you can find Common Ground with u. S. Steel. I have approved two deals in the last three years, to complex deals in the acquisition of middle usa. It went in and out to the second review. We believe that we tell the truth, we answer the questions, we protect jobs, we check all the boxes into control any markets in the competition of my businesses worldwide. We are going to finally have a company among the top ten. In all other 96 from china, one from japan, one from china and one from europe. They are all merging like youre trying to do. Lorenzo, thank you so much for joining us today. We wish you the very best. We will follow with a great amount of interest. Thank you. We appreciate it. Ashley retailers in focus with big names including walmart, home depot and target reporting plus will get the july retail sales report tomorrow, the top retail analyst will be joining us next with his take. By the way the closing bell ringing and just under 50 minutes. The claman countdown is coming right back. S or moments that matter, but you can invest in them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. This is your summer to smile. To raise your glass and reconnect. To reel in the fun and serve up great times. 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You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. Wow, you get to watch all your favorite stuff. Its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. Ashley the Retail Sector in the spotlight this week with major names reporting quarterly earnings, home depot kicking it off, target in Tjx Companies on wednesday and walmart follows on thursday. A lot to digest with regard to the earnings. The Census Bureau dropping july retail sales, its good to be a very big tell on where the strength of the consumer lies. What can investors expect, joining me on a fox business exclusive strategic resource managing director burke flickinger, its been a while since we had a chance to talk. Lets get right to it, home depot, lets start with home depot, they missed First Quarter revenue estimates and they lowered their profit and sales, what you going to expect from them tomorrow. Home depot is very well managed and led like lows which has a long leading. Both this week will have positive samestore sales in part because of consumer demand to do projects both pros and doityourselfers at home but also the wicked summer weather, tornadoes, floods, droughts, record rain will also stimulate emergency response, home depot sales as it will for lowes. Ashley target expected to report fast quarterly revenue dropping in about six years, what you expect when you hear from target. Itll be a stabilizing quarter for target and target is advertising well set up for bts are backtoschool, the other thing target doesnt get sufficient credit from the consumers they get 5 of the profit to Keep Community locally and coast to coast also target like kroger and destin security for Public Safety for workers, shoppers indirect store suppliers so the Public Safety issue crime gets more out of control if the Dollar Stores in the chain drugstores as well as walmart that will be an advantage for target for backtoschool after this quarter and going into holiday and year end. Ashley you mentioned walmart real bellwether if there ever was one. What are you looking for there . Walmart, barringer sister publication reported troubles for mainland china, peoples republic of china, the piercy economy over the week and today. Walmart has substantial operation so expect target to guide down because of struggles international into cash and credit consumer locally. Target is the number one retailer for food and for grocery in your great prior segment on u. S. Steel walmart and kroger and albertsons out of necessity have a proposed merger in front of the federal trade commission and then we will lower prices to consumers as kroger has lowered prices 5 billion in the last year and it will help independents and familyowned operated retailers with their procurement power, costco, walmart and amazon have really buying practices where kroger is much more enlightened as is target. We have retail Sales Numbers for july coming out tomorrow morning, what are you expecting, what is the psyche in the state of the u. S. Consumer. I think the report published in barrons today summarizes it well, backtoschool spending will be down 10 or 60 per family versus prior year, the first time a been down since 2014 and also the consumer is very cautious that the Retail National federation numbers are aggressive and we expect the u. S. Department of sales as you referenced earlier estimated four tenths of 1 . We think thats a little bit aggressive and theyll start trending down adjusted for inflation, you and larry kudlow do so well on fox Business News retail sales will be under pressure, and 61 are living paycheck to paycheck with over record trillion dollars of data reported earlier today on fox Business News and barrons. Ashley this consumer is under pressure. As always, mind of information. Thank you so much. Great to speak with you. Thank you, Hawaiian Electric under severe pressure on reports that he did not cut power before the maui fires reaches almost 100. Horrible story we will have more, the closing bell ringing under 40 minutes, the dow, the s p 500 with the s p, nasdaq up the dow trying to get back into the green. Well be right back. Dad, we got this. We got this. We got this. We got this. We got this. Yay we got this. We got this life is for living. We got this lets partner for all of it. 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The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Ashley fox business alert, the market, the s p and nasdaq continue to gain ground although modestly but the dow up a tenth of 8 . Meanwhile a tale of two amc stocks after a judge approved Amc Entertainments plan to convert its converted shares to common stock. Amc preferred units or apes are surging they are up 18 while amc sinking down 34 because the move essentially dilutes the worth of each common share. Amc told investors that the move will pay down some of the 5. 1 billion in debt, tesla meanwhile hitting a twomonth low, data one and three quarters after the company cut its prices for the model why cars in china. Two chinese versions of model why crossover had been discounted by 2000 in addition to the discounts, the ev maker is offering chinese auto buyers a subsidy on the model three. Its worth about 1100, tesla has cut prices multiple times throughout 2022 and 2023. The stock down one and three quarters of 8 . Investors paying up for paypal as they invest the new ceo alex chris was previously working with a Small Business and selfemployed into it he will take over from current ceo dan shulman on september the 27th. And more corporate shoveling news, paypal up nearly 3 , time slightly lower down about 1 after it announced Carlos Abrams rivera is going to take over this the company ceo, that is effective starting january the first. Hell be taking over for miguel patrizio who is a craft tyne ceo since 2019. The stock up 1 . Oil under pressure on concerns over chinas faltering economic recovery ahead of the energy fund will be next on where prices are headed. That is a good question, the closing bell rings in about 32 minutes. We wiwell be right back. Get decision tech from fidelity. 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Ashley checking in on the price of oil which is slipping 82. 42. After was down more than a dollar earlier today. Worries about chinas economic recovery in the strong dollar does not help either. It comes after seven weeks of gains driven by tightening supply. Where are crude prices heading in the back half of this year. Where do we go from here. Its always a question. Lets ask tortoise ecofriend senior Portfolio Manager robert and a fox business exclusive. Great to see you always a tug and pull between varying events to put on the price of oil. Is chinas economic woes or potential economic woes, is that greater impact than opec plus cutting back on production. I want to ask one of the consumers of oil, you always going to Pay Attention to china and as we know what you seated the first half of the year you saw oversupplied oil market, too much supply and not enough demand. That appears to have reversed in the second half of the year, we expect the oil demand led by china in the oil demand is coming back will significantly exceed the supply. You get a flip from an oversupply to an under supply which means inventory of oil will likely fall and as that happens, typically oil prices rise. Thats the expectation as we move into the second half of 2023. Its interesting the International Energy agency expected demand to fall significantly they believe next year. Do you agree, what is the scenario. I know its hard to predict, but what do you think. Heres the thing about the oil demand were going to set a new record in 2023, however, in 2024 and 2023 is good to be broken and reset in 2024. Oil demand will continue to rise over a million or maybe a Million Barrels a day thatll be less than this year, were coming off of this year when china was starting to reopen postcovid in the u. S. Was gradually continued to recelebrate the economic developer as well into can continue and set it to record. I want to get into another part of the Energy Sector the federal judge in a federal appeals dismissed a challenge to be made to construction permits for not gas pipeline in virginia and west virginia. A significant project. What can that mean ultimately for the price of natural gas. Natural gas is an important commodity to the u. S. The u. S. Is blessed the significant amount of natural gas, natural gas is a great commodity because it provides a lot of energy is also very deep carbon icing, when you use more natural gas and less coal that results in lower carbon emissions. We seen that play out in the nut until last decade, the u. S. Has low cost natural gas, to get to your exact point. If you have more Pipeline Capacity that means you can transport natural gas and low cost natural gas throughout the u. S. Ultimately where is a natural gasket ago. A lot of it is been exported internationally and we expect the u. S. Will be the largest lng exporter for quite a while and natural gas is going all over the world is going to asia, europe, south america in the demand for u. S. Natural gas globally will continue to rise over the next several years. Ashley fascinating stuff. I want to point out the Tortoise EnergyIndependence Fund is up 10 or thereabouts to date is there anyone in particular you like. I like a lot of Energy Sectors about a Great Company, just picture the Energy Sector and the s p 500, there up theres a lot of opportunities as we see it, in particular the pipeline sector and high dividend paying stocks like Energy Transfer is a stock that your viewers might be familiar with the most at 10 dividend yield basically transports to oil and natural gas and natural gas and liquids in sheer energy is another favorite and has been for a long time. As a leading exporter of lng. If youre going to increase the amount of lng exports longerterm it operates very vital and essential assets as well. Chevron is always a Great Company in dividend yields and good opportunities as well. Ashley tremendous stuff, a lot of information, we covered a lot of ground, thank you so much. Rob joining us on fox business. We appreciate it. Now onto the story. A horrible story, the devastation of the hawaii fire being realized 96 people have died from the Natural Disaster in the states governor warns more dead will be found in the next days were more 2700 buildings were destroyed and lahaina totaling 2. 6 billion in damages. Now hawaiis economy facing an uncertain future as recovery could take years and resort destinations could shudder their doors as well. And its down 37 of 34 after it warned affected customers should plan expected outages. The news continues to be rough, fox News Reporter william live in maui right now. By the devastation. Bring us the latest. 96 fatalities still unaccounted for within those individuals in the victims they have not by and large been identified that the difficult timeconsuming process, they asked people to give dna swabs so they can help identify those individuals, the big picture, the question why didnt the Power Company turn off power when winds started toppling power lines hitting 85 miles an hour, why didnt maui activate that Emergency Warning System state of the art to let people know something was going wrong. For most of the people and lahaina, you could see the devastating pictures right now, the questions are really simple, my friends and family still alive, do i have a job, where my going to live. 40 of the people did not have insurance, how did i put my life back together. I spoke to a number of individuals, i have no idea going from nothing, how i will start over. Never in my life what i have imagined we would have Something Like this i cant describe how i feel. There has been a little tension. People want to get in and deliver aid using posting caravans to do that. In the search and rescue to be disturbed. With this intense heat they may have died and been very fragile you touch those and they could turn to ash. Thats why they are asking for dna samples. Here is the police chief. When we pick up the remains and they fall apart, when you have 200 people running through the scene yesterday and some of you, that is what youre stepping on. Right now the focus is on lahaina. But there were several fireside day on tuesday i am upcountry with the last 12 homes. They had no warning as well and the tragedy makes him appreciate what they do have. We have a house another people dont we came so close to losing our house. Were so blessed at the same t time. As you mentioned the stock prices, and the 13 billion judgment against pg e for the campfire in Northern California in 2018. A very situation. The cost i talked to fema about rebuilding the accelerator because its hawaii is not a factor but i tell you this. Under law and lahaina on a tear down is good to be a hundred thousand dollars at 1300 squarefoot home 1. 3 million and the landlords were getting hundreds for the airbnb, they dont want to give those up if you will for nothing. Its would be very difficult finding housing with these individuals. What a story, william and maui reporting for us, thank you very much if you want to help people affected, you can visit the red cross outward fox forward or you can text hawaii 290 triple nine to make a 10dollar donation. That is a terrible story. The fcc is delaying a decision on arc invest request for a spot bitcoin etf. We we will have more on that afr the break. The closing bill coming up in 15 minutes. New projects means new project managers. You need to hire. I need indeed. Indeed you do. 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Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. Ashley disgrace sam beckman freed was escorted out of court to jail on friday after a federal judge revoked his bail over alleged witness tampering. The former billionaire is now waiting out his october trial behind bars at the metropolitan Detention Center in brooklyn. Lydia hu has been following the spf story in joint is now with the very latest. That is right Sam Bankmanfried has been in jail since friday when the judge revoked his trigger 50 milliondollar bail, and a filing today they requested bankmanfried continue to have access to medication while in custody and for the treatment of major depression and adderall for attention deficit hyperactivity disorder, the request revealing that bankmanfried has been under Psychiatric Care since febr february 2019 and his lawyer said he needs continued access to this medication. So he can help prepare his defense. Bankmanfried is being held as she said at the metropolitan Detention Center among the largest federal jails in the country and has long been accused of neglecting brutality. It houses 1700 mostly male inmates all security levels included including inmates with criminal histories like terrorism, organized crime, drug smuggling, high profile inmates who have passed through their ghislaine maxwell, and r kelly, under normal operations inmates can use private showers in the common areas, laundry machines, phones to speak with family and friends and attorneys and computers that are monitored so inmates can perform Legal Research and communicate. Prosecutors accused the ftx founder of witness tampering including showing a journalist caroline ellisons private writings to intimidate her. Allison is bankmanfrieds exgrollman under girlfriend and coceo of Alameda Research to ftx, she is expected to be a star witness in the trial against bankmanfried. They also accused him of reaching out to the general counsel for ftx and sending hundreds of communications to reporters, the defense team on the other hand said bankmanfried was exercising his First Amendment rights to defend his reputation in the press, the judge not buying the defense, they do plan to appeal the decision. A big change going from the parents house to jail. Ashley a big reality check. Lydia hu. Thank you very. Shearlings of Amc Entertainment are certainly not going ape at this hour. The stock is down big time. Down 34 after a Delaware Court approved settlement for converting amc preferred equity shares into common stock. While bankruptcy may be off the table for the embattled Movie Theater chain for now shareholders are facing massive dilution of their shares. Here with more on the impact of this, a person who has been following this story very closely, all along the way, charlie gasparino. This is just another step which could be the end of the game, maybe, well see. I dont know. I like the fact you threw in not going ape today. That was a deliver bit of writing on your point. Ashley you can thank the producers for that. By the way, one thing, some one in my ear said that was me. The thing on Sam Bankmanfried, i just want to make one point about this is that this judge is literally had enough of this guy. You could tell by sending him to brooklyn and putnam county, you know, is like, he is saying, you screwed up and now youre going to have to do hard time before this, before you get shipped off and convicted for 10 years into what probably will be club fed or wherever they send white color criminals of his ilk. By the way this is one of the tougher federal prisons out there. It is hard time. Let peace get back to amc i have been covering this since the meme craze started, that was january 2021. Was always a bizarre thing. What was fascinating about it, amc, if you followed it like i did, i followed it mainly because i covered it once, i covered it based on a rich greenfield price prediction of one cent. He had a one cent price target on this thing, the analyst rich greenfield. He was attacked viciously by phone, by email, on twitter. I mean the people that were part of this Community Rallying around this theater chain stock which loses money and burns a lot of cash and was in trouble after covid but before that with streaming, vitriol of these folks made me think there is something more to the story it is going up in price and you know what i found out about was that around this stock there was a cult essentially say buy this despite all the evidence you will probably lose a lot of money if you bought it. The stock traded as high as 72 intraday. I want to say sometime in 2021. Ashley wow. You know the insiders including the ceo, adam aron sold a ton of their stock. Adam aron sold 40 million when this thing of his shares when this thing was well into the double digits. Yet people kept buying and kept sort of predicting there would be the mother of all short squeezes and this thing would go to a thousand. Instead it has fallen to three. It is a case study, probably a harvard paper on those little papers they do on case studies on irrational exuberance, on how the internet, you know, in many ways is good for Stock Research but if you buy into hype on the internet it is a fools game. This is a big story and it is going to keep going on. Is the company out of the woods . It is not out of the woods. Ashley its not. They have to raise a lot of money. It is still burning cash. It is doing better but the movie, the box office is not back to pandemic levels. Ashley its not. Not at all. Streaming isnt doing so well, if you look at all the streaming services theyre not making money but guess what . People still are streaming a lot more than they were back in 2019, 18, 17. Ashley yeah. It is a lot of headwinds for this company. Plus they bought a gold mine by the way, did you know that along the way . Ashley no. Im not kidding im not kidding. Ashley were out of time, charlie, i believe you, you talk about people getting attacked, you get attacked on twitter all the time on a this subject and you more than hold our own. Like texas. Being right. Ashley [laughter]. On that note well leave it right there, charlie gasparino, great stuff, charlie. The closing bell ringing under four minutes. The s p, nasdaq both looking to start the week with positive gains. The dow desperately trying to bring it back to at least parity when we started the day at the beginning of the recession. No chance, by the way, of a spot bitcoin etf after the sec on friday delayed a decision to approve cathie woods Ark Investments bitcoin etf. Regulates to say they are seeking Public Comment on the funds application which is delaying the decision for at least several weeks. Joining us Todd Rosenbluth head of research at vetify todd, if arc gets the spot bitcoin etf, could that open the floodgates for other bitcoin etfs . A number of firms are trying to launch a bitcoin eetf, including blackrock but a handful of these firms have submitted filings to the sec to get a bitcoin etf. Proshares in the market place. We dont think well see one approved until 2024 at the latest, im sorry the earliest. We think were going to see the sec continue to delay for the near term. Ashley yeah. But according to Bernstein Etfs they believe could account for 10 of market value of bitcoin within three years which is interesting. So if bitcoin etfs, you know, they have become more accessible will bitcoin finally break through that 40,000 mark you know . It has been in this same range for quite a while now. So i dont have an opinion own the price of bitcoin but i can tell you there is investor interest and advisor interest in a potential spot bitcoin etf we think it will be popular if it gets approved but the sec still has concerns about fraud and manipulation. As a result we havent seen any of those products unlike we have in the futuresbased etf. Ashley according to my notes we have a couple of things here you like, victory shares Free Cash Flow, historia kings etf, both very young funds. So why do you like their potential, lets put it that way . We like quality in this environment and were seeing advisers and investors continue to turn towards higher it h quality strategies. Vflo, victory Free Cash Flow etf focuses on Free Cash Flow with a for regard looking approach, looking at the Growth Potential of companies. It is welldiversified across sectors, health care one of the more popular ones. Astoria etf, roe, is another etf, we think investors should look at that, as we as american centurys quality growth etf. This take as quality slant on more traditional growth companies. To make sure the companies have more stability. We think market volatility likely to come in the coming months quality will remain important for many advisors and investors. And [closing bell rings] ashley everything in life quality matters. Thank you so much. Were out of time. The closing bell ringing, the dow just getting to the upside. S p and nasdaq david asman . David hello, everyone, welcome to a special edition of kudlow, im david asman in for larry kudlow. President donald trump bracing for possible forth indictment. A georgia grand jury hearing a testimony on a