Ashley thank you, charles. Im ashley webster, stocks are slipping as we kick off the final hour of trade, where we finished the day, the doubt up to snack a 3 day winning streak, falling below 39,000 as you can see, 200 points, the s p, nasdaq on pace for a second day of declines in a row but keep in mind all three major averages remain within striking distance of records, less than one below alltime highs. It is all relative. Rising bond yields putting pressure on stocks, 2 year treasury yield is the highest level in three weeks, 6. 3 basis points, 10 year treasury yield rising for the fourth straight session, 4. 3 as the market digests a wholesale inflation report. Investors in spring their timeline for rate cuts and the potential for a higher scenario. We also have retail sales, the report came in later than expected but at least sales did rebound after a steep decline in january. One retailer thats firing on all cylinders, dicks sportinggoods, stand out retailer on this session, up 15 . A record high close after reporting top and bottom line beat. The retailer also announcing a 10 boost to its dividend and sharing optimistic profit outlook for 2,024. Its all roses for dicks sportinggoods, stock is up 15 . . On the other side of the coin, Dollar General, not having the same good fortune. Stock among the s p 500 laggards today down 6 after flagging 2024 margin pressures. Sellers chipping away at Semiconductor Stocks for the second straight session. Nvidia down 3 as you can see on cell i, micron down 2 , 3 , 4 so the action begs the question, have highflying stocks beaten overboard and how about the Broader Market as well. The fed meeting, throw the balls up in their game. Or is it all just storm in the tea cup. Lets get to the floor show. Great people joining us as always. Joining me is stephen guilfoyle. Carnival trading ceo Dutch Masters gentlemen, thank you for being here. Let me begin with you. I was making notes. To me, whats going to bring a bull run to a end . Earnings are growing pretty well. There are exceptions but overall pretty good, the economy is doing fine, inflation is hot, but arent the valuations where they should be . What say you . I disagree on the economy. We have a rebound in inflation thats been going on for several months. We do have gdp and gdi that dont match up like they are supposed to so its potentially lower than people think. Nonfarm payrolls are a mirage. The household survey, employment has been in contraction four of five months, average 50,000 jobs for 12 months so theres a lot of things to worry about in the economy, the fed is probably going to have to make a decision whether to fight inflation or support a stalled economy, one or the other and they are both going in one direction. What i think they should do is not cut rates whatsoever but get pulled into the political thing of it all and probably have to in order to address the ability to service their own debt, to drive rates lower and consent the ensuing inflation was an accident. Ashley i feel like i have been slapped down for my optimism. Dutch, what about you . May be the momentum is slowing a little bit but still a lot of cash out there on the sidelines coming into the market, what spoils this in your opinion . I think sarge said the mirage he mentioned, would like to tell you about another mirage, the indexs themselves, the indexes are not a true read on whats happening in the market. The last 10 days or so, weve had some real repricing going on underneath the magnificent seven and others that are holding up. So we see that we would like to have the fed stay where they are. The market could go sideways to may be up a little bit if they leave that alone because the market is anticipating rising and expanding. On the anticipation that they are going to lower rates at some point, january 1st when we were on the show in mid january we said they would not get the rate reduction in march. We still stand by that. Market is coming to terms with the fact that we may not get a rate reduction. Maybe just one this year. May be none. Unless the political pressure gets to be too much. Ashley exactly. With that in mind, what areas are you looking at, what do you like in this environment . It is hard to really like anything. What im doing, im trading first off, trading more than investing but maintaining four long impose editions. Im sticking with the ai structure of the semiconductors, sticking with cybersecurity names, big data like salesforce or service now, microsoft and the weight loss wonder drug will he. These are the stocks that have carried me for more than a year and while i trade them i never flaunt them. Ashley very good. Dutch, to you. I notice you are liking get some gold and oil. You like the oil match. Explain. We are seeing rig which is download. Giving us a nice trade. In technology. I love the positions. Oracle has gone through a big change where are the major change in business where ai and cloud revenue for the first time in history is exceeding Software License revenue. Looks like oracle will get aggressive. We started to notice industrial stocks were vibrating at a higher rate. Stocks like pnr which, black line which is in this space and we use, they are going to drop rate at some point in gold and silver. Ashley always fascinating stuff. I think im coming away from this optimistic. I hear what you are saying. Thank you for joining us. Thank you very much. President biden in michigan for a Campaign Event just days after he clinched the democratic nomination. He is expected to arrive any minute. I hear cheering. This is the president , released a Statement Today regarding u. S. Steel which has a facility in the great lakes state, President Biden raising concerns about steel, japanbased company, one of americas largest your manufacturers, 15. 9 billion, theres the president , people cheering and there he is. Fox businesss Edward Lawrence following this from the white house. Thinking of the president s opposition, what does that mean for the massive deal . It means there will be a lot of scrutiny about this sale and what goes into it. The president coming out against this sale. The deal, 14. 9 billion and the statement from the president saying this in a statement, u. S. Steel has been an iconic American Steel company for more than a century and it is vital for it to remain an American Steel comedy this domestically owned and operated. After the National Economic advisor released this statement saying we welcome manufacturers across the globe with american jobs but he believed purchase of this Iconic American Company appears to deserve serious scrutiny in terms of potential impact on National Security and supply chain liability. Donald trump says he would never have let it get this far. We saved the Steel Industry, now u. S. Steel is being bought by japan, so terrible but we want to bring jobs back to the country and tariffs can do that. Reporter donald trump increased tariffs on steel, protecting us Steel Industry so the us steel manufacturer is the last mystic manufacture of steel in the United States as you are looking at the president live in michigan. Ashley thank you very much for that. To recap todays market movers. The cpi report coming in hotter than expected, fizzling out hopes for june rate cut and stories in the retail space with Dollar General stock sinking while dicks sportinggoods soaring. President biden pushing on pending 14. 9 billion acquisition of u. S. Steel. Coming up next, weight loss super drug about to be delivered to your home as one Big Pharma Company joins forces with the top online retailer. Mark siegel is here to walk us through the latest development in the ozempic craze. Direction daily pharmaceutical and medical etf ticker pill, 13 in the last three months. The claman countdown is coming right back. The best advice i ever got was to invest with vanguard for my retirement. The second best . Stay healthy enough to enjoy it. So i started preparing physically and financially. Then you came along and made every mile worth it. Hi mom. At vanguard youre more than just an investor, youre an owner. Helping you prepare for todays longer retirement. Thats the value of ownership. Your brain is an amazing thing. But as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In Clinical Trials, prevagen has been shown to improve memory. Prevagen. At stores everywhere without a prescription. Ashley consumers will have prescriptions delivered by amazon. Lily teamed up with amazon pharmacies, including the antiobesity medication to cash in on this weight lots drug demand but what does your doctor have to say . Doctor mark siegel, great to see you. What is your take on this . It is not a weight loss drug, its for diabetes. Thats the point but everybody wants it. Charles you know i will say as a physician you know well that i want to consider larger portions, what they are actually eating, how much they are drinking, whether they are exercising, are they doing comfort for eating, once you get lifestyle maximizing your exercise regularly these drugs are the first weight loss drugs we have seen that are huge homeruns. I admit that but as you said, theyve been used for diabetes for many years and the first thing that happened is theres a huge shortage of those impact for diabetics who need it desperately especially those who get it to for, they get sugar under control and they lose weight. How does the drug work . Ozempic delays gastric emptying, you mentioned lily is cashing in. Eli lilly because you are not seeing as much of a shortage, it works like i just said but on top of that, gid causes your pancreas to make more insulin. You make more insulin you use sugar better, metabolize things better so the initial part works better. Im not having the same shortage with that so truly cashing in, comes along and says a partnership with amazon delivered to your house, i hope physician stays in the loop because there is too many online ordering, the. Order these drugs. Listening to the first minute or two, a physician has got to be in the loop. He knows what they are doing. Ashley do we know what the longterm impact of a drug like ozempic . Could there be complications down the road . Ashley weve had it around for years and other drugs like it for years, almost a decade but we dont know for people who have bowel problems when you stop up the drain what does that mean down the line . When people stop it, they cant stay off it. They have to come back on it because somehow they, the body gets reliant on it. Im looking carefully at both of these things. We are coming up with pill versions of this, deep in Clinical Trials from pfizer, novartis, lily, they are deep in Clinical Trials and other drugs like these are coming from places like viking, these are all new kids on the block. It might be a one hundred billion dollar industry. Ashley it is remarkable. I know we should all make Lifestyle Changes but we often talked about the magic pill and it is here. Could this be a huge step in the right direction with regard to the obesity problem . You started in the right spot. I dont want the sedentary behavior, we came out of the pandemic where everybody was locked in and wasnt exercising enough. When you really might need this drug i think this is an in office game changer. We are looking at the fact that 40 of americans have obesity by some definition. Im worried about high blood pressure, diabetes that can be caused by excess weight, heart attack and stroke. I will do anything to get you off of that pathway no matter how i get you that way. Thats why i am so excited about these drugs. They are not for everyone but too many people are trying to get them. For the right people they are excellent. Ashley it is amazing to follow the cause of all of this and thanks to you, we have much better understanding of it all. Im sure we will talk about this for many months and years to come. Thanks for joining us. Thank you. Boeing hitting more turbulence as another in error incident is raising concerns about proper maintenance. Look at the Aerospace Giant after recent troubles as it tries to fix its production and safety record. Boeing around 30 , a miserable year so far. Close to one today. We will be right back. woman 1 vo i have inherited the best traditions. woman 2 vo i have a great boss. 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And see how changes you make today. Could help put them within reach. From your first big move to retiring poolside and the other goals along the way. Wealth plan can help get you there. J. P. Morgan wealth management. Ashley fox business, stocks near session lows, dow session low is down 288 points, s p down 36, nasdaq down 121. The dow is now off 300 points, s p down 38 points. Reports claim for scurries hiring Financial Advisors to help with the bankruptcy filing, it may run out of cash. The Company Reported 270 million in sales last year but a billion in debt. Shares tumbled public, it would be the second collapse of the Company Founded by bmw. Henrik fisk or who called it fisk or automotive in 2013, the stock is down 53 . Lennar basic on estimates for its first quarter. The Construction Company beat expectations, stock is down 7. 5 . Microsoft hitting a 52week high after announcing expanded its partnership, the company that helps consolidate data in 5 more regions bringing the total to 15 worldwide, microsoft announcing its ai product will be available by next month. Shares hitting alltime interday high. The stock is up 2 . Lithium america is moving higher receiving 2. 6 billion in financing, for the Processing Plant in nevada where they plan to use 40,000 metric tons per year. The stock is up 3. 5 . Tiktok influencers could soon start to sweat if the popular apps refuses to sell itself, could be banned over its ties to china. We want to find out if the senate will take up the house bill. It is not charlie gasparino. Heres a look at the s p 500 leaders at this hour. Microsoft up 2 . The claman countdown coming right back. That your customers need to know about. Constant contact makes it easy. With everything from managing your social posts, and events, to email and sms marketing. Constant contact delivers all the tools you need to help your business grow. Get started today at constantcontact. Com constant contact. Helping the small stand tall. I wanna hold you forever hey little bear bear. Im gonna love you forever cmon, bear. You dont. You dont have to worry. Be by your side. Ill be there. With my arms wrapped around. Ashley boeing stock down after and American Airlines played made an Emergency Landing at Los Angeles International airport, the plain blue attire taking off from dallasfort worth in texas and pilots reported a possible mechanical issue. The Emergency Landing went smoothly but its the latest in a growing laundry list of problems facing boeing. Gerri willis joins us with the latest on that Emergency Landing and how boeings problems are reflecting the airlines. Reporter thank goodness no one got hurt, boeings bad luck is continuing. Before last week, after a string of safety issues, since the start of the year the manufacturers, 14 Emergency Landings with wednesday night being the fifth incident in the last week alone. Boeings attention has been scrutinized, winning and Alaska Airlines flight salvador blowout. Never installed during manufacturing. Boeing announced additional compliance checks and audits to crack down on all these issues but airlines arent happy. Talking to the top competitor airbus, southwest ceo said boeing needs to become a better company. Investors are losing faith as well. The stock is down 25 since the start of the year. Ashley thank you very much. It has been a rough year for boeing no doubt. Fox business color, tiktoks ceo meeting with lawmakers on capitol hill to self save the popular social media appss future, the house passed a bill that could potentially band tiktok in the us if the chinese in a refuses to sell its stake in the apps. The senate must now decide if it will take up the houses bill. Lets go to hillary upon Hillary Vaughan who talked to the ceo. Reporter we tried to ask about the influence the Chinese Government may or may not have over the apps but he repeatedly refused to answer those questions. Looking ahead to where this bill stands in the senate, things are moving more slowly. It will take a bit to get enough senators on board to pass this bill and put it on the president s desk. The tiktok ceo on the hill, trying to take advantage of the house bill being in limbo to lobby lawmakers his way. He met with senator John Fetterman and on his way in he talked with Aishah Hasnie and says its not possible to do what the house bill asks so he says ultimately that means tiktok will be banned. Weve looked at it. Its not feasible to do what the bill thinks it does within the parameters set out on the bill. Devised the company. All the details, this will lead to banning the apps in the country. Even though he had a 1on1 with senator fetterman he didnt quite win him over at least not yet. The president is clear he wants to vote that but im open to having a conversation where this can address the concerns to make sure tiktok can work but has to be made safe and completely separated from the Chinese Government. Reporter the question whether the Chinese Government has control over tiktok ways on the maker apennines but also something the Chinese Government says is a conspiracy. I tried to give him a chance to tell us once and for all, do they . Can you say with 100 certainty that the Chinese Government does not have any influence over tiktok . Mr. Chiu, does the Chinese Government have influence over tiktok, yes or no . Can you promise the American People that the Chinese Government doesnt have influence over tiktok . Reporter its notable that mr. Chiu took several questions from senator fettermans office all the way to his car but i asked him nine times between the office and his car door that question over and over again and he refused to answer it, probably not alleviating concerns lawmakers have that thats the problem the Chinese Government does have influence over tiktok. Ashley valiant effort. Im sure you can still hear your question ringing in his ear as we speak but who knows . You will get him next time. Lawmakers debate the future of tiktok, there are questions about the controversial apps. Charlie gasparino details who can buy it and why investment buyers say its a challenge to find a buyer. Charles lets do the dream scenario, the chinese give up the entire algorithm, the entire secret sauce of tiktok which probably is the embedded espionage spy craft software. They give all that to a buyer. I broke the story in 2,020. We were in lockdown and in my house in connecticut, microsoft is in final stage talks with tiktok to do what the Trump Administration wanted to do back then. The deal fell apart. The chinese would not give up the algorithm. There became a deal with oracle, the Trump Administration trying to find midground. Donald trump said how great larry ellison, his good friend, is, that was a deal because they didnt, the chinese still were not willing to give up the secret sauce. That is where we have been as of now. If theres a give up of that apps, microsoft comes back to the table, Steve Mnuchin is talking about buyers and he has to raise i dont put anything by anybody who has been in the nexus of government and finance, that is the man for all deals. Blackstone is the big private equity firm that has ties in china and tiktok, bike dance, that is where we are. They will probably not give that up. What happens . The thing is likely to be voted, the senate is likely to vote along the lines of the house. The senate is controlled by the democrats. Trumps attempts to save the deal, to argue this thing on libertarian and First Amendment grounds, he is saying they shouldnt man tiktok. Hes being attacked by his own people. Steve bannon is out there attacking donald trump right now. Remember him, perpetually unkempt political advisor steve bannon. So what happens . My guess, it gets voted on by of the senate, looks like they will say this is my guess, vote demand, biden signs it, probably a litigation phase and that is where the sticks around tomorrow. Hopefully they get a judge somewhere to stage legislation or the enactment of this thing. Unless the chinese are really willing get to give up their spyware which obviously they are not, they never will, if you are betting, you got to say unless something dramatic happens, that President Biden turns around and does a one hundred 80 this thing is heading for a band but might not be immediate. They sued the last time. We are willing to give up everything. Everybody lines up, people like this apps, it does work in terms of getting eyeballs and selling stuff. There is a utility for it though i dont see it. Im 62 years old. Liz has something, im starting to do a dance video. What do you think . Ashley i would fully do that. Has to steve bannon, steve bannon reminds me of someone who was dragged backward. Charles im not a big fan. Looking at him is a challenge, lets say. I dont know what else to say. Ashley i will wait for the dancing tiktoks. Thank you so much. Appreciate it as always. Highstakes in the countdown close, stocks could send your portfolio higher. 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Brent up another 1 1 2 , with multiple headlines impacting the Energy Market today. There is limited supply and increased demand concerns are growing as the iea has warned of supply constraints this year well why . Because of opec plus production cuts and the ongoing attacks in the red sea as well as the war in ukraine. All of this of course adding stress to the oil markets. Joining me now in a fox business exclusive to break it all down, tortoise Portfolio Manager rob hummel. Rob, when you start listing those things, feels to me like in the old days the price of oil would have gone much higher much quicker. Were up to 80 plus dollars, 85 on brent. These headlines would suggest that oil is going higher. What say you . Yeah, well 80 is probably a good spot for the price right now, ashley. What i would say the other thing youre not talking about, but have talked about is just the increased geopolitical risk. I think 80 is probably a good baseline. If you want to add a geopolitical risk to oil prices that could be another five bucks or 10. We could see Oil Prices Continue to rise throughout the summer as driving season kicks up. Demand for oil, oilrelated products not only in the u. S. But around the world starts to accelerate but as you highlighted supply declines. Inventories will fall. When inventories fall to even lower levels that is the trigger or catalyst for higher oil prices. Ashley the iea, as we said, has kind of done a 180, you know what . We expect demand to rise. Whats that based on . Sure has. The iea has particularly been pretty conservative in their estimates for oil, really, oil demand, growth, if you look at last year, Oil Demand Growth was two Million Barrels a day globally. That is significant. For perspective, usually Oil Demand Growth over the past decade grows a million, but last year was double that. Iea highlighted this. He raise demand growth 1. Million barrels a day. Could be significantly higher than what it has been historically. That is a surprise to the market. Appears to be a pretty booming u. S. Economy. Appears to be booming u. S. Economy. All that means demand for oil this year and next year going forward. Ashley it is interesting, the iaea inventories dropped for first time in seven weeks. What do you make of that or do we turn it around . That is really important. Inventories are the biggest driver as we look at oil prices f inventories fall prices 10 to rise. If you look at the u. S. , obviously we have lower inventories first time as you highlighted. More importantly in the report that the iea reports Global Oil Inventories fell in january to their lowest level really in a series of years. I think it went back to 2016. Anyway, Oil Inventories continue to fall and they are expected to fall throughout the rest of the year. We already have low Oil Inventories. They continue to fall, that means prices likely continue to rise. Ashley what about m a activity, rob . Weve seen quite a bit of it in the energy sector, do you expect that to continue . Does it make economic sense . Yeah. So you have seen a lot of activity. Youve seen big acquisitions. Exxon really started all of this in october of last year, announcing its largest acquisition really since exxon and mobil joined forces. So that was the acquisition of pioneer and that will likely end up being completed this year. Chevron followed along that. There has been several other acquisitions. We do expect continued acquisition activity, continued m a. In the Permian Basin here in the u. S. And west texas, Permian Basin as you probably know, the largest oil basin in the u. S. , largest Oil Production in the u. S. , significant worldwide but economics tend to work f light producers get together with similar acreage really close together that can lower the production cost ultimately which would be good for the consumer. Ashley very quickly, rob if i want to invest in the energy sector, what recommendation would you make . Where is the best place to put my money . We like Energy Infrastructure at tortoise. Our tortoise Energy Infrastructure fund offers high yields. Thats what we like, companies with high yields. Companies like energy transfer, plains all american, these companies have eight, 9 dividend yields. When you look at a market thats been up and down and expectations are up fairly volatile market from here on out, steady consistent dividend yields for growth are places we think investors have compelling investment opportunities. Companies like Energy Infrastructure, like i was mentioning, energy transfer, plains all american, cheniere energy, those are really High Quality Companies that are going to really be required for the economy to continue to move forward both domestically and globally. Ashley wow, you got a lot in a short amount of tom, rob. Thank you so much, appreciate your time as we continue to follow the oil price. Crude at least moving higher. Rob, thank you very much. Yes, the closing bell rings now in just about four 1 2 minutes. The dow is on place to snap its threeday winning streak, down 171. The s p, nasdaq also down for the second day in a row. Bitcoin, by the way, is pulling back, down about 5 . Bitcoin now valued the at what, 73, 69,000, dropped from 73 down to 69,000, maybe a little bit of profittaking, well see. So while lawmakers in the senate are gearing up to review the bill pushing for bytedance to divest tiktok, Vice PresidentKamala Harris is hosting a Marijuana Reform event at the white house tomorrow. Rapper fat joe will be in attendance as well as Kentucky Governor andy beshear and our countdown closer says potential federal reforms could make weed stocks ripe for the picking. Dan ahrens joins us now. He manages 1. 6 billion in assets as advisors share coo and Portfolio Manager. Dan, it feels to me, welcome by the way to the show, there was so much fanfare when marijuana was starting to be legalized for Recreational Use across the country, but the company and the stocks, those Companies Went public have struggled. It feels like the air has gone out of that space. Tell me what you think. Well, it is not so much that the companies themselves, the u. S. , United States companies anyway have struggled. Ashley yeah. They have been growing. They have been expanding but as an investor in that space weve been extremely frustrated for going on three years now. After biden won the white house and democrats got control of the house and Senate People in investing were expecting federal reforms a long time ago. It has been a very frustrating last three years and a serious downdraft but now we think were finally at the end of that. Ashley so when you think about federal reforms, dan, are we talking about the Banking System being able to handle profits and the business of marijuana . Well that is certainly part of it and again, as investors have been extremely frustrated waiting on the house and senate to pass this safe or safer banking Something Else has come to the forefront. Over a year ago President Joe Biden asked his hhs to review the, whats called scheduling of cannabis or marijuana. It is on the dea schedule one list like other serious narcotics, that have no medical use. So the hhs came out with a recommendation letter 252 pages of very good science and recommendations and now were waiting on the dea which of course exists within the doj, answers to the white house. Ashley right. To come out with their final recommendation. That, whats called rescheduling of cannabis can be much, much more impactful than just a banking bill and thank god, we dont have to depend on these politicians and their empty promises. Were counting on some federal bureaucrats of course but not the actual politicians who have been stringing us along for years now. Ashley well i got about 30 seconds here, dan, what if anything do you expect to come out of this meeting with Kamala Harris tomorrow, hosting this event . Well were all waiting anxiously for this event. Its a big deal to have an event like that in the white house. I just dont know if it will be more empty promises or some actual announcements. Ashley yeah. The actual rescheduling announcement has to come from the dea but were still expecting it this year and finally seeing some reform. You have got to concentrate on the u. S. Cannabis stocks though. Its very different than the Canadian Cannabis stocks. Ashley right. Well leave it right there, dan. We wont be holding our breath pun intended over what happens at the white house tomorrow but thank you for joining us. [closing bell rings] as we head towards the closing bell markets as you can see ending the day in the read. Dow up 141. Same story, s p, nasdaq russell 2000, all down in todays session. Were out of time. Larry kudlow. Larry mellow, folks, welcom