today that goes through the quality, the regulatory and the branding and you know what you're getting, know what you're getting in potency, know what you're getting in the genetics, you know where it's grown, okay? i think that is what is important. once it is legal today the government got to step in here and put you know, their regulatory in place here how to insure it's being sold right because today products are coming in all over the place. taylor: well-said. >> there is more illegal stores in new york than there is legal stores and every corner you walk on -- taylor: we have to cut you off, irwin. you're spot on. wish you luck as well on the business. thank you so much for your time. thank you for joining us. let's get a quick check on the markets as well. the big one, you guys, will be apple after the closing bell. that is the biggie we're watching up 2% heading into the

print. brian: charles was on our show earlier today. he was here. there he is now. charles: i move fast. i'm charles payne, this is "making money." investors still wrapping their head what exactly powell said yesterday as we continue to digest earnings. before you be tempted to sell go away in may you must watch this show. 2:25 i will unpack the federal reserve particularly the q&a part. jay powell said intriguing things about the economy that still have many wondering is there a disconnect? the kids as we can see they ain't all right. protests rocking the campuses across the country. president biden finally speaking out, although not saying a whole lot. i have someone with a whole lot to say. i will could congresswoman nancy mace at 2:40. she is really big on cannabis and also crypto. we want to hear her thoughts there. as you heard apple's big moment. they will report after the bell.

maybe time to invest in a.i. who knows, maybe they don't have to buy as much stock. all that and so much more on "making money." ♪. charles: so as i said the broad market still sort of wrapping its mind around that fomc meeting. of course powell's presser, i will break that down a little later in the show. investors also grappling with the notion of my great together sidelines part of, old sell in may go away, maybe come back in october. look at this the last 10 years. it would have been a mistake except for one time. 022. other than that you kind of wanted to hang around in may through october. now here's the issue, speaking of migrating, right, we're waiting for apple's earnings which of course are after the close but earnings season now, we're into that weird spot where a lot of the big names have reported so you get these smaller names. many of them are fractured. well i got to tell you this is a

different kind of migration, folks. this is the harsh reality. reminds me of the annual great migration, movement of herds, you can see them from outer space. two million will today beast. a lot of them end up dying, 250,000. the lions, crocodiles, in the river. that is what it looked like when all the small names posted earnings. not a lot of red on the screen t was really crazy. you remember these names? wall street used to love doordash, fsly, peloton. it was one of the biggest stocks on the street. maybe that may you should have gone away. here's the thing outside of these stocks, the biggest winner today happens to be car vana, right? that was one of i think, one of the probably best short squeezes in history. but these harsh reactions aren't just on to earnings misses with these smaller names, folks. the street really, you're paying

a really big price if you miss right now and it is not again just these small names. look for instance at the industrial space today. a lot of carnage there, a lot of major names, names that you know of. these are the industrial names getting hammered for the most part are biggest losers almost all of them are industrials. xli, xli, xli. you know parker hand fan, you know all these names. getting hit pretty good. with me don nesmith. this has been a tough, tough quarter on earnings. the misses have been punished. even the beats have been punished. >> thank you for having, me charles. they're focused on earnings. for the market to move higher it has to be propelled by earnings at this point. charles: you see on the screen right now, folks, this quarter, this is going back to 2016 it

has been really, really tough. where are we then? because even when you see blue chip names start to take a hit here, the market you say is over sort of the fed thing, right. we know there won't be three rate cuts. who knows how many cuts there will be. we had big moves. the markets made a big move in anticipation of accomodative fed. the fed isn't accomodative. to keep the rally going we need some sort of impetus, don't we? >> yes, it has to be the earnings. it has to be from the ground up. as we've seen the street, many of the economists are looking for a recession that doesn't seem to come. the consumer keeps spending, keep going but how long can that keep moving. the earnings -- charles: these are some of your holdings for april. all quality names. all blue chip names. even a couple caterpillar got hammered pretty good. cvs got hammered pretty good. what do you tell investors? we will stay the course with these particular names even though there might be a smart-term hiccup?

>> that is great point, charles portfolio management is all about risk. we like the names for fundamental reasons, for their potential, we are going to have problems. cvs was the recent one. still think the stock is a very well-run company. hopefully we can move forward from here, longer term moves on. some of the other things, you've talked about, jpmorgan, high quality. a lot of these names we try to keep with the larger, higher quality names. charles: yeah, all right. it was interesting, i was reading about your firm and you benchmark to the russell 1000. most firms do the s&p 500. in honor of you we got the russell 1000. similar chart to the s&p 500, same type of situation. it broke under the 50 moving average. if we started to break down in this market how vulnerable it would be? >> interesting you put that up. we run two products, large cap

core benchmarked to the s&p 500. charles: okay. >> this is dividend fund where we're basically buying dividend-paying stocks. we run it against the russell 1000 value. that is more representative of the factors that the portfolio reflects with dividend and it's actually a more conservative approach in the long term because of the dividend. you look long term, dividends have given anywhere from 30, 40% of total return. after the kind of market runup we've seen in the last couple years, value has been out of favor, dividends have been out of favor. charles: this gets back to your initial point about risk management, right? >> exactly. charles: markets have a big move. looks vulnerable. why not give you dividend-paying stocks, which have been out of favor. it has been tough competition for dividend-paying stocks. >> as you mentioned the wannish it didn't work was 2022. that is when the fed came out said we were raising rates t hit a lot of tech stocks and a lot of growth stocks. you look at the growth names. they're basically a duration play. their earnings are way out in the future.

dividends are shorter duration. charles: mag-7 didn't have a great 2022. i have 30 seconds. you're also an adjunct professor. we have some things happening on college campuses out there. just your thoughts, where we are with young folks, young adults as they enter into a world where they're increasingly intimidated by, angered by, don't feel they have the same opportunities and chances as parents and grandparents. i'm a student of history. i think opportunities now are unmatched compared to my grandparents who didn't have indoor plumbing? >> i think the future is bright. focus on the negatives you can always do that there have always been negatives throughout history. we overcome them. education is a great way to do that. charles: you feel good about the students overall, we're okay? >> thank you. >> good stuff, i appreciate it. charles: folks, my next guest says that we will be hit in the face with the fact that no one cares about the deficit. i want to bring in academy

securities head of macro strategy peter tchir. peter, so in a way it kind of goes against conventional wisdom, right? everyone is talking about recession, everyone talking about the debt that we have and it's sort of interesting because this is a sort of a, you know we've got the bond yields this goes back to an article i saw from 2018, right? because all hell broke loose. that is one of the last times we were worried about -- again, look at deficits. look at all of this. look where bond yields are, are you kidding me!? there is no way the market can go up again. to your point the market adjusts to this stuff. there is a painful process when we come to a new realization or epiphany things have changed. >> we have separate the front end of the-year-old, two year controlled by fed policy, something longer where yes, fed policy makes a difference also what will the supply of treasurys look like. powell yesterday is cheer he will let inflation run a bit

hot. that is not great for long-term bondholder. you can go back to risk premium. a long time where we see twos, tens in this inversion. we never had this recession. you start getting back to that. i think by the election, 10-year yields will be at 5%. largely because of the deficit concerns. charles: wow. so again, 5%, this again the average is about 5% historically, historically. that goes way back. historically too we were coming down for 40 years. so how long does it take the market in your opinion to say okay, this is a new fact of life, let's move on, let's start valuing stocks in a different way? >> i think the market is already trying to get its way through that, right? if you look at it, nasdaq 100, qqq, we talk about american exceptionalism, we talk about tech, it has done almost nothing since the beginning of february, right? a lot of this year's rally came at the very start of year. we're pricing that in. we've not seen the catchup trade, right? we're still seeing the russell

2000 underperform. it is showing that the market is already digesting this information. as we move along i think the also thing to drop will be revaluation of a.i. a.i. related stocks will drop and i think we can 10er a new bull phase that will be a strong one where people don't care yields are 5%. underlying economy is fine, businesses are great, we have a fair degree of national security. charles: you mentioned the qs, similar chart to the one i just, under the 50-day moving average. looking a little bit vulnerable here. you think maybe it can come down a little bit before it goes up? >> i do. real money starting to say, at 4 point 6, 4.7% on tens maybe shift money out of equities, especially sectors that look most toppy, what is really interesting we keep talking about the qs, you think if we close your eyes we must be up 20% year-to-date. we've done nothing. charles: at one point we were. >> you know who is up 20% in the last three months? china niece stocks. that is my favorite area to invest in. fxi, kweb.

i think the rally there is just beginning. what is happening right now the chinese economy is turning. they're doing a lot of things but unlike the past it will not be a great boon for u.s. companies -- charles: you can't use starbucks as a proxy? say i want access to china, can't use apple anymore. you want exposure. you like fxi more than kweb? >> i think it little more conservative. the way kweb is responding. maybe do a little bit of a mix for them. they will benefit directly. not as much spending will go on u.s. consumer brands as it did in the past. charles: i want to share with the audience the fxi. this is exact opposite 6 other charts. smashed through the 50, 200-day moving average like crazy. it looks like it has a lot of move to the upside. >> that is my thought. you like what china is trying to do. we say fight the fed. don't fight the peoples bank of china which effectively what you're doing. they have retail notes, that are

very aggressive. what contributed todown selling unwinding of leveraged notes. all that is taken off the table. i think there is lot of upside even if the economy stops deteriorating. charles: don't tell anybody at at cocktail party you're buying chinese stocks. >> thanks very much, charles. charles: thanks, peter. folks, holding high beta names can lead to monster wins but do you have the fortitude because they also mean, it also mean as whole lot of volatility? our goal in the next block is to treat you how to ride the volatility with one of the best. keith fitz-gerald is with us. we'll be right back. ♪. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close.

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i don't want you to move. i'm gonna miss you so much.

you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place? can katie sleep over tonight? sure, honey! this generation is so dramatic! move with xfinity. charles: all right, folks, so the market hit a speed bump in april, right, is pretty big pea bump. since then this ride has gotten a lot bumpier. many investors are leaving and it kills me. they have a loss. these hot stocks are also hot beta stocks, which means if the market is up 1%, they will be up 1 1/2, 2%, extraordinarily volatile but at the end of the day, folks the kind of grand

slams people say gosh i wish i owned the stock five years ago when i heard about it, you're right, it could have change your life but it meant you had to ride the waves. i'm talking often crazy waves. let's bring in fitz-gerald group cheat principal, keith fitz-gerald. keith, you and i have these conversations. i want to have it again. even myself, people saying i thought i wanted to be in this market. i'm afraid. i don't want to, it doesn't work for me and that part frustrates me we know these stocks don't go straight up and often they sell the greatest names out there. you identify these names and i've watched you, i watched you ride them up, ride them down, then ride them back up. what makes you hold? >> well i tell you what, it combs down to number one, learning how to take a deep breath, but number two, recognizing you're on the right side of the trend. people make this a whole lot more complicated than they have to, charles. if you look at a.i. for example,

they have nuances for this stock or that stock. a.i. itself is the trend. forget bull at things that go up and down in the headline. that is the trend you have to totally watch and it is totally counterintuitive. charles: it is interesting, one of the major, major investment firms, they did a study a few years ago, they found out dead investors make a hot more money than living investors. dead investors don't react to headlines. they hold the markets with great stocks and outperforming. one thing, let's be honest. there is increased volatility. you have all kind of exogenous things happening there is the federal reserve. we saw yesterday the russell 2000, up 2% to unchanged for the day. the role of the fed, how does that play into your work? >> well, again, you know, the people make this a lot more complicated than it is, right? and the fed i think is really a sideshow at this point.

what you want to do is three things. you focus are you on the right side of the trend? that means sticking with big names that can change the world we live in, the apples of the world, where liquidity will concentrate where companies that are going to work. then you want to take the deep breath, you look at your tactics, do i buy a little or a lot? most people freak out, charles, because their emotions get better of them, the reason they get emotions get better of them they're over their skis. if you get that out of equation, then it become as relatively smooth ride. charles: what are your concerns though? you have to have concerns as an investor? >> well, i do. my concerns are, number one, do i have it right? i wouldn't be very good at my job if i worried. people think we wake up in the morning, guys like me wake up in the morning wonder how much money we will make. i don't. when i open my eyes, i think about what will cause me to lose money today and at the end of the day do i avoid it?

right companies, not pos stocks. that is the list, it is as simple as it guest. charles: we have a little bit of delay. sounds like you said pos stocks. i will ask you about that later. apple after the close, what are you expecting? >> well, unless mr. cook goes crazy pants, that's a stock we're going to stick with because it's again a the much bigger picture. the stock is up 44,000% over the last 20 years. people worry about whether it guys down two or three tomorrow. i'm not even remotely interested in that argument. i think the stock is getting started particularly as it evolves. charles: all right, folks. i have touts about later in the show. crazy pants was not one i came. keith, we'll talk to you again real soon. folks, yesterday, one thing struck me with that press conference with jay powell.

he was so cool. kind of like "cool hand luke." although a mixture of paul newman and steve mcqueen. however, was he too smart for his own good? was he too cool? i have two investors own the street that will break that down after this. ♪. ncial advisor, i stand by these promises. as a fiduciary, i promise to be the financial steward that you and your family need. i promise to put your long-term financial well-being above any short term transaction. everyone has a big picture. my job is to help you invest in yours. [announcer] charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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it's odd how in an instant things can transform. slipping out of balance into freefall. i'm glad i found stability amidst it all. gold. standing the test of time. liberty mutual customized my car insurance and i saved hundreds. that's great. i know, i've bee telling everyone. baby: liberty. oh! baby: liberty. how many people did you tell? only pay for what you need. jingle: ♪ liberty. liberty. liberty. ♪ baby: ♪ liberty. ♪ ♪. charles: all right, folks, let's talk about that meeting

yesterday because in many ways it was kind of bonkers. of course the fed always come ons out initially with the statement. you start with the statement. right away jay powell was pretty smart bit. you can't fight it, you have to admit. in the recent months there is lack of further progress toward's the committees 2% inflation objective. yeah, sherlock, we know, right? we cut to the chase. the real excitement came during the q&a part. rate cuts, pausing the rate cuts remember, powell gave us he said three rate cuts. not like wall street pulled it to seven. he said three. he said we don't think it would be appropriate to dial back our restrictive policy until we gain greater confidence. you're the one who said maybe three rate cuts. he talked about the labor market being strong and inflation moving sideways, maybe they're not gaining greater confidence as things that would really push off these rate cuts. restrictiveness. this it sticky point.

he was really cool about the whole thing except at this point. restrictiveness. it is pretty clear the policy is restrictive. is it sufficiently restrictive? oh, boy. let the data answer that. i guess we'll let the data answer that. meantime, remember rate hikes, everyone started talking a little bit about rate hikes. it is unlikely the next policy move will be rate hikes. stag flayion by now we all know. he doesn't see stag or flation which is fine. the influence of politics is entreing. people handicap the fed's move. you can't go into the september before the next election. george bush, sr. blamed the federal reserve for him not being elected. we don't go down that road. in other words they have the blinders on when it comes to politics. other people say this is no way it can be that way. he is a human being. he maybe wants to be reappeared he will not mess that up.

this is the amazing point, immaculate landing. jackson hole speech he said pain and markets would fall apart. nothing is broken, where is the pain. he is right, you know what, you're right? there hasn't been any pain. so far it is a tremendous result. so giving himself something of a pat on the back. the markets in the meantime, it was the bond market that really did all the moving here. so you have your 10-year treasury yield which was kind of easing into the meeting. here is the communique. also yields go down. the stock market goes up. yields start to go up, the stock market starts to go down. we almost ended where we began. it is a little bit of a frustrating kind of thing. we're still trying to grapple with it because the bottom line here is, we know that the federal reserve is in a real tight predictment. with that in mind let's bring in your first guest, michelle gerard is with us. head of u.s. trading at natwest markets.

michelle, so jay paal had to acknowledge that the data is hot and i think he did his best steve mcqueen impression or paul newman, was pretty cool about it all. a couple times he got a little bit frustrated because i'm concerned, i thought he was too nonchalant about the threat of inflation. what do you think? you. >> want him to go crazy pants? charles: crazy pants. >> you didn't get that? look i think that the fed chairman was trying, as has been the case is trying to thread a needle here. they are clearly a bit disappointed that the progress on inflation has stalled and as a result, you've seen the market remove expectations for rate cuts and so, i think the chairman wanted to reaffirm that, it is going to take more in terms of data and greater degree of confidence on the fed before they consider rate cuts. what i don't think he wanted to do, i think he was successful communicating this, is to have the markets begin to fear the

fed might need to raise interest rates. so i think his message really was, for us, the question is how long do we keep policy restrictive? how long do we keep rates at these high levels, rather than should we think about having to raise interest rates further. so again he is always trying to thread a needle in terms of setting expectations without having a negative market reaction unnecessarily. charles: but here's the thing though, michelle, we had a series of economic data that has come in higher than expected and michelle bowman, the dallas fed president last month, she was the one who openly talked about maybe policy wasn't sufficiently restrictive. do you think, i would like to believe that they're really open to the notion maybe it's not but looks like he is pushing back on that right now? >> that has to be a conclusion you start to come to. the level that you thought was neutral is higher, that is, at

over 5%, you aren't applying many of a brake to the economy as you thought but i think the question is, so what does that mean? does that mean that you need to take rates higher? there is some signs of economic slowing are you comfortable staying at this restrictive stance even if it wasn't, as restrictive as you thought? it seems to be having some effect. do you just sit with this longer around i think that's where the fed is coming out with right now. charles: right. >> they may not be as restrictive as they thought but it isn't that they want to get more restricted. they sit in this posture a lot longer and delay cutting rates, that you thought you needed to do sooner, given you thought you were a lot further from neutral than you actually are. charles: i have a chart from the audience. seeing from 196 to 20179 we are above where the average real fed fund rates were. some would argue, if we are

sufficiently restrictive, at least hi toreally -- historically. i have less than a minute to go. i want to ask you about the bond market. makes 40 year moves. down to here, then 40 years up. more recently 40 years up to 1980, where yields were going through the roof. which have 40 years where yields came all the way down to zero and i'm just curious, i don't know how much the fed can even control some of this at this particular point. we have a government printing money like crazy. >> right. charles: could we be in a new world when it comes to bond yields? wall street's afraid of this 5%. could we look back a year from now, say 5% looks cheap? you. >> know, i think, charles, it's not even so much this is a new world, maybe as much as going back to the old world, what we experienced for sew long. in the wake of the global financial crisis, the rates went to zero for the first time, obviously during the pandemic, the question was that period of

time maybe the exception and now what we're looking at, is a world where we're kind of back to what we would normally see, we normally have real rates, rates inexcluding inflation, the three, 3 1/2 to two, 3% range, inflation on top of it which might suggest four to 5% if you have a funds rate only going to be at three, 3 1/2, that might be quite appropriate and so i think it's really just matter of, coming to grips with this idea that what we experienced in the last, you know, ten years, is actually not the norm. we are probably need to look back at what has on a longer historical basis, been the level of rates that have more. charles: right. >> more commonly prevailed. charles: coming to grips with it. it is going to be harder said than done, i think for lot of people, just gotten used to this world. it has been a comfortable world. it is really uncomfortable now. always appreciate it.

>> thanks, charles. charles: my next guest agrees with a tweet from barry ritholtz, that the fed should have cut-rates by 50 points. let's bring in simplified asset management, mike green. 50 basis points, a rid cut? people were talking about worried if the fed would hiking rates, now is the time to start cutting? >> now is the time to start cutting. before we get to the target of 2% we need to start cutting, long and variable lags worth in both directions. the simple answer, there is no one right rate. your rate will be different than my rate. causes your spending to restrictive will be different from mine. that is true for the majority of people. we have a bifurcated economy right now, 40% of households don't have anywhere near enough to meet their obligations. charles: right. >> other half is sitting there, this is fantastic, my bank account is sitting with real

returns. making fantastic with no effort. we see this with things like cruise lines, leisure travel, business class travel for older people, that is where the money is actually going right now. it is the other half of the economy, small businesses, commercial real estate, et cetera, unfortunately hitting record levels of bankruptcy at very low level of unemployment. shouldn't be happening. it is really restrictive. charles: i had a few charts, tables for some of the quotes. one of the quotes, i don't know if i get back, where the fed says, well we know, we work for everyone, right? we always hear them say that. i don't have it here. i thought i had it here. here it is. we're on the road where we're serving all the american people. the fact of the matter is though, it feels like they never are, to your point particularly now. this whole inequality thing is exacerbated, isn't it? >> it really is unfortunately

exexacerbated. part of that is an impossible job, right. we have children. each of them thinks we love less than the others. every child thinks they are the least favorite. charles: especially if you have pet. >> they know you love the pets more. this is similar thing. we decide to focus on those who absolutely are in need, we focus on those who are correct, we have a real problem where the cost the cost of living. the dollar left over for the median household this is different than the numbers we see in terms of the average, because the average basically includes bill gates and me, right? those are two nowhere close in terms of outcomes. charles: bill gates and i walk into a bar and two billionaires walk in. that is the joke. >> i call that the average bar, right? in this situation what we're actually looking at is for most americans, 50% of the americans on the median side of this, they have less left over after food, gas, personal interest expense and rent. >> right? >> right? that high level of interest

expense is hitting both the personal interest expense obviously what it costs you to borrow. we're seeing more and more households forced into short-term debt like credit card debt. the second thing happening we're seeing restrictive impact of high levels of interest rates on new housing everything else. that in turn means rents are getting pushed up relative to what they should be. the complaint barry and i are both making on the cut, the same lagging indicators that prevented the fed from going in and hiking aggressively when they probably should have in 2021, are now actually leading the fed to say we're just not sure. charles: right? >> right? charles: so again, this is so critical, right, this is nominal. this is what economists always talk about. maybe politicians. president biden sees this but in real life people feel this and that's why, you know, people are saying hey, the economy is in tatters. i'm hurting, no one is listening to me including the federal reserve. >> that is really the sad part.

quickly on this, if you think about this is the proverbial there is less left over every month, rye? >> right. >> the second thing really critical about this, think how far we deteriorated. in 1992 political slogan it's the economy stupid. that is what the election is about. this time in a bizarre case of gaslighting, seems to be the phrase of the decade the economy is totally fine. it is your problem. we don't know what inflation is. charles: great stuff. you can keep telling people that, they live in their world. speaking of president biden, he is speaking out after nine days of anti-israel protest across america's college campus. we have congresswoman nancy mace to break down which she thinks where all of this is going after this.

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♪. charles: so suddenly a lot of people talking about 1968. i discussed it on our monday show with greg valliere, the impact on the political landscape. that year of course riots broke out all year long, culminating with the one, real big one at the democratic national convention that august. could we be in for other summer of '68? joining me south carolina congresswoman nancy mace. nancy, between the break, i had a college student here from penn, got alert on her phone, same alert they get when someone on campus with a gun. violence erupting there too. i don't know it is surprising it come to this. these things have been powderkegs for a long time. the question, why are all of these things blowing up at this very moment? >> we have weakness in the white house. we've had all these policies at these very far left college institutions maybe decades, faculty included and tenured

professors indoctrinating students to think they're okay. that antisemitism and jew hating should be tolerated. you can sympathize with them and get away with it in our country. they burn our flag. they desecrate campuses, they hate jews, they love terrorists. they are getting away with it, joe biden and far left folks on the democratic party are allowing it today. charles: to that point the media really never has pushed back. you know we had these riots across america a few years ago. you know we heard, it was a form of communication by the voiceless. we understand some of that but also, you know, just sort of vitriolic nature to people that voted for president trump, they became the enemy on national tv and the white house. when you have that kind of environment, hate naturally is fostered, isn't it? >> absolutely. you look at the summer of antifa, my house was even spray-painted by someone either

was or pretended to be and antifa thug. those people were never held accountable. i wouldn't be surprises within the mix of these student are these anti-american, antifa anarchists trying to sow dissent and discord morning the country but this is the democrat party now. they own this. jobe joan owns this. this is joe biden's america what we're witnessing today. charles: you're spot on. the penn student who was just here, the communique said these are mostly non-students. folks fishing the pot. talk about hr.2 737 stop the invasion act. what does it do? >> well we want to stop the the invasion of illegal immigrants coming across the southern border every which way we can. i in recent weeks working on a bulk of legislation to help stem the tide of illegals including violence against women. if you're here illegally you rape or assault a woman, you go

back immediately. we want to force the president to send the folks home. stop the invasion at the southern border w very to go hard or go home on illegal immigration on the southern border. charles: one ever of the things i want to talk about, your positions have been reflected big time in the stock market here recently. marijuana, getting closer to perhaps deillegallization, the congressional blockchain caucus. i find it fascinating looking at folks on there, you have democrats like ro khanna, ritchie torres, by the way i give him a lot of credit he distanced himself from the "squad" what is happening with college protests. diverse thinking all on the blockchain and crypto committees together, maybe there's hope that we can get some communication in washington, d.c. beyond these things and maybe try to get this country on the right track? >> i hope so. in fact i met with some folks in the stablecoin market this week as well but i've done a lot of

work with ro khanna, particularly in cybersecurity. we passed legislation that has been signed into law. i recently did a bill called the access be act on oversight with congressman krishna murphy that bill would allow federal contractors without a four-year degree work on cybersecurity contracts with the federalist government. completely you unanimous. democrats and republicans working on this for the american people. i wish they could see the work we're doing there, it is happening. with all the rye wrotes, negative news, gets covered up by what is happening across the country, violence happening across the country right now. charles: i can tell you one thing, young investors are interested in the freedom aspect of marijuana legalization and cryptocurrency. keep up the great work. congresswoman mace, thank you very much. >> thank you, charles. charles: see you soon, folks all eyes on apple, right, they report after the bell, one of the last of the behemoths. they have struggled this year. i will tell you what i think

they should be focused on and it is not buying back their own stock. we'll be right back. did i read this? did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain. visit morethannormalaging.com ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance.

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charles: all right, folks, so my if next guest says the market looks a little stretched, and it's due for a correction. but fear not because a correction will be a buying opportunity in certain areas of the market, want to bring in wall street alliance group, dale zumont. what would be the impetus for a correction, because it's felt like we've been doomed for a while now. >> yeah. i mean, the market's been stretched, right in it's had a monster rally since october, and once every few years we do get a correction, and i think this is about the time, it's looking a little exhausted. charles: what pushes us over the edge in. >> if tomorrow's unemployment report is too robust, at this point all of the earning, if the earnings start coming out negative, that could be a cause. market will look for a reason to correct a bit. charles: here's the thing, and i

don't disagree with you, but it feels like jay powell is telling us watch the job market, watch the job market. we get an unemployment number of 4.1 or above 4.0, 4.1ing i think the argument's going to come back rate cuts, accommodative fed. that might take us even higher if we have a situation where somehow we start to reignite. what do you do in that circumstance? >> well, we stay diversified. we keep our exposure in the market. long term we aring still constructive. powell told us yesterday that rate hikes are off the table. eventually, we'll get cuts whether it's this year or next, and even if we do get a correction, that's an opportunity for the long-term investor. charles: i know you like utilities. i was in one utility this year. i'm a little early, but i like the sort of value proposition that a.i. and everything sucking up all this energy and we're going to have an electricity crisis. do you like it for that reason or because it's the been such a massive underperformer? >> yeah, it's the worst performer of last year, so for

both of those reasons. a lot of people don't realize that artificial intelligence consumes a huge a amount of -- charles: it's crazy. >> so the demand for electricity is going to surge, and a lot of these utilities are underperforming, as you said, and they're paying good dividends. the breadth in the market is going to continue to improve. charles: got to ask you about apple, are you long apple? >> yes. charles: reporting after the bell. what do they have to say, in your opinion, to turn this thing around? >> i think that apple is, we really like it going into earnings. if you look at tesla, it fell before the earnings and shot up right after that. something potentially similar could happen with apple, and let's say it doesn't happen, the next catalyst could be the iphone 16 release plus the announcement of enhancements in art official intelligence, that could boost the stock price as well so we like the stock. charles: you mentioned the utilities and dividends, i also heard you say you like dividends at this point also. >> dividends are going to make a

comeback, in our opinion -- charles: you're got low yield with, medium yield, high yield, dividend growers. is there a specific area you're looking for? >> i think generally some of the high dave dividend-a paying companies we really like because eventually we'll get rate cuts, so money will flout of money market, and a lot of companies are joining the bandwagon. meta and alphabet included. charles: the first dividend, right? if that was big news with google. all right, great stuff. >> thank you. charles: see you again soon. okay, folks. as we just talked about, after the closing bell apple's going to report how well they've done in the last three months. we also just talked about some of these other name, right? we know one of the problems is the a.i. strategy has been lacking bigtime. in this quarter we've heard from some other major companies spending monster, monster -- look at this, the amount of money they're spending on a.i. is mind-boggling. now, when it comes to apple in the fourth quarter, 2023, they invested $3 in cap-, and.

that just ain't -- cap-x, that just ain't going to cut it. according to bloomberg, the tally is now $650 billion since 2012. analysts expect they're going to add another $90 billion to the that after the close. that's a lot of money. a lot of people say, yeah, that helps the stock, maybe even manipulates the stock, but that hasn't worked this year, right? apple shares have trailed the other mag if 6. -- mag 7. names. tim cook is going to have to do something with respect to a grander vision. he doesn't have to change everything, but a buyback program? nobody cares about in that at this particular point. everyone wants to see what is apple's a.i. strategy. now, tim cook is a brilliant guy, ap 8's an -- apple's an amazing company. you have to expect maybe they understand that and they'll see that, but if they don't, i think the shares are going to slump. it's the not that i would sell it, but i think liz claman would agree. liz: i agree