when yields fall, big tech is what gets the boost. that's e really what you are seeing today. and really, it was green across the screen for the week as welch you're up still about 1, 1.5% or so. is so overall, you guys, this was the week. we had the fed, we had huge big tech job earning, you had jobs day. really everything lined up. brian: and and you had a market that said a, please, please, please give us some data that'll give us a rate cut, and they read this report, i don't buy it. i think there's a long road to go. i think this was a stronger report than all the rate cutters want. squawk a jack i agree with you. they're taking it to be positive, they're looking for any sign that they might get something. you know how the market is. it might be up today and next week will be a different thing. taylor: fundamentals with earnings look strong. brian: i give you that. jackie: and that's important. one thing that i was going to say is we do have a rally on our hands today. the person to take it home for

us, charles payne. charles: i'll grab that baton. thank you very much. good afternoon, everyone, i'm charles payne. this is "making money." stocksal i thinking on a weaker than expected jobs report. investors can sort of ignore the earnings season which, in my mind, has been something of a bust. but here's the thing, the buy on dips crowd can has been licking their chops. we're starting to make the move, but people are looking beyond just the normal suspects. we'll investigate opportunities outside of tech. also again with that big jobs number coming in below consensus, where does this put the federal reserve? jay powell hinted over and over again that the rate cut could come when we get a jobs report, and what does this mean for main street? this is not great news for main street. yet tim cook, i said i thought he needed more than just a buyback program. little did i know he was going to unleash a historic buyback program, $110 billion. i'll ask dan flacks, what about the rest are of the report? if does apple need a.i. now?

if you can't miss our ode to small business in the tradition of pulling one's self up by the boot strap. all that and so much more on "making money." ♪ charles: all right. we're back to bad news being great news for the stock market. you can see it on your screen right now. listen, wall street desperately wants jay powell and company to -- that money printing machine. in addition to the jobs report that i'm sure you've heard about, the ism services number snapped it 15th month of expansion. it careened into contraction for the first time since december of 2022. the problem though really, it's a tough one, because as that goes into contraction, prices which have been on the move for 83 months are are increasing even at a faster speed. so is while the stock market is cheering the bad with news, the bond market also breathing a sigh of relief. in fact, a big sigh. it looks like a december rate

cut back now p at least at the c me, fed watch tool. that's 100 more than we thought coming into today's session. right now the s&p 500, you can see this, folks, we've talked a lot about the 50-day moving average being critical. we're sort of above it right now. i'm i happen to love what i'm seeing right now, my next guest says despite five major policy errors by jay powell, he deserves an, a+ for his e statement this week, let's bring in kip her ridge. you really are one of these what have you done for me lately kind of guys, right? [laughter] he's had five mistakes, he's messed up bigtime. what does this new affection for powell mean for the markets? >> well, you know, as i watched the press conference, the fomc statements have typically, you know, pretty much what we expect. powell's press or or that you never know what's going to happen because he goes off

script so often. so as we were watching it, i was, like, okay, cut his mic because he's doing perfect. cut his mic. end it now. but he never made that the, that flub, that mistake that typically sends the markets lower. and as i watched the press conference, it looked to me very much like jay powell knew what this number was going to be today. we actually kind of wrote that up. he was a very confident guy, very relaxed. when people talked about are you going to hike rates or do we have stagflation, you know, he just, he just pushed them aside. ing so i think this is, paul is very confident. i think that now we're back to where we said we'd be at the beginning of the year, charles, 2-3 rate cuts this year. probably both of those rate cuts before the election. charles: you know, it's interesting, i did ask someone the same question. you always get the feeling, to your point. powell seemed -- i called him a combination of paul newman and steve mcqueen. he was cool, calm and collected, right in i'm told the president got the report yesterday and it

moved town the food chain and powell got it somewhere late yesterday. wink-wink. all right, so with that in mind, you were aggressive late last year, and you've been aa depress we've all year long even though we've had this little bit of a swoon. are you still aggressively long this market right now? >> even more so than the last time e was on the show. we actually added to our positions last week in the semiconductors in tech. we think that's a group that's going to continue to lead. the berth of quantitative easing, the semiconductors have been the market tale. if you just follow the semiconductors, you know what the market direction is. and last week they hit the most oversold level since the bear market bottom of october 2022 when we started buying them. we doubled up on our position last week. charles, we think this market's going to rocket ship higher into the with election, and i don't think it's a mistake that that's going to happen. charles: all right. time to give you some props, my man. fourth quarter of last year you gave us a lot of stocks and positions, ideas. now nail up 43, soxl up 63%, erx

up 18%. you still holding those? >> we are. we don't hold nail. we took profits in nail. matter of fact, if we hadn't bought the semiconductors more aggressively, we would have added nail, the three-time leverage to housing etf. we want to buy that again, but we do own the others, semiconductors and energy and and small caps. charles: k webb is coming on stronger, you still buying? >> yes. we are buying, chinese stocks have bottomed. it's been a 2-year bear market that's been brutal. we avoided that group request. we think specifically chinese internet stocks are the place to be, 20-30 year multiples based on earnings, and now that the u.s. economy's slowing, here comes can china's economy. it's almost like it's a coordinated system we have here, and we think the chinese stocks are going food very, very

well -- good -- are doing very, very well. charles: speak of good news out of china, sort of made everyone forget what they were saying about musk. maybe he comes back. and bitcoin. you know, is this consolidation of bitcoin, this late move down? >> yeah, i think so. you know, this is really trading par for the course. after the halving's, the month if after is typically week and then -- weak and then it starts to accelerate. bitcoin has been more than 3,000 over the next 12 months. we don't think we're going to get that kind of a move here. we are aggressively long bitcoin looking for 100,000 by year end. charles: all right. buy the rumor, sell the news, underpromise and overdeliver, we hope. hey, kip, great having you on. talk to you again. have a great weekend. >> appreciate you, charles. charles: my next guest says that the april employment report is, quote, the beginning of the end of the catch-up effect.

i want to bring in bank of america's head of u.s. economics, michael -- your headline had a question mark at the end of it, so i'm glad you're here. [laughter] what's the answer? >> well, the answer is probably, but, you know, one month doesn't make a trend. we've been waiting for this which is a lot of what's been proif pelling the economy in the labor market is this catch-up effect meaning still in 20 this, reopening effects from the pandemic are supporting the labor market. but at some point the services side of the economy will have caught up, and then you would expect employment growth to slow. we think we're seeing the early signs of that today. we'll see if we get more validation in the coming months. charles: leisure was, wasn't that really as high as a some -- >> that's right. charles: so retail's starting to pick pup from, i'm not sure what that's all about. but what about the other parts of this report? it was a big miss. it missed consensus, and the whisper number was higher than the overall number.

so what parts of it really came up short? >> the main one, you mentioned, leisure and hospitality. charles: right. >> so that had been average aing maybe 50-75,000 jobs per month on average over the last year. it was only 5,000 today. i don't take a negative if signal from that. again, at some point the sector will likely have caught up in terms of where employment should be, but that was where the big miss was. secondarily, it was employment at the state and local level. so the other sector that's been adding jobs a lot is education and health. some of that hiring takes place at the state and local level. that was also soft this month. so those were the two big misses in the report. charles: where do you think we go from here? you're saying it's too early to know if we've caught up, you know? if you look at the jolts report or, there still seemed to be a fair amount of jobs open in those particular areas. >> that's right. i think it's right to expect employment growth will slow, but what's happening is it's slowing to rates of growth that we would consider normally solid or or

normally strong. charles: are you happy with the wages in because we're still in a relatively higher than normal inflation their period -- >> that's right. charles: wages still -- people are struggling out there. >> yeah. at least from the perspective of is demand too strong, will wages fuel inflationary pressures to -- can. charles: powell said he's not worried about wages fueling inflation. i thought that was interesting. he was itching to get that out there. >> from an economist perspective, it's actually hard to prove the link between wages and services inflation. you'd think it would be easy, but it's not straightforward. so, yes, some moderation in wage growth is helpful for the economy right now. overall, wage growth is still in line if not slightly ahead of inflation. is so, yeah, there's a balance there. but the signal from this report, i think, is the risk of overheating is reduced. it should leave the door open for fed rate cuts later this year. we can debate on when the, but i think that's still the likely course of action.

charles: what if the ship goes too far? and i'm going to point to ism numbers. >> sure. charles: manufacturing went into contraction, which has been in contraction, but there's certain parts of it that are really starting to struggle a lot, even more. but services today overshadowed by this jobs report, i thought it was somewhat of a shocking number, contracted for the first time after 15 months in a row. and the part where both of them are linked, manufacturing and services, prices keep going up. that that's a heck of a combination. so the headline is coming down, but the prices are going up. that's the exact opposite of what we want. that's not a soft landing, is it? >> right. at least to the fest part of your question, when to get concerned, some slowing in employment growth is fine and healthy and goldilocks. i would say look at two things. when employment growth slows further and we get indications that layoffs are picking up, right? charles: right. >> that's the bad combination. on the other side of it, you know, i would just say it's hard to have every data point aligned to sell a consistent signal

every month. charles: i think prices have been going up four or five months for both of them, and no one's really talking -- >> that mirrors what we've been seeing in inflation if. inflation did outperform in the fourth -- in the first quarter. i'm not here to say we're out of the woods on that. i think the risk still is that inflation's too sticky and maybe the fed just gets delayed. but we have, say, three to four months of kind of bad price data, ask we had one ununemployment report today that throws a little cold water on that. net-net, i still think the fed needs to be cautious, wait, take their time. and when they ease, and this is still key, ease slowly. charles: all right. great stuff. >> thank you. charles: appreciate it, thank you. all right, folks, of course you know by now apple beat the earnings. i mean, bailey. they beat -- barely. they beat earnings and revenue by the chair of their chinny chin chin. the real reason the stock is surging is because what a tim congress cook has gone out and done. we do have dan flax here to

explain why he thinks apple's making a good move with a $110 million pieback. we'll be right back. ♪ you can go your own way with, to your own way ♪

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charles: all right. chalk up yet another milestone to apple. this one's going in the record books, and i'm not saying everyone is cheering although investors are. we're talking $110 billion buyback announcement, certainly took the spotlight off the quarter where we saw it barely beat consensus, and the numbers were down from a year e ago. apple, of course, has been the magnificent seven laggard this year. and many are wondering if its lack of growth means maybe it's just mischaracterized and should be considered a value stock these days. my next guest was pleasantly surprised with the results tim cook and company posted, joining me now, dan blacks. dan, so you liked the quarter, huh? >> i thought the quarter was decent, charles, given the circumstances. the environment remains difficult, but the install base is growing for iphone. services is healthy, and as we look out over the next several months and into next year, i think growth will be better by more a. i. capabilities.

charles: didn't iphone sales come up to decline? >> iphone sales were down, and i think the headwinds that you're seeing global hi in many markets is going to reremain a challenge for apple and others. the intall base growth is the key. if you have that,s it sets the foundation for the next iphone cycle. charles: right. what about competition? just how long are they going to be able to hold on to this enviable spot that's obviously one of the greatest money making machines ever. >> competition is fierce. part of what apple has done well and i think they can do over the next 2-3 years is this constant reinvention. it's taking the hardware, the software and if services and coming up with a great experience that users value. it's fun, it's secure. and so if they're able to do that as we move ahead into the a.i. era, continue to grow services, i think growth can get better. and the market will like that. charles: speak of growth. is it still a growth stock? -- speaking of growth request. >> i think it is.

right now growth is difficult. i do expect that the business will see better, better results. ipad, you'll have a new cycle. mac, i think that is healthy with the install base. wearables is an area where i think there's a lot of optional the city. charles: going into break i mentioned elizabeth warren, and the prior guest didn't make the connection, you know? when a company makes tens, hundreds of billions of dollars, keeps those profits offshore and pays zero taxes on it and then the buys $1110 billion back of their own stock -- 110, issuing bonds and never having to pay taxes on it, it invites a plot of regulatory scrutiny, doesn't it? >> the regulatory scrutiny on apple and really all of these big companies, i think, is going to e main if fierce. i would expect when we think about the free cash flow for apple and the buyback, it's positive. but at the heart of it, it needs to innovate, it needs to grow, and if you can generate about $100 billion of free cash per year and invest tens of billions into r&d --

charles: the $110 billion from what i read is the cumulative amount they've spent on r&d since 202013, so it seems scooped, to you -- skewed, to your point. all the money that meta, google, amazon, microsoft, $42 billion they announced in a.i., are you worried about apple's a.i. strategy or lack thereof? >> i think you've seen artificial intelligence and machine learning in the products for a long time, the iphone, the watch and other devices. the key with the generative a.i -- charles: yeah. >> -- is really transforming the user experience. i think you'll see improvements in camera, video, siri should, hopefully, get a lot better. if you're able to do that and deliver this experience to customers, then i think you'll see more users upgrade. i think you'll see continued consumption of services, and that will help propel better growth. charles: before i let you go, there was a love affair that was sparked between mark sube or berg and wall street after wall street had left the stock for dead. that one session had the largest

loss inestly of a single -- history of a single session. they made a big move back on the efficiency idea of the maturation of zuckerberg. all of a sudden, you know what? he's spending too much money again. >> charles, i think they're executing well. the comments are on the investments. i appreciate probably caused the stock to pause a little bit in the near term -- charles: you think it's a buy? >> we'll wait and see. we con to own it. we prefer google for money at new levels. charles: which is amazing, because at one point the story was a.i. would make google search irrelevant. wow. it changes all the time. we're glad you keep us updated. have a great weekend, my friend. consumer confidence dipping to its lowest devil since 2022, and that's got a lot of folks worried. we'll ask dana peterson, pause she wrote the profit about -- report about that. the april jobs report, what does it mean if about isn'tment in this country? we'll be right back. ♪ tell me, tell me, tell me

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happy mother's day! some things never change. like a mother's love. get something as timeless as a mother's love at harryanddavid.com. life is a gift. share more. charles: so over the past year much of the surprise in the monthly data, jobs data, has come from 618,000 government jobs, folks. that's how much were added this year, second, in fact, to private education and health

services. not only has will been an avalanche of these jobs, but the pay has been significantly higher than the private sector, particularly for those jobs with the same job title and description. these jobs have been powered by an avalanche of money sent to state and local governments ostensibly to help after the pandemic. but after creating 72,000 jobs in march, we. swooned to just 8,000 in april. there maybe is a chance that all that a money has been spent. according to pandemic oversight, there's been $817 billion that the federal government obligated to states and territories for funding. of that, $745 billion has been spent. now, with the focus swearly on the private sector -- squarely on the private sector, maybe a better reflection that many americans are expressing, the angst. my next guest just authored the report titled slow or or payroll gains won't satisfy the fed. joining me now, chief economist for the conference board, dana

peterson. your report points to a conundrum of sorts because the labor market cools, but upward wage pressure is till there, and powell kind of talked about both of these things. but he suggested don't worry about wages, you know, which i thought was interesting. but we should be, you're saying, in terms of when it comes to inflation. >> absolutely. when you look at which industries are driving wages, a lot of those the industry thes are still experiencing labor shortages or a lot of demand for workers because they've involved with construction, building factories linked to infrastructure spending and also reshoring. so i think wages are something the feds should continue to watch. charles: now that we have the sticky wages which you wrote about many in your report, what has to happen before it's no longer an emphasis for the fed to cut rates? obviously, it would have to slow, but is there a certain -- you know, what's normal at this point? >> sure. wages before the pandemic were usually in the 2-3% range is and we're still, you know, just above 4%.

so i would imagine wages would have to slow back into that range to really stop putting upward pressure if on consumer prices. charles: and i, the bottom of your report or though note notes, the conference board, you're still looking for at least two rate cuts this year with. >> yes, we do. we actually reduced that. we had many more earlier this year -- can. [laughter] but just like everyone else, we're seeing inflation being a lot stickier. and some of that's supply-driven like food and energy prices, but also a insurance costs rising. it's also those wages, and that's something the fed doesn't have as much control over. so we do think we're going to see inflation slow thanks to housing costs coming off and that we can squeeze in two interest rate cuts later in the year. charles: just reading between the lines looking at their own expectations, i think the 4.0, 4.1 number is what, in my mind, gives powell the reason to start the cuing. >> yeah. and i would agree with that because that's notably different from the unemployment rate last

year. but still that's really low. so i think the fed is still pretty much focused on inflation. charles: okay. the u6 number,, by the way, is starting to spike. let me shift gears a little bit because consumer confidence report, it made big news. in part not only did it come in below expectationses, but -- i mean, below wall street consensus, the expectations, that chart is really starting to swoon here a little bit. what are people concerned about that makes them the lack confidence in the next six months? >> sure. people are is still complaining about the level of prices. eggs are $8. no one likes that. and they're also concerned a little bit more about jobs and also the political situation. this is a lot of up certainty out there. so that's being reflected in the expectations gaming. however, we do ask consumers point blank do you think a recession's coming, and they're not so sure. they're less sure that there's going to be a are recession. hales charles at one point your work was pointing to recession. is that back on the radar after the last couple of economic data

points from the conference board? >> i would say, no. you're referring to our leading indicator which has been negative for almost two years. it did capture some real weakness in the economy, but it didn't include the surprise that we've seen in services where consumers are still buying lots of services and also the fact that or you know, we have pretty significant labor shortages. so companies were not letting people go. if of you have a job, you continue to spend. and i think that's what contributed to not having a recession so far. so i think the leading index suggests, oh, there could be some weakness in pockets, but i don't think it's saying absolutely there's going to be a recession. charles: is there a chance that we can, the economy can shift gears? in other words, the notion that, okay, we smoothly go up and then we smoothly go down and we can -- catch it. is there a feeling? again, i talked about this earlier, ism if manufacturing was negative, you know, a negative if surprise this morning. i had -- irk sm services, this it was the only economic data

point out today, it'd be headline news. it's in contraction right now. it's supposed to be strong like bull, right? [laughter] prices are going up, that's deadly. it feels like maybe people and businesses are reacting to higher inflation and maybe we could get a shot somewhere. >> sure. consumers are also complaining about interest rates being elevated, so that means they're not buying big ticket items like houses and cars and such. and when it comes to services, they've been using credit cards to pay for all those vacations and, you know, debt's really up. the interest cost on tet is higher, and we with think consumers are going the start pulling back. so we do have softer growth in the middle of this year. but if the fed can get in some cuts later this year -- charles: boy, that's going to be a delicate balancing act, that's for sure. thanks so much, dana, appreciate it. already, folks, despite the headline miss on the jobs report, it was objectively a perfectly fine and completely in-line number with his models, of expectations. let's bring in train macro chief

investment officer don luskin. don, so what did surprise you in today's report? >> well, not a whole lot, frankly. i can tell you if i was jay powell what surprised me which was seeing month over month average hourly earnings grow by only 20 basis points. that's a pretty soft number especially considering the red hot employment cost index for the first quarter that was published earlier this week that caused a big market selloff. well, we got all that back, so that a shows you kind of the fool's game it is playing every single, little macroeconomic data point. charles: you know, but to that point, so i saw i the eci number come out, and everyone's going crazy, to your point. it's huge, it's up big. i hope it up -- open it up, and immediately the private sector was with not up. the private sector has come down and, to me, dramatically year-over-year with. that was all government. then i saw the jolts report, all the job openings are down except

for 68,000 plus for government. then the i look closer at -- i mean, it feels like you've got two economies. one, government, which is robust and spending and people are getting jobs and getting raises, and the rest of the economy. >> what can i say, man? if you know, you're preaching to the choir. and, you know, the thing that kills me the most about it is, you know, one of the main reasons we care about all this stuff is because how that'll play into the fed's thinking and will they raise rates, will they lower rates, will they cause a recession, will they pull us out of recession? well, they're the government too. so, yeah, man, they've got us coming and going. charles: hey, a lot has been made about the positive impact of immigration in the country on the labor market, right in. >> yeah. charles: i'm hooking at your report, i think i got this right. we had big declines in april for foreign-born workers e, men and women? >> yeah. fair enough. one of the problems with analyzing this is the bureau e of labor statistics that produces these jobs reports once

a month on the first fried, they don't seasonally adjust the change in employment for foreign-born versus native-born. so you get these, you know, big pitching, volatile moves like 6332,000 supposedly lost jobs for foreign-born in the last month. hey, i just simply don't believe that. what i do believe is when you take a longer view, you look at, say, the last two years, we know for sure because seasonal adjustments don't matter if over years, we know that 9990% -- 90% of the jobs created in this economy were foreign born. and that means mostly immigrants, and probably half of them are illegal because it's possible to work if you're an illegal immigrant. you can still be a legal worker. and there's a scary thing in there, my friend. we in the vast right-wing conspiracy have to realize that while we hate the lawlessness at our border, the chaos, these people who are coming over, these 5 million new adult foreign-born in the last two years, 64% of them are working,

and if they hadn't come across and if they hadn't started working, we would have had almost zero jobs growth in two years. that's the reality, man. so in november if when you think about who you wan to vote for and what you want that person to do about the border, be really careful what a you wish for. charles: yeah. although i would counter and say if we didn't have policies in mace that paid native-born americans not to work, that would be a moot point because i know a lot of people who have never had to work and won't take the jobs illegals will take because it's beneath them. because they would lose money from all the benefits they get. i also say when you to to vote in november, think about a country that pays its citizens to be subpar, to be immediate yolk while letting people run across the border lawlessly because outside of that 67%, i'm very worried about the 33% that i don't think what the hell they're up toful -- to. >> fair enough, man. i can't add to that. you're just right. [laughter] charles: it's great seeing you, and i love your work. it is some of the smartest work

out there. >> oh, thank you. have a great weekend. charles: see you with, buddy. hey, folks, let's get to some of your money mail. one viewer saying government jobs shouldn't count, they are a burden on the taxpayer, bearish for economic work. kirby writes congrats to everyone who got laid off from good paying tech jobs that they worked hard on for over a decade, moving up the ranks. now your only option. is work for the government and/or a pay cut. and george tweets the government in this country has just grown far too large for the actual need. we need heads government, the truth and our actual freedoms back. amen. all right, folks, keep the communities going, tweet me @cbpayne. meanwhile, investors still holding out hopes for a lot of rate cuts. unfortunately or, my next guest says higher for longer is here the stay. rebecca walser on what you can do the in your portfolio to adjust to the new reality. ♪ seasons changed and our love went cold -- ♪ feed the blame

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charles: so my next guest says the fed is sending mixed signals, right, by a acknowledging higher for longer but also taper thing qe, obviously, to be more accommodate i. there was something of a you're sin call enough toss believe the fed is only trying to help the stock market. joining me now, rebecca walser. what exactly, you know, so they cut back, you know, the qt a little bit here each though powell admitted in the first if paragraph of the statement that

they've been wrong about their 2%, like it's been moving away from 2%, not toward it. >> well, you get that when you have so much coronavirus, it still has to just work in the system and deposit accounts and all those things, charles. but it was a mixed message. on on the one hand, if you listened to him even when he said rate hikes are up likely, he didn't sound super committed to that position, and he didn't sound super committed to rate cuts coming until we get more evidence that they're possible. but now this jobs report today is again indicative, are we potentially moving to a stagflation situation. q1 finishing dp at 1.6, and now you got a jobs report number that is a miss for the first time. we aren't seeing these crazy numbers out of bls. so we have a bifurcated economy. we still have prices going up while we still have economic activity that's slowing down. charles: you know what bothers me speaking of bifurcated economy, there's so much money

concentrated in so few hands, but the thing is people who have the money, they're spending. they're going on cruises and trips, hotel stocks, cruise ship stocks, they're spending money. >> right. charles: a small fraction, it's kind of keeping this thing buoyant. but essentially, we're saying the fed won't come to our rescue until they run out of money. [laughter] i mean, the data remains at a certain level, the fed's never going the act. in the meantime, most people in america are suffering more and more each day, and they've got to suffer. the fed's not going to come to their aid until the rich folks stop spending. >> yeah, it's true. i mean, there are still people at the top end that are still spending, and we still have luxury goods on hose things. but when you look at what what dana said, a lot of people are using their credit cards -- charles: the bottom half, because they're trying to keep up. >> keeping up with the jones, yeah. it's true but how many people at the top can really support this kind of economic activity for the entire country? charles: well, or between that and the people spending on

borrowed time. >> we're going to have to see the bottom drop out. charles: you've been in the recession camp for a long time. >> i am. it is going to happen, i promise you. i think we've had a lot of ability to make things look pretty by focusing on highlights of the economy instead of really looking at the broader spectrum if especially globally and macroeconomically, what's really happening at that level has not been talked about. charles: $9 trillion cascaded into this economy since the start of the pandemic. we know initially, obviously, it was needed. if you shut down the economy, you've got to give people money to pay their bills. but maybe two-thirds of that, the american rescue act was not necessary, and no one knows how to model for that. >> right. charles: one of these economy es know how long it takes its way to work through the systems, but it's obviously that it's working through the system. >> yeah. i have a problem with this white house. they just put out a press release talking about the number of jobs created under this administration, and they actually went back to reagan and through reagan and up. and what you saw is negative if jobs, they literally put

negative jobs under trump and all of their -- charles: right. >> basically, we shut down the economy, businesses laid off en masse which made trump's jobs numbers negative for the 4-year term, and then all of those jobs got switched over to biden, and i'm just tired of this administration consistently putting out economic messages that are disingenuous and dishonest. charles: but no one's buying it. >> thank god. but they keep doing it, charles. when are they going to be honest? charles: you mentioned what's happening around the world. so japan. i was reading earlier, haas week, over the weekend what's happening in japan and its currency crisis and, of course, the two lost decades, that this is a cautionary if tale for mod if earn monetary theory. >> exactly. charles: they tried to control their economy, negative if enter rates. we should be looking closer at that. do we want to lose two decades in this country. >> i mean, that is where we're headed. you cannot spend, spend, spend, spend without economic repercussions, and that's what administration is trying to do. i'm not saying all this spending

was on their watch, but they keep trying to only pull out the positive economic factors without talking about the reality of japan. and, you know, that yen to dollar problem is big, charles, or because they're our largest debt holder outside of ourselves. charles: right. >> they have the most treasuries of anybody, so as their yen to dollar becomes unbearabling they're going to have to sell treasuries, and that is a problem for us. charles: you like here as a counter people should be buying or to own some, have exposure to utilities and consumer staples? >> i'm talking about if we're going into what ea -- a recession, depression -- charles: still have to eat. >> with we still have to eat and may for our rectories. -- electricity. if you're wanting to position your with portfolio, go to the sectors that will last. charles: and lastly, nvidia and super micro. >> i know they're pulling back -- charles: you like the fact they're pulling back. >> it's a buy on the dip, but also it's not something -- i don't want people to think i'm switching messages. it's a are long-term play,

because i do see the entire market retrenching this year we events that are coming. charles: and these a. immaterial chips suck up so much energy. there's going to be an electricity crisis that probabl- >> energy crisis, silver crisis as we go to a.i. and everything is so energy-intensive, it's going to be very -- that's why the evs, i think, are out because a. immaterial's going to take all the electricity. you know what i mean? charles: rebecca, thank you so much. nice seeing you. >> a thank you, charles. charles: throughout all of this, the american dream is still alive and well. in fact, we've got a true testament from the younger generation, one who hasn't gone to college yet. maybe she won't have to. we'll be right back. ♪ ♪ living in america. ♪ eye to eye, station to station. ♪ living in america ♪

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her mother faced a time being homeless after being kicked out of their home. through hard work and perseverance, sienna sauce is available 400 stores nationwide and a million in sales since 2019. ceo gene that sauce joining me now, tyla simon creighton. i read your bio-incorrectly. i thought you were still 14. you are in college now. congratulations. i mean, because you're doing so well. talk about at 14, what inspired you to say, hey, i wants to get in this business and succeed? >> well, at the time i was 14, i

was transitioning from middle school and then going to high school and thinking about college and what i wanted to do and doctor and lawyer didn't resinate with me and she asked me to bottle the sauce i made and it resinated with me and i jumped right into it. charles: you created this sauce yourself? >> yes, some that you're showing right now, some have like 14-15 different variations just to get it perfect. charles: start ago business is tough for anybody; right? there's a lot of sacrifices, economic sacrifices and time

with family sacrifice. your mother has been an integral part of this and talk about your journey with her and at one point you guys were hopeless. >> yes, when i was 3 or 5, we were hopeless and gave us the passion and motivation to never be homeless again. when i started the business, my mom was at a job that wasn't that great and says the job wasn't great to her and said people don't leave jobs, they leave people. we knew when we wanted to start a business, we wanted to treat our employees with respect and provide, you know, a nice and safe space for them to grow and

>> right now we're in a transition phase and looking to grow the phase and trying to raise capital and looking for investors and that's on the next path for us. charles: is there a website they can go to too they're interesting in investing and find out more information? >> yes, they're able to e-mail us at info@siennasauceco and at siennasauceco.com. charles: tyla-simon. great inspirational stuff. you give me goose bumps. thank you so much. >> nice meeting you. charles: you too. in 2020, the number of new business applications rose almost 26% from the prior year.

charles: those fortunate enough to do well will face hurdles and we know the government data hasn't been updated since 2021 and how many have become successful businesses and we tip our hats to small businesses and americans admire them the most and when they're as young and talented as tie la, it gives us all hope and people believe they can get to us on college campuses and make the american dream by seizing the american dream. we need a lot more young adults and teenagers like tyla. with that in mind, last hour of trading on a really good trading day. li