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tv   Varney Company  FOX Business  May 6, 2022 9:00am-12:00pm EDT

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kind of thing can stop an economy in tracks i think that is the risk here. maria: of course, that is the reason that the federal reserve has inflation in the crosshairs great conversation everybody nancy lisa steve moore stephanie pomboy, brian bryn bering john lonski have a fantastic weekend thank you for your reaction to this very important jobs number have a great weekend everybody see stuart: good morning, maria, good morning, everyone. i will start with the job's report. the rate stayed unchanged at 3.6%. the number of jobs coming back into the economy, 428,000. i call that pretty strong. here is what's most important perhaps, the participation rate actually came down to 62.2%. so clearly not everyone is back to work. earnings, surprisingly showed a modest gain. we were expecting a strong gain with all the talk about wage inflation.
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all right, that's the labor report. that's the market -- the job's report. here is what's happening on the markets. the selling continues. the dow down a thousand 63 points yesterday coming down another 160, 168, whatever it is this morning. the selling continues. s&p 500 is going to be down another 26 and look at the nasdaq which really sold off heavily yesterday down another 115 points. and here is why, look at this, this is just happening right now. the yield on the ten-year treasury moving up to 3.11%. that kind of rate increase on the treasury always result, almost always result in a selloff in technology stocks and that's what we are seeing. i want to move into this. i have to get to energy price inflation. that's what i want on the screen. it rolls on and it's a problem for wall street. diesel up 4 cents to 5.51.
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gas up another 3 cents, 4.28 is national average and that's close to all-time high. net gas closing in on $9, that's for million british thermal units. futures prices indicate a 13-year high. that is energy price inflation at large. let's get to politics, outrage over abortionist plans at homes of supreme court justices and the activist plan protest at and in catholic churches this sunday, mother's day. president biden refuses to condemn these protests. big show ahead for you. we will turn to our coverage of megan and harry self-exiled in california, look like they will stay there even during the queen's upcoming jubilee celebration. he says the power lunch is back. it's friday may sixth, 2022,
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varney & company is about to begin. ♪ ♪ >> from dallas, texas and i always watch varney & company. ♪ ♪ >> stuart: that's not -- that is dallas. we love dallas, okay. i really got to go straight to the markets, though. futures are pointing lower after the dow saw its worst day since 2020. that was yesterday. there's futures on your screen again. there's a lot of red ink all over again after huge selloff yesterday. michael lee joins us this morning. do you think we are at least close to a bottom, michael?
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>> stewart, i hope so. it's hard to say, though, we have not reached that point of total capitulation and you don't hear people say and you might hear pessimism. you're getting close. so -- but the problem, the overhanging markets is we don't know how high interest rates are going to go and so once interest rates stabilize i believe market wills turn rather sharply. stuart: here is what i might say if you haven't sold yet, don't sell now, do you agree with that? >> the time to sell is middle or end of december. some people did and some people saw this coming, but just to put this in perspective what's driving equities down is the
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movement in fixed income and movement in interest rates. this was the worst quarter for bonds on record. when have you ever seen the ten-year treasury go to 170 to 310 in short period of time and that violent move in bonds very few people if any saw it which is why it moved so much so fast. and so when that happens it's very hard to get in front of. stuart: is that the best indicator on where the stocks are going? it's way up this morning. it's 3.12 and going up. and as it goes up, the market goes down. is that the best indicator? >> that's what i'm looking at closely and long end of the curve and once you see stabilization and we have no idea how far and how aggressive the fed is going to go because we don't know when inflation is going to slow to a normalized rate. we did get some good news in this job report that everybody should be happy about which is not necessarily the headline
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number but it's the slowing of month over month wage growth. so what's called a wage price spiral whereas prices are going high, wages are going money. people are getting paid higher and pay for goods and prices of good continue to go up. as we start to see month over month slow, we should yield stabilize and stocks stabilize as well. stuart: we are opening down this friday morning. mike lee, thank you very much for joining. see you later. we talked a lot about inflation today, democrat senator mark kelly not happen with the administration's handling of inflation. now he's running for reelection in arizona. that's a state that's being badly hit by inflation. so what did senator kelly say about the administration's handling of inflation? lauren: he said inflation is at a generational high and he has short-term fix for part of it. >> are you satisfied with the white house's handling? >> i'm not satisfied because prices for arizonans are still
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too high. they need to work on it and we need to work on it in congress. i have a bill that i would like to get passed that would suspend the gas tax for the remainder of this year. it doesn't bring it down substantially but it does do something and folks in arizona are really hurting. i mean, prices are higher than a lot of folks have seen in their adult lifetime. lauren: talking about the band-aid of us pending the gas tax for the rest of this year. gasoline prices are up 48% this year. shelter is up 5%. you know houses are and rent in phoenix and leads the nations in price gains. phoenix has seen a lot of people come in. when a lot of people come in, increasing demand for the same services, you have higher prices. stuart: removing the federal gas tax is not going to make that much difference to inflation. lauren: they are desperate. stuart: what else you've got, thank you, lauren. this makes your blood boil. activist group published a map with the home locations of the
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six supreme court justices who voted to overturn roe v. wade, they are calling for protestors to gather outside their private homes. the white house doesn't see anything wrong with it. roll tape. >> activists posted a map with the home addresses of the supreme court justices. is that the kind of thing that the president wants? >> the reason people are protesting is because women across the country are worried about their fundamental right. stuart: yeah, but at the private homes of the justices on the supreme court? how about that? rachel campos duffy. these activists, you know, they're calling for people to protest at and in catholic churches this sunday, mother's day. >> yeah, they are targeting catholics and on mother's day of all days to do it as well. look, the white house can't come out and criticize this. they've been fundraising frankly off of this leaked document. this is what the group said by the way.
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the group said we must rise up in force -- to force accountability using a diversity of tactics and what you see is that liberals think that the system is only good as long as it serves their interest and their power and they want to intimidate these judges and i think also -- >> stuart: doesn't work. how are people going to react if they see protests in a catholic church on mother's day, really disrupting a service, is that going to change minds? >> no, i don't, but i think what they are trying to do again is bring this -- make this issue for their base because if you look at the democrats, look at the story that you just did on inflation. they are losing -- that's mark kelly. he's a democrat who is trying to, you know, get away from the democratic party. they are starting to lose their base and this is the base issue. ly only say this, stuart, there are pro-lifers for 50 years, almost 50 years who have been angry about the roe versus wade
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decision. they have been working in the system quietly and -- and diligently and patiently trying to get roe versus wade overturned. it looks like they might have that. they are pro-american, they are pro our system, what you're seeing on the left are people who don't love our country, don't love our system and want to blow it up when it doesn't go their way. stuart: i think they should be condemned. >> 100%. stuart: any other day. >> protesting judges like that very third world. you see that all of the time -- >> stuart: is this america? >> it's tragic. stuart: rachel campos duffy, appreciate it. we really do. fda putting limits on johnson & johnson vaccine. lauren, what's the problem? >> rare blood clotting condition killed 9 people. j&j covid shot should only be given to adults who cannot get or do not want mra vaccine.
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so if you're concerned, if you're one of those people who got this shot, the symptoms usually occur within the first two weeks of getting inoculated in females 30 to 49 year's old and they include swelling, shortness of breath and thicks like that. stuart: it is friday morning and it follows a big drop in the stock market yesterday so here is how we opened this morning down again. down for the dow industrials, more significant selling. all right, here is what we have for you coming up. do you trust the government to be the arbiter of truth? senator rand paul certainly does not. roll tape. >> you think you have no idea what disinformation is and i don't think the government is capable of it, do you know who the greatest propagator of misinformation is, the u.s. government. stuart: we have more on that
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coming. activists preparing for migrant surge if title 42 is lifted. my next guest represents southern border. texas congressman, tony gonzales is here next. ♪ ♪ ♪
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mayorkas' claims? >> stuart, many say the secretary seeing voters and he did not tell the truth partly for saying this. >> do you know what release means, bret, because release doesn't mean just let go into the united states, it means if we do not detain individuals, they're placed on alternatives to detention and they are in immigration enforcement proceedings. >> president biden did let go more than a million migrants into the u.s. some are in immigration proceedings but thousands are not. president trump detained up to 55,000 immigrants a month in 2019. president biden has cut that by about two-thirds tripling those on alternatives to detention compared to when trump left office biden 226,000, trump just
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86,000. adtv includes self-reporting on the telephone or internet app. 10% wear an ankle bracelet. the problem is most immigration proceedings last one to six years, most are off atd before the case is over. so ice has no way of knowing where they are when they don't show. critics say it is neither cheap nor effective. >> adt ends up costing $9,000 for and illegal crosser at the end of the day and if someone is detained it costs about 4,000 to 5,000 per person and there's no guaranty they will be removed if they are not successful in being allowed to stay. >> the u.s. releases a hundred thousand migrants a month, one in six disappear immediately. something mayorkas didn't mention but he did say this. >> and if they do not appear for
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their immigration enforcement proceedings, they are a priority for enforcement action. >> that is also not true. about 3 million migrants are on a so-called nondetained docket. the court has ordered a million to leave who have not and unless someone, stuart, is a serious violent or convicted flown, they are not a priority for enforcement action hence 3 pinochios. stuart: good stuff, thank you very much, indeed, sir. let's join attorney gonzales, republican from texas. congressman, you represent, what, 40% of the length of the border. what happens at the 40% length there, your constituents if title 42 is lifted? >> thank you for having me on the show again. we are seeing thousands of people line up on the other side of the border just counting the days down to when they can come over and, you know, mayorkas has been absent to say the least. they're encouraging more people
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to come through with their lack of enforcement of laws. you know, this -- this all goes away. if we return the repatriation flights, send to country of origin and do not qualify for asylum and you have immigration judges on the border that get your case heard in 3 days, not 3 years. stuart: okay, i want to turn to a different subject, congressman. the democrats will force vote on abortion law next week. a lot of your constituents are hispanic, will they vote to keep abortion? >> yeah, i'm mexican-american, i represent a district that's over 70% hispanic and the hispanic community, the polls show that we don't believe in abortion on demand. i have six children, i'm catholic myself. we don't want to see those types of things. this is where the democratic party has got it completely wrong, they think it's a winner for their base but it's a loser for the hispanic community. it's the reason why you are going to see more and more
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gains, one race to look at is runoff cuellar and opponents jessica cisneros, henry who is a centrist and cisneros who is a progressive socialist, we will see how that turns out for them but it's a loser for them to double down with abortion with the hispanic community. stuart: we always appreciate it. hope to see you again soon. >> thank you. stuart: the department of justice has announced a new office, it's all about environmental justice. what's it all about? lauren: it has nothing to do with the border or crime and here is the attorney general. >> consistent with the president's executive order on tackling the climate crisis at home and abroad we are issuing a comprehensive environmental justice enforcement strategy. the communities of color, indigenous communities and low-income communities often bear the brunt of the harm caused by environmental crime, pollution and climate change.
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lauren: the department of justice will prioritize pollution risk in low-income areas. over issues the two previous guests discussed. stuart: it's friday morning, we are coming off a big selloff yesterday. looks like there's more selling at the opening bell this morning. we will take it to wall street next. ♪ ♪ ♪
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stuart: four minutes to go before the market opens. they are all down, significant drops there. apple is only down 60 cents but it's down, amazon down another 17 bucks and google down 20. red ink in big tech this morning. why not bring in mark mahany. are you adjusting targets in light of what's happening here? >> well, we have gone through earnings, last week was mobility week or travel week. the one sector, only part of the
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economy that is getting stronger is leisure travel. you had names like booking and airbnb and price targets went up. but those are the exceptions. almost across the board we've had price targets and estimates come down. stuart: you've done that, all of the big-tech stocks that you follow. i know that you follow amazon. you dropped the price target because of what's happened, correct? >> yes, and especially amazon because we had -- we had major increase spikes in cost there so estimates come down, price targets come down. look, we are in a risk-off market and i think what happened yesterday was the market told the fed we don't believe you're going to be able to orchestrate a soft landing. the new risk isn't interest rates, the new risk is recession. you look at tech, tech, you know, there's no countercyclical play in tech, there may be one, i don't know of it. if you've got -- if you've got exposure to the economy and we are heading into a recession or the risks arising that we are, estimates will come down, the stocks will remain under pressure for the foreseeable future.
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stuart: okay, let's start with uber. i know that you like it. i was shocked when i saw the price drop all the way down to the low 20's, it's 26,000. where do you think it's going? >> i think the stock can work higher. this is one of my favorite re-opening plays. it's the next derivatives. airlines talking about this being record summer travel year. the derivative of airline stocks and bookings, airbnb outperformed the market year to date. what happened the second derivative names, how are you going to get to the airport, maybe you went rent a car, maybe you will use uber or lyft. these haven't been priced in yet. i think they will recover nicely in the back of the year especially uber. estimates went up. they are showing more profitability. i really like this asset. stuart: where is it going, it's 26 now. can it get back to 40? >> i think it can. you know, but you do need this recession interest rate debate resolved in the market -- we are
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dealing with the toughest market that i've seen in equities but in the last two years since we had the covid correction in february, march of 2020. we need to get beyond that. when we do, the names that can work the fastest and the best are the reopening names like uber. stuart: what do you say to someone like me who has not sold, has built up cash and i'm not going back in for some time to come, what do you say to me? stuart: i think that's probably the right move. i've tried to be cautious and muted since the beginning of the year. obviously not cautious or muted enough. until we get real evidence that inflation can be controlled and starting to come down, i don't know that you're going to -- i don't know the growth equities will be able to outperform. if somebody is sitting on the sidelines with cash, i think you have a great opportunity to buy really high-quality assets and going back to big tech on that. at some point we get a chance to buy apple, google, amazon,
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really-high quality assets but they are discounted to where they should be. stuart: certainly, certainly depressed right now. mark hamaney. opening bell ten seconds away. the backdrop is huge drop for the dow yesterday, 1,063 points, how is it going to perform today? we will start with trading. it is friday and we've already dropped another 250 points and the vast majority of the dow 30 are again in the red. so you're down about two-thirds of 1% in the dow and you've got 26, 27 of the dow 30 in the red. s&p 500, how about that? where is that one gone this morning? half percent lower, 20-point drop. the nasdaq composite, two-thirds of 1% on the downside. i presume big -- they are all
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open now. they are all down, yes, they are. big tech has taken it on the chin. apple actually bouncing just a tinny fraction. that's not a bounce. it's up 9 cents. that's it. now we've got some serious movers on the downside including zillow down 12 and a half percent. by the way, they are down 40% this calendar year. what's the problem? lauren: that's the great question. what is the problem because the housing market has no inventory right now. the problem right now is guidance. so for the second quarter they see total revenue that's 47% below the street forecast that's bad but they are trying to reinvent themselves as a real estate super app they've exited or in the process of exiting the hope-flipping business. stuart: yeah, i remember that. lauren: investors are concerned about what's the way forward for them. the executives were talking and they wrote a look, the market is uncertain but we still see this huge supply demand imbalance. home inventory low, their page views are at all-time high.
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you think when you say and see something like that you see the stock not going down this much. stuart: it's down 12% as we speak. that's a shock and a half. then there's a lot of stocks that are seriously moving. doordash is down 6%, they were a pandemic winner. they are not keeping the momentum going? lauren: they are optimistic in one sense and continue to order a lot on their app. they did raise four-year guidance for gross quarter value. they have a 57% market share. it's growing but for me i think this is a staffing issue not just the drivers for doordash that deliver you your order but the restaurants. if the kitchens can't fill all of the orders they might prioritize the people that are actually in their dining rooms and not do delivery because they can't handle it. stuart: okay, they have -- okay. peloton, all the way down to $16 a share. i believe they are looking for investors. lauren: they are.
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15 and 20% in the company. they need capital, the stock is down 80% in the past 1 year. you would think that, yes, they need capital but that could serve as a vote of confidence in the business except it's not working like that. stuart: they were high-flying at the start of the lockdown. lauren: cannot justify expansion as we can go out and about again. stuart: then we have draftkings, sports betting people, they were up big earlier after their profit report, earnings report. now they've sunk to the downside. lauren: the good news for draftkings is they have more engaged customers and making more money from the customers. 2 million users now. they make $67 for each of those users. that's all good. i'd make the argument that demand for online sports betting is holing up despite the fact that you can go to games and despite inflation. stuart: but in a huge down
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market, everybody suffers. lauren: i think today -- at least at the opening bell with what we have seen this week i think that would be the theme. stuart: okay. i want to see a virgin galactic, they have been beaten up a lot and today because delaying commercial space flights? >> they said it was supply chain and constraints. they pushed back launch from the end of this year to first quarter next year and as a result brokers are cutting price target and they are word about cash burning and just -- cost of the program gets delayed and pay for it. stuart: i do feel bad for our viewers that are investors. we are giving them a long stream of big selling. lauren: when we selected the stocks that we saw moving a lot of them were higher at the time. we are really not trying to depress you. it's one of those kind of days, weeks, in fact, for investors. stuart: lucid, please, eletric vehicle people. i know they have a large number
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of reservations for the air sedan. lauren: they have demand. stuart: they have demand. how much? lauren: 30,000 reservations, they are raising prices. if you placed your reservation you're fine, if you do so after june 1st, you're going to pay about 10% more. they can't get parts, what kind of parts, glass, all the little things that go into the vehicles and they did cut their production target which they are standing by so instead of 20,000 vehicles being produced this year it'll be more like 12 to 14,000. same story for all of the companies. it really is the same scenes being woven through. stuart: it is. let's have a look at the big picture, dow winners at the -- there are a few chevron, mcdonalds, proctor & gamble, coca-cola and verizon. they are winners. lauren: good job, how did you see them? stuart: i squinted. most i know are connected with energy price inflation if i'm not mistaken.
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monster beverages, charter communications i should say. no really big names, certainly no big-tech names back on the -- lauren: up a whole 1%. that's the kind of day it is. stuart: it is. well said. the overall picture here is the dow industrials down 1,063 yesterday, down another 272 points in the first 5 minutes of business this friday morning. look at that. the yield on the ten-year treasury has now gone up to 3.12%. where is the price of gold today? 1877, very little movement. bitcoin, we haven't talked about this but it dropped below 36. 35,475. oil $109 a barrel. i saw it 110 earlier. nat gas, moving up a lot in the last couple of weeks, average price for gallon of gas moving up again 3 cents higher to 4.28. if you can't put it on the screen, i tell you now diesel
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5.51. california, regular gas 5.78. no laughing matter, cancel culture to physical violence, mandel says we are ending the near of comedy, watch this. >> you saw what happened at the academy awards and i thought that triggers -- violence triggers violence and i think this is the beginning of, you know, the end for comedy. stuart: ouch, we have more on that for you for sure. royal drama. prince harry couldn't miss out on the queen's jubilee celebrations because of polo. we have more on that. a new york times op ed says grifts. i will ask brock pierce about that.
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he's next. ♪ ♪ ♪
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stuart: i don't recognize this song. [laughter] stuart: let's move on. that is by the way st. paul, minnesota, it is sunny and high of just 70 degrees this friday right there. look who is back? okay, the market is selling off, you have that, eddy is with us again, the man who has been right. are you still saying that we have not yet seen the worst? >> that's exactly right, stuart. look, if it's not crystal clear by now to everyone that this is a bear market, people need to understand how bear markets work in the sense that things can get worse in a hurry and my biggest fear is those that haven't done any derisking because they keep
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waiting for it to come back or get back to even, that's a very dangerous mentality to have and i take this very serious because hard-working americans will lose big chunk of ira if this continues to happen and retirement accounts if any opinion. it's not too late to evaluate your situation and put a game plan together when you have the next bear market bounce because it's a very dangerous market as i've been saying. yesterday just confirmed it even more and there are lots of stocks that are crashing and, again, we are not done yet. stuart: so the market is down. you say it's going to go down some more. i take it that this -- this -- not a bear market but the decline in stock prices is going to last for a period of years, is it? >> i don't think it's going to be years, stuart. with what the fed is doing, i think this is going to unwind pretty quickly. i believe we are going to have a recession in the first half of next year. the technical definition of a recession.
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we are in a slowdown now and that's in my opinion where we are heading. bottom toward the tail end of this year. the market is forward looking in my opinion and the markets are very market and the markets are telling you we are heading for the recession and the bond market are saying that and bottom in technical definition. we are excited about the quarter but we continue to be patient. stuart: i take it that your clients regard you as something of a financial hero, is that accurate? >> well, that's pretty kind of you to say but i will say humbly that it's been a fantastic year for us because the most gratifying part of our job is when things get really tough people depend on us for guidance and we've saved millions and millions of dollars and i'm extremely proud of that and we have a wonderful team not just me, it's about the people that i've surrounded myself with so we just have to keep grinding because people depend on us. stuart: do your clients give you
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the money and then you trade the money or do they give you the money and then you advise them on where to trade? >> our clients give us discretion on what to do so when we make a decision like last thursday and friday, before the downdraft we raised more cash. we did not like to set up before friday and we clicked the button and raised cash across the board for the clients. they thankfully give us discretion to act on their behalf and their best interest and again so far my team has done an amazing job. stuart: you are popular. eddie great stuff, thank you very much for being was. i know we will see you again real soon. bitcoin, we have bitcoin at 35,480. bitcoin actually dropped with the market yesterday and $126 billion worth of crypto currency market value was wiped out. brock pierce is the chair of the
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bitcoin foundation and brock joins me now. bitcoin not offering reprotection from the stock market selloff, is it? >> it most definitely is not. this is an alternative asset class that we all want to be decoupled from the markets and obviously right now we are continuing to see a clear correlation which is not fulfilling the promise just yet. i continue to be confident that those markets will decouple at some point in the future but it's definitely not today. stuart: brock, i just want you to look at this, it's an op-ed in the new york times and i'm going to read it top for you, what is happening to the people falling for crypto and nft's? this op-ed rips into the nft and crypto markets. it goes so far to say that people who engage are playing stupid games to win stupid prices. brock, that's a real takedown, certainly of the nft market,
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what's your response? >> any time that you have a new market and there's this much value being created, it attracts the best and the worst of society. and there is a lot of activity within the nft market that's not going to withstand the test of time but that does not mean that this technology isn't real and doesn't have a very important role to play in the future. stuart: the technology is not up to the job. that the atherium, i don't want to get into this particularly but the point in the times is the -- the technology suspect id enough yet. >> that is true in terms of the market has been built on atherium and etheroeum has fees that are not sustainable long term and have upgrade to
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etherium 2.0 and correct the fee structure but if you look at the market today, i agree with that point. it is unsustainable the fees are too high and the market's promise will never be fulfilled as long as those fees are what they are. stuart: the times piece make the point that people who try to board the board nft's ended up paying $180 million in transaction fees, $180 million transaction fees. i mean, that's -- that's a disaster isn't it for the nft market? >> well, i mean , i think that the people that are buying are comfortable with the fees so i'm not sure i would call it a a disaster. stuart: got it, brock pierce, thank you very much for being on the show today. always appreciate it, brock. thanks a lot. senator elizabeth warren she's taking on crypto. she's specifically calling out
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fidelity's plan to put bitcoin in 401k's. lauren: she has a few issues with it. this is part of letter, investing in crypto currencies is risky and gamble and we are concerned that fidelity would take risks of millions of americans' retirement savings but probes potential conflicts of interest, she names two, fidelity minds for coins and fund for wealthy investors. what fidelity wants to do is let companies determine if they should allow their workers to allocate up to 20% of their nasdaq in crypto currency. that essentially gives workers access to the new and potentially growing market. it's like the great equalizer in a sense. senator warren is concerned about the things that could go wrong with it and the volatility of it but you can make the argument right now that bitcoin is seeing just as much volatility as a traditional stock market. stuart: okay, i think that wraps up our crypto currency nft
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segment and the dow is down 458 points, bitcoin ethereum are all down as well. daniel says the power lunch is back. star chef daniel, he's here in our studio, he's next. but first labor secretary marty walsh will react to april job's report shortly and yes, it is friday which means friday feedback, send your questions at varney viewers at, we might get them on the air for you today. ♪ ♪ ♪
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first psoriasis, then psoriatic arthritis.
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even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me.
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stuart: with 24 minutes into the trading session and frankly, folks, we have a lot more selling. we were down 1,063 points on the dow yesterday. we are down another 450 as of now and nasdaq composite is down a solid 300 points. so bottom line here is big selloff yesterday and it continues this morning. how this market closes, who knows. the ten-year treasury, that's the big problem certainly for the nasdaq. earlier this morning it reached
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312. now it's backed off to 3.05%. maybe that will mitigate some of the losses on the stock market, maybe not because we've got the downside move in the yield now and we are still going down sharply on the stock market. now let me bring you up to speed on an energy price inflation, will you look at this, another record high for the price of diesel, the national average is now 5.51 per gallon and i believe there's more than 10 states in the united states where there's a price for diesel above $6 a gallon and it is rising. same story with gasoline. that too is rising again. national average for regular is now 4.28. that's perilously close to the all-time high for regular gasoline which was, i believe, 4.33. so you're right up there again. price of oil, we have had it at $110 earlier this morning, now
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it's 108.96. bottom line, the financial markets are again in turmoil. still aheaded to south carolina congresswoman nancy mace, steve hilton, tammy bruce and former supreme court clerk, the 10:00 o'clock hour of varney & company is next. ♪ ♪ ♪ ♪ ♪ ♪ ♪ trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools.
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stuart: good morning, everyone. it is 10:00 eastern. i would like to comment on the music and we get straight to the market, more selling, big decline yesterday, big decline today, the dow 460, the nasdaq 300, another 2.5% down for the nasdaq composite. look at big tech. when the nasdaq goes down that much big tech takes it on the chin, apple is back to 154. have a look at the 10 year treasury. earlier the yield reached 312,
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it has backed off to 306, the nasdaq and big tech still down. kenny, is this the worst of it? is this it? >> we are in the middle of the storm. there is still some downside, don't think people should panic at this point. we have been talking about it for months, rates going higher, the market valuation based on where we are going. and what that means for the outlook. stuart: is it all about a recession? a possible probable recession? >> it is about the recession, the comments the other day, the pace at which investors in the country thinks rates will increase, it is overall concern
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about the economy, we don't just pinpoint one issue and say this is why. it is all included. stuart: we are at 32,500 on the dow right now. you think we might drop below 30,000? >> i don't think we will drop below 30,000. if we have another -- the nasdaq in bear market territory, the dow and the s&p in correction territory. if we drop another 3% or 4% on the broader market, the s&p and the dow is where we will be. don't see who's falling for dow 30,000. if it gets out of control and suddenly we go into reverse and all hell breaks loose it is anybody's call. we are not going below 30,000. stuart: you are beating your chest and hitting your mic's but don't worry about it.
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>> a great weekday. stuart: under armour down 25%. >> china and the cost of freight, retail traffic where they do a lot of business has slowed sharply, ocean costs rose sharply, so now under armour expects the first half of fiscal 23 to be the most heavily impacted by order cancellations, not a word you want to hear in earnings, and supply chain delays. so bitcoin came down, that heard them, pushed their overall revenue down by $1 billion versus the year ago period. this is a market that is selling off so it was originally higher before the big decline so they didn't see a decline in overall spending
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because they are a payment company and that is good news that their users are not spending less but they've got problems. stuart: i am sure live nation, the people at ticketmaster are down, they were doing extremely well. lauren: maybe you can explain this to me. a record quarter, inflation, not impacting demand, 70 million tickets sold this year, 36% from before the pandemic. maybe the fear is the economy will dip into recession and people who are getting squeezed will say we've got to cut back. stuart: the recession story is probably what is going on. back to the jobs report, 428,000 jobs added last month and marty walsh joins me now. thanks for being here. i want to refer to the participation rate which came
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down. one of the bigger negatives in this report, 62%, you can't get everybody back to work. >> we solve a number go down, quite honestly we looked back since may of last year, first time the number went down, we know there's work to be done, the two reports before me, a lot going on in the economy. about uncertainty at the kitchen table, people concerned about prices and what we will do is what we asked today, to look into a granular research of those numbers to see if that participation rate, global number across the country, what can we do better at, more people engaged in the workforce and there's opportunities to look at this a little differently. stuart: the other modest negative, average earnings up 0.3%, expecting stronger than that, wages are not keeping pace with inflation.
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>> they are not keeping pace with inflation in leisure or hospitality outpacing inflation and when you look at the higher wages if you put it together 5.5% that is a pretty good increase for a worker in america as far as getting more wages but on the other side of the coin we need to bring down inflationary pressures, the president is in ohio talking about it. stuart: on that issue you want to bring down regular inflation, the president wants to spend more money to lower costs, is that your answer to inflation? >> in some cases we should invest in certain things to help the american worker. the report before me you talk about supply chain issues and shipping company issues, those are in china so what happened in one part of the world affects all of us so those
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supply chain issues we are seeing ease on imports of america we had 27 ships in the harbor 3 weeks ago, we are seeing those eases of supply chain which is driving inflation and now we are seeing factories in china shut down so we will see another potential issue here with supply chain issues not caused by america and american workers but a global global issue. stuart: sorry that i'm out of time. i know it was very short but we appreciate it. an op-ed in the new york times says big businesses are exploiting consumers in a time of national crisis. >> i can't do this with a straight face, the author is lindsay owens with a progressive think tank that goes without saying and this is her story. i listened in on big business. it is profiting from inflation. the earnings calls we listen in
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on and now she's accusing companies of exploiting you and me during a time of national crisis by hyping their prices. almost seemed offended and referenced the hostess ceo and he said, quote, when prices go up it helps. of course it helps. she didn't mention their cost for everything went up and that is how economy works but this is how she ended calling on congress to act with of the federal price gouging statute and increasing the corporate tax rate and using excess profit tax like the windfall profit tax we talk about on energy companies all the time as being a possibility come she wants it in all companies. stuart: profit is bad, we know that. let's move on. now this. in their frenzy over the supreme court week abortion activists have let the extremists take over, they published the home addresses of
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the supreme court justices who voted to overturn roe v wade and are planning protests at catholic churches this sunday, mother's day, this is no way to promote your cause and if democrats think they can sway voters of hard-core activism they ought to think again. as we reported security fence is installed around the supreme court building and there's been a strong police presence at the justice's homes, publishing their private addresses is intimidation and the intimidation of the judiciary is the sign of a breakdown of law and order. as for catholic churches, a pro-abortion group that sent out a tweet, i will read it, stand at or in a local catholic church sunday, may 8th, the intent is clearly disruption on mother's day in churches. president biden has refused to condemn protests at the private homes of supreme court justices. the president accepts
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intimidation as a legitimate strategy. apparently he does, the intimidation of trump officials was common and abortion activists are going further private homes and churches are to them fair game. voters may think differently. tammy bruce with me this morning. i don't think this does the democrats any good and doesn't change any minds at all. >> you are correct. this is where the left goes too far. there are arguments and debates regarding this issue whether it be abortion is your privacy but what they do instead is the curtain gets pulled back, they are against the bedrock of the country, the institutions themselves, going after the justices, not the nature of whether or not that was an appropriate decision based on the constitution, scotus does not make law. it makes determinations and it goes back to the states but none of that matters.
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this is not even about abortion. that is the pretext. it has always been a pretext. it was the only issue on which we could raise money. that is why this is an issue in the 21st century and we've got the leadership in the left manipulating and using their own base. ladies and gentlemen, democrats, it is the 21st century. there are dozens of methods of birth control, we have different ways of controlling our own lives. you are being dragged along by your fear once again on an issue that should not even be relevant in this framework when it comes to women are the majority of voters in this country, we have power and influence and this do asking of churches on mother's day of all days tells you the craven nature of what the left is doing. stuart: you are president of the national association of women in los angeles for decades.
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what made you change sides? >> abortion rights was what brought me to activism and it was about really being left alone. the right to be able to make a decision to control our lives but that has moved into abortion on demand to any point even the point of birth, the ralph north the baran comments about making a baby comfortable in deciding what to do with the baby, none of that was the original argument. americans. i'm with americans. the majority of americans want some access early on. 15 weeks, whatever. it was never about abortion whenever you feel like it and what brings me to this is the fact this goes from a reasonable compromise, i know americans disagree but the fact is americans are learning with modern technology, what we see
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this days, how long you can have a baby survived with early birth outside the womb, we understand these things and the options that women have personally but the main thing is the same people complaining about inflation and getting companies to pay more and women should have free abortions they create an economy that takes money from us and keeps us making decisions for ourselves. i want women to have an economy where if there's a surprise pregnancy she can think i can do this. that is how you stop abortion, not by doing this. all of this is about the midterms, intimidating judges, david asman says it is illegal, if there is a law in the us code you can't protest and picket a judge to influence their decision at the white house, this is about our institutions, the bedrock. they don't care about abortion, don't care about women, you asked me for my opinion. stuart: well expressed if i may
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say so. >> you can tell i am mad. not what my generation fought for. stuart: tammy bruce, good stuff. secretary mayorkas said migrants trying to come to the country without a legal basis are being promptly removed, the fact checkers say that is not true. the fed and the white house dismissing the risk of recession. jackie deangelis has that report, listen to how jen psaki reacted to activists targeting the homes of supreme court justices. >> you think the progressive activists protesting outside the justices houses are extreme? >> peaceful protest, no. peaceful protest is not extreme. stuart: carrie worked as a clerk for justice thomas, she will take that on next. ♪♪
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by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me.
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stuart: that is sunny and 65 degrees. if you like the music we play follow us on spotify, search "varney and company" to get it all. the markets and interesting situation, the dow is down only 200 points. it had been down almost 500 minutes ago and look at the nasdaq really coming back
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strong, well over 200 points, now it is down 57. still red ink but not as much as half an hour ago. look at nike. it is in danger of its first back to back stock price drop in 22 years. they are down 32% so far this calendar year. the fed and the white house are dismissing the risk of recession. >> don't shoot the messenger, i won't say it is rational, don't think the market think that is rational but the fed is saying we will raise rates slowly, that will have a cooling effect on the market. borrowing power, the housing market is hot. it will cool things off slowly and not trigger a recession. they are higher than the rate
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of inflation to combat inflation and shock the economy, that would propose tax cuts and do a number of things to stimulate the economy and bring it back. we want to try this soft landing, we reserve the right to raise rates more sharply in the future if we have to. the market doesn't like uncertainty. it wants a more immediate solution. it doesn't -- if you go slowly like this it will work fast enough to tamp down inflation and consumers are going to suffer as a result. stuart: are we going towards recession? what is the fed doing? what is the fed going to do about it and how the president hopes against all hope we don't go into a recession? >> either way you do it you go into recession.
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that is two quarters consecutive of negative gdp growth. it is possible we have a second. it may not be the steepest recession we have ever seen but either way it is coming. stuart: thanks. back to the supreme court story. carrie worked as a clerk for justice thomas. i want to ask about other rights that might be in question like interracial marriage, gay marriage. are other rights in question? >> interesting to see the level of fear mongering. basically don't want to talk about arguments for being in the constitution, there is no real argument there but it is interesting because justice alito's draft went out of its way to clarify this opinion is not going to affect religious right and some of the
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allegations are preposterous on their face. that you are telling me there is a state that will want to ban interracial marriage and the supreme court compose with a majority including justice thomas who is in an interracial marriage, is going -- there is a lot of very clear reasons why loving was correctly decided and it doesn't rest on the same basis so i am hearing the president saying lgbt kids would be segregated in different schools, that has nothing to do with this case and is not something anyone is talking about doing. it is fear mongering because they don't want to talk about the real substance on a legal basis. stuart: jen psaki responded to the news that far left activists will protest outside the homes of supreme court
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justices. roll tape please. >> you think the progressive activists protesting outside the justice's houses are extreme? >> peaceful protest know. peaceful protest is not extreme. >> is activists posted the home addresses of supreme court justices. is that the kind of thing this president wants to help your side? >> the reason people are protesting is women across the country are worried about their fundamental rights. stuart: protesting at the homes of supreme court justices and also planning mother's day protests at or in catholic churches. what -- i think it is appalling. your response?
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god willing these protests are truly peaceful. i think we can have firm debate about these issues. marching with the march for life, hundreds of thousands of people do that every year. they don't go to the justices homes, they are not shouting and doing it violently. i think the question is are we endorsing do xing supreme court justices? some people are suggesting what would happen if one of the justices were assassinated, that is real incitement to violence. stuart: thank you for being with us this morning. back to the markets please. have a look at this, the nasdaq is heading south again down
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103, the dow is down 200 points, there's more sewing after yesterday's big selloff, the war on ukraine getting bloodier by the minute. russia raining down bombs into the steel plant, trey yingst on the ground with the latest after this. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.
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stuart: we have more selling, the dow down 250, the nasdaq down 130. it was worse earlier this morning it is still pretty bad. the 10 year treasury yield, where is that now? it has been all over the place today. it was 312, now is 307. still a problem for the big tech. only apple, that is the only winner among the big tech stocks and that is up $1.45. you've got the movers. lauren: better-than-expected first quarter profits, their costs went down. there covid related costs went down and they raised their guidance. hard-to-find but we got one.
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stuart: i used to watch soccer stuff. don't do that anymore. $0.21 down. we one shares were a 5-year low. lauren: they cut their forecasts for the year and their expected number of subscribers too much competition, 70 a month. stuart: that is why i don't have it. i am. to off of somebody else. nike is down 5%. lauren: because of china. we heard from their rivals, adidas and under armour showing us how bad things are in china. nike, 5% down two days in a row, have not seen that in 22 years and they are a dow component. stuart: they are down 22% this calendar year. i want to head to ukraine, let's bring in congresswoman
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nancy mays, republican from south carolina. monday is victory day in russia. today putin is going after mariupol desperately trying to take it. suppose, he goes a long way towards taking mariupol and may 90 declares victory. it is possible. what do we do then? >> he is the king of disinformation. whatever he says russians will believe but one thing we are worried about is expressing a declaration of war on monday. he has been going after mariupol for weeks and hasn't gotten it yet and president zelenskyy has relegated him to the donetsk and luhansk region. the lenski is better armed and better prepared for what may or may not be coming. they are trying to deny it. some folks are denying it is
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going to happen but you hear rumors otherwise, the testing they are doing for nuclear and diabolical weapons, capital and biological, we should be concerned. stuart: of things resettled on the ground now. if peace was declared, putin declares victory with troops in place as they are he wins. >> he wins the pr war in russia but everyone will wonder what is next because he hasn't won. stuart: would we keep putting in the weapons necessary to push them to react? >> we just authorize $30 billion to do that. i don't think that will stop. we will continue supporting defense a permit on the ground in ukraine as long as zelenskyy and the ukrainian people are doing that. of the when it would be tempting for the administration, we don't need to keep the war going, could say that. >> they could. the biden administration has
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been known to say one thing and do the other. every crisis from afghanistan to immigration to ukraine we've seen that. stuart: we don't want it. >> we want to make sure, push him out, zelenskyy has so much courage and the ukrainian people are fighting but we've seen 5 million people displaced, that is the most since world war ii and we have to support ukraine. of the one thanks for being with us. always appreciate it. we have heavy fighting at the steel plant in mariupol. trey yingst is in ukraine. give me the latest. >> there are civilians making their way out of the steel plant in mariupol but ukrainian officials are concerned that russia may escalate the situation. we did catch up with the internal affairs minister in kyiv to talk about what is happening. >> five days before russia
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invades ukraine the minister of internal affairs visit to the eastern front lines. at the time he is joined by a lieutenant colonel in the national guard and commander of the regiment. >> we are ready for any scenario. our armed forces are ready for any scenario. >> reporter: 11 weeks later he's back in the ukrainian capital working day and night as the lieutenant colonel in the steel plant where ukrainian forces defend the last pocket of territory they hold in mariupol. >> translator: today he is a hero of ukraine. today he is one of the main defenders of mariupol. he organizes the defenders of the steel plant. >> in the past 2 days 500 civilians were evacuated through core doors organized by the united nations. officials in moscow agreed to a cease-fire and this time but russian forces bombed the plant from the air and the ground.
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>> translator: we understand there is no logic and vladimir putin's actions. he has a thirst for victory, 9 may when he needs to bring somebody's head to his people and show he is victorious. if it is not happening he will take further steps to escalate the conflict. >> ukrainian officials don't know what russian troops will do if they make it further into this plant. they nobody intelligence indicates russia will try to seize this plant in the southern port city of mariupol before marking victory day on may 9th. stuart: i wonder what is going to happen. see you again soon. here's what is coming up. buckingham palace says queen elizabeth does plan to attend the state opening of parliament but she will be missing some other key royal engagements, we've got the story about her health. more royal drama. megan and harry will attend the
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queen's platinum jubilee after all but there is a catch. we will explain. ♪♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care,
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for a quote today. stuart: i wonder how many people would want to hold a lot of stock over this weekend when anything might happen to turn itself on monday morning. that is why we've got selling going on now, dow is down 270, nasdaq down one hundred 60. let's change the subject completely. the queen is planning to attend the opening of parliament this week. will it be the first time since the pandemic. >> sets out the government's policies for the new session on tuesday.
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only missed two times before, each time she was pregnant. buckingham palace will confirm day of, already made some changes to limit her walking from her car to where she would be speaking. she will miss those garden parties through the summer, we are back after three years, other members will attend. stuart: she is frail, difficult to walk around. prince harry and megan are, quote, excited to attend the queen's jubilee. the queen does not want harry, megan or andrew on the balcony with her at buckingham palace. the british journalist joining us on the phone, this is a snub, isn't it? if the queen doesn't want harry and megan on the balcony or prince andrew, she is snubbing him, right? >> she is definitely sending a message about what that message
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could be could tantalize royal watchers. it could be saying you live your lives, i will live mine and she could be saying you decided to move on and carve out your lives in america so you do that or she could be saying if we all appear together there is going to be more gossip than if we don't so let's try to cool it but evidently with the royals that doesn't work because we all like to speculate about them. the one thing for sure is the queen doesn't do anything lightly. this is all thought through pretty carefully. she has a lot of experience with being queen and everything. stuart: what is public opinion like in britain compared with harry and megan? do the brits approve of them? their self exile in california? >> i think it is seen as a
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little bit of a soap opera. i like soap operas. they are dark moments and light moments, there's a lot of feeling about we understand how this young couple feels because they are trying to escape, not a family but a system. an entire system of rights, duties and obligations. at the same time there is a lot of respect for the queen herself, the sense of public duty of showing up and doing your stuff even when you don't feel like it, when you're in your 90s. very divided feeling, the entire royal family wants to avoid that. they want the tabloid gossip to just go away. whether the reality is serious or not and everything is fine, they don't like the speculation that this has risen to the level of wondering what everyone else's motivations are. stuart: this year marks 25 years since the passing of princess diana. you were featured in a 3-part
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special about her life. i'm going to player brief clip. >> the media might be interested in what i did. if i was not around, overwhelming that attention would become. >> the paparazzi was hiding in the bushes, tailing her car, shoving her, trying to get a reaction out of her. it was ugly. it was abusive. it was brutal. it was literally in your face. blue when you can catch the new special on fox nation starting today. thanks for being on the show. thanks very much. splash landing, space x astronauts return home after a 6-month mission in space. and into the restaurant in a big way. the power lunch is back.
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the chef will join me in the studio next. ♪♪ lemons. lemons. lemons. lemons. look how nice they are. the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those, lovely, lemony, lemons. and never wonder if you got a good deal. because you did.
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first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me.
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stuart: well well well. this is a bit of a comeback, the dow is down over 400 points half an hour ago, now it is down a mere 144 and the nasdaq down 200 points earlier, now it is down 80, that is a modest comeback from the early selloff and we are talking a lot about the energy price inflation situation, natural gas is now down nearly 5%. a little amelioration there. wonderfully 8000 jobs added in april. edward lawrence at the white house can tell me the highlights. >> reporter: getting whiplash with the markets, 28,000 jobs added back to this economy. but we still have 11.5 million open jobs, the president released a statement recently about the jobs report, he says, quote, there have been only
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three months in the last 50 years where the unemployment rate in america is lower than it is now, the direct result of the american rescue plan and my plan to grow the economy through a tight labor market shows the hourly wages are up 5.5% in the past 12 months, people are making more. on the screen inflation at 8.5% year-over-year, workers are losing money. >> when you look at the higher wages, if you take the year-end put together 5.5% that is a good increase for a worker in america as far as getting more wages but on the other side we have work to do to bring down inflationary pressures. >> this is where the jobs are, retail created 29,000 jobs, leisure and hospitality added back, manufacturing and warehousing adding jobs but what i want to show is this
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next graphic, bureau of labor statistics, we keep adding jobs back to get to where we were february of 2,020, the job gains where we are still 1.2 million jobs short of february of 2,020 levels, people on the sidelines are not coming back to the labor force as we have a record amount of job openings, a good report here, people are making more but having to spend more for the stuff they want. stuart: we hear you, i want to change the subject away from the market selloff and the jobs report, let's turn to something that is looking good. i want to bring in michelin's star chef, owner of the award-winning restaurant danielle in new york city, sitting next to me in new york city. it is an honor and a privilege. tell me more about the power lunch coming back to new yorkers, the restaurant right around here picked up in the last couple weeks.
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>> at vanderbilt in the center of grand central, lunch is wonderful but i see power lunch, and social lunch, people like to get together because of the opportunity to get together, be social and -- kiyana: are you over the problems? people were not back in the offices in new york city, there was a shortage of labor and inflation coming at you. have you overcome all of those problems? >> definitely the people are coming back, we see it after coming back out of work at 5:00 at the bar and all that but also in general, and also tourism is back too and we see the momentum because we take care of the amount of people
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dining there. stuart: i consider daniel a high-priced restaurant. >> it is all relative. we have one employee for each customer and we do almost. stuart: if i were to come in with one other person, two for lunch in danielle. >> we are not open for lunch. stuart: what was the other one? i come back -- i come in with a friend, a couple glasses of wine, can i get out under $300? >> per person? of course. stuart: i could spend less than $300 for lunch? >> a little bit under. it is all relative to what you get for the service you are getting. stuart: i understand.
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just looking at the prices. stuart: lunch is always more reasonable and also how much you have. you could have a course for -- $15. 120, 130, it is reasonable. stuart: when i walk outside here they are packed. are your restaurants now packed with the ones that are open for lunch? >> yes. we see new york coming back very strongly. on the upper west side at lincoln center coming back, more friends there, broadway is coming back strong. the frequency of the building, vanderbilt is doing very well. a lot of people want to go back to work because they feel better than working from home.
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what a pleasure and thank you for being with us. >> look forward to seeing you for lunch. stuart: if you are not careful, i will come. still ahead on the program, steve hilton, jonathan hoenog and adam johnson. the markets coming back a little. the left down one hundred points. could be close higher? i am not putting money on it. we will be back. ♪♪ ♪♪ ♪♪ for mac. who can come to a stop with barely a bobble.
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call 1-800-miracle right now and experience a better life. >> the hispanic community, also we don't believe in abortion on demand. the democratic party has got it wrong. they think it is a winner for their base but it is a loser for the hispanic community. >> there is work to be done. a lot going on in the economy. a lot of uncertainty at the kitchen table. we have work to do. >> you don't hear enough people saying the end of the world is near and markets will never
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recover. want interest rates stabilize they turned sharply. >> they will is a big chunk of their roa, to evaluate the situation but a lot of stocks are crashing but we are not done yet. ♪♪ stuart: it is 11:00 eastern time, friday may 6th. i want you to see this. this is a comeback for the stock markets. it was down 400 points for the dow, now we are down 90 one and the nasdaq which was down 200 is now down 30. i wonder who could close on the upside this afternoon. the price of oil keeps going up. we are at $110 a barrel but the
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yield on the 10 year treasury keeps coming down, we reached 312, then we went to 307, now it is 309. i need an analyst to tell me what is going on in this market and we turn to the man right there, jonathan, has inflation destroyed the bond market? >> don't mean to be so macabre but it hasn't destroyed the bond market but it destroyed the economy. inflation destroyed huge amounts of wealth in the bond market. look at a g, the aggregate general bond market down 11% this year, not bitcoin, not game stock, not dogease about coin. municipal bonds, mortgage-backed bonds between 8% and 10%, shocking how much
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money has been lost, not likely to come back anytime soon, 401(k)s all on inflation. stuart: a couple days recently i have been saying what is wrong with me buying a 2 year treasury and holding it to maturity and turning my 2.6% interest, dead safe and not taking a risk in the stock market. what is wrong with that? >> what we've seen in the last 6 months or year, you by the treasury for 2% and a couple weeks later yielding 21/2 or 3% and that has happened, not necessarily, they will hold to maturity but the opportunity costs, you could be earning 2% or 3% or 4%, that is what inflation is doing. stuart: i've got a little safety right there. i sleep well at night.
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>> i understand that. we talk about inflation as a hidden tax. one feel safe knowing i've got my 2% but look even at yields that were one% or 2% a couple months ago and now 3% or 4%. that is the risk. people have a sense that i am save in bonds. you could lose a lot of money and that is the case the last couple months. that is theoretical but savings, production drives the economy. we see from it is amount of savings destroyed by inflation in the last couple months. stuart: i see on the prompter that you are interested in middle eastern markets. why? and how would i invest in the middle eastern market? >> you have to look somewhere to protect your assets in an inflationary environment, looking at the radar screen to
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any economies tied to commodities, k wt, attracts the kuwaiti stock market and the saudi stock market, you have to look far and wide to find a suitable head her inflation, looking at commodities, the mlps are related to assets but this is the only equity i am liking right now. stuart: i don't know how many viewers will invest in middle eastern markets like kuwait and saudi arabia. you live in hope. >> inflation, ford called it public enemy number one is people look at bond accounts. stuart: we understand it. we will see you again soon. dying to see how the market opens on monday morning. now this. i admit it.
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i don't follow the nft market closely. non-fungible tokens are mystery to me. i don't understand why people would pay vast amounts of money to acquire a token but people do and we frequently report on this rather exotic market. here's the latest on the sale, bear with me please. i am talking about digital art developed for whatever reason around pictures of twee 8s. last weekend, it started selling tokens the represent land in the meta-verse. this happened online of course. demand was so strong demand was so strong the system couldn't handle it, some sales went through, some did not. some people paid a bigger transaction fee than they paid for the actual nft. buyers shelled out an astonishing $180 million in transaction fees and people who
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organized the sale walked away with $320 million. full disclosure, i don't follow this market. i am using information from the new york times op-ed titled what is happening to the people falling for crypto and nfts. he's not a fan and neither am i. the whole nft market gets me worried. how much longer will people pay billions for a token? i don't know. a massive loss of wealth in nfts, the ripple effect could ripple through the financial system and it would not be pretty. i need to bring in steve hilton. does he understand the nft market? do you understand my point here? >> i understand your point. the one person who understand it less then you. here is the silver lining. because i didn't understand it, for my podcast a couple months
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ago, i taped a fascinating conversation with mark cuban, one of the early people in this area and he explained clearly, while there are scams out there and i agree with your concern about that the key point he made his this could be an interesting innovation for the creator economy, people who publish, who right, who produce and can be paid a small amount for the use of the product and that applies to the whole economy so it could be really beneficial
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for all sorts of people starting out producing content and trying to get paid for it. that was his argument. there is a lot more to it than what we should rightly be concerned about. stuart: i am glad you are on the show because that is a good explanation, the occasional good uses of the technology, well done. well done. i've got to ask about this. the justice department has announced they will open a new office to address the environmental justice efforts. watch this. >> although violations of environmental laws can happen anywhere communities of color, indigenous communities and low income communities bear the brunt of the harm caused by environmental crime, pollution and climate change. b1 what is environmental justice and how does it work?
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we've got a freeze-frame again. it is like -- the video froze up and the audio not coming through. is he back? probably not. he is back. where were we? where were we? environmental justice, how does it work? >> it is another example how the new far left extremist democrats take the were justice and put it with anything else to justify more government intrusion and regulation. what about actual justice? crime all around the country? indigenous communities, poor people
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harry and megan are excited to attend the queen's jubilee but the queen will not let them stand on the balcony of buckingham palace, the queen is snubbing them. what do you say to that? >> this will be an incredibly important moment for the whole country in the world to celebrate this or markable woman and she's in charge of how it runs and if that is what she wants to do good luck to her, she is a massively respected person regardless of your views on the monarchy or anything else. if that is the way the queen wants to run it i am behind her.
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stuart: with you all the way. i knew we would find agreement at some point. at 9:00 pm eastern on fox news. looking at the movers, i want to start with peloton looking for investors. >> reporter: the journal is reporting a sizable 20% minority stake, they need cash. stuart: $15 a share. the furniture online people. >> piper sandler downgraded them to neutral, took the price target to 75 but it was down 200. what analysts said is concerning, the market has no patience for negative free cash flow. can't be an unprofitable company, can't post losses because we don't have an appetite forward in this environment and that is why a
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lot of big tech names. stuart: show me illumina, a gene sequencing company. >> the stock hit a 2-year low. the forecast investors didn't like. china is home to one of the fastest growing markets, that cost china there rolling lockdowns cost them $10 million and more to be seen going forward. stuart: the attack on dave chapelle is the beginning of the end of comedy. that's the message of how he mandell who says he is afraid to perform on stage. a judge in texas invited the president to visit his country. he wents biden to see the migrant crisis with his own eyes before lifting title 42 and that judge is a democrat, he is next. ♪♪
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stuart: show me the dow, starting with tesla, up 1%. they are boosting production at their factory in shanghai, china, they think they will return to pre-lockdown members, the factory was shut down for 22 days earlier this spring. johnson & johnson, the fda is putting new limits on their vaccine, stocks down a fraction. lauren: the problem is a rare blood clotting condition that happened 60 times and killed tween 9 people.
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the fda says the j&j covid shot should only be given to adults who can and get a motor or pfizer vaccine or don't want one. 19 million americans got one but a lot of americans who opted for the j&j shot were reluctant to get vaccinated in the first place and if they hear news like this they might say i am done. stuart: before we go on i want to look at the market again. the dow just turned positive. it is negative now but that's a remarkable turnaround. when we opened at 9:30 we were down 300, 400 points. we were down just 40. if you look at the sense of the market from the winners and losers among the dow 30 it is a pretty even split. an hour ago it was already. now it is all green, half red. we are down 29 points. b1 a lot of shocks that major averages are flat on the week which is unbelievable. it didn't feel flat as we were
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going through. stuart: hard to work this out. you've got to check it every second. next case, the national guard in texas conducting mass migration drills on the border preparing for a surge of migrants when title 42 is listed. tony gonzalez represents 40% of the length of the border, he jointly earlier with this morning. >> we are seeing thousands of people line up on the other side of the border counting the days to when they can come over. mayorkas has been absent to say the least they are encouraging more people to come through with their lack of enforcement of laws. we when title 42 expires may 23rd. judge richard cortez joins me now. you invited the president to come to the border to see for himself what is going on, you don't expect him to come, do you? >> i hope he does come. this is a serious, complex
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problem. the wrong information to find the solution to the problem. we are concerned the problem has persisted for many years and we continue to approach on a seasonal basis and a holistic basis and we need our president to provide the necessary leadership to find necessary courts of action to clear our immigration laws and economy needs because the problem we are having is they are inconsistent with of the economy, which is why people keep coming to the country. stuart: you are right on the border, are you overrun? can i use that word? >> not now. things are pretty well under control with title 42. it is a tool for people on the border to manage the flow of
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immigrants coming, we have two immigrants, those or legal seeking asylum and those who are illegal. at the present time, we have the normal every day as you projected in the screen now of people who want to come here and some come here to work. stuart: when title 42 is lifted are you going to be overrun then do you think? >> very possibly. that is an unknown but if we go by historical events of the past, then possibly. as many as 18,000 people ready to cross once title 42 is lifted. stuart: are you concerned about terrorism? we do know that some known suspected terrorists have come across. >> we are always concerned about terrorism and that is one of the problems we are having.
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when you have to redeploy people between ports of entry, to the ports of entry to the overflow of immigrants, we are vulnerable between ports of entry and that gives an opportunity for people to come. stuart: you are a democrat, if that is correct. and the democrats hold onto power in south texas if there is this mass migration north of the border? >> i don't know. i'm a county judge of over a million people here. we have all kinds of conservative, liberal and confused moderates. hopefully we will continue to provide the best we can. stuart: thanks for being on the show today. we appreciate it. changing gears completely, comedian howie mandel talking about the attack on dave chapelle.
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>> this is the beginning of the end of comedy in america. >> we are already being attacked as far as being canceled for something you don't like, this is the beginning of the end for comedy. lauren: it was fear of getting canceled and now fear of physically getting hit. the country has lost its sense of humor. fellow comedian kevin hart, who has been canceled several times is sending a different message. he prays dave chapelle's security because the attacker who stormed the stage got hurt by the security team unlike will smith who slapped chris rock and gets an award. nothing happened. stuart: i don't think the country lost its sense of humor. i think the left never had a sense of humor in the first place. the dow has turned higher, that
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is the turnaround, back above 33,000. back to the markets, show me netflix, they opened a new office in rome, italy. they announced a new tv program, hasn't helped them at all. netflix stock is down 2.3%. silicon valley, the tech giant, donated millions of dollars to a dark money group with ties to black lives matter. we are following the cash. liberal roe v wade protesters preparing for demonstrations by targeting catholic churches on mother's day. more varney after this. ♪♪ ♪♪ what's going on ♪♪ what's going on ♪♪ what's going on ♪♪
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>> and lift off. stuart: that is space x launching the falcon 9 rocket
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this morning. they sent 53 starling satellite into space and that was you will like this. the dow had turned positive. now it is negative, down 40 points. nasdaq is up 5. you
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the misery was staggering. it was palpable. guys were afraid of what was happening. when you hear professionals that downtrodden, the actual numbers we talked about you
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start to add that up and say this has gone too far. we've seen this from 2008 to 2007 and we are in the process of forming the bottom and may have seen a loner turn. stuart: is the genuine turnaround? you never know for sure. >> you never know but here's what investors need to bear in mind. it is not about timing the markets. it is about time in the market. if you look at the s&p since 2000, since yesterday through the low this morning the s&p is up 330%. in spite of six down years, the great financial crisis and the nasdaq selloff. in spite of that the s&p is up 330%. if you take the long-term and
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it was the same set up we are seeing now. the negativity has gotten ahead of itself. stuart: at your dinner last night, your financial
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companions, close to the bottom. >> i put forth the argument and it is very hard, when -- what is that poem? who is the famous poem? if you can keep your head while others -- it is hard to do but that is what we are trying to do, interpret the data and not get emotional and take the long-term view. if you can do that -- stuart: what is long-term? what is the long-term view? one year? two years? five years? >> give it a year. i love the fact that you are willing to give a three to five. you don't have to give up three to five. we will wake up and say we've gotten too negative. if you look at the data points they are a strong as they have
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ever been, the jobs report, unemployment at 3.5%, the 12th month. stuart: since you started talking saying this is the real bottom the dow fell out again and now it is down 157. >> it is a process and there is intraday volatility and massive short covering and the volatility entrepôt liberty pfs. stuart: great to have you back, you made a lot of people feel better. nonprofit is getting a huge boost in funding. lauren: the answer silicon valley on the numbers 2.5 billion from the silicon valley.
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2.5 million, it is friday, silicon valley community foundation, a group backed by executives from netflix and facebook and twitter. they typically push progressive causes. this is concerning because as you know, they went on to a real estate buying binge, criticized for those expensive homes that she bought. facebook censored stories on her purchases. stuart: they did indeed. roe v wade protesters planning demonstrations at churches on mother's day and that is just the start. lauren: the group sent, and not to the late rpg, posting the home addresses of six conservative justices encouraging people walk by and demonstrate, be peaceful about it, the starts sunday, the week of action. thursday, if you are in high school or college walk out of class and tell your teacher why
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you're doing so. friday they are having a die in, go to a public place the fall to the floor and say that happens to women when they don't have access to abortion. stuart: i wonder if that will change any lines, demonstrating in churches on mother's day is a losing, my personal opinion. the 148th kentucky derby kicks off tomorrow my first saturday in may. are there restrictions or is it back to normal? we head to louisville next. ♪♪ ♪♪ the sunshine's bright on my old kentucky home ♪♪ ♪♪ ♪♪ the sunshine's bright ♪♪ on my old kentucky home ♪♪
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the dow industrials 15 minutes ago had gone to the upside. they were in the green, now down 244 points. popped up to the green, 122 points. that is extreme volatility in the markets. and thousands of fans, and the first leg of the 2022 ripped triple crown. libya is that churchill down. and any covid restrictions. >> no restrictions in place. fans could not be more excited. and last year there was a calf on the number of attendees, around 52,000 people.
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spectators to fill the stand tomorrow to watch the kentucky derby, and the most exciting 2 minutes and sports and this year it is not just the pinnacle of american horse races and american dreams being realized. we talked to joseph junior, a third-generation horse trainer who came from barbados years ago with just two horses to his name. after years, with 150 horses and trading. his horses will take a part in the run for the roses. >> in kentucky, if you do right people will give you the opportunity and over here in that position the sky's the limit. >> reporter: the derby is tomorrow, the kentucky -- they get their shot at the stake, that is where we are wearing
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pink. stuart: i love that hat and you wear it so well and that is a fact. stuart: i want to -- the original off-track betting corporation and jacob 58th hotel and casino. let me start off like this. i don't think many people gamble on horses these days, it is all casino games and sports, other sports. >> people of tibet on all kinds of stuff, sports betting is one of the favorites, the technology improves daily. horseracing will hopefully stay alive. a highly traditional sport especially the kentucky derby coming up, the most exciting
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two minutes in history that happens every year, some great hard work by people in that industry and we hope the betting continues on. it is more popular. stuart: it is. that's the way it is. show me the odds. put them on screen. i am not seeing them yet. my donegal is the favorites, they are not in the right order. who was the favorite? michael, do you know the favorite is? >> the 3 to 1 favorite, i've donald will study of my own. i'm not betting but i will continue looking at the odds and the condition of the track before placing any bets. there's a lot of great information online.
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stuart: thanks for being with us. i am sure a lot of viewers are putting their but this one time on the horserace, thank you. >> thank you for having me on your show. stuart: back to the markets, the dow 30 to get a sense of the market and the red is back. i only see tween 9 winners among the dow 30 and 21 losers, the dow jones average is down 250 points. don't go anywhere, friday feedback is next. ♪♪ who's on it with jardiance? we're 25 million prescriptions strong. we're managing type 2 diabetes... ...and heart risk. we're working up a sweat before coffee. and saying, “no thanks...” a boston cream. jardiance is a once-daily pill that can reduce the risk of cardiovascular death for adults
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cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. ♪♪ i feel good ♪♪ stuart: i feel good. i love that. a little james brown, almost lunchtime. that is lakewood ranch in florida, 85 °. you know what time it is? 11:50. that means friday feedback. lahren is with me this morning. just the two of us.
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teresa right would you consider having elon musk on your show i'm sure he would do it. i'm not so sure he would do it but i would snap him up in a moment. lauren: how long with that interview be? stuart: i would give him the hour, three hours if he came on the show. i think he could hold three hours, he is that entertaining. i would not allow him to smoke any weed on the set. that would not go down well. shall we move on? this is from cass. if you could by any company, what company would you by? lauren: lulu lemon, so i don't have to wear the tight waste again. stuart: okay, for me, chelsea football club. it is up for sale. it used to be owned by abramovich. it is selling for $5 billion. stuart: lauren: you are getting close,
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keep working. stuart: this is from market. your show american built, how about the monster mile race track in dover, delaware, concrete build 50 years ago, we would consider that. we are looking for major projects across the country of american built. i the way you can catch all new episodes of american built tuesday night at 9 p.m. at 9:00 pm eastern on fox business. andy wants to know how much needed for makeup before you sit in front of the camera. that is easy for me. about three minutes tops and i don't have that much here because here takes no time at all. lauren: we should let our viewers know that the makeup room you could use is directly outside the studio, ten feet to get there but you don't go there, you bypass it. and i go to another floor and it takes 45 minutes.
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stuart: 45 minutes? okay. three minutes for me. lauren: you should see what i look like tomorrow morning. stuart: john, speaking of power lunches, where would you take your wonderful guests to lunch? easy answer, oceana. a high end restaurant around the corner. i usually have someone else pay. stuart: lauren: i've not been out to lunch new york city for a long time. i don't even know. i would say a steakhouse. stuart: when i walk into oceana they have another network on their tv, the other one. i am not so sure, the next time i go to oceana i expect to see fox business. lauren: i go into some places and they pick one network on all the screens, they should vary it a little bit. stuart: newark airport it is
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always cnn. i found one tv tuned to fox news in the food court and there were people watching it. this is fun, isn't it? jessica writes you talk about your finances as if you are going to retire soon. say it ain't so. no one gives the eyebrow nod like you do. put me on camera, is that the eyebrow -- lauren: i don't feel you speak with your eyes, i talk with my eyes. stuart: if i retired would you miss me? lauren: immensely. you don't think i would miss you? stuart: i don't know. lauren: i can't say much on the air.
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he does a good job. lauren: the answers are well researched. i had an issue once. i am waiting in the trivia. i feel i have been more right than you and ashley have been. it is noticeable. anybody agree? i'm a good guesser. stuart: i think our time is up. lauren: is your time up? thanks for sending your trivia -- thanks for sending in your friday feedback. today is national nurse's day. rob mcnally did an excellent job. how many registered nurses are
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in the united states kick you 1.8, 2.3, 3.2 million? we are in the millions for sure. guests after this commercial break, stay right there. ... (vo) verizon business unlimited is going ultra! get more. like manny. event planning with our best plan ever. (manny) yeah, that's what i do. (vo) with 5g ultra wideband in many more cities, you get up to 10 times the speed at no extra cost. verizon is going ultra, so your business can get more. [♪♪] did you know you can address one of the root causes of agingd at no extra cost. by targeting all the cells in your body? try tru niagen. life as we know it cannot exist without nad.
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stuart: it's nogs all nurse's day, and so we asked the question, how many registered nurses are there in the united states? what was your guess, lauren? lauren: 2.5 million and i'm grateful for nurses they do a good job. stuart: i mean, really that's a job i could not do. lauren: same here. stuart: you could pay me all the money in the world, my guess is 3.3 million. look at that, 4.2 million in the
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united states. there are four times as many nurses in the united states as there are physicians. well that makes sense, doesn't it, i guess? but it's a job that i could not do no matter what. lauren: big need for nurses now. they've got nice paychecks recently too, because of the need. stuart: wonderful people. case closed national nurse's day times up for me, neil, it's yours. neil: i was just thinking if you if you were a nurse, it be like nurse ratchet. stuart: i knew that was coming up. neil: well i was working on it and now knowing who puts your trivia together i would throw this out there you might want to check some of this stuff. stuart: [laughter] rob mcnally. pete: he's a very funny guy. stuart: you can't poach him. neil: you poached him from me. thank you, have a great weekend, stewart, lauren, thank you


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