tv Varney Company FOX Business May 10, 2022 9:00am-12:00pm EDT
this is just like a giant lollipop for almost $200 million. maria: by the way the way andy w arhaul did it is take polaroids of his subject and paint the painting from the polaroid and do four of them in many cases. dagen: except not this one, this was after her death. this was the from a still from a film. >> i could have done that. maria: dagen and ryan great to see you both have a good day "varney" & company begins right now stu take it away. stuart: good morning, maria and good morning, everyone once again inflation is topic a on the financial markets and in politics as well. later this morning, president biden will present his inflation fighting plan. he wants to spend another $1.2 trillion which he says will bring down costs to families, not prices, costs, like for child care, prescription drugs or energy. the president is offering a long term plan, not a short-term fix
for rising prices. this is the face of inflation today, look at it. the price of gas has risen to a new all-time high, never been higher than this , 4.37 is the national average. diesel setting yet another new high, 5.55 a gallon. will truckers and farmers accept biden's inflation plan? good question. to the markets, not much of a re bound after yesterday's huge losses. the dow was down what, 800 points? 600 i think it was, backup maybe 300 this morning, nasdaq backup 279. that is a modest recovery, and not a full recovery from yesterday's losses. flight-to-safety right there on your screen. the yield on the 10 year treasury dropping below 3% earlier today, and staying down at 2.96 right now, money is going in, looking for safety, prices go up, yields come down. not much of a rebound for big tech this morning. it bore the brunt of the selling yesterday, all the big tech names are up, but not that much.
okay that's the financial markets. still extreme volatility. the demonstrators were out last night at the private house of justice alito. it was relatively restrained. it's primary day in west virginia. two republicans going head-to-head alex mooney endorsed by trump. we'll get a sense of the standing trump enjoys within the republican party. it's tuesday, may 10, 2022 "varney" & company is about to begin. ♪ you spin me right round baby right round ♪ lauren: dead or alive, you spin me around. stuart: interesting choice of music, to start the show i'd say , you spin me around from dead or alive. lauren: i feel spun around since the end of march.
stuart: yeah, right. lauren: following the stock market. stuart: well, folks, at 11:30 this morning president biden presents his plan to fight inflation, now, as i said at the top of the show, he plans to spend really big money to bring down costs for working families, that's the broad outline as i see it. all right, lauren. don't kill me with the details but tell me some details. lauren: okay, well he's address ing inflation and saying lowering prices is his top priority. >> my top priority is fighting inflation and lowering prices for families and things that need and we're going to keep working to fight inflation and lower cost to all-american families for a lot of other things as well. lauren: how? continuing to release oil from the emergency reserves, but as you know, gas prices are at a record high and he did start to do that already, plus pass clean energy and vehicle tax credits, crackdown on get this one, illegal price fixing in the food industry, and tax billionaires so the white house wants to make
the wealthiest out there pay their fair share, including through a new billionaires minimum income tax. biden says that's how you do it. this is how you lower the deficit and cut costs for american families. guess what's out tomorrow morning? stuart: the consumer price index lauren: it's still expected to start within eight when you look at how much inflation has risen in the past year and ahead of that the white house says they are not predicting recession. >> signaling some weakness going forward and a recession is concerning in next 12 months. >> we don't speak to or comment on the judgments, ups and downs of the stock market or the daily movement of the stock market i should say. while it's volatile we aren't predicting that at this point in time. stuart: okay, look, i understand what the president is trying to do. it's a very political plan, spend a lot more money, the way his left wing wants to lower costs down the road, but it will
do absolutely nothing to lower prices right now all before the election. that is my opinion. lauren: but they're spinning, if you look at the release of what the white house wants to do, it's putin all over it. it's the blame game, and then using republican senator rick scott's plan. stuart: well, that's the politic s of it. lauren: yeah. stuart: what we need is a good economic plan. and we don't have it. lauren: the best thing to do right now is call texas and say drill. we will do whatever you need us to do, because higher energy prices are a tax on every american and every company. stuart: and you know he won't do it. left-hand side of the screen losses. we need market coverage. david nicholas, come on in, please. okay, do you think the bottom is in sight yet? >> stuart, unfortunately, not. there's a couple key signs that i'm looking at. the first one is really watch for the 10 years doing, we need some stabilization in the 10 year. if you look at the highs back
from 2018, the odds are we probably head to 3.25% on the 10 year but if we can stay there and stabilize, that's bullish for stocks but we're also watching volatility. the vix, even as bad as yesterday was, the vix did not take out the highs in march of 36 not much less the highs of april, so what that's telling me is the market is saying there's more selling to come, because the vix is just not responding to the spikes that the we've seen earlier this year, so we've also got that and also this pressure of the markets trading down but i don't think the worst is behind us unfortunately, stuart. stuart: okay, the worst is still to come is what you're trying to say i believe, right. big tech lost what, a trillion dollars, more than a trillion dollars in just the last three trading sessions. badly beaten down. do you see any bargains along the big tech stocks on the screen right now? >> you know, one of the things that we're watching i'm watching apple, right? i still think there's some downward pressure for apple. i'd love to pick-up apple in the 135-138 range. i think you go in and buy apple,
we'll probably see it, stuart. that was another sign. if we can see apple bottoming out because apple has held up. stuart: you think you might see another 20 or 30 bucks come off apple? >> absolutely possible. absolutely, stuart and that's what we've told our clients that for us is the great buying opportunity so we're saying when it comes to large cap tech the selling is definitely not over for tech. i think if you're patient and again we're not day traders at our firm. we're investors, and so when these prices get to those levels we want to own for the long term but i still think there's going to b weakness in the tech sector , stuart. stuart: so we're not there yet but we will be soon, you hope. okay, david nicholas thanks very much indeed it's a very difficult market to work in i'm sure that's the truth. bitcoin, 32000 bucks as we speak , it briefly dipped below 30,000 bucks, came backup again. crypto investors are under water lauren: 40% of them are under water, losing money on their investment that according to glass node. you know, there's a lot for this
, i picked up something i read in reuters and investors in some family offices, they are liquidating their crypto because they are liquidating other assets and they need to makeup for it on their books to show they aren't dying in everything. i thought that was an interesting take. also we've seen this correlation and talking about this between crypto and equities. the difference here is that the stock market has seen a downturn. they seen recession. they've seen a hawkish fed. the crypto market has not. this is a test for them, so going forward, do people start to see cryptocurrencies as a diversification tool when the economy goes south, or do they think it goes south with the economy and in this case, the big tech stocks. stuart: well it struggled back to 32000 on bitcoin as we speak. briefly touching 29 and change. lauren: so it's coming up with equities. stuart: we've got a new poll out shows people becoming more worried about their personal finances. i'm not surprised. it's on the screen. lauren: yeah, it's a gallop poll look at number two there, 40% are worried about paying their
bills 52% about maintaining their standard of living and 63% about having money for retirement. i think that last one is 63%, that shows you our financial anxieties are heightened not only with the day-to-day pain but the future, the future financial path we're on. can we go back to item one for a second, paying rent or mortgage 35% worry about being able to do that, and now we have a trend where homeowners are becoming landlords. so you have your house, and then you're renting out your basement or spare room to get rental income to offset your bills. in some cases, to even be able to pay your mortgage. stuart: fascinating. lauren: it's smart. it's a coping mechanism for a lot of people, but it just goes to show you how much prices have gone up. stuart: and it sure does, all right that's the markets that's money that's finance let's get to politics. west virginia primaries today two incumbents facing off, alex mooney endorsed by trump, david mckinley received support
from senator joe manchin. look whose here, lawrence jones at a diner in west virginia. greetings, lawrence. this is another test of trump's influence on the gop. what have you heard from the voters there? lawrence: hey, good morning, brother. this is a big race, and i big race for two reasons. you got mckinley who has been endorsed by joe manchin as well as the governor, a lot of the establishment figures are really backing them, then you got mooney who is support from former president donald trump. they are facing off. when you talk to voters here today, they are going for mooney i know the pundits and a lot of the polling said the other way but it's not the case. another thing i think is important to notice is that you already reported on this the record gas prices are a big problem for voters as well as the economy as well as the supply chain, crime as well as the border and why do the people of west virginia care about the border? because a lot of the kitchen table issues are what matters
for those in west virginia. stuart: lawrence is inflation, food price inflation, is that topic number one? lawrence: that's topic number one. another thing i've been hearing about and i don't want to get too political but what's happening with the supreme court , roe vs. wade, a lot of the people are upset that they are starting to protest in front of those supreme court justices houses as well as targeting the churches. they may have awoke en a sleeping giant here in west virginia by being so political. stuart: woken up a sleeping giant, and that's the abortion issue you're talking about now, is it? lawrence: exactly. stuart: what's the general mood amongst the folks in the diner, are they angry? i don't think he heard that. what's the general mood among the people you've talked to, are they angry? lawrence: a lot of people are angry. what i continue to hear is they want things how it was before,
right? the economy was going well, had folks talking about they can't even get the formula for their kids, shutting down the pipeline s, i mean, we can go back and forth with the political in-fighting but what matters to the people the most here in west virginia is just very simple. their gas prices, want to be able to provide for their kids with the formula, they don't want you involved in their kid's education. they want the justices to be a protected institution, they don't like protesting in front of their houses so kitchen table issues as well as the tone of the country. stuart: very interesting. lawrence: i think that's what matters to the folks. stuart: they want it the way it was. that's the key expression right there. good stuff, lawrence, my brother , thanks very much indeed we'll see you again soon. lawrence: you got it, brother. stuart: back to the markets this is i'm going to call this a modest bounce for the dow, up about 350 at the opening bell, it was down 650 yesterday. coming up, he was a founder of my space remember that?
brad greenspan has a warning for elon musk. don't buy twitter, you'll regret it. brad greenspan says and he's here to explain a little later in the show. what's it like to be a doctor on the border in ukraine right now? roll tape. >> to my left is ukraine and right behind me is where we have been taking care of the ukrainian refugees. stuart: dr. jeanette just back from treating refugees on the border, medically how bad is it? she'll tell us, she's here, in studio, after this. ♪ help is on its way ♪ you'll always remember buying your first car. and buying your starter home. or whatever this is.
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♪ stuart: that is pompano beach, it's in florida, a high of 82 degrees, looks nice, doesn't it? futures looking pretty good. big drop for the market yesterday, modest rebound this morning, dow jones up about 300 at the opening bell, same with the nasdaq up about 300. i see some green on the left-hand side of your screen. democrats proposing a new aid package for ukraine. okay, good stuff. is this one tied to covid? lauren: likely no, democrats are proposing almost $40 billion for weapons and supplies and they could put it up to a vote as soon assed to. the white house says it could be 10 days before the money going to ukraine dries up and they don't want to slow down getting ukraine more money by pairing legislation with covid spending, for instance. quickly, i just want to tell you the president lends this program
to expedite shipments of supplies to ukraine. that is unanimous in the senate. stuart: that's what fdr did with wednesday on torch chill, thanks , lauren. dr. janette nesheiwat is back, back from ukraine, as a matter of fact. back from ukraine and poland i should say. welcome back to the program. >> great to be with you. stuart: you're with the refugees so tell me medically, how bad is it? >> well the problem, stuart is that it's ongoing, that the need for medical care is continuous, indeed. i was right there at the border. last month we were in lviv but this month, we have to stay at the border because it was too dangerous at the railway station where we were working, the railways were getting bombed so people were coming in with broken bones, wounds, infections , lacerations, abdominal pain, a lot of nausea, vomiting, dehydration and it was a blessing we were there right at the border as they were crossing to be able to provide them with this medical care that they desperately needed. stuart: whose paying for it?
>> so lots of donations, i was able to get lots of donations to the justice for all institute, also the organizations that i was with when i was in lviv i was with the samaritan's purse, and then when i was at the medic a border i was work withing doctors, rescuers without borders so different organizations, donations that we would gather, we would bring our own medicines as well, so it's just really an excellent global humanitarian effort to help bring together the supplies that we need to help them. stuart: it's not over. it's not. stuart: it won't be for a long long time. somebody will have to pay for the medical care for million s of people taken out of ukraine. i don't see where that money comes from and i don't see , this is not a real problem that you can tackle very ease is it? >> you're right it's a challenge and that's why we need continuous prayer, support and donations so we can do whatever we can to help these refugees literally fleeing death and destruction. stuart: well you're doing fine work, doctor. that's much appreciated. let me bring it back home for a second. >> yes.
stuart: cases are rising, covid cases rising in the united states. especially in new york as a matter of fact. do you think that masks should be brought back say in schools, for example? >> i think we are at a point where it needs to be optional. you need to know your risk and take the steps to protect yourself. right now we don't have hospital overload of cases. remember the mitigation steps were put into place in order to prevent hospital overload. we're nowhere near that so i think it's a matter of making sure that you're vaccinated if you qualify, taking the steps to protect yourself, but everything else, mandates, they should be, you know, masks, vaccines, it should be optional at this appointment we have the tools to treat covid. yesterday i only had two cases in my entire shift. stuart: do masks on children of six years of age in a classroom, do they work? does it really stop transmission >> i think we need to look at the harm that those masks are causing. kids need to see their teacher speaking, they need to see their peers smiling, they need that social engagement and interaction and i think masks deter them from that.
stuart: there's no masks in florida is there? >> no. stuart: florida schools aren't there. >> florida is doing better than new york and california. stuart: absolutely. this is inexplicable to me. are we going back to masks? >> i certainly hope not. i wouldn't recommend it especially for children. stuart: doctor, we had this conversation during the commercial break because lauren you've got children. lauren: i think it's case-by-case. if there's an outbreak in a classroom as there is in both of my children's school, that class maybe has to mask up for a few days. they can make it a case-by-case you don't close the classroom, deal with it. >> no lockdowns, no shutdowns and maybe temporary steps to put mandates i think it's a matter of your personal risk. if you have as majority, diabetes, heart disease, any underlying medical conditions then of course take that extra step to protect yourself. we can't wear masks and especially not for our children. stuart: you've treated 21,000 covid patients. >> over over the past two and a
half years. stuart: any children in that? >> just a handful of children. stuart: serious for those children? >> the ones that i saw does not have to be hospitalized. now, children can become sick, but it's rare and that's important to know that it's rare the mortality rate when it comes to children is less than 1% so if you have a child again that has an underlying medical condition, you want to take that extra step and that extra precaution, but for the majority of americans, it's time to move on, take responsibility based on your risks, make sure you're vaccinated if you don't have natural immunity and then we go from there. stuart: doctor, great stuff, thank you very much for being with us. >> great to be with you thank you. stuart: quick check of the futures before the market opens, it's opening in seven minutes. we still see some green, plenty of it, but it's not wiping out all the red from yesterday. we'll be back. ♪
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be close to here. i think it all comes down to the inflation reading we get tomorrow, specifically the month over month core number we need inflation to peak if you will, or decelerate on a month- over-month basis looking at two-tenths of a percent of a month-over-month increase is the estimate for tomorrow, i believe last month was four- tenths of a percent if we have this between call it one- tenths of a percent and three-tends of a percent month over month increases going forward that means the action the fed has taken in terms of jaw boning and pushing rates out and the tightening has really slowed inflation growth. i don't think prices are going back to where they were a year ago or two years ago, but if it stops growing at this rapid pace , that means we've contained it for the moment, and then you can handicap what bonds are going to do and how much action the fed has to take and then i think stocks can stabilize. i don't necessarily know that we're going to get back a lot of what we've given up because the next headwind is the balance
sheet tightening but the bleeding will stop, which i think everyone is really looking forward to. stuart: yes, indeed, yes, we are now, the big techs have lost, i believe, about $1 trillion in value in the last three trading sessions. on the left-hand side of the screen we're listening to big tech now. is there any company, any stock on that list, michael, i think you can see it, apple, amazon, meta, alphabet, microsoft. is there anyone there that you would buy at these prices today, because they may have hit a bottom? anyone? >> well, stuart, a couple of them. so first is your favorite and a favorite of mine is microsoft. their cloud business is just taking off and that's a secular change in the way that we use technologies, this movement to the cloud, and microsoft is just absolutely killing it and then the next one is facebook. facebook's trading at a below market multiple and this is the greatest advertising platform ever created. they definitely have problems
with the changes in updating the ios platform and then being able to track you everywhere you go, but i believe they will figure out a way around it and it's still a really effective tool and it's on a valuation basis probably one of the cheapest entry points you'll ever get in there. >> [opening bell ringing] >> it's great companies and a good opportunity. stuart: okay we hear you thank you very much indeed. we'll be looking for that bottom right now, we've just opened the market here we go, this tuesday morning, may 10. i expect to see almost all of the dow 30 in the green, there you go. they are, i do see one loser there that is proctor and gamble which is the bottom right land corner and that's on the downside but the rest are in the green and right from the start we're now up over 400 points, remember please we were down 650 yesterday, backup 420 now. the s&p 500 up 1.7%, nice gain there, after a huge loss yesterday. same with the nasdaq, a 2 point 5% gain, that's a very strong gain for the nasdaq, after the
big route yesterday. here's big tech microsoft up $8 right now, apple's up four, alphabets up what is it 64, amazon is up 72, meta up $4, so you got a nice bounce for big tech in the very early going. look at peloton. no bounce there, none at all. hey, susan? good morning to you. can they stay in business like this? >> good morning to you. well, what do you think? we're looking at brand new all-time low for this stock, and that's way below the ipo offer price of $29. remember that? and business is going in the wrong direction. they lost three-quarters of a billion dollars, that's almost four times worse than anticipat ed. sales dropped, fell short and peloton says that people are going back into the gyms, and it might be canceling their subscriptions because they have to raise prices for the memberships, and it's not going to get any better this quarter either. you have inventories building up , so that means people aren't
buying them and the company has to borrow around three-quarters of a billion dollars from wall street just to tied them over just in case. what do you think? this stock is now worth $3 billion at its peak, wasn't it closer to $100 billion? things changed in a hurry don't they? stuart: they sure do, it changed for peloton. how about tesla, have they closed the shanghai factory because of the covid? >> yeah, so there were reports last night tesla had halted production at its shanghai plant because of supply issues but tesla says there's no truth in that. they may not be producing as many cars, but the production lines are up and running. now reuters is reporting that tesla is only going to produce less than 200 cars on tuesday, so that's an indication that the covid lockdowns and there are supply chain issues taking place there, tesla, by the way, in terms of april, only producing 10,000 vehicles last month, and that's far-below
[inaudible]. stuart: i think that we've got one of those occasions where susan is frozen. i think she might become un frozen, can you hear me now, susan? >> yeah, so just wanted to note , as i just get back to business because the opening bell is all about business. that 10,000 number at shanghai the plummet of 98% from march, and so that obviously shows that tesla, like apple, and other big multinationals are really being affected by the covid lockdowns and squeeze over in shanghai. stuart: all right, show me novav ax, please. i know they reported a nice first quarter profit, or the first quarterly profit actually. so susan, why are they down 19%? >> well, it was a big miss on sales and profit though in that first quarter. the only shipped 31 million vaccine doses that's roughly a quarter of what they guided for this year, and they're still
sticking to their guidance of four to $5 billion in vaccine sales which is baffling for wall street, but it's clear that the vaccine itself is not a blockbuster and novavax promised to the market. stuart: i've got a question about crypto. crypto investment, i'm told, are concerned after the stablecoin dropped in value. my first question is why should i care, second sku explain it? >> okay, you should care because obviously this gives ammunition to elizabeth warren's in d.c. and janet yellen because they have been calling for more regulation over these so-called stablecoins and this [inaudible] stuart: okay, i think that -- i'm sorry, susan we had an audio problem there and i'm not sure whether we can fix it or not so keep going, please. i understand we're okay now. go. >> well, okay, so stablecoins, i'm going to try to explain what a stablecoin is to you first,
okay? so it's a dollar in the bank, meaning it should be, you put a dollar in, it should be backed by collateral of a dollar in the bank and that's how you move money across crypto exchanges, to buy and sell different cryptocurrencies; however, in this case, a dollar only meant $ 0.70 last night. that's a big deal. i mean think about losing 30% of the value in just virtually a few minutes, right? so this obviously gives more ammunition to d.c., stu, for the janet yellens and the elizabeth warrens for more oversite when it comes to these stablecoins and whether or not cryptocurrency is legitimate and that's the problem. stuart: okay, that, i understand excellent. despite the audio problem, i understand it. very good. >> great! stuart: amc is up 7%. do they have a summer blockbuster or something? >> well, okay so they lost money in the first three months of this year. it was still better than anticipated. still, though, we're looking at an 11th straight quarter of
losses for amc and that's by the way the stock is down roughly 80% from their peak price of $62. we were talking about the meme stock traders and how they blocked virtually all their gains over the past two years? but for amc they say business is going to get better from here, first of all they were driven by spiderman, no way home that blockbuster, you have batman also driving audiences into the theaters, and then you have dr. strange, top gun and the like and they say summer blockbuster season is going to be strong. oh, by the way, the sales that they make per-theatre-goer is now above, they say, pre pandemic levels. what do you think? stuart: they are charging a lot of money for the coke and the popcorn i would guess. >> popcorn. stuart: that'll do it every time >> bubble gum floors. stuart: see you later, susan. let's have a look at the winners on the dow. walt disney picking up a little ground there, up a couple bucks at 1.10 for disney.
my goodness, s&p 500 winners, duke energy is up there, sorry duke realty, i see cisco systems too, cisco corporation i should say, that's different from systems, and the nasdaq winners headed by the microchip technology, adobe and zoom video i would like to see a microsoft or an apple there but we didn't quite make that list. the dow industrials are after six minutes worth of business up 400 points. the yield on the 10 year treasury down today, under 3% that's a flight-to-safety. gold priced at 18.60 per ounce and bitcoin as we've been showing you, 31, 800 bucks. oil down $103 per barrel not much change at the moment. nat gas all the way down, retreating back to $6.80 per million british thermal units that's a price drop right there. the gasoline, you have never paid more than this. this is an all-time high for gas in america, $4.37 on average. in california, that same gallon
is 5.84. here's what's coming up for you. the mayor of chicago says her city is ready to be an oasis for abortion seekers after the supreme court leak. roll tape. >> fundamentally it reaffirms chicago as a welcoming city, a city that doesn't discriminate, and a city that's going to stand with women. chicago is going to be an oasis in the midwest and we've got to be ready. stuart: well, some might say that chicago is already an oasis for crime. brian kilmeade will take it on, next hour. you're looking at sixth avenue, midtown manhattan usually full of office workers but the ceo of airbnb says working at the office is now a relic of the past. we'll get into that. the president plans to use his speech on inflation to attack republicans. larry kudlow is next. ♪
stuart: the treasury second janet yellen will be on capitol hill this morning talking about inflation. hillary vaughn, come on in, please. you've seen her testimony, so what is she going to do about inflation? reporter: well, stuart, it's kind of business as usual. the two big reasons behind inflation that secretary yellen will tell lawmakers is causing these high prices today is what they've heard for weeks and weeks now. russia and putin are to blame, and also, the pandemic is to blame as well. here's what she's going to tell lawmakers in part of her testimony. "there is the potential for continued volatility and unevenness of global growth as countries continue to grapple with the pandemic, the u.s. financial system has continued to function in an orderly manner, though
valuations of some assets remain high, compared with historical values." that's a fancy way of saying, inflation is going to still continue. president biden is expected to address inflation today in a big speech. some of his answers are very familiar to the american public. he says on gas prices, they're going to continue to release barrels from the reserve. they are going to push electric vehicle and green energy tax credits. he's also pushing part of his build back better plan, but also attacking senator rick scott's plan, to try to make every american pay their share of taxes, so senator scott today is responding to what the president will say later this afternoon, saying, "it's simple, the most effective thing joe biden can do to solve the inflation crisis, he created is resign. he's the problem, getting him out of office is a quick and easy solution." but a lot of the solutions continue to be familiar, stuart. press secretary jen psaki saying
yesterday that inflation is going to continue and it was something that they could not have predicted. >> two-thirds to even 70% of inflation data is the result of energy prices. a large part of that is the result and chairman powell has spoken to this , and secretary yellen has also spoken to this , as a result of president putin's invasion of ukraine and the impacts on the global energy markets. those are all steps and impacts that i don't think anyone could have predicted a year ago. reporter: but stuart whether or not they could have predicted it the american people who are paying the cost of these high stuart? stuart: yes they are, hillary, thank you very much indeed. you know what we need right now? we need larry kudlow, there he is, miraculously appears on the right hand side of the screen. look, president biden is going to layout his inflation plan. it's just a couple of hours away the way i see it, he wants to spend another trillion dollars
to lower costs for families, not prices, costs. what do you make of that plan? larry: well, i don't know. which trillion dollars you're referring to, because he's still pushing build back better, which is a $5 trillion plan, and so i'm not sure. i mean, they're talking about another $350 billion of subsid ies and corporate welfare, allegedly to compete with china. it will do no such thing. i mean, look. i love that when madam psaki said no one could have predicted it a year ago, but in fact, democratic economists -- stuart: you did. larry: and republican economists did predict it because of the excessive spending and deficit finance, because of their harsh regulatory policies, which basically stopped energy and pipeline permitting so nobody can build, nobody can drill, and frac. they're regulating large chunks of the economy and creating inefficiencies. they want to raise taxes
across-the-board even though the trump tax cuts were wildly successful, and should be made permanent and there was no inflation when those taxes were cut, so i guess biden's going to remain in denial and he's going to play political games. it'll never work. you saw the nfib this morning, stu. stuart: yup. larry: firms raising selling prices 70 on the index, it was 36 a year ago. firms planning to raise prices 46 on the index, it was 36 a year ago. i mean, come on. many people did it. take energy out. take energy out of the c p i. you still have 6.5% inflation. stuart: exactly. the president's plan may work long term. i don't think it does work at all. he hopes it'll work long term. it will do absolutely nothing am i right in saying this , it will do absolutely nothing to bring the level of inflation down before the elections in november does nothing for that at all.
am i right? larry: well, i'm sure you're right. which plan are you referring to? he doesn't have a plan. stuart: is he announcing it at 11:30 this morning subsidies for drug prescription prices, child care, this , that and the other, massive spending. the plan comes out this morning. couple of hours from now. i don't think it works and it won't do anything for inflation in november of this year. last word to you. larry: well i'm not all that excited about another big spending plan, and more deficit finance and of course let's face it. the federal reserve is going to carry the burden and they are going to have to raise their target rate, you know, above the inflation. the fed funds rate has got to go to 5% or 6% it seems to me, raise it into 1% doesn't do much , raising it to 3%, so there's a big problem here. stuart: yeah. larry: i don't know, i'm going to wait with baited breath on joe biden's inflation plan that
you're outlining. i'm very excited about this , i hadn't really heard much about it. stuart: you're not waiting with baited breath. you're just dying to see it so that you can evicerate it at 4:00 this afternoon on your show i know exactly what's going to happen here. larry: by the way rick scott is on the show. rick scott's coming on to defend himself and his tax reform. stuart: we'll see you at 4:00 this afternoon you and rick scott that's a dynamite show, see you later. good luck. coming up, how far can a trump endorsement get you? jake evans is hoping it will take him to capitol hill. he's a republican candidate in georgia and i'll ask him if he's part of the extreme maga crowd that president biden is warning about. talk about pain at the pump gas prices hitting yet another new all-time record high. how high and much higher could they go? madison alworth has the story, after this. ♪ hit the road, jack and don't you come back ♪
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prices are up $0.17 in one day from yesterday to today, we saw an increase of $0.05. after about a month of stable pricing, prices have started to increase and they have increased dramatically, so like you said, we are now at a new all-time high record for the national price of gas. that sits at $4.37, even more shocking, when you look at that number, compared to what the average was just a year ago. unfortunately, analysts expect that gas prices will continue to climb and americans already seem to be at a tipping point. in a triple a driver survey completed this march, 60% of drivers said their pain point is $4 a gallon and well, we are way past that. >> drivers respond to these higher prices by number one, driving less, they're also carpooling, they're not eating out as much, they're delaying the purchase, a major purchase
like an appliance something like that. a lot of folks just don't have the elasticity in their budgets to deal with these fluctuating gasoline prices. reporter: and of course, this all comes before the summer travel season, so we have to see how much of an impact this has on summer travel. people have been couped up and so anxious for these trips but now, gas prices, jet fuel prices are going to be through the roof , we talked about that national average some states have it worse than others, stuart, unfortunately, new jersey we're looking at 4.49 that's the average here in our state. there are three states that are over $5 a gallon that's hawaii, california, and nevada. stuart? stuart: $5 gas, my goodness me, i'd object to that. madison thank you very much indeed. see you again later. i have a quick programming note. an all new episode of my show, " american built" airs tonight. here is a preview of ford's willow run factory which ramped up to produce one every hour during world war ii.
ro >> most fascinating thing to me about willow run is just audacity. stuart: they set out to save the world. >> it was critical to our victory. >> it's a high mark. >> they had to overcome serious doubts. >> that you're crazy, that's impossible. >> laughed at by those who know >> a whole lot of headaches. >> you keep changing it. >> what are we going to do? >> how they built a bomber an hour. >> the largest single building ever contemplated in the u.s.. stuart: yeah, that's tonight, 8:00 p.m. eastern here on fox business. still ahead, brian kilmeade, bill hemmer, morgan ortegas and georgia congressman buddy carter , the 10:00 hour is next. we got the house! you did! pods handles the driving. pack at your pace. store your things until you're ready. then we deliver to your new home -
stuart: good morning. it is 10:00 eastern. straight to the money. some green on your screen, the dow industrials up 60. nice day for the nasdaq, up 226. neither indicator wiped out yesterday's losses, the yield of the 10 year treasury is below the 3% level, 2. 79 to be precise. oil, 100 $200 a barrel.
morgan stanley, the ingredients, are on the table. global recession, here it comes. what do you think? >> not only are ingredients on the table but we are mixing. it doesn't look like we are going to get out of this anytime soon and the only way to get rid of inflation is to go into recession. interest rate hikes alone will not do it. the fed losing credibility and that is what the market is afraid of, the fed losing all credibility. we have to break the economy to get in front of this inflation. we had a negative gdp, the best data going back to 1965 after
we had a negative quarter gdp, 75% followed by another negative quarter. there is every likelihood 75% chance likelihood that we are already in a recession. stuart: does it get deeper? we are not being held by china or the shanghai lockdown with the baiting members, not being helped by anybody as europe is going to recession. how deep a recession might we go into here? >> i don't know if it will be that deep as it will be that long. there's going to be a change of map in europe when they come to an agreement i think. if there's a change in the map, that will not let the biden administration take the sanctions off of putin because that will look like they are rewarding him for changing the map. those sanctions will stand that will affect energy, food, the situation with china and the lockdowns and if there's anything with china and taiwan that will be around a long time, until we get over the
energy situation, choosing between fossil fuel and wind and solar, what people don't realize comes down to two things, those energies are not the same. one of them is storable and on demand and the other one is not storable and not on demand. we will be with fossil fuel for the next 50 years. and a better way to clean it here burgesses dirtier there. we when we are paying the price of these bold green dreams the left has. we are paying the price for what they are doing with energy. i could talk about this all day long. we do talk all day long. see you again soon. as of now treasury secretary janet yellen is testifying in front of the senate banking committee. has she said much? >> we have her prepared
remarks, we are not out of the woods when it comes to this volatility from her statement, there is potential for continued volatility as countries continue to grapple, economic uncertainty. blaming putin and covid for higher prices the world is feeling and expect to emphasize climate risks to the bank. stuart: glad we got that in. a few big movers on the market, including this one, upstart holdings cut in half. >> artificial intelligence lending program and note the possibilities of recession. and and it is upstairs trading. stuart: any news on netflix. truly beaten up recently.
>> they are waiting for this. a lower price plan reportedly for subscribers who are willing to watch advertisements. how low, what is the price for you to pay. $5? $7? stuart: i don't know. stuart: i don't use streaming surfaces. i like soccer on tv. lauren: i hear what you are saying, that is why they are down, starting to look at it. stuart: we bought lucid on the screen. wisely set up 2.5%. lauren: they will launch a luxury electric sedan. $230,000 --
stuart: lucid. lauren: you go above a certain price point you can editorialize on this. it doesn't matter how much it cost because the buyer has the outcome to do that. the european story will be in munich. stuart: let's have a look at the cryptos. i'm told a large number of people who bought into the crypto market are now underwater. lauren: and they experienced, uses a crazy number. 3.holding. it is more than -- stuart: those covid relief
checks, the correlation with equities. and either. stuart: that was good stuff. now this. there was political dimension to the stock market selloff. 100 million americans have a piece of the stock market action. under donald trump they came close to doubling their money. under president biden they lost 1/4 of it. your 401(k) is down, your ira is down, the wall street journal, fund managers in charge of $4.5 million for retirement savings are police officers, firefighters and other public workers all down this year. who will voters blame? at the moment they blame the administration for the inflation that is jacking up interest rates and hurting the market. that's not likely to change since inflation shows no sign of coming down much and the
president doesn't have a plan to bring prices down before the election. what are voters supposed to think? they see inflation wiping out their wage gains and the stock market pulling down their retirement money. the economy, stupid goes back 40 years but it is still valid today. maybe they should add to it, with the explosion of new people coming into the investment world, the economy and the market that dictate votes. one hundred million of us have a piece of the action. michael goodwin joining us right now. will voters blame biden for inflation? >> i was thinking of the casey stangl line, that is the issue people look to washington, do they know what they are doing, throw their hands up and say
you need a change, if it's everybody in every way. when you mention stock market, prices rising, every family in america. stuart: you have an op-ed in the new york post. press pumps up president biden, seems like the democrats want the president to be more partisan but he is very partisan already, that's the nature of your op-ed. >> looking for excuses, looking for ways to defend him against this onslaught. be more of a partisan. that's more of a choice open to you. that act like he has been bipartisan all along. his entire except for his inaugural speech where he promise for those who opposed him as those who supported him, he has been a pure partisan.
he can't get things to his own party has gone so far to the left and there's this excuse making, to turn the facts around, the putin price hike, a favorite among the media as though inflation was putin's falls. inflation is already somebody else's fall, harry truman said in the plaque on his desk the plaque -- the buck stops here and everyone is looking at the president saying it is you. it is not somebody else, not another country, the buck stops in the oval office. we one there is a political element to the market decline. like i said in my editorial people with a 401(k) and ira did very well under trump, under biden, not doing well. is that up political element in november? >> everything is political. you have to find some politician, biden used to mock
trump for talking about the stock market. trump is onto something, 40% of the public or so in the market when you see your 401(k) coming up are your ira going up you feel more secure. you see them going down you feel less secure and have to blame the man in the white house, no way around that. we one michael goodwin, thanks for joining us, see you again soon. we saw have a rally going on, the dow is up 300 points. one of the cofounders of myspace says elon musk will, quote, deeply regret his decision to buy twitter. brad greenspan will ask plane his position in the 11:00 hour. those who support ukraine need to stop buying russian oil, she will tell us who the major offenders are now. the us acting ambassador.
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try to lay your hand flat against a surface. if you can't, you may have dupuytren's contracture. talk to a hand specialist about your options, including nonsurgical treatments. stuart: i am still seeing green on the left-hand side of the screen. the dow is up 300, the nasdaq up 255. that is not wiping out yesterday's losses but is a modest rebound. big tech on the upside, solid gains for big tech after their disastrous loss, that is a strong bounce back. ukraine, the acting us
ambassador just returned to kyiv. greg joins us now, how significant is her return to kyiv. >> reporter: very important. you can't underscore that more in the midst of the battle we are seeing now. important symbolic and practical return for the american as the war rages. air raid sirens keep wailing and ukraine's capital city, new russian missile strikes to the south of us, an important port city of odesa including hypersonic missiles, or pounding of mariupol, further civilian casualties in a combat zone to the east of us. other countries, embassies opening here, a core staff arrived over the weekend preparing for the formal opening of the us embassy, formal reopening of the embassy later this month, leading the way acting us ambassador to
ukraine sounds even more determined about us giving the metairie aid to ukraine. when i last spoke with her three months ago before the more started. take a listen. >> we believe ukraine is in the right, we believe ukraine should win this war and russia not just stop there aggressive actions against ukraine but make sure they don't take further aggressive action in the region which we are concerned about. >> president zelenskyy, she was scathing of the man who staged a massive military parade yesterday in moscow, president vladimir putin. here was more of what she had to say. >> it will be impossible to go back to business as usual. any future relationship we may cobble together will be based on what president putin does. >> as much as we are busy
looking at the fighting a lot of people are looking ahead to say what could be the relationship politically and economically with russia. for her standpoint, number one, russia has to stop the war crimes. number 2, russia has to leave ukraine. number 3, russia has to be a trusted global partner. that is a pretty high list of items putin used to achieve. one last point, i asked her how important it would be if president biden were to come here. she said yes, it would be important, it could happen but wouldn't give a date. stuart: heavy lift, thanks very much. here is morgan ortagus. welcome back to the show. you say putin's war machine has more money from oil and gas than it did before the war began.
's europe paying for putin's war with oil purchases. >> yes, no way to look at it. you can look at what we saw in january, $10 billion, paid for energy exports in april, this is a good two months, 6 to 8 weeks after the invasion and we are up $23 billion europe is paying so there is a direct relationship, you can look at the ruble, these currency rates fluctuate every day but typically over the past week the ruble has been stronger than before the invasion. why are we hearing we have massive sanctions regime, tough sanctions but we have again, the left has consistently failed to deliver the sanctions that would cripple a banking sector, cripple energy sector
because the biden administration a signaling they want to give him an offramp so by leaving the door open and allowing him to make revenue. in syria, prolonging and expanding, afraid of the knockout punch. blue is the knockout punch deliverable? what would it be? an embargo on russian oil? or new weapons or advanced, what is the knockout punch we have not yet delivered. >> all of the above. we are not taking russian energy in america, europe, china, and until you cut off the supply, the banking sector,
and prolific and robust. and you look at this last week? the biden administration, requested $1.3 billion military aid and it went to $33 billion. many who are supportive of ukraine said wait a minute, is this political? wise at such an increase? $33 billion, half of russia's entire military budget as well. you can never look at sanctions and save we do this one thing that will entirely change the game. it has got to be part of a comprehensive package where the administration says there's no offramp, we mean business, they keep the door open by sanctioning some things but not all. stuart: i am sure you saw this, donald trump says he know why
putin decided to invade ukraine. watch this. >> putin saw this incredible weakness and that is when he decided to invade my he would never have done it, but never ever happened 100%. i spoke with putin about it a lot and told him what would happen if it did and he understood. stuart: he says putin invaded because we showed weakness in afghanistan. you agree with that? >> absolutely and i said donald trump is right, if president biden and his team don't think putin invaded because of his weakness and to be fair not just his weakness on behalf of the germans and french and many europeans. why did he invade? it wasn't a foregone conclusion, senator tester
needs to answer the question why did putin feel he has a green light to invade? why did deterrence fail, until they answer that. they didn't get the start of it. they failed that deterrence because putin new he could get away with it. oil exports that europe is buying right now, ruble higher than ever, he is feeling it in the worldwide community but russian citizens are largely with him, supportive of him, they have the ability to do this, look how involved they were in syria and allowing aside to perpetrate human rights abuses on a massive scale, 7 or 8 or 9 years. stuart: cut off the money.
see you again soon. stuart: the price of gas has gone up to a new all-time high. rather than focus on ramping up energy production, the president is focused on climate change. inflation has surged under president biden. but of his solution is to tax the rich. buddy carter says it is the president's policies just possible for rising cost, he is next. 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.
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stuart: we are very happy to report just coming to us, a big win for fox sports. tom brady will join fox sports as an nfl analyst whenever his playing career ends. love to have him on the show is a company member. maybe we can dream about that one day. on the markets the rally holds. so far today, not that strong. the dow is up 200, nasdaq up 200. we have the movers.
pro logics is down. we must be buying somebody. lauren: duke is up 11%. the need for industrial space so companies can store their stuff either waiting for parts to come or waiting to be shipped. you need more of these warehouses, it is valued at $24 billion. stuart: norwegian cruise lines is back. lauren: the stock is up 4.5%, the entire fleet is back at sea and on the call, consumer spending at pre-pandemic levels, and explosive showing by american consumers. we have a travel log right now if the economy sours too much. stuart: peloton down again 10%, $12 a share.
lauren: the ceo said it is thinly capitalized for a company of their side, one hundred $80 million in cash, the earnings report was pretty bad, investors soaked right now. stuart: i wonder if they can stay in business. lauren: or if somebody comes in to buy them. this is an example of the pandemic drying up, changing. stuart: a profound affect, profound. lauren: a lot of big tech companies nothing like palatine -- peloton. a lot of them are losing their pandemic gains. many have to lose everything they gain during the pandemic to return to normal. stuart: president biden will address the inflation and supply chain. is the administration predicting a recession. lauren: >> reporter: they won't mention the er word when you asked the minute i asked them, in this
new speech about new ideas like inflation we will hear a lot of the same thing the president said. a social spending package pushing congress to get a clean energy tax credit. pushing congress to subsidize childcare, the strategic oil reserves, millions of barrels and gas prices reaching record highs, $4.37 for regular unleaded, diesel record. there have been no policy shifts. >> what they will do is offer subsidies which don't lower costs, some please socialize it. in february of 2,020 one inflation in the united states was the same over a 12 month period as in the euro area. over the subsequent 12 months the increase in the rate of inflation was five times that in the euro area.
>> the former white house economic advisor for donald trump says what happened in march of 2,020 one as the president signed the american rescue plan when the economy didn't need the extra boost. we know about the diesel prices and the cost there but that is the all-time record meaning it costs more to ship goods pushing up prices. the double-digit inflation, baby food, 10. 8% of year over year, baby formula has shortages now, the supply chain issues and a recall. >> look at economic data, a lot of economists look at economic data, they look at the fact we created 8 million jobs since the president took office, and employment dropped to 3.6%. >> reporter: the white house focusing on other areas of the economy. stuart: thank you. congressman buddy carter, republican from georgia joins me now.
we will hear from the president soon. he plans to fight inflation by spending $1.2 trillion more money and taxing the rich. that's his inflation plan. what do you think of that plan? >> how ridiculous it might be. you would think this president and this administration would have learned their lesson out of the american rescue plan, that is the problem to begin with. when president biden took office, 1.7%, up every month since he has been in office to 40 year record high of 8.5% and too much money chasing too few products. it has been estimated the american rescue plan postal four point increase in inflation with the american rescue plan. now he wants to do more of the same. it is ludicrous. stuart: is not going to do anything for prices, rising prices in the near term. nothing at all.
that was my position. he you wants to subsidize childcare, prescription drugs down the road and get the cost to families down but that won't get the price down. i don't know how to put it but it is exasperating when the president is heading into a real inflation crisis without a viable plan. let me move on to something else. primary voting started in georgia, we understand republicans are having a big turnout. >> 15 months ago, there is no reason at all there should be two democrat in the united states senate. we are a red state. if we get our voters out we will have republican senators, republican statewide
candidates. we learned our lesson and that is to make sure we get our voters out and we are pushing that hard, kelly leffler has been great at this, thank her for her efforts in making sure we get people out to vote. that is the message in this election cycle. blue one thank you for being here. always appreciate it. in a report from the kansas city fed, try to estimate how many workers are missing from the labor force. is a big number? lauren: they are mostly older workers who upped their retirement as the pandemic hit. the good news is the prime age workers are coming back to childcare centers, schools, service industry, because we are learning to live with covid. one of my friends said going back to work, working from home but going back to work monday for the first time in two years.
actually doing work from home, she will be paid for not that she doesn't do work but it is a change, so many females lost their jobs or chose to stay home during the pandemic. a staggering 67% of apple employees say they do not want to return to in person work, senior director of the company, we have that story next hour. power grid operators warning that electricity supplies are struggling to keep up with demand. jeff flock has that story and jeff is next. ♪♪
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stuart: electric grid operators warning a potential blackout this summer. outside a nuclear plant in pennsylvania, it is the problem? >> reporter: shutting down too many plants, new plant and coal-fired plants. i found the cloud machine where the clouds you see in the sky come from. stuart: we got that. >> reporter: cooling should towers. we are shutting too many of these down. numbers on coal-fired plants in the next six years across 14 states we will shut down 80 coal-fired plants and people say we don't have enough new generation coming online to replace it. we talked to dan turner who has an organization called power of the future. the answer to this crisis is simple. >> any plans to remove nuclear plants or call power plants or
natural gas plants, and many call plants and nuclear plants can come online. maybe turned off and decommissioned but haven't been torn down. >> reporter: mister turner admits this is not likely to happen. electric clean energy, where those lectures become from in the us? last year 30% came from natural gas, coal, 22%, came up last year because of prices and natural gas, nukes, 20% and wins, hydro and solar 18%. look at how that compares to the rest of the world, we may be trying to get off called it the rest of the world isn't, 37% of the world's electricity comes from coal. we are trying to do our part, the rest of the world may not be doing hours.
these nuke plants emission no carbon into the environment. occasionally one blows up now and again but they work out pretty well. stuart: tongue-in-cheek report, i caught it. see you later. with mortgage rates well above 5% and home prices at record highs, homeowners are forced to find ways to stay afloat. what are they doing? ashley: some homeowners renting out rooms of the extra income to help offset their costs, a common strategy already in the uk and other european countries, doing it for years with increasingly more in the united states. the number of buyers who considered renting out a portion of their homes for extra income, rose to 31% in
2021 from 24%, the extra rental income, who afford to keep up with mortgage payments. according to realtor.com a whopping 67% of millennials, say they are willing to share their homes in exchange for cash. that number is down 34%. they don't like to share their space as much. of the one not at our age. stuart: do you know what voters are saying about president biden's energy policies? ashley: absolutely. they would like the president to focus on tackling the sky high gas prices rather than climate change, the national average for a gallon of regular gas just hitting an all-time high of $4.37. according to a rest mucin report paul 82% of likely us
voters said they are very or somewhat concerned about rising energy and gasoline prices, 60% said they would favor legislation that would require the federal government to increase oil and gas drilling in the us with 30% opposing such a bill. breaking it down by party, 74% of republicans believe the biden administration should increase oil and gas drilling nationally while 54% of democrats say combating climate change should be the national focus. back to you. be when i hope you saw that fox sports got the goat, tom brady. you saw that? ashley: at him on the show. stuart: we will be back to you later. we have a study that shows less than 40% of office workers go into the office. we will tell you what is stopping them from returning. it is not covid. you can guess what it is from
the screen, protests erupt outside the home of supreme court justice alito. the view cohost sonny austen defending that. >> i think it is terrible justice would have to go into hiding, it is clear to the justices that americans believe the supreme court should uphold roe v wade. blue one not sure if she thought the protesters were doing just fine but brian kilmeade will sort it all out next. ♪♪
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stuart: bottom right-hand corner of the screen the dow has turned negative after big drop yesterday. the gentleman on the right-hand side of the screen is brian kilmeade. i'm sure you heard that tom brady will join fox sports as an analyst after his nfl career, good news for us i would say. brian: one of the biggest stories in sports, he says i'm not done yet but when i am done i'm going to fox, he is a
homegrown guy, used to be the mets sideline guy or the audience guy who gave people flavor of the game, they bring him over, he has become their number one guy. fox didn't really as far as i can understand didn't try to outbid espn and you wonder fox's business plan said we don't need to focus, but gain itself but may be they are keeping money for tom brady so he teams with kevin burkehard and jim gray being sidelined, the best in the business, the good news is a lot of people worry will pay have enough money? tom brady no longer has to worry about that. he has enough money to live comfortably. stuart: do you know his politics? brian: i know he got back -- he got back last because he sends
i am friends with donald trump and they golfed together in the past and been kind to each other but tom brady got pushed back. i don't think his wife is big into donald trump. that's the problem with marrying brazilian supermodels which is why i stayed with the woman i met in high school. stuart: that was a brilliant segue i got to say. nice note to your wife tacked into a story about tom brady. let's get serious, your reaction to the view cohost, the protestant supreme court justices homes. >> i think it is terrible to justice would have to go into hiding but it is clear to the justices now that 64% to 66% of americans believe the supreme court should uphold roe versus wade. maybe these protestant this outcry gives chief justice roberts some leverage for a
more moderate approach. stuart: may be the demonstrators will give justice roberts some leverage. not exactly defending the protesters, is she? brian: not exactly. she is a lawyer and you cannot persuade a member of the judiciary branch but through protester threats, that is illegal. you can protest but to go into someone's neighborhood like john roberts over the weekend and samuel alito, that is intimidation. if you read the letter of the law i'm not a legal expert but that does violate the law and you are saying this will work so you are saying this illegal behavior, lawless behavior will persuade a justice big or small and the smallest neighborhood or the highest with highest court to change their opinion, that is fundamentally wrong, that is when institutions break down. they are not breaking their opinion either way. stuart: they will not change their minds, that opinion is
going to stand. thank you for being here as always, great news on tom brady. a new study shows what is keeping workers out of the office in new york city. it is not covid. what is it? ashley: the surge in crime rates, major crime spiked 94% in april alone. the study by business advocacy group found 39% of manhattan workers come to their desks on the average weekday most of them just come in three days a week on average. before the pandemic more than 80% of manhattan office workers were required to be in the office five days per week. not with all that going on. airbnb doubling down on the view that traditional full-time office jobs are an outdated
notion arguing outside work is from a predigital age that no longer makes sense for many career paths. he says, quote, i think the office as we know it is over like an anachronistic form. for somebody whose job is on a laptop the question is what is in office meant to do? airbnb told its workers they can work remotely indefinitely. it is seen as a move to help retain talent in a tight labor market but these are not -- i don't know if we will get back to normal, whatever normal is. stuart: what is normal now? not what it was. back to you shortly. still had, bill hemmer, georgia congressional candidate jake evans and one of the cofounders of my space, brian greenspan. the president delivers his plan to tackle inflation, we are told he will want to spend more money to beat rising prices. i don't think it will work. that is "my take" next.
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let's check the markets. losing some of the gains we saw when the market opened this morning, the dow up 20 points and the nasdaq up 46, yesterday, huge losses all across the board, the dow is down 653. is only back 16 points, no bounce back so far. how about big tech really took it on the chin yesterday, not coming back that much today. amazon and meta platforms are on the downside again. apple doing well. the 10 year treasury yield 2.954%. a lot of money pouring into the treasuries looking for a safe haven pushing it down. bitcoin, last time we checked, that is where it is now. that is the markets, not much of a rebound. president biden knows inflation is a big problem, the number
one concern for voters with 6 months to go until elections he is desperate for solutions, he will deliver his latest plan. he will propose spending a great deal of money, $1.2 trillion to lower costs for families, not prices, costs. the theory is subsidizing childcare, prescription drugs, energy, cuts expenses and families are better off. that is pure politics. it is a form of vote buying actually. it will do nothing to get prices under control. if the president does spent another trillion or so inflation may get worse. yet again the president is dancing the tuned laid down by the far left of his party. has inflation picked up he blamed oil company's come he blames meatpackers and railroads, before that he blamed trump and access profits. pure politics, not good policy. lowering costs for families is a long-term prospect but voters
face inflation right now. gas up 48% over 2,020 one, used cars, airline tickets 23%, furniture 50% and so on and so on. this will not be fixed by spending more money. inflation is not fixed by checking around trillions of taxpayer dollars, most of it is borrowed. in short, america's inflation problem will not be fixed by biden's left-wing policies, third hour of varney just getting started right now. time for mike murphy at 11:00, a good man and he is right here. i say spending more money will not fix inflation. >> i couldn't agree more. if you look at the biden policy
of throwing more money at the problem, giving handouts to people it is as you point out a way to buy votes but not helping people in the long-term. that is getting people bridge so they to get the next handout, people dependent on the government and that is not what this country is built on and what is going to get us away from this inflation issue we have right now. stuart: not in the near-term. let's get back to the markets, do you think anyone should be buying this dip right now? >> down 26% on nasdaq, down 16% on the s&p 500. not as a bottom, not to say we can't go lower, we can't go lower tomorrow but the big tech we talk about a lot that still has a lot of growth is down 25%, 1/4 of its value, you' re not going to wait until we hit new highs, people should be putting money to work right now. of the one big tech companies have lost $1 trillion in value
in the last three trading sessions. that seems to me to be excessive and we haven't found the bottom. amazon is down again another $10 lower, meta platforms below $200, big tech has not found the bottom. >> a bottom is a process, we will go through the process. stuart: we can't hear you. there is a fluttering in your microphone. your pearls of wisdom have not been received by our audience so we are going to step in, change the mike and i will get back to you later. lauren is with me in a distant studio somewhere. start with what is hurting the dow. >> i have big shoes to fill for mike. there is no conviction behind the rally we saw, home depot, goldman sachs, jpmorgan, nike, and ibm, negative 100 points.
i love the ibm story because tech was leading the market, new tech names, microsoft, and old tech names, they were stronger, so tech is a mess in short. take a look at hyatt record demand from the leisure traveler, a key metric more than doubled up 107% in the last year. and this is the worst performing stock is down 7%. they were downgraded to market perform at bernstein. this is up 27%, watch out because they're rival, phillip morris, is in advanced talks to buy another company to get into the tobacco free market which is the big market right now. stuart: mike murphy is back to us.
which is your favorite, close to the bottom, nearing the bottom, may be balancing, what is your favorite? >> my least favorite is meta, my favorite is apple. the 20-one split coming up soon which could be a catalyst for the company. i think you are fine buying apple and amazon. i don't want to on that one. stuart: are you getting nervous right now because the dow has turned negative, nervous of another -- it is not, the cataclysmic selling, what is the word? >> it is not a big massive selloff. stuart: is not that yet. >> the slow and steady grind hurts the individual investor makes people after two days are three weeks of selling, saying i am done just sell it.
within of people watching the program to know now is not the time to sell or stay the course, look for opportunities to allocate money to the market. stuart: if you did sell now someone like me for example done some decent money and microsoft. if i did sell now i would be selling out a low and i would have to pay capital gains tax because i made some money on these things. it would make no sense for me to sell microsoft at this moment. >> unless you believe something changed in the story, that the company was worth a lot less than it was when you bought it but other than that you want to keep invested in the market and if individual names are too scary, you can get a lot of the upside without having the individual name risk. stuart: made me feel a little
better. a senior director at apple just quit his job protesting the company's returned to work plans. shanghai with tightening restrictions six weeks into their covid lockdown, shutting down subways and ordering people back inside their homes. several nations in the european union still buying oil and gas russia essentially funding put naps war, the deputy minister of ukraine's foreign affairs takes that on next. a strategic and sustainable asset... the path is gilded with the potential for rich returns. (dad allen) you know when you see a great deal on a phone, and then realize it's not for you? not at verizon. (mom allen) yep, they just gave us all a brand new iphone 13. (vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network.
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look who is here right now. bill hemmer joins me. the president is going to lay out his plan to tackle inflation at 11:30. i am expecting a political plan, not an economic plan. >> there was some indication that he was going to blame republicans, bring your ideas, what do you want to do? it is a hard sell. you've got election in 6 months and don't have a lot to run on. two things become prominent. he will continue to blame republicans for more things and this is new for this president. the first time he really started doing this was in the past two weeks. stuart: he blames the railroads, the oil companies. >> never late everything on the republicans, trying to progress -- keep the progressive left happy for a year and 1/2.
bill clinton had left with him and anita dunn is going back to the white house. when she worked for barack obama this was a statement. these investigations after midterms, getting ready to put things on the other foot. on abortion, if you picked up interesting articles, new york times pennsylvania how abortion plays, they lead with a republican voter, a woman who says i am against overturning roe versus wade but i'm not voting on it. i'm sick and tired of gas prices and inflation and the woke culture in america. that was the quote in the new york times, reuters from phoenix, arizona similar story about talking to republican voters about abortion and whether it affects their vote and they all shifted the conversation to the economy and inflation.
the white house knows this is issue number one. when you look at the box pulling 80% of americans asked what is issue number one, the economy and rising prices. today is tuesday. i think america is on the move on the weekends. they go to soccer games and lacrosse games and filling up and every time they dropped one hundred $10. think about that. stuart: every american sees inflation firsthand but we have a new record high for the price of gas and a record high for diesel and exactly the same time we are seeing this inflation the president will get out there in a few minutes and say i got a plan, i can fix inflation but he can't, he can't fix it in the short-term. he's going into this election with and inflation problem that is insurmountable. >> i really like this economic
talk as i try to figure out likewise for the markets, inflation number is expected to be 8 plus, down half a point. can you make the argument in this administration we have a handle on this and fit the peak. the other thing is watch these primary turn outs, one today in west virginia, when in nebraska, a week from now north carolina, pennsylvania but a week ago we had ohio, to to one voters who went to vote on election day, republican ballots as opposed to democratic ballots, they are fired up on the right, the president needs an issue. i hope this is one for him. blue when i think it is a losing issue, inflation is a losing issue for the president but we will see how it works out, you are all right. we will see you on america's newsroom weekdays on fox. check the markets please. i am seeing a lot of red across the board, dow is down 90,
nasdaq 20, s&p down 10, huge declines yesterday, no significant bounce back so far today. let me look at the food delivery stocks, uber, door diesel bash and left, they lost $9 billion worth of market value during yesterday's selloff and they are not back today, they are down some more. according to the new york times netflix is telling employees ads may be added to the streaming service by the end of the year, not helping stocks down a little bit more and then an executive at apple announcing he is resigning from his position. apparently he didn't want to go back to the office. ashley: yes indeed. goodfellow is his name, apple's director of machine learning, the most senior employee to
redesign so far after the company told workers they must return to the office 3 days a week, in his resignation note goodfellow said, quote, i believe more flexibility would have been the best policy for my team. a survey of apple workers found 67% said they were dissatisfied with return to office policy. there speculation goodfellow's departure comes ahead of an announcement the company will increase the in person work requirement up to five days per week. apple's ceo, tim cook, is adamant about the return to office of his employees. some are saying no thank you. stuart: thank you. several european countries want to keep buying russian oil. they are continuing to fund vladimir put naps war. the foreign affairs first
deputy minister joins me now. europeans won't cut vladimir putin off. what do you think of that? >> good morning. i also wish to join lunch with bill clinton, to write this, a bunch of countries willing to keep buying and in fact, paying 600s every day, making -- much more strong and requesting the countries to provide oil, minerals, importing from russia
formed, but for these embargo oil and gas bills. 7 or 8 banks, would fully operate. stuart: do you think that would happen, where russian oil, russian oil off from banks, they suffer mightily, is europe going to pay that price? >> there's a difficult question for every re-up and -- tree up -- european leader, if that was not contained in ukraine it will become bigger and europe will suffer much more because russian aggression, the war we have is a direct sequence of a proper response in 2014, when
flattering putin occupied crimea, not only my country was able to do so but the international community and if we are not ready economically, i think his aggression will be here and in a military way would have a bigger count for these european countries so for my country to be stronger and the highest price. stuart: when you come to america and have lunch with president biden and tell him produce more oil because we in ukraine could really use it. can always appreciate it when you come on the show. how about the supply chain problem out of china? shanghai once again tightening covid restrictions. what are they doing? ashley: just when you thought it was safe to go out the front door shanghai is ordering
people to stay in their homes again, after letting them out for limited shopping, service was suspended, with the first time it was shut down. frustrated residents were trying to enjoy more freedom after a month-long lockdown. with three days for mask testing for millions of his residents now underway, the city recorded 74 new cases. locking down individual buildings and band dining at restaurants with 0 covid policy doesn't work. stuart: do you have an update on the tesla factory in shanghai are they cutting production? ashley: the shanghai production
lines, 200 vehicles today, the shanghai facility is not stopping production. chesler says the plant remains open. with logistical issues because of covid lockdowns. they we production levels with 200 cars by next week. 200 and those goals next week, hard-to-reach because of covid shutdowns. stuart: let's take a look at bitcoin, $32,000 a coin, 31 right now. the city is becoming the crypto capital of the world. we will tell you all about it.
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stuart: no comment on the music. we are waiting for the president to make his case on fighting inflation. let's look at the markets. we opened this morning with a nice bounce, the dow was up 400 at one point but we lost all those gains, back to selloff mode. not as strong, the dow down 160, the nasdaq 150, s&p 20 points. let's look at the movers, explain the movers for me. lauren: netflix is down, the new york times, telling its employees to get ready for a new subscription tier as early as the end of this year. no details on how much but hbo
max charges $10 a month. netflix the most popular plan, cost 5049 a month in line of what hbo max charges so 10 bucks seems a good bet. disney earnings tomorrow, disney plus will likely add 5 million new subscribers taking a pass 130 million and that would be better than netflix which last for the first time in 11 years. i want to show you peloton, record low, ipo $29, going in the wrong direction in a hurry, loss four times bigger than expected in the first order, sales missing, guidance weekend peloton says people going back to the gyms and you can expect more cancellations with price increases and i want to show you big tech, nasdaq down despite the fact you have $11 trillion in total stock market losses so far to start
this year's that is half of the us economy. one trillion dollars on its own and 12,000 is the key support line for the nasdaq. stuart: i am feeling those losses deeply in my pocket. i am feeling it. lauren: you will be fine. stuart: keeping it on the market for a second, i want to confirm red ink on all the indicators, the dow, nasdaq, s&p all on the down side. mark avenue although joins me. are we nearing the bottom? what do you say? >> we are closer today than we were a month ago, 6 or 9 months ago valuations reflect that. it is in line with historical averages. the rest of the bad news is behind us, investment jitters.
this could be one of the last burst s to the larger extent on the downside. the markets are not far away. stuart: which of the truly beaten-down big tech stocks would you consider buying today. >> that has been a perilous game to play. i look at a company like netflix which had no idea it would go from 600 down to 200. i would caution investors to say i have the magic formula on a specific stock. in the tech space you buy broadly, by the tech sector, the etf, the nasdaq, that is a better way because it is perilous right now, quarterly reports giving investors big surprises and unfortunately the surprises were to downside, we saw that with amazon, facebook, meta, tough to call that right
now. stuart: i was hoping you would put a plug in for microsoft and help me out. you can't go back. >> microsoft is a quality company. for long-term investor that is the sort of company you should be looking at but right now, on a hot name, keep your powder dry, market long-term perspective. stuart: thank you for joining us. more good stuff. crypto currency firms, we are filling up office space in new york city. lydia is sitting next to me. what is the mayor of new york doing? is he trying to capitalize on this crypto craze? to to new york city, talked up the investment, took his initial paycheck, block chain could be the solution to preventing real estate fraud
and transactions which is a problem in the city and there is buy-in from crypto companies most recently one of the world's largest venture capital firms and teresa horowitz, long-term for its 3. one billion dollar crypto fund following the likes of coin base and chain lists that shop in the big apple and last year, new york city attracted $6.5 billion of total funding for crypto companies but some people say there is very little mayor adams can do to capitalize on this moment to because the industry is regulated at the state level into doubt legislative action threatens progress to hit lawmakers considering the two year moratorium on new crypto mining operations. the concern is the state's carbon footprint. crypto proponents say the measure could beat her business investment and is at odds with
what the city is trying to do. >> it sends a message that if this than what? what comes next? what is the next moratorium? when your capital and looking at where to invest and where to situate your business it sends a signal that the state isn't interested in being a participant in the future. >> i reached out to mayor adams for comment but didn't hear back immediately but some are warning if this bill becomes law and it might, it passed the house, goes to the senate next, it could undermine the city's progress on this front. blue and if you undermine crypto mining undermine the crypto capital of the world, new york city. doesn't help. thank you very much. remember what president biden said about trump supporters? remember this? >> president biden: this am is about aga crowd is the most extreme political organization that has existed in american history, in recent american history. stuart: mike pence, former vice president defending the andaga crowd. in a couple minutes we believe
stuart: any moment now the president will deliver remarks on his plan to fight inflation. mike pence speaking out about president biden calling the amaga crowd extremists. what is he saying? ashley: pence cause biden's maga charge a desperate deflection by the administration grasping for straws due to its tanking approval rating, that is putting it on the line. last month biden's approval rating tumbled to the lowest point of his presidency, just 33% of americans approving of
his job performance, 53% say i disapprove. pence say the poor ratings her foot the administration have failed policies both at home and abroad. the former vice president also says biden's dismissal and demeaning of the 74 million people who supported the maga movement will come back to her him as they will be more motivated than ever to get out and vote. stuart: thanks. i want to bring in republican jake evans running for congress in the state of georgia. welcome to the program. you got the endorsement of mr. trump. is that going to put you over the line? that's an important endorsement in georgia. >> it is a huge endorsement, we are blessed to have donald trump's support. my wife and i met with him last week and it is going to
catapult our campaign forward. we have been running a bold and afraid america first campaign since the beginning but we are not going to take this endorsement for granted, we will make sure we are getting america back on track with the america first agenda. stuart: there are some people who believe it was donald trump right after the election who lost georgia and the two senate seats. >> i'm the only lawyer in georgia history to overturn two elections in the same race and litigated all the way before the supreme court in 2020, only legal votes would be counted. i can tell you fraud is a thing, it happened in georgia, the 2000 mules movie shows firsthand a ballot harvesting is a big issue. we've got to make sure we are eradicating drop boxes and continue to talk about election integrity, make a frontline issue which in my candidacy is what i have been doing. we went talk to me about roe versus wade being overturned.
will that help the democrats in georgia in your race? >> i think it is a disgrace what happened, the fact that an opinion was leaked for the first time in the history of the supreme court i am probably pro life. i am an only child, my mother had complications with my pregnancy so i made the pro-life issue a frontline issue in my race so we've got to fight to make sure life is put forward. i'm in favor of hyde amendments being put in legislation and in favor of returning power to the states to make decisions on what is best in their local constituencies. stuart: what do you think is the biggest issue in your race? >> the biden hyperinflation is a huge issue, hitting every day americans, looking at skyrocketing gas prices, skyrocketing grocery prices and this is bringing moderates in, folks we talked to on the trail who may be a vote for biden but
coming back, look at the record number of turn out in the gop primaries republicans turning out in greater numbers to democrats so the red wave is coming, we are going to flip back my district, put in america first fighter, get control of this country again. stuart: has early voting started in your race? >> it has started. early voting started last monday, may 24th is the primary day. votes are being cast. the numbers more than 57% of the votes, early votes that have been cast going republicans way so far. stuart: 57% toward the republicans, that is important, turn out is a big deal, luck, thanks for being on the show today. i have a programming note for you. new episodes of my fox business prime show american built
premier tonight. one of them covers the unlikely story of the invention of the television. here's a quick preview. >> just this amazing american story. stuart: a whiz kid with a game changing idea. >> he is is a farmboy and he was inspired to become a great inventor. stuart: a corporate title wanted to control the game. >> wanted to crush his rival. the story of david and goliath. stuart: the epic race to bring moving pictures into the living room. >> it just might work. stuart: how they created the television. stuart: it really is an amazing story, american built heirs at 8:00 eastern tonight followed by an all new billion dollar idea right here, fox business prime. back to the markets. i want to see the dow 30, give me a sense of the market,
plenty of selling, 2 thirds of the dow 30 are down, one third up and the dow is losing one hundred points as we speak. still waiting for the president to deliver his plan to fight inflation. we know he wants to spend $1.2 trillion down the road to subsidize the cost to families whether that brings prices down or not is another story entirely, we will bring you the president's remarks when they happen and we will be back. this isn't dry food or wet food. it's not burnt brown pellets. the farmer's dog makes it simple to feed your dog real food.
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whoa. stuart: the president was supposed to speak on inflation 11:45 this morning. he is 5 minutes late. we cannot receive the 2-minute warning, something we get in the media, two minutes to the president. we've not gotten that yet. we can complete some other stories before he arrives. inflation, apple uncertain, lockdowns in shanghai, the supply chain pressures, add it all up and more selling on wall street. the dow is up 130, nasdaq struggling back to a two deck again. the new york times reports elon musk increasing twitter's annual revenue to $26 billion by 2028. bladder -- brad greenspan is a cofounder of myspace, you believe musk will deeply regret his twitter purchase. why?
>> i think he is taking a much harder road. i was surprised when i heard about it. i figured with 80 million subscribers, a great provision to live the entrepreneur's dream and start his own twitter clone and take the 80 million subscribers to his new clone of twitter, he would be able to hire all the people he liked, wouldn't have to go through piece by piece surgically reconstructing twitter and he would be able to invest a lot less money and own 100% rather than have to piecemeal it out to raise the money and effectively give a lot of control up. stuart: you don't think he can take it over, run it properly and restore free-speech?
you don't think he can do that? >> elon was not a survivor of web the 1.0. he was tossed out, one of the companies that murders with ebay. he never even worked in the original internet sector. he has no real internet operating experience or successes. he is really a newbie. stuart: you were at myspace when social media first took off. i want to know what you think of the meta-verse. this is the new thing that has is taken off. what do you think of it? >> i think about hypey. but there is promise and opportunities but i am not -- i haven't drunk the kool-aid like
mark zuckerberg but by the same token i wasn't desperate to come up with something to change the narrative because my company was sort of -- stuart: you think that is it? you think that is why zuckerberg came up with the meta verse? because the old facebook model was in trouble? >> definitely. the best move sometimes is to camouflage oneself and try to distract. zuckerberg was trying to just jive his way to get the pressure off but i don't think meta is going to be the revolution. we had a are for a long time. i am not sure how meta is going
to be different to. i am a believer in decentralized opportunities. later this year watching livevideo.com, the next generation decentralized social network. stuart: you got it in, thanks for joining us, see you again later. back to those markets, have a look at this, the dow is down 165, nasdaq turned south, s&p south. what have we got? what is going on in the markets today? ashley: it shows you there is no appetite for any sustained rally. we've seen two or three the last several weeks but they have no momentum at all and what our guest is saying is we are getting closer to the bottom but not quite there yet so we are seeing this cycle of slight rally, the nasdaq is essentially flat right now which is by recent standards pretty good but there is no appetite, run and hide and we
see every day the volatilities are markable. stuart: i don't know about you but i have stopped looking at my 401(k) and investments. when they are sinking like a stone i just don't want to look, when the market was going up for 12 years i was tuning in every day looking at the market. now i don't want to know. ashley: you, me, and everybody. i looked at it and quickly swept off and said i'm not going back until we get these markets under control. as we wait for the president, the cynical among us could say he's trying to find ways to tackle inflation and that is why he hasn't come out, still desperately asking around for some suggestions. stuart: sarcasm is a lower form of wit. ashley: most effective. stuart: look at this. tuesday trivia question of the day, the lincoln memorial was
dedicated in may 1922, got that. how long did it take to build? two, five, twee 8, or 11 years? we will guess after this. wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! . . ♪ ♪ ♪ ♪ ♪
president biden: inflation i'm sure. look at economy today it is clear we made enormous strides and our plans and our policies have produced the strongest job creation economy in modern times. in addition 8.3 million jobs in my first 15 months in office, record. unemployment rates are down to 3.6%, the fastest decline in in unemployment to start alied to
start 3.54 million new small businesses last year. 20% more than any other year on record. as i see everything, everything, across the country is, as i go across the country our economy has gone from being on the mend to on the move. but for every worker i met who has gained a little bit of breathing room to seek out a better paying job, for every entrepreneur who has gained the confidence to pursue their small business dreams i know the families all across america are hurting because of inflation. i understand what it feels like. i come from a family where, when the price of gas or food went up we felt it. it was a discussion at the kitchen table. i went, i want every american to know that i am taking inflation very seriously and it's my top domestic priority. and i'm here today
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