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>> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy weekend to all. welcome come to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo coming to you from davos is, switzerland, this weekend. we are just days away from the next big gop showdown with 22 delegates at stake is, donald trump, nikki haley and ron desantis making hair way through new hampshire before the republican primary this tuesday. trump raising the stakes in the granite state as he dominates the polls leading nikki haley by double digits and ron desantis trailing behind them both. political commentators are divided on whether or not there's a path to victory for anybody but trump. >> to me, this is an open and shut case. donald trump is going to be the 2024 nominee. >> it's very clear what the race is. there's no ambiguity. it's going to be biden versus trump. >> ex-president only wins half

of his party 's votes in iowa. you're supposed to do better than that. >> if there's anybody that's to going to change the trajectory of this race, it's going to be nikki haley here in new hampshire. >> if nikki haley does really well, i think she's got a shot. maria: joining me right now is former g.w. bush chief of staff karl rove and new york post columnist miranda devine. karl, kick us off here, do you agree with what you just heard? >> i agree with it all. yeah, look, donald trump came out of iowa with a strong victory, but it was also close. he came within 1100 votes of being below 50 percent. and if he'd been below 0% -- 50, we'd all be talking about how a majority of republicans voted against him. but he got 51% in a divided opposition and a surprise second finish. i think a lot of people thought that nikki haley would come in second, and instead ron

desantis did in large part a because his super pac had done an extraordinary job. they knocked on the doors of nearly a million iowans. they recruited 1704 captains for the caucus, and there are the only 1719 caucus sites. they had 40,000 people who signed a commitment card, and he came in to about 2300 votes ahead of nikki haley as a result. ironically enough, he'd fired all the people who put together that ap rat pus over the past year about six weeks ago. but, you know, we -- there was a contest. donald trump won it in strong style. the question's going to be what what happens in new hampshire. i, i worked for a candidate who won iowa with 41% of the vote and got beat by 18 points in new hampshire eight days later, so strange things happen in that state. maria: miranda, it's interesting to see where the other two have focused. ron desantis is skipping over new hampshire and really focused on south carolina. your assessment of desantis and haley. >> yes, it is interesting.

ron desantis will be in south carolina this weekend. he went back the florida -- to 238, and he just seems to have given up on new hampshire where he's polling in single digits. and i think that there's high expectations for nikki haley, but, you know, she's still trailing in new hampshire behind donald trump by 20 points in the polls. and in her own home state, she's trailing the him by 30 points. and i think that's her biggest vulnerability, and that's why ron desantis is focusing on that. you know, it's all about, i guess, the narrative that that people craft after iowa where as you see it's that donald trump is unstoppable. i did see in iowa during the week that the sort of electability argument which is being made by candidates against donald trump doesn't really wash when you've got two-thirds of voters who believe that he really won in 2020 anyway, that

joe joe biden wasn't legitimately elected because there was so much untoward in that election not just about stolen ballots, but about censorship and so on. and so if they think that he won 2020 anyway, they just assume that donald trump is going to win in 2024. so that argument doesn't wash. and i think for ron desantis, he did well in iowa, but considering the firepower, the star power that he amassed from the governor and the head of the evangelicals and top sort of media hosts there, you know, he came second but only barely to nikki haley. and he spent a lot of money although she did outpoll him per vote -- sorry, outspend him per vote. so i think we're up in the air. at the moment it looks like it's trump's. maria: there's also a big portion of the people, karl, who believe many of these charges against trump are all political, these indictments. we don't really know how this is going to play out though. your thoughts.

>> yeah, look, i think within the republican ranks, that's true. a majority of republicans, big majority of republicans, believe even if they're legitimate, that they're politically motivated. the problem is not in the primary, the problem is in the general election because 16% of republicans believe that at least on one with of the four charges, new york business, jack smith insurrection, georgia election interference or classified documents case in florida, 16% of republicans believe that he did something wrong there. in 2020 he lost 8% of republicans and ran 7 million votes behind joe biden. what happens if he loses 12 or 14% of republicans? so the danger for trump is what happens if he's found guilty on one of these. most of the polling is not -- has not tracked the new york defamation, rape/defamation case. but there's a problem that he's got in the general election. i want to, though, pick up on something miranda said. i think she's absolutely right on this. if you want to beat the guy in charge, then the two people who

are running against him, haley and desantis, should be focusing their fire on trump. but at least in the immediate aftermath of the iowa a caucuses, trump was sort of left on his own. and the two of them were taking shots at each other. now, that'll probably change as we get in the last moments before new hampshire, but the question is, should they have been doing this right from the moment the polls or the caucuses closed in iowa rather than engaging in, you know, sort of shots back and fort at each other. maria: some big news out of the justice department, miranda. they are finally admitting that hunter biden's laptop is real, confirming in court documents that the contents match information obtained through a warrant of hunter's apple icloud, revealing it was not, in fact, russian misinformation despite the narrative that joe biden and his supporters pushed. you've been all other this, of course, since the beginning in 2020. you wrote this calls into question joe biden's honesty and every denial he has made about his son's controversial business dealings. >> yes. of course joe biden knew that it was his son's laptop, and yet

there he stood on the debate stage against donald trump a few weeks before the 2020 election and just outright lied. he said it was a russian plant. you had those 51 former intelligence officials, 5 former heads of the cia or acting directors, they also lied. they said that it was russian disinformation. adam schiff lied and said that it was russian disinformation. you know, they didn't care about the potential damage to america's national security, about demonizing russia or blaming russia for hunter biden's recklessness. they were just trying to get themselves out of a spot, and they've been lying about it ever since. and so now, you know, we knew it, the fbi knew it. they've had the laptop since december of 2019 and kept conveniently mum if about it. but now it's in those doj filings and the gun charge against hunt or biden in delaware -- hunter biden in delaware, and it just can't be denied. maria: how much of a factor do

you think corruption will be in this election, karl? given the oversight committee's exposing of what it has about the biden family accepting millions of dollars from countries like our adversaries, china? >> yeah. well, we don't know if president joe biden deliberately played an active role in hunter biden's many foreign shenanigans, but we know that this stinks. this is just amazing to me that the president of the united states tolerates his son and says he's not done anything wrong when we know that he's done a lot of bad things and needs to be held accountable for them. if anybody whose last name was not biden had not paid their taxes, had lied on a federal gun application and had openly admitted in an autobiography that they were using drugs, illicit drugs while they were buying a gun, they'd be in jail. and instead we're supposed to feel sorry for this guy can. it's just amazing to me. maria: stunning developments,

for sure, all around. karl rove, miranda devine, great to see you both. thank you so much. >> you bet, thank you. >> thanks, maria. maria: okay. markets are off to a rocky start for the new year. investors are trying to predict the federal reserve 's next move. larry mcdonald is here on where he's putting his money now, that's next.. now, that's next.. ♪. ♪ rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. moving forward with node- positive breast cancer is overwhelming. but i never just found my way; i made it. and did all i could to prevent recurrence. verzenio reduces the risk of recurrence of hr-positive,

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♪ maria: welcome back. here's a look at where markets ended the week as investors questioned whether we will see rate cuts this year and by how much, how many. >> i think that's how the world's going to be, less cuts than people think, less excitement with the cuts than people think. that's going to disappoint the stock market as you know. if they don't cut in march, you can see the disappointment coming. maria: he's warning of a rough road ahead for stocks, joining me now is the bare trap report's larry mcdonald. larry, it's good to see you. one of the reasons that howard lutnick is negative on this market is because he says

there's going to be a generational shift in real estate, and $700 billion in real estate could be defaulting. your reaction to that and how are you expecting 2024 to play out. >> you look today and this week as the bank earnings, and there are credit loss provisions that are on the rise. so there's something going on there. there's millions of square feet that has to be, basically, transitioned from office to apartments. and that takes a while. if the fed keeps rates up here, every day, every minute they're closer and closer to a major default cycle if rates are right up here. maria: so what are you expecting then in terms of the impact on the broader macro story in the stock market? >> well, i think the most compelling narrative for this year i think for the election year is you're in davos, right? the globalist crowd is there. they mean well, but we've taken 5 million jobs out of the united states. we've exported them around the world. we've raised the standard of living in india, china,

bangladesh, but we've created a whole new class of carbon consumers, and right now we're literally between 2014 til today, there's an extra billion human beings, maria, on planet earth. we have an election year, 1 billion more people almost between 2014 and 2024, and a lot of those are, a lot of the population growing carbon consumers. but think about russia. they produce 9.5 million barrels a day. we have a strategic petroleum reserve that's on dangerously low levels, and we were lectured and lectured that the, that putin wants to influence elections, right? how many times have we been lectured that? and so he wants to influence an election, he cuts production in an election year, massively disruptive because we don't have that strategic petroleum reserve strength that we need to be in an election year. maria: yeah. we're going to talk more about oil in the section segment --

segment, but i'm wondering how to allocate capital in an environment where many do not even think that the 11 rate hikes have actually seen the impact. we may see more of an impact. that's what jamie dimon told me just last week. >> well, the last time we had a multithe polar world, and that's a world that's disrupted by -- multipolar -- global trade, sea lane,s, all the things we see with the red sea, massive war stress, it's a different world, a more dangerous world, the last time we lived through this was like in the late, i guess late '70s, '80s. and back then energy was a much bigger component of the s&p 500. materials was a bigger component of the s&p 500, industrials. right now those three groups are only 15% of the s&p. 5%. 1-5. they were almost 50% of the s&p the last time we had this multipolar world. so i think that,s you know,

that's where you want to position capital, in assets that are going to benefit from this new, you know, kind of darker planet earth. maria: do you want to look at things like gold? >> yeah. well, the gold minors are the cheapest in a long time. franklin nevada is extremely cheap to gold. so in other words, think about the commodity versus the miners. we saw this with the uranium names. uranium's up 100% year-over-year, but the production and mining companies are falling behind. so, yeah, you want to think about companies that -- alcoa, companies that produce assets, copperrer, aluminum that benefit from the between transition that we're going to have to put forth over the next year. trillions of dollars are going to go into the green transition. but the metals, here's the amazing stat. if you look at where we were in terms of investments in the world in 2014 to today, we're up a billion people, but we're about a $3 trillion,maria, $3

trillion behind that 2010-2014 pace of investments in oil and gas and metals and uranium and all the things. so we have a big problem, and we have kind of a massive crisis in the prices of these as shes probably within the next, say, 12-18 months. maria: so you are also expecting a rocky year. >> yeah. well, i think, you know, i think we have a big, rocky first half. howard makes a point, you know, right now if you look at it, they can't cut rates. we have a big drawdown. we have a credit event in maybe march, april, may. the fed then has to cut 150 bits, and then by the election, you know, then, you know, they're going to do whatever they can to help the biden white house. we know that. the federal reserve in an election year is highly motivated, and this is the most progressive fed we've ever seen. maria: wow. yep. all right, larry, great to talk with you. thanks so much.

>> the thanks, maria. maria: all right. larry mcdonald joining us. meanwhile, a one-two punch for energy with tensions overseas and policies at home. chevron ceo mike wirth on the impact on u.s. oil prices, next. ♪ ♪ ♪3, 4♪ ♪ ♪hey♪ ♪ ♪are you ready for me♪ ♪are you ready♪ ♪are you ready♪

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maria: welcome back. from growing techs in the middle east to the biden administration's green energy push, my next guest says the risk of a rise in oil and gas prices this year is very real. i spoke with the chairman and ceo of chevron, mike wirth, at the world economic forum here in davos, switzerland. watch. >> the policies we've seen put in place by the biden administration -- canceling pipelines, delaying or canceling lease sales -- affect future investment and future supply. what we're doing today are

things we've been working on for quite some time, so there's momentum in the system. but to continue that momentum you're going to need a policy environment that allows investment which brings me to california. for the last come of decades, we've gradually seen policies enacted that discourage investment, that make it more difficult, that make permits more difficult to acquire. it's really affected our plans. it's a less attractive place to invest than other places in our portfolio. and as that's reflected in our plans going forward, we're actually writing down the value of some of our assets because we just don't tend to invest as much many california today as we did in years previous. maria: it actually works against the american people, frankly, because all of this push against oil and fossil fuels production has actually sent oil prices higher. >> oil's prices are a function of supply and demand. things that discourage supply when you do nothing about demand tend to create a market that's tighter, that's more prone to upward pressure. and so last year global demand

for oil was the highest it's ever been. it'll you again this year. and so -- grow again this year. and despite all the progress we've seen on renewables and electric vehicles, the reality is the world continues to use more oil and gas as well. and just cutting off the supply, we've seen in europe what happens when supply is cut off. prices go can up, concerns about reliability start to arise, the ability for economies to compete. maria: how i would you assess the macro story in the global economy? >> we still see growth. maybe not as much growth as we saw last year, but we still see growth. and, you know, china has finally resume ised growth. the u.s. is still in pretty good shape. europe has been fighting against these higher energy prices, but the world, you know, central banks seem to have kind of paused now in terms of tightening monetary policy. and we see growth still going forward. maria: i want to get your take on the growing tensions in the middle east. what have you seen there, these iranian-backed houthi rebels attacking a u.s.-owned cargo

ship in the gulf of aden, the attack just less than a day after houthis launcheded a missile toward an american warship in the red sea. what are you going to -- doing to counter all of this, and are you expecting disruption? >> well, we move ships through that region on a regular basis is. we work closely with the u.s. navy and other, you know, naval forces in the region to ensure safe passage of our vessels. last year we had a couple of ships that were attacked by the iranian navy, one of which was actually hijacked and taken to an iranian port, so this is a reality in our business that security of marine transportation is vital. and the threats that exist today have been increasing. maria: are there plans to move the route, go around like what, for example, maersk had to do? >> there can be plans to take alternate routes depending upon what waterway you're talking about. the largest risks actually relate to the arabian gulf

there's a lot of oil supply that comes out of the middle east, and there's only one route for that oil to come out, through the straits of hormuz, to get to the rest of the world. for production in the red sea that doesn't come south, you can move knot through the -- north, north and west through the suez canal. maria: do you see an issue in terms of supplies? >> event -- we haven't yet, but the risk is greater today than it was not long ago. and if we were to see a real impact on supplies, that could translate into the market pretty quickly. maria: my thanks to chevron ceo mike with. i've got one important thing you need to know about ahead of next week. that's next. my se are yep, tough day at work, nice cruise will sort you right out. when i'm riding, i'm not even thinking about my painful cavity. well, you shouldn't ignore that. and every time i get stressed about having to pay my bills, i just hop on the bike, man. oh, come on, man, you got to pay your bills. you don't have to worry about anything when you're protected

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maria: welcome back. one thing you need to know about ahead of next week, the barbenheimer duo receiving buzz with nominations a announced this upcoming tuesday. other best picture favorites include killers of the flower moon, poor things and the holdovers. just under $9 billion spent on movie tickets in 2023. that is the highest grossing year for the box office since before the pandemic. we'll be following it all on "mornings with maria" weekdays 6-9 a.m. eastern on fox business. meanwhile, see you on sunday, 10 a.m. eastern on the fox news channel for "with sunday morning futures." ooh i've got interviews with chairman michael mccaul, chairman mark green and former department of defense chief of staff kash patel. join me sunday live on fox news. that'll do it for us here for now here on fox business. thanks so much for joining us. have a great rest of your weekend, and i'll see you next time. ♪