tv Varney Company FOX Business April 25, 2024 9:00am-10:00am EDT
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york city this morning, construction workers, before heading to the next so-called hush money trial. trump meeting construction workers who were chanting things like we love trump and four more years as the former president touts new polls putting him ahead of president biden in six of seven swing states. lee, final thoughts here. >> look, i think it's so great to see him out with the people, and it's register thing and resonating. one thing you've got to be remember is that most americans, two-thirds democrat, 75 percent of independents think things are out of control. maria: jonathan? >> i would say watch that immunity argument in the supreme court today. it's a game-changer. maria: all right. 30 minutes before the opening bell, the market is down 437 points. i want to thank mrs. pay hi for the cookies she brought to "mornings with maria." "varney & company" pix it up. david in for stu, take it away. david: save a cookie for me.
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good morning, i'm david asman in for stuart the varney today. meta is bleeding cash. the company's lost $200 billion, thereabouts, in market value since their report after the bell yesterday. now, mark zuckerberg says he plans to spend billions more on artificial intelligence. that had investors a little concerned. meanwhile, gdp for the first quarter coming in well below expectations. that accelerated selling. the dow is now down 447 points. the nasdaq is down 276 points, so it's going to be a wild day for trading. let's check the interest rates. the 10-year just above 4.6. it's now 4.7. 2 right now. 4.72. the 2-year is up over 5%. you get a 2-year bond for 5% right now. not much movement for bitcoin, trading around $63,000, 63,5. gold is trading around 2300 an ounce, it's up a tick, just $4.
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oil trading around $82 a barrel. and now to politics. wow, what a day. very busy day for donald trump, and it started early. he made a campaign stop this morning. trump is making a big play for new york. he was greeted by hundreds of construction workers chanting usa. he's now headed to court for day seven of his new york criminal trial. we are waiting for the judge to rule on whether or not the former president violated that gag order. the supreme court, meanwhile, is going to also be hearing arguments on whether donald trump is immune from prosecution in special counsel jack smith's federal election interference case. those arguments will begin at 10 a.m. eastern. plus, we're going to have live reports as protests continue to rage on college campuses across the country. it's a very busy thursday, april 25th, 2024. "varney & company" is about to begin. ♪
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♪ finish if. ♪ ♪ ♪ david: oh, that's perfect. can't stop. you can't stop donald trump, that's for sure, and that is the red hot cherylly peppers -- chili peppers foreseeing what was going to be happening years and decades after that song came out. let's start with donald trump's surprise visit to a construction site before his hush money trial. hundreds of cheering union members turned out to meet the former president. it was quite a scene, lauren, wasn't it? lauren: i see hard hats, i see orange hoodies, so it's construction workers, yes. but even some regular people, lifelong democrats perhaps looking to change their vote. here's trump. [inaudible conversations] >> -- built a lot of great
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buildings in this city with these people, and they've given me great support. they're really amazing. [inaudible conversations] >> they're very, very talented people. they don't get the credit for it. very few people can do what they do. lauren: and you heard in new york city chants of we want trump. trump now headed back to a courtroom in new york. david: what a day. lauren: what a day. david: and doesn't seem any worse for wear. >> i think he enjoys it. david: can i think it energizes him. i think that's exactly right. thanks, lauren. well, despite the rousing enthusiasm trump just got from construction workers, president biden yesterday claiming again that donald trump was not the man for union workers. roll tape. >> donald trump's vision of america is one of revenn and rately e abuse. a defeated former president who sees the world from mar rah rah a lag go and bows down to millionaires, who looks down on
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union workers. david: kaylee mcghee white, it certainly doesn't look to me like the union workers there this morning were looking down on trump or trump looking down on them. just the opposite. >> exactly. it's for the same reason why a lot of autoworkers back in my home state of michigan are warming up to the former president again. these are the obama, trump, biden, probably trump again voters that everyone talks a lot about, and it reflects this class divide that is growing in the united states that's really a political divide. more and more we've been seeing how the democratic party has become the party of the educated, the rich and the elite. meanwhile, the republican party is attracting those blue collar workers that feel they've been left behind. they're attracting minorities including blacks and hispanics. can is and trump just happens to be the person who might be able to bring that coalition together. david: by the way, shawn fein, the president of uaw, said that the vast majority, his phrase, of his workers are going to be voting for donald trump.
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stave there, i want to get to the latest on the anti-israel protests at colleges. lauren, take us through that. lauren: it's spreading like wildfire. these two will have pal stint -- pro-palestine protests have spread to 50 colleges. so at the university of southern california, the protests have ended, but that campus is still closed, 99 3 arrested. at the university of texas at austin, texas state troopers literally on horseback shut down the protesters after a arresting more than 30. and you're looking at new york city. the epicenter of these protests at columbia with university. you can e still see some of the encampments. the deadline to clear them pushed back again, now it's tomorrow. at harvard students set up tents in the harvard yard. and what i find remarkable is that president biden will be in new york today, yet won't visit any of the universities and likely won't address the proof hamas -- pro-hamas if protesters. david: unbelievable. 9 silence, just silence.
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well, the white house once again pressed on anti-israel protests. roll that tape. >> this is a deeply painful, painful moment for many communities, and we understand that. but the president believes that free speech, debate and nondiscrimination on college campuses are important, they're important american values and that -- and so he'll always be very clear, we will always be very career about that here. career about that here. but protests must be peaceful, you know in students must be if safe. when we see violent rhetoric, we have to call that out. david: so, kaylee r as lauren said, biden's coming to new york, but he's going nowhere near -- he's not doing what speaker johnson did yesterday, what donald trump is talking about. again, it's the contrast between a focused presence of donald trump and the kind of funnel ifinging with issues if he deals with them at all of president biden. >> well, and even worse, it seems that biden is doing everything that he can to avoid strongly and clearly denouncing the anti-semitic rhetoric and
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behavior that we've seen on college campuses from young adults my age, by the way. it's almost as if he's coddling young voters because he needs their vote. and what's remarkable here is that the biden white house is making the exact same mistake that ousted harvard president claudine gay made. you might remember her in famous congressional testimony where she also tried to draw this line and avoid clearly denouncing anti-semitism by appealing the free speech. the problem with that, of course, and the reason why she ended up having to resign was with that, yes, students, of course, have free speech rights. but you do not have the free speech right to threaten other students, so became spate -- intimidate other students, and when you have students screaming we are a hamas, thereby endorsing terrorism, that is exactly what they're doing. david: right. it's more than anti-israel, it is pro-terrorist at this point. and if they take to the streets, the new york police said we're going to shut them down. the way it's happening at the university of texas. and and so there are con front
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ifations coming, we can tell -- confrontations coming. kaylee, thank you so much. >> thank you. david: meta plunging despite their earnings beat yesterday. what is the issue, lauren? lauren: wow, down 15%. a.i. spending. this comes from the mark zuckerberg, we will grow our investment envelope meaningfully before we make much revenue from these products. that is a direct quote. a.i. spending is a drain for the company. it could hit $99 billion this year. when and where's the payoff, that's what investors are saying. david when and where. lauren, thank you very much. well, the markets see it as a bad sign. the dow is down in premarket activity 45 points, that's -- 454 points, that's over 1%, but look at the nasdaq, again, premarket agotivity. adam is here with us. so what is your take on meta, first of all? if i know you have been bullish on that despite -- would you buy in? >> absolutely. i own it, and if i didn't already own it, pied be buying -- david: you're not buying more
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in. >> no,, i've got a full position. upset about gdping with lower than we thought, meta spending more on artificial intelligence, i'm just not concerned about that. to put it in perspective, david, as either you or lauren mentioned, they're locked $200 -- lopped $200 million off meta because expenditures are going to be more. you spend another $5 billion on a.i., but you lop $200 billion off the market cap? doesn't make sense. it's disproportionate. david: would they -- could they, by the way, challenge nvidia's lead as the a.i. company to buy into? >> no, because they do different things. a.i. makes chips that enable a.i. to happen. facebook engineers write code that then uses 56789i. and uses nvidia chips. said dead all right. let's switch to something you mentioned. these gdp if numbers were shocking.
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we were expecting 2.4 growth, the actual came in at 1.6. >> correct. david: huge loss. and with rising innation, even the fed is admitting that the inflation is not only stickty key, but it seems to be going in the wrong direction, that adds up to stagflation. >> i know. and i was preparing myself for your using that word because if that's something we haven't seen since the 1970s. david: well, we saw a -- a little bit two years ago as the inflation rate began to come down a bit. >> right. and just to clarify for our viewers, stagflation means growth is going down -- david: which is happening. >> -- inflation is going up. so it's the worst of all worlds. now, you know, as my old boss and mentor used to say, smoke the pipe, stroke the dog, hang on. [laughter] let's just take a breath. we till have gdp growth of 1.if 6% -- are you laughing lauren? if. lauren: i never heard that. we'll talk in the break. [laughter] david: quickly. >> we still have growth of 1.6%. it's not like we have con
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traction, it's just not as much as we thought, and we don't have as much growth because people respect spending as much, and they're not spending as much because of inflation. david: adam johnson, what a pleasure to see you, or thank you very much. one professor at columbia's going after aoc. he says the congresswoman is, quote, an agent of chaos. roll tape. >> and aoc, i'm just -- he's an agent of chaos. that's the name. aoc is agent of chaos. this is the not peaceful protest, and she's just, she's lying to the people. david: and guess what? while a lot of pro-hamas professors are still on campus, that a professor is now banned from campus for holding a pro-jewish rally. we've got the story on that. meanwhile, the supreme court is hearing arguments today in trump's immunity case, but trump is stuck in new york city if because the judge in the hush money trial prohibited him from attending. former acting attorney matt whitaker on that coming next. ♪ ♪
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david: checking futures, it's still lousy. looks like it's going to be a lousy e opening. we're just is about 15 minutes away. dow futures are down 470 points. look at nasdaq can, wow, 323 points to the negative. a lot of it has to do with that gdp number much lower than what was expected. it came in at 1.6, we were expecting 2.4% sphwhroocht meanwhile, the supreme court's going to be hearing arguments on trump's immunity in the election interference case. david can spunt joining me now from the supreme court. take us through what's going to happen today, please. >> reporter: hi, david. the arguments begin promptly at 10:00, and a little bit under an hour.
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it's going to be a big day here at the supreme court. we expect arguments to go probably two and a half hours or so. and whether or not the justices like it or not, they're going to enter the nerve center of the 2024 presidential election. now, donald trump, the former president, was charged by special counsel jack smith with attempting to try to overturn the 2020 presidential election. donald trump says that he shouldn't face charges because the alleged acts happened while he was till in the oval office -- still in the oval office. here he is this morning, just a few hours ago in new york, talking about the supreme court case behind me. >> we have a big case in the supreme court on presidential immunity. a president has to have immunity. if you don't have immunity, you just have a ceremonial president. >> reporter: special counsel jack smith said e that trump's behavior continued after he left office, he should be prosecuted, full stop. now, this trial was originally supposed to kick off here in washington, d.c. back in march, but it's been delayed because
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the supreme court's going to take over this. if the supreme court justices side with jack smith, the special counsel, we're going to go ahead and probably see a trial, david, later this summer or early fall. if the justices decide to give donald trump his wish and pronounce that he has full immunity, we may not see a trial at all here in d.c. we should hear at the latest by the end of june from the justices. david? david: okay. going to be a very important decision. thank you very much is, david, appreciate it. former acting attorney general matthew whitaker joins me now. thanks for being here. i first want to take us back to what happened with donald trump today because he's facing in new york this gag order, we don't know exactly how the judge is going to rule on whether he's violating it or not, but could what we saw this morning -- trump going out and campaigning -- be considered something that he shouldn't be doing with a gag order? and if so, isn't that direct election interference with his campaigning for the presidency? >> yes, it would be, david.
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good to be with you. i think the judge is going to be more focused on what he's sending out on truth social about witnesses especially. i don't think, you know, he is certainly entitled to campaign, and he is certainly entitled to do it outside of court hours on wednesdays and on weekends. but that being said, we are very close. if this court muzzles him from doing anything outside of this court, then i think that is clear election interference. but this whole thing, as you know, is election interference, because it's keeping him off the campaign trail. david: it is, indeed. i just wonder what's going to happen about a his decision to appear as a witness as a lot of lawyers are saying, look, let the court hang itself on this case because they've been making so many mistake, this court in new york. what do you think? should he avoid becoming a witness and give them any kind of information they can use against him? >> yeah, david. i've tried cases both as a prosecutor and a defense lawyer. you don't make that decision until the end.
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if to see how the evidence comes in, how you feel it's going with the jury, the read you get on the jury. so it's premature to say that. i like his attitude that he's unafraid to take the stand, but he might not have to because the case is so weak. david: all right. let's move to the immunity e case. this is really a big one because it could affect if jack smith and whether he gets a trial before the election or not. it's looking at whether trump as president had immunity to do what he did after the election, specifically january 6th but all the stuff leading up to that. and did that, and i'm going to use a come pri calculate -- complicated phrase from an old supreme court case, did that fall, quote, within the parameter of his duties. what do you think about that? >> yeah. well, i think what he did is most likely did fall within his dauts, but the challenge that the supreme court's going to have today is there's been no fact finding. other than the papers that have sort of been alleged, the court
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has no facts. and if so i think one of the most likely outcomes is the supreme court sends this back to judge chutkan to try to get some factual basis so they can make this decision. but that nixon case, there's a clinton case, but there's no criminal extent of this case. and one thing i would point, david, you remember the pull baa loo around -- hullabaloo around whether he ordered seal team six to murder a a assassinate, that's not what they're going to be hearing today. and so that's a more interesting scenario, and that's why i think he's boeing to get a lot of benefit of the doubt on the immunity question. david: can right. by the way, trump lawyers didn't bring up that, it was the judge with a very hypothetical case, and the answer a was not as the media responded, the answer was very carefully phrased. very quickly, if the supreme court sends it back to the courts, does that delay this trial until after the election? >> yeah. i think there's little
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likelihood at this point that this case or my of the other cases except for the current trial are going to, you know, make this november deadline. but that being said, you know, jack smith really want withs the try this case before the election. david yeah. he's salivating matt whitaker, thank you so much for being here. good seeing you. >> good sewing you. david: it is going to be a tough day on wall street at least after the opening bell. we've got all the futures down significantly. dow is down 484, nasdaq's down 316. the opening bell's next. ♪ this is how we roll ♪
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david: all right, just minutes before the opening and, whoo, look at that, the dow now down 514 points. again, premarket. nasdaq down 305. d.r. barton joins me now. d.r., you are bullish. it's good to talk to a bull as we're seeing some bear activity in the markets. but specifically, i want to talk about amd, the chip e maker. why do you like amd? >> you know, there's a couple of
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technical reasons i really like them, david. it's going to be continuing to be a player in the a.i. as well as kind of the picksshovels part of -- picks and shovels part of a.i.. digging in to help with some of the memory things, the other processer things that aren't graphics processers, although the graphics processers are really strong, right behind nvidia on technical side. so also they have a point in time right now where we've got a very good cycle low that i think we have a good place to buy anytime over the next down of weeks -- couple of weeks that could do really well through the summer. david: okay. d.r., intel, another chip maker, reports after the bell today. they're just trading up, i think investors are waiting to see what the financials look like. but intel is taking billions and billions from this chips act. i'm just wondering, is amd doing the same, or is there some kind
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of unfair advantage? i always hate it when, by the way, government gets so involved in trying the direct economic activity. but it is what it is. we've got the chips act and billions are going there. do they have an unfair if advantage over amd because of all they're e getting from the chips act? >> well, i don't think they have ap an unfair advantage there, david. i think amd is going to, going to do okay on the outfall of the chips act. but we've at also got to remember that we're competing against companies that are getting government support all over. so it's almost a leveling of the playing field more than an unfair advantage. i'm not that huge fan of intel. they've missed a lot of their engineering points to make the ultra-thin coding chips that have been make being them for years. so -- plaguing them for years. i am not a huge far of intel for a place to put my chip-allocated
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money. amd, nvidia, marvell, i like all of those. david: and very quickly, does it wore worry you that gdp came in so under expectations? >> i think adam, adam nailed it earlier, david. yes, it does worry me a bit, but it's one number. i'd like to see our next one come through as well. but i tell ya, it is manager to keep an eye on -- something to keep an eye on, but i don't think that the stagflation is going to happen in one quarter's number. david: all right. and soft landing, you still think we can get there? >> i still do, and i think the strength that we have going into the election, the seasonal strength the will help us as investors going into november november. david: great to see you, d.r. are. and there you can hear, the opening bell on the markets, it is starting out to look bad for all of the markets. if dow -- the dow trading down about 534 points in premarket activity as we rook at the
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opening bell, it looks like -- actually, we do have some winners on the green, about -- on the screen. about 12 winners. did i count that right? 13, actually, right now. the s&p 500, if we can switch over to that, that is down about a 68 points. that's about a 1.3 3% down, it's just trading just over 5,000. and on the nasdaq, boy, that is really taking it on the chin. it's down over 2% right now, down 332 points. of course, a lot of concerns -- by the way, the 2-year treasury, i don't know if we can show you that, but the 2-year treasury is over 5% right now. lauren: november highs. david: we're back the really, or really disturbing numbers on that. it's good if you want to put some money in a sure thing for a couple of months, but right now it is at very distressing time for nasdaq, to see those interest rates rising as they are. all right. if we can go into -- we had some earnings before the bell,
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lauren, and caterpillar, talking about taking it on the chin -- lauren: the dow's down almost 500 points, and caterpillar is responsible for 200 of those negative points. look, it's a bellwether for the economy. s it's a beneficiary of the billions of dollars of infrastructure spending. but their revenue missed expectations, and tear warning of weaker sales -- they're warning of weaker sales because machinery demand has cooled as the economy, as as a referenced by g gdp, is slowing. david: adam, you got some thoughts. >> i don't own the name, but they actually beat the earnings pretty significantly last night, and it's the revenue number which is always the signal to me. when you see better earnings and even solid guidance, and then there's one number that's off and the stock's down a lot. , usually that means the algorithms are hitting that one negative if headline. i'm admittedly a little skeptical of cat being down as much as it is. david: i love those little
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fit -- did bets you give. >> i've been in this thing a long time. la lapp lauren wrist ifal bristol-myers squibb is down 3.5%, they cut their profit forecast for the year after two acquisitions in the past year. they're also cutting costs. the 2200 job cuts, typically saving money helps the stock go up but not in this case. david teafd what about american airlines? lauren: okay. so they missed their revenue if, or first quarter revenue numbers, but you know what? this stock has turned with the market. as a i was preparing this and looking at the numbers, the stock was solidly higher. david: interesting. lauren: they're positive on the current quarter because they see business travel coming back in a big way and summer demand is red hot. but even american airlines is down. let's help from it to southwest airlines. this should be down bigtime. they, too, missed their first quarter revenue -- david: ooh, almost so %. lauren: not as many that travelers are booking at the last minute. that's the impulse buyer.
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they'll typically spend a little bit more. and now they're pulling out of some of the airports because of the boeing plane delays. southwest is a loyal boeing customer, and they cut their plane forecast from boeing three times. david: i just is to ask, adam, i once had people express -- remember people express airlines. >> oh, yeah. david: freddie laker was the englishman, this was ron burr. he was the head of it. he started it. it was on the heels of the deregulations. >> right. david: i saw that stock go down to zero, or first time i had a stock that went actually down to zero. would you ever invest in an airline? >> i actually own delta, and i'm very happy with it. i bought delta for subscribers and more my money -- for my money management clients around 20. it's a brilliantly-run airline. i'm very comfortable owning delta. it's the only unone i've ever owned. said did all right. let's switch to something on the ground, ford. lauren, ev sales are not doing well. they're till losing money on ev
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sales. but we see the market's up -- the stock's up little bit. lauren: a rare green arrow today. their profits were better than expected. fevs, not the case. -- for evs, not the case. $1.3 billion losses in the quarter, expected to hit $5 billion on the year. how are hay making their financials work? the they're selling big trucks to big commercial -- david: once again, yeah. lauren a lauren and that's helping them. also sell more hybrids, you can slowly transition a customer into an ev. so that's -- david: and an old favorite in tech, ibm. software company. lauren: the deal is valued at $6.5 billion, and hashicorp is up 4%. they're a cloud software company. ibm is doubling down on their cloud business. they know that companies immediate to manage and store day in their a.i. programs, so ibm is aa quiring them to help
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companies do that. ibm, yes, it's a software provider, but it's also a consultancy. and you have their client pulling back on their spending because of a slowing economy and super high interest rates. david: two big names reporting after bell, google and microsoft. what are investors expecting? lauren: let's do google first. obviously, both names are down today. about the two as, ads and and a.i., and how do they intertwine. will the google chatbot steal from google's bread and butter, which is their search business? if you can ask a.i. everything, what happens to search? if expect revenue of around $78 billion. for microsoft, it's actually all about amazon. is microsoft's a.i. so good it can take market share from amazon's cloud which is the a a ws? microsoft cloud, azure, is expected to grow by 29%. david: adam, you've pot some thoughts. >> look at the screen right now. alphabet is down 4.3%, microsoft is down 4.3 -- david: exactly the same. >> remember we were talking
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about algorithms? that's them at work. that's not individual investors saying, oh, need to sell because meta was so terrible. no, that's the algos shorting stocks to push the market down. david: you got a couple of stocks for us beginning with salesforce. >> yeah. i love best in breed companies. salesforce number one in customer relationship management. the stock is down, oh, what, 15 because there was talk of their being a company. people didn't like that because salesforce has been on a quest to improve margins. if you remember over the past year and a half, there have been a number of activist investors who have come in and said you've got to improve profitability. they've done that. if they had bought this company, margins would have gone down. so they have listened to the market, and they're not buying it. david: quickly, palo alto networks. >> number one in cybersecurity. this stock is down 20% from earnings last quarter simply because they're changing the way
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they sell the product. so customers are shifting from buy products quarterly to buying the hole challenge package annually. that pushback on sales, it'll be final. own this dip. david: adam a johnson, thank you very much. coming up, remember when the chief executive at npr said reporting the truth, quote, might be a distraction? roll that. >> our reverence for the truth, might be a distraction that's getting in the way of finding common ground and getting things done. david: the truth, a distraction? catherine mayer now says critics are disforting her comments -- distorting her comments. the trump tax cuts, meanwhile, expire at the end of the year, beginning of 2025. biden says if he is reelected, they'll be dead forever. does that mean you're going to be paying more in taxes if he's reelected? here's a hint, it's in the thousands. good news, meanwhile, for travelers. you may be entitled to automatic cash refunds next time your
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david: markets have not improved. the dow is down 538 right now, the nasdaq is down 318. that's over a 2 -- welsh just a tick under a 2% loss on the nasdaq. and here are the stocks accounting for all of the dow's losses. caterpillar, ibm, microsoft, and salesforce about which you just heard from adam a johnson. meanwhile, retail investors pulled back in the first half of the month. what's going on, lauren? lauren: research shows that retail investors pulling back dramatically so far the in april, likely was they had to
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settle a big tax bill, so they wanted to reserve some money. but demand for individual names did hit a 40-year low. david: can i can't reserve any of my money after i paid off my tax bill -- [laughter] >> it was hard this year. david: it was. thank, lauren. so are you prized -- surprised by this drop in demand, adam? >> well, it's troubling. and i think you have to look at it in the context of inflation. right? we have less money to spend, therefore, we are spending less money. that's inflation if in our faces. you know, we were talking earlier about meta, and i said i'm far more concerned about a gdp and personal consumption than i am about meta. these companies are going to be fibro. but when you start -- fine. but when you start talking about the erosion of purchasing power and people just being down, upset, depressed, having to work multiple jobs, yeah, no, that's real stuff. david: yeah. and by the way, subor berg, i
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wouldn't bet -- zuckerberg, i wouldn't bet money against him. you may not like what he does, but the guy is a genius. lauren: yeah. and if tiktok is, indeed, banned, his company will benefit. david: that's true. adam, thank you very much. let's bring in ray wang. ray, how are you in good to see you. i want to talk, first, about nvidia which, of course, was pushing the whole a.i. agenda front and center. what is happening with it now? if i mean, how is -- is nvidia still a buy from your perspective? it's one of the few stocks up right now. >> it is. and after the earnings announcement if from meta, you realized they were going to spend billions more on a.i. which means more chips, more investment in nvidia. and we may hear more about that between google and, of course, what we hear on the microsoft side later today because we're going to see they're also a investing more into a.i. and that basically means -- [inaudible] and that means nvidia a wins. david: now, adam just reminded us what nvidia's doing with a.i.
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is different than what meta is doing with a.i.. however, do you think zuckerberg in any way feels challenged to compete with nvidia or are they separate in their own lanes? >> adam's absolutely right, tear two different things. nvidia basically provides the chips, meta if uses the chips to actually make ads and connect folks using what they're going to do with a.i. and, of course, googlemicrosoft use those chips to power cloud computing can allows everyone to do all their software or and everything else. so nvidia's a base technology that makes a.i. possible, and then everybody takes it from there and does something elsewhere with it. david: i want to talk about rubric, the ipo for rubric. it's backed by microsoft. i'm not exactly sure what that means. whether microsoft if is just funding the i e po or funding it e before the ipo. what do you think? it's terribly by oversubscribed right now which means a lot of traders are already in it. they got the inside stuff, the inside track on that.
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is it too late if you like the idea of rubric to get into it? >> it probably is a little bit late to get into pre-ip if o, but i think the main thing is you've got a $5.6 billion ipo. we haven't had a hot ipo market in a while, and people are waiting for the market to open up so a whole bunch of these start-ups actually have a pipe on the back end so there's more investment in other start-ups. it's been kind of closed. i think last year's big epo was arm. that was great. what's next? so this year we have reddit and now, hopefully, rubric goes out and people are waiting for a couple more. david: so or very quickly, once the ipo comes out, i'm not exactly sure when that's going to be today, but you expect it to jump above the binning -- the beginning price? >> there's a lot of interest in it. rubric is data, it's security, it's part of the components that help fund the a.i. story. they've been touting that apt i. story in terms of the road show in terms of conversations, and i think that's really why people are really interested on the ruin are rick side.
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david: right. and viewers, we will let you know as soon as that's settled. thank you, ray. well, the administration if just passed a couple of new rules entitling air travelers to cash refunds when a flight is canceled. lauren or sounds like good news. lauren: i mean, it is. but president biden's pet peeve is fees, so he wants to get rid of more of them, and he is. airlines will be required to give you instant cash refunds not only when your flight is canceled, but if you -- your domestic flight is delayed for 3 hours osar more or your international flight is delayed for 6 hours or more. airlines will have to disclose up front for the charge for the checked bag, the carry-on bag and any change fee that comes from changing your reservation. i mean, it's good news -- david: maybe that's why airlines are down. lauren: of all the problems out there, the demand for travel is red hot. it's almost, like, can you try to fix another problem? because we're still traveling. david: good point.
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adam, those are good changes for travelers, but is it going to hurt the airline stocks? you have dell that. >> yeah. delta's such a well-run company. think about it, they own a refinery as a hedge against oil prices. amazing. they service other airlines' airplanes, so they make if money on parts -- a. david: and their service for customers is so appreciated by those of us who travel. >> it's a premium product. you pay e a little bit more, but i think it's worth it. and, again, it's the only airline i've ever owned. to your question about these new penalties -- david: right. >> my only hope is that there is an exclusion for weather. airlines can't determine the weather. so if the flight is delayed because of rain, it's delayed because of rain. david: watch for that caveat. the caveat is in, it's acceptable. >> yeah. poor service is one thing, weather's another. david: adam, thank you. coming up, even with the additional aid sent to ukraine, biden administration officials are not fully convinced that ukraine can win the war. christian whiton on that.
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and the founder of ari max and the real estate guys calling the current tate of the housing market, quote, chaotic. but there may be some buying opportunities in new builds. that report is coming next. ♪ country roads, take me home to the place i belong. ♪ west virginia, mountain mama -- ♪ take me home, country roads ♪ the road to opportunity. is often the road overlooked. (♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward.
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david: and now this, realty experts are calling today's housing market, quote, chaotic ebb. potential home buyers want more homes than we have listed while sellers remain sidelined. jer by will -- gerri willis joining me now. >> reporter: luck, negotiation room, new home sales, new homes, new construction market is where you want to look. look are, ohm buyers frustrated by the lack of invenn tore in existing homes are turning to new homes as is spring market gets underway. listen. >> a normal market you're going to find about 10-12% of home sales in my given -- in any
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given month are new or newly constructed homes. we're seeing up to 30-40% of people buying homes are buying new homes. >> reporter: big change there. new home sales in march rose nearly 9% from february as buyers opted for new construction. and that's, of course, because high mortgage rates -- now above 7% -- that the impacts not just buyer, but sellers. in fact, according to a new if survey from redfin, nearly 40% of homeowners say they couldn't afford their house if they had to buy it today. builders are goosing sales by buying down mortgage rates, offering discounts and building smaller homes. a lot going on there. look, the nhab outlook is rates will come down by year end. buyers also want prices to fall as well and, of course, that's not a sure thing east. david? david: and and particularly, adam, when you have these very disturbing signals from gdp
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growth today, much less than expected. do you expect interest rates, i mean, with inflation continuing to comp down to 6%? >> well, now what we're talking about is the fed caught between a rock and hard place, right? if growth is slowing, well, then maybe they need to lower rates to tim late the economy, and -- stimulate the economy x. if inflation is actually rising, they can't do it. david: right before an election. the chairman would go the down in history as being a political manipulator of rates. >> potentially, yes. david: yeah. >> no, the fed's got a hard choice to make. david: adam johnson, ooh i've got to say good-bye. >> thank you for having me. david: still ahead, montana governor austin deknutson, steve hillson and macy petty. the 10 a.m. hour of "varney & company" is next. ♪ ♪ thought i was lost but then i woke up in love ♪
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