tv Varney Company FOX Business May 3, 2024 10:00am-11:00am EDT
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stuart: this is always one of my favorites, perfect for newscast. let's give them something to talk about. sixth avenue, cloudy today, 10:00 eastern. a nice rally, the dow is up 500, that are stacked up 315 points, 2% for the nasdaq, one. 4% on the dow, one. one% for the s&p. i call that a rally, the 10 year treasury yield coming down at 450, a couple weeks ago you were at 470, a big move, investors and the stock market like it. oil below $80 a barrel, now looking at $78.65, bitcoin not
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doing much, it's moving up a bit today, 61,700 at latest count. latest read on the service sector just in. important number. todd: it contracted for the first time in 14 months, came in at 49. 4, service sector of the economy for the month of april, the same time the prices you pay for services spiked to 59.2, for reference or four year low. 53 to 59 above the overall contraction. markets up 460. stuart: it confirms weakness in the economy. may be may be may be. thanks. now this. it seems every day there's a jarring contrast between the two candidates, trump and biden. wednesday the president took to the podium to make a scripted,
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2.5 minute statement on college unrest. it was not forcefully delivered, he vacillated, unable to get to the heart of the matter which is the outrageous attacks on jews on campus. at the end of it he left the stage quickly with a 1-word response to a shouted question about bringing in the national guard, no, he said, that was that, out the door. he could have made his statement on the way to marine one, but that would mean no script, no teleprompter. here's the contrast. after his day in court donald trump headed to a new york city fire house, delivering pizzas to a wildly enthusiastic crowd. those people were delighted to see him, they looked up to him. he was comfortable. not afraid to work the crowd, he looked presidential. he had just come from a grueling day in court but was fresh and engage with firecrackers. biden strategy of silencing trump has failed, the biden basement strategy has failed because it is obvious the president can't handle reporters with the public.
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and his europe selection, performance on the stump, appearance, looking presidential, using television are very important especially since this president is a frail lady one-year-old and this point, trump is winning. second hour of varney getting started. ♪ stuart: the gentleman on the right-hand side of the screen, david avella, wise biden's strategy of bottling up trump in court not working? >> voters no why they are on pleased with president biden whether his handling of the economy or handling of immigration, voters don't agree with that and add to it it is, president biden a few weeks ago thought i am going to do something good with my college
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students who are voting for me and once again saying no more college loans, we are going to take away your judge and what happens, you have protests on campuses which interrupts campus life, interrupts exams, kids can't go to school, so now once again finds those numbers with college kids going down. every move president biden has made in his presidency has cost him votes with the very voters that got him elected in 2020. stuart: do you think biden's performance, the way he looks, the way he acts, not as good as trump, is that becoming as important an issue as inflation or the border? >> it is our perception voters have for many voters that is not up for this job. add that, and that they genuinely don't like the policies he has pursued or what he has tried to do to make the economy stronger or secure the
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border and add it all together, in honor of this being kentucky derby weekend i can't think of a jockey right now that could ride the biden horse to victory. talk about long odds, president biden has got them. stuart: biden got a bit of a polling bump up after his state of the union message. that uptick has flatlined. a recent 5 candidate pool put trump 9 points ahead of biden. they need, democrats need to get him out again like they did for the state of the union but can they do that? >> you are not seeing it with voters. you see the recent fox news poll that showed biden now is doing worse with catholics than he did in 2020 and the margins almost 0 between him and trump with catholic voters. president biden wants to talk about being a good catholic, even among hispanic catholics
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biden, trump has erased biden's lead. it goes with the fact that biden is doing worse with black voters, hispanic voters, doing worse with asian voters, every voter group that was essentially his 2020 victory he is doing worse with. stuart: i will leave it right there. thanks for being with us this friday morning. we will check of the markets because the rally is still holding. look at this. 465 for the dow, 300 for the nasdaq. almost all the big tech stocks on the upside today. greg smith is back with us of this morning. welcome back. i want to talk amazon. in 2023, stock price was one hundred 3. you really like the stock. it is now one hundred 86. i think you think it is going up some more. tell me where. >> i do. when i joined buhl last year amazon went up 3. it continues to go up 186. i would not tell it like i would not get rid of my amazon prime membership.
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this is a company that has their tentacles in different aspects of the economy, three juggernauts. they touch the consumer, they touch businesses and despite the fact we are seeing consumer trade down in their purchases amazon is still there. also, given the civil unrest and rising anti-semitism happening in this country, a better way than amazon. stuart: what is so special about amazon in the age of unrest? >> where else is a purple hair tiktok watching ivy league student waving their palestinian flags? probably the same day than with amazon. stuart: the government is involved in a full-scale blast at big tech, break them up or find the more change them. will i come after amazon? >> there four wildcards that could throw the value of this company higher.
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it will dispel the myth. amazon has 75 billion in cash, returning value to shareholders would be dividend and stock buybacks. i think they have so much spending ahead of them, spending so much like the other big tech companies, they will be cautious and not return that capital. to investors. they have a nascent satellite business. that will be another big spend. it is very important to them. i think buybacks and dividends are off the table. the other two that investors think about which are amazing would be devasting and spinning off aws. stuart: that's -- aws is the cloud business. >> massive business. if you think about amazon as a whole, three large businesses, it's really flywheel of cash flow, they support one another. i only think those two
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scenarios of the spinoff by the business will happen if alina con and her band of anti-monopolist people come after amazon. stuart: amazon is one hundred 85 now. where's it going in the next 12 months? >> we will see amazon trade 200 this year and i see a trading close to 250 next year. it is one of my largest concessions. stuart: welcome back, see you again soon. lahren is looking at the movers. pulte homes. lauren: they are near the top of the s&p 500. look at those gains, 4% or 5%, we did get jobs data for april, the market is pricing in two rate cuts, not one, in 2024, that could beat mortgage rates. blue when the market is pricing is that in. a cybersecurity firm. lauren: down 8%, their buildings fell 6% in the quarter and they are expected to decline again in the current
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quarter so slowing economy. companies spending less on cybersecurity. we when cloudfair, it service management company. lauren: they handle a i apps, revenue grew 30% last quarter, stocks down 15% because guidance was soft. that's taking the soft to down. current quarter slowdown and a lot of these earnings reports. blue one this one is just for you. the irs says it plans to ramp up -- how many out at are they planning? lauren: it is 50% more. the irs says it will increase credits -- wealthy people on income over $10 million, not me. in 2019, individuals saw an 11% audit rate if they had 10 million or more. the irs wants that to go up 11.6% in 2026. that's 50%. they are also going after big companies.
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audit rates will go from 8% to 22%, that's nearly tripling. they've got $80 billion in new money from the inflation reduction act and putting more people in the agency to go after rich people and big companies and they say that, they come out and say that. stuart: the rich are awful people. coming up, student editors at columbia law a review demand the school cancel exams and give all students a passing grade. they say the police presence on campus has left them, quote, irrevocably shaken. the nypd surrounded ending and of new york university is crews dismantle tents, the latest major show of force by law enforcement as the anti-israel protest persists across the country. molly line has the latest from nyu after this.
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and 56 according to the nyu and new school year on manhattan. a wake-up call, demonstrators on-site, protesters rouse, more rest if they don't leave using quickly and efficiently through the cleanup, well underway, they are nearly done here. they are finishing operations of this morning at the new school where protesters gained access, occupied several campus buildings, protesters have been loud and boisterous in that area, same demands as other universities do best and entice israel noting it's the new school, and over at columbia in the wake of arrests after the
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nypd mobilize to clear campus buildings, protesters occupied and been there illegally earlier this week, student editors at the columbia law a review urging the school to cancel exams and all students passing grades for their work this semester and an alternative. and using on social media the violence witnessed has, quote, irrevocably shaken many of us, unable to focus, highly emotional during this tumultuous time. police arrested or detained 2000 protesters at universities across the country. 44 college campuses involved across 24 states. stuart: thank you very much. stuart: law professor jeffrey lacks, do we know are behind these protesters. >> what they have in common.
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what do they have in common? nothing good. reminds me of world war ii when we were allied with russia and the future review we had for the nations but a common enemy and all these professors are marxists, behind every student rally you see like this are marxist professors leading it, guiding it. don't be fooled by the face of the rallies. i see this up close and personal every day on campus. it is marxist faculty leading-edge and a convenient relationship with the islamists. stuart: extraordinary. i want to amplify this as well. columbia law a review is run by columbia law students. it is calling on the school to cancel final exams and give everybody a passing grade. here's what they say. many of us are unwell at this time and cannot study or concentrate, while their peers
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are being hauled off to jail. this is outrageous. these are law students. outrageous. >> only reason i can't laugh is thinking about the hostages stuck in gaza who have been there close to a year. only thing that stops me from laughing because it is so ridiculous it is hilarious but there are people who were there close to a year suffering, their families are crying and these people are asking for these ridiculous requests. it is absurd obviously but also horrible. stuart: they might get it. they might well get this. stuart: the fact that these schools, this really riles me up, these schools are negotiating with these lunatics is insanity. it is pure insanity. at nyu, they agreed to 8 of 10 demands that these encampment students made which is unbelievable. as if they are the victims,
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they are not the victims. they caused the harm to jews, this is not anti-semitic, this is anti-american, this is anti-western culture, the jews are the low hanging fruit. next is america, next is western culture. stuart: president biden did address the protest yesterday. a very short speech, 2. 5 minutes. finally addressed the issue. i don't think he got to groups which is the issue of anti-semitism on campus. what did you make of his presentation? >> he did two things, he said one thing and did something that scares me. first of all he's talking about bringing in refugees from gaza. is he out of his mind. totally unfettered, without asking them questions, 72% of gazans voted for hamas for their government, 72%, not 72%, 98% voted for hamas and 72% support the rapes of israeli civilian women and the burning
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and beheading of israeli children, 72% of civilians support that in gaza. you wants to bring them in? is that an irg we need more of without vetting? stuart: anti-semitism is obvious. it is overt, it is there. it is happening. how do we reform these institutions and stop it from happening again? >> that's the hardest question of all but it has to start with immigration. right now the average person thinks we are getting a in its from mexico and venezuela, latin america, the truth of the matter is, you know and we both know you're getting a and small around the world from the north border to the south border and letting in people and we see this on campus because we get new immigrants freshen to america the first time and they are spewing anti-american and anti-semitic hate. we hear this in the hallways, people come to be with the stand they tell me what they
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hear, anti-american rhetoric, they learn this and that is what we are bringing. we have to be careful about vetting. i love immigrants. my parents are immigrants -- stuart: professor of law, thanks for joining us. always appreciate it. we spoke with country star john rich about throwing a celebration of our flag, he calls it flag stock, acceleration got a big time donor. who is it? how much did they get? ashley: for that would be billionaire investor bill ackman who threw in $10,000 to a go fund me account that raises money for fraternity members at unc, the money will go toward a party for a group of students who held up and defended the american flag on campus after pro-palestinian supporters replaced the american flag with the
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palestinian flag. that image resonated with many people online which prompted a go fund me effort, men defended their flag, throw them a wager. the original goal was 15,000. two days organizers say they have around $516,000 raised. safe to say that will be a heck of a wager. remarkable story but listen to what students had to say. >> we have since had contact with the person who started the fundraiser and they are working to use those funds and a manner that is more respectable. there's a big event in the works, anyone else coming to be part of that event, starting a nonprofit called mcafee.org where we intend to properly disseminate those funds in a manner that goes to whether it be our troops, followed police officers in charlotte so we can support the causes that are important to us.
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ashley: a fine group of young men. who knows how much money will be raised here but it is -- has certainly touched day nerve. ashley: good to see pushback coming. it is about time. back to you shortly. 175,000 jobs added to the economy in april, far less than the 300,000 added in march. what does it mean for the feds interest rates strategy. edward lawrence has the story coming up. mortgage rates jumped again. can the housing market recover above 7%? real estate guy mitch rishel on that next. ♪
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big tech, some losers, one loser there, alphabet down to dollars, one hundred 63, app assad -- amazon admit all up. i want to take a look at bookings.com because it is at this moment up 6%. tell me what's going on. lauren: booking is seeing robust international demand, up 10% on the year and also seeing a surge in connected trips, you go on and book your flight, your hotel and attractions, something to do but expedia is down 13%, seeing weakness at its consumer brand so what is doing well and what is not. stuart: trump media. lauren: there are are reportedly charged by the sec with fraud, permanently barred from any public company audits. dj t is down 4% on this news. stuart: move on from that. life nation. lauren: they have got pricing
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power, great earnings reports, stocks of 7%, the ceo seeing no sign of consumer weakness and if you go on live nation between may 8th and 14th you can get a $25 concert ticket. stuart: well. that is cheap. okay. how much is acosta getting? lauren: i saw megan trainer. i was looking at their list of shows, 5000 shows. we want thank you very much. with the jobs report this morning, 175,000 jobs added to the economy in april. edward lawrence spoke to julie sue this morning. what did she have to say? >> she said this is the stable steady growth the president has pitched in his jobs report, good one for the market reflected in the dow. when you've peeled back the onion the average hourly wages
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softer than expected that, under 4% losing pressure on inflation but wages increased. 2% and that's not picking up month over month with inflation which was double that. >> are you concerned about going forward? >> we always want to see workers getting more money in their pockets, having more breathing room is fundamental to the president's vision of how we build an economy from the bottom up. >> reporter: looking at where the losses were, slower employment reports going forward the administration lost 22,700 jobs within that temporary help services lost 16,400, temporary jobs usually shed first, manufacturers added 8000 jobs which over the past three months manufacturers actually lost 5,000 jobs, the president of the national association of manufacturers said added regulations cost companies $3 trillion under president biden with that wait
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on the job sector. >> i don't think it is a trend yet but it could be a trend if we see cost burden placed on manufacturers. all of the $3 trillion worth of regulatory burden comes home to roost at it comes home to roost in terms of investment. will we be investing in communities across this country? >> reporter: bottom line is this report is good for the federal reserve chairman, puts less pressure through wages on inflation, we have to see where that inflation number is when we get to the next report and see if that goes up. stuart: that would not be good. inflation up, not a good one. thanks very much indeed. more bad news for the housing market, mortgage rates jumped up again 7.22%. mitch rochelle is worth us. can the housing market recover
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if mortgage rates stay above that level? >> the problem is the definition of recovery. i'm not completely convinced the market is in trouble. if you're a realtor and there's less homes on the market, you are selling less homes, you are in trouble. if you are a homebuyer, prices have steadily creeped up, continuing to creep up. it is hard for homebuyers but the market, people who own homes isn't that bad. there's a knock on effect of the economy, people are not buying homes but they are buying furniture, there's a trickle-down effect in the housing market that slows but values are still they are. stuart: the politics of this, first-time homebuyers, younger homebuyers are priced out of the markets, very difficult for them to get in. the american dream of homeownership is fading for so many people and there's a political point to be made there, that's biden's constituency and they are priced out of the market.
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>> i completely agree with you. look at the younger cohort who are starting to come into their own, starting families, getting promotions in their jobs, doing all the right things and they can't buy a home, that's why there is this massive market out there for people who rent homes as opposed to apartments because people want to feel like they are in a home, have a backyard, have a barbecue grill, picket fence and garage but they can't afford to buy them because the prices are too high and mortgage rates too high. stuart: i want you to address this one. a new study finds homes in south florida overvalued by 35%. don't know what they base this on, south florida, naples, miami, that kind of thing, over price 35%, sounds like a bubble to me. is it a bubble. >> no, it's not a bubble.
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here's what's interesting about that study. what they did was they went back, i went to florida atlantic university. it's our local school but they lived in historical trends and relative to longer-term historical trends prices are higher. however, the trend they forgot to look at is population trend. the population of florida has been booming for the last five years, accelerated greatly through covid and is continuing to accelerate at a rate of 1.6% a year so that is adding a considerable number of people in florida. as it relates to housing they are only building one hundred 10,000 new homes the year in the state of florida so if there are more people moving here, building new homes there is no bubble, prices are going up because of supply and demand. stuart: prices are going to hold at current levels in south
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florida, maybe go up some more. all good stuff. thank you very much indeed, see you again soon. have a great weekend. a new study shows childcare costs more than a mortgage. lauren: childcare expense is $2,984, that's $11 more than the average mortgage which is $1973. add them up. that's nearly 4k a month to live and while you work, have your kids in childcare. average 66% of household income. it is supposed to be more like 37% so we are living beyond our means by not even doing anything extravagant, by homing - owning a home. stuart: childcare in the mortgage together takes up 66%, 2 thirds. it used to be just over one third. childcare is expensive. >> yes.
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edward: now is your kids problems. stuart: donald trump is narrowing down his vice president. we will tell you who made the cut and when trump could make the announcement, trump back in court for day 11 of his trial in new york after the jury heard from trump for the first time in court yesterday. eric shawn at the new york state courthouse will have more details next. ♪ ♪ (♪) is bad debt holding you back?
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points. bitcoin very little action, moved up to 61-7. it was 58-5912 hours ago, 61-7 right now. donald trump back in court, the 11th day of his new york criminal trial. eric sean outside the courthouse, with the latest? >> reporter: donald trump arrived saying he may file a lawsuit over the judge's gag order on him. that gag order events the former president from attacking witnesses, jurors, members of the court staff's family. doesn't exempt the judge or manhattan district attorney alvin bragg. many think he may file that lawsuit, about one witness, presumably to fire back at his former lawyer, now critic michael cohen. >> the categories not to testify. it stops me from talking about people and responding when they say things about me, people
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saying things about me and i'm not allowed to respond to this judge has taken away my constitutional right. >> reporter: in court the session is ongoing. doug dawes back on the stand facing cross-examination and redirect, dos is this district attorney's technician who extracted recordings and photos from the iphones of michael cohen calling - he used his phone to secret the record trump talking about how to pay cara mcdougall's deal for keeping her quiet about their alleged affair. trump is heard on that tape made two months before the election of 2016 telling cohen to pay by check. >> i spoke to alan about it. when it comes time for financing which will be -- >> what financing? no, no, no. >> pay check in reference to
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the trump organization cfo. legal experts say the defense claims that means trump thought the deal was legit because of course at check leaves a transaction record of one and there was no place in that recording others point out that he's heard talking about linking it to payments to his election bid. of course nda, nondisclosure agreement perfectly legal, the defense says that's what this was. as far as the gag order yesterday he said it prevents him from testifying. today he cleared that up, it does not, he can testify. in case there is any misunderstanding, the judge convening the court session today, explaining that too. the defendant could take the stand. he says he wants to when it comes time for the defense to present its case. stuart: biden is set to honor 19 people with the presidential
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medal of freedom. who is on the list? ashley: a pretty diverse list of people from politics to activists, even the entertainment world, receiving the nation's highest civilian honor will be among others former new york city mayor michael bloomberg, former vice president al gore, former speaker of the house nancy pelosi, jim clyburn, elizabeth dole and recent biden climate envoy and former secretary of state john kerry. nancy pelosi released a statement saying, quote, freedom was the vision of our founders, the goal of our men and women in uniform and is our promise to our children. it is with reference, for freedom, and respect for all who received it that i'm deeply honored and forever grateful, thank you, president biden. also being honored is the grandmother of juneteenth, opal lee, judy shepard his gay son matthew was brutally killed in 1998. oscar award winning actress
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michelle jo, swimming legend katie led jackie and ellen ochoa, the first hispanic woman to go into space. they will all be honored as well. stuart: university in iran has reportedly offered scholarships to american students expelled for their involvement in the anti-israel protests. president biden criticized for calling japan's in a phobic. japan is an outlier. jamil jeff i will respond in a moment. ♪ ♪ to sharpen their skills with tailored education. get an expanding library filled with new online videos,
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stuart: there is one university in iran that reportedly has offered scholarships to european and american students for their involvement in the anti-israel protests. are we really going to see these kids go to school in iran? ashley: i very much doubt it but it might be good to see what life is like under that
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regime. nothing to do with the wine, in southwest iran. the head of the college made the scholarship offer to students expelled from us and european universities over anti-israel protests. the uranian educator says the offer is meant to show solidarity with anti-israel agitators in the west, also criticizing what he calls the police's violent response to campus demonstrations saying, quote, such autocratic methods show the decline of global arrogance which he also argues what is happening in gaza is the true nature of western civilization and the president supports the message of iran's 1979 islamic revolution. kind of rich. stuart: i can't see columbia university students doing that. i don't think it will fit.
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ashley: i don't think it will work. stuart: i've got to move on. jamil jaffer is on the right-hand side of the screen. in 2016 russia and china held disinformation campaigns to sway and radicalize american voters. is that what we are seeing now from china and russia and iran? are they exploiting these protests? >> we are seeing them amplified the messages that the us is riven with social chaos and disorder. this happens in democratic societies, trying to amp up that pressure. we don't see any evidence that they are funding the protests or supporting them but to amplify the idea that we are riven with chaos. stuart: who is radicalizing our youth on campus? >> the uranian's and the
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chinese, adversary nations who want to see the us torn apart and disagree with one another so we are not concentrating on the problems they are causing in the middle east in asia and around the globe. stuart: the professors and college teachers doing it as well surely. >> we saw at a couple campuses faculty calling for divestment, seeing them get arrested as well. it is one thing to engage in peaceful disobedience. long american tradition. another thing when threatening other students on campus, using anti-semitic phrasing get. going to that level, that's where it crossed the line where peaceful debate, political debate lead to violence and chaos. stuart: the president called japan's enough phobic because they don't wish to take in immigrants. why would biden say something negative like that when japan is one of our best allies in asia? >> japan and india both,
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members of the quad, the united states, australia, japan, and india. the alliance holding up the effort against the chinese which dominate the region, to those allies, very pragmatic statement, he lumped them in. you don't think about india and japan aligning themselves with it. stuart: is more public disorder, in america today, is that becoming the major issue in november? may be ahead of inflation? >> hard to imagine how economics couldn't be the number one issue but number 2, you see across the country in cities like los angeles, san francisco, detroit, cities are in dc where i live, cities are in chaos because mayors and law officials ndas, the american people won't stand for, you can't live in a city and not be safe.
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stuart: see you again soon. 200 people arrested at ucla with consequences, steve hilton on that. bill bennett caving to the demands, sheriff mark daniel on biden, 400,000 migrants into america since january 2023. spring into savings this moving season with pods. save up to 25% now on moving and storage... and see why pods has been trusted with over 6 million moves. but don't wait, save up to 25% now. visit pods.com today. power outages can be unpredictable, inconvenient,
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