baby girl born on the 26th at 9:30 in the morning. mom, alex, is doing great. his other daughter, bella, becoming a big sister. welcome to the world, lily anna and congratulations, nat, we are with thrilled to welcome the new baby. lee, you don't see nat around because he's welcoming and caring for his new daughter. >> and we do miss him, but so happy that each of his daughters have their own birthday. i know it's baby bella's birthday -- >> a day apart, right? so lily was the day before. nat loves a good party, maria. he's going to be having fun parties the rest of his life. maria: rebecca. >> i'm just worried he's outnumber. i wonder if he's going to go for the boy, but i think, no. [laughter] maria: see you tomorrow, everybody. "varney & company" picks it up. citi, take it away.

stuart: good morning, everyone. this is going to be a big week. we have what looks like the beginnings of a summer rally for stocks. the fighting around rafah in gaza has produced global condemnation, and and what everyone's talking about, trump's trial in new york, and that's where we start. final arguments today. the judge's jury instructions soon after that. possibly a verdict this week, possibly. here's what's new though. when the verdict is in, the president will reportedly make a statement from the white house. he doesn't want his statement to be political. all right. let's get to the market. it is tuesday morning after a long weekend. the nasdaq could make another record high today if it choses anywhere near where it's going to close this afternoon. looks like a summer rally. the dow is down a bit, off 30 point, but the s&p's up 7, and the nasdaq up another 40 points at this stage. take a look at apple. big gain today on a report that its iphone sales in china have picked up sharply. it's now $192 a share on apple. little change for interest rates, the 10-year around 4.44,

4.46, actually. the 2-year just under a 5% at 4.92. bitcoin, $68,000 a coin or thereabouts, 68,1. oil, under $ 80, $79.032. gas down one cent, 3.358. and gold, what are we this morning? 24 or $3400,3477. finish -- 2377. okay. civilian casualties in rafah if after an israeli attack. there is global condemnation. netanyahu calls it a tragic mistake, his words, but insists israel will keep fighting, quote, until we raise the flag of victory, end quote. biden's taking heat on this. congresswoman a shed da tlaib says he, biden, is an enable aer of genocide. her words. on the hoe today, a dramatic headline in police coe, yeah, there is d -- politico, democrats is no idea how to deal

with it. baby boomers are the wealthiest generation in history, but unlike other generations of wealthy retirees, they're not spending it. are they mean or financially cautious? which is it? we'll cover it. tuesday, the may 28th, 2024, "varney & company" is about the begin. ♪ ♪ and i'm proud to be an american where at least i know i'm free. ♪ and i won't forget -- stuart: and, of course, just following memorial day that is lee greenwood, "god bless the usa." we're going to the start with politics this tuesday morning, day after memorial day. closing arguments many in donald trump's new york criminal trial will begin this hour. all right, lauren, good morning to you. take us through it. lauren: this week is the weeble potentially. -- week, potentially. each side gives their take on

the evidence and the testimony provided over the past month. then the judge, merchan, will give the jury his constructions for -- instructions for conviction. he'll remind them the burden of proof lies with the prosecution. did it prove trump falsified business directors -- records? there are three potential outcomes, convicted on all or some counts, aa quitted on all counts or a hung jury. stuart: thanks, lauren. politico reports that president biden break his silence and address trump's criminal trial once a verdict is reached. charlie hurt joins us this tuesday morning. charlie, he's going to make the remarks from the white house, apparently to show it's not a political statement. what do you make of that? >> that kind of boggles the mind there. i don't know how you do it from the white house to make it sound it's not a political statement. of course he doesn't want it to look like he's playing politic, but he is, and he's drag the white house into it.

it's kind of hysterical that a politician would even think he was going to get away with that, but of course he will, and politico dutifully flayed -- plaid all all all a this. look at all of the big, major issues that americans care about that took joe biden a long time to address. it took him a long time to crease the terrorist attack -- address the terrorist attack in israel, taken him forever to address the crisis at a the border, and i would argue he still has never actually addressed it. but even before the verdict is read, he's to announcing that he's going to address this you should issue. it's because this is the issue that joe biden is running on. s it is his only hope, he believes, to win in november. i think it's going to the fail. i think the whole thing is blowing up in his face. it is such a naked, partisan, political grab that -- and i think that it's really even people who are on the fence or don't particularly like donald trump, they don't like what joe biden and democrats are doing to politicize the judicial system,

and i think it's running poem into the arms of donald trump -- people into the arms of donald trump. stuart: democrat strategist james carville once again went after president biden's messaging. watch this. >> we keep wondering why these young people aren't coming home to the democrats, why blacks are not coming home to the democrats. because dem contact messaging is full of [bleep] -- democratic messaging is full of [bleep], that's why. and talk about cost of living ask and we're going to help deal with this. don't talk about [bleep] student loans. stuart: don't hold back, james. by the way, charles, look at this also -- [laughter] s this is from politico. it reports that tell accurates are in full blown freakout over biden. charlie, is it too late to change the messaging? if. >> well, i think that what's kind of interesting what's happening right now is the democrats for a couple of months have realized that a joe biden's

chances are slim and getting slimmer. i think what they're really worried about right now is they're starting to think maybe it's so bad that joe biden could bring a whole bunch of democrats with him, and that's why they're freak out. james carville who gave us famously in 1999 2 it's the economy, stupid, is exactly right. the thing i don't think he's probably in agreement on is the fact that it's the democrat policies that have wrecked the economy. joe biden is carrying out what, you know, his party generally believes, and it's crushing middle class, regular voters. and they, and then they lie about it and say, oh, no, it's -- the economy's great. no, it's not. stuart: no, it's not. >> and at least carville recognizes that it's not working. stuart: charlie hurt on on a tuesday morning, thanks, shar r.ally. let's turn our attention to donald trump, he made a surprise visit to nascar's coca-cola 600

race over the weekend. lauren: oh, it was a molt. his private plane flew over the track at charlotte motor speedway yesterday, and then you can see him after he got off the plane. he met with only of the owners and the crowds, he waved. the crowd loved him. stuart: classic move. fly over your own plane and the crowd wows -- lauren: that was the former president -- [laughter] giving the people what they wanted, essentially. stuart: i just have to smile every time i see what he's up to the. lauren: he's got a way with people, instinct. stuart: this is coming at us, the latest read on home prices, but this is from march. it's kind of two months old. lauren: okay. prices still rising, no shocker there, now up 10 months in a row. for marring up 7. .4% -- march, 7.4%, the highest increase since october of 2022. no release leaf -- relief for buyers. if. stuart: the takeaway, no relief for buyers.

thanks, lauren. want to bring in luke lloyd to cover the markets today. we've got a mixed picture, but the nasdaq's up again this morning. luke, is this a summer rally in are we looking at breaking more records? >> probably in the short term. but here's the thing, stu, aye been hearing rumble reasonablings that -- can rumblings that this decade's going to be considered another roaring '20 tos, but it's not really roaring. there's essentially $70000 billion -- 700 billion plus of phantom debt that's not reported through these buy now, pay later options. i know growing up the hoping toy store, everyone had layaway options during the holiday season. now layaway is a full-time, year-round option. what we've learned is that people are comfortable with debt. historically high interest rates don't stop spending a habits, they just make it more expensive so, yes, i think in the short term, comfortability will fuel stock earnings. stuart: so if we're comfortable

with debt, why does that mean some kind of market selloff or plateau later in the year? >> i think it's definitely possible. one thing i'm closely paying attention to is the real estate market that you were just talking about. it's so much more important than people realize. and what's happening over in china could be kind of, tell you a little bit what might be happening here in the united states over the next year with rates where they're at. home prices are down 20-25% in china. 70 of net worth in china is tied to real estate. over here it's more like 30%, but if we saw deline in the real estate market and you see your net worth drop that much, that's to going to stop you from borrowing against your house, spending on those credit cards. so, you know, i think it's telling what could be happening here in the u.s. you should pay attention to housing supply which is ticking up in places like dallas, you know, three times the amount of listings for before covid. it's all supply and demand. stuart: okay, i'll take your word and run with it. luke lloyd, thanks very much, indeed. let's get back to donald

trump's trillion trial. listen to what a reporter at cnns had to say about a possible acquittal a. >> i think it's very likely this is the only trial we're going to get before election day, and this is not a slam dunk. acquitted is the worst case scenario for democrats was if it's the only trial you have, and donald trump gets to go out and say joe biden's prosecutors -- not true -- came after he, his department of justice came after me, and they still didn't convict me. i also think you could end up somewhere in this mud muddy middle where you end up with a hung jury, and this truly does just get kicked to the voters or to decide. stuart: she said acquittal is the worst case for democrats. i'll agree with that. [laughter] >> when someone shows you who they are, believe them. to charlie hurt's point a mere five minutes ago a, this is the 2024 democratic campaign. either tarring donald trump as a

felon, tar and feathering him, if you will, dragging him through the court system so that he's not on the campaign trail and then potentially, if it got to that point, putting him in jail. the ultimate point is if you want to win over the voters, the ones struggling with the economy, give the people what they want when it comes to the issues. and that sound bite you just plaided showed that, uh-oh, the democrats forgot about the issues heading into november. their whole campaign was let's mess up donald trump and make him a felon. it's not working. and if he's acquitted, or it really doesn't work. stuart: disaster, that's right. todd, with me for the hour, thank you very much. coming up, an op-ed in the "wall street journal" says democrats are stuck with kamala harris, they can't get away with her. jason chaffetz get into that. the white house assessing whether israel violated a red line after a rafah if strike killed 45 civilians. congressman corey mills on that next.

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this morning by an israeli officialing who claimed the initial blast caused a fire that led to the deaths of civilians. this does not match with some of the initial aftermath video shows dead civilians whose bodies were torn apart. one eyewitness. >> translator: the bodies were torn to pieces. it's not fair for this to happen to us. even oured food was mixed with blood. nothing survived occupation's aggression. >> reporter: the united states is weighing in on the strikes calling on israel to use restraint with the biden administration's national security council saying in a statement, quote, the devastating images following an irk df if strike in rafah last night that killed dozens of innocent palestinians are heartbreaking. yesterday israeli prime minister benjamin netanyahu said this about the incident -- [speaking in native tongue] >> translator: in rafah we have already evacuated about a million non-involved residents, and despite do our efforts not to the harm the not involved is,

unfortunately, a tragic mistake happened last night. >> reporter: israel's prime minister calling this a tragic mistake. later today we do expect to receive more video showing israeli surveillance of the area before the strikes took place. stuart? stuart: trey, thanks very much, indeed. congressman corey mill, republican from florida, joins me now. congressman, what should biden do now? >> well, look, biden should have gone ahead and provided the necessary weapons and defense and arm ament that was given -- armament that was given to begin with. we should also recognize the fact that in war, whether it was in the iraq war, afghanistan or whether it was under the obama-biden administration, that these types of unfortunate incidents do occur. this is why we do everything we can to avoid warfare, because we know that the collateral damage and the civilian casualties will increase. we saw this whenever obama was targeting the al-qaeda arabian peninsula in the gulf of aid

do -- aiden. -- aden. we also have to know that two the key hamas leaders were killed in this attack that was responsible for the october 7th incident that took 1200 lives. why has israel not found a way to try and get the actual hostages released and come to a different agreement, and the reason why is because hamas continues to hold the hostages because many of them are dead. we've seen the recent videos, but we have to always a make sure like ben finn netanyahu said, almost a million people they've evacuated. they're not bombing everything, they're trying to be as methodical, going door to door, and and this is the unfortunate part of warfare. stuart: the world seems to have conveniently forgotten who started this mess in the first place. they seem to have -- to have forgotten that,s who took the hostages and brutalized them, we've now gotten that -- >> and those videos that came out recently were atrocious, the

treatment of these individuals. but we have to understand, this was not a war that was brought on by israel, this of started by hamas on october 7th. stuart: precisely. "the wall street journal" reports the administration pressed our allies not to confront iran on their nuclear program. why are they doing this, congress congressman? >> well, this is, again, the biden administration's appeasement and apologyy tour for terrorists. they did the same thing when it came to delisting the houthis as a terrorist organization which has disrupted mers in the red sea is, they have done nothing to stop the oil flow from iran to china which is funding all of these terroristic activities, and here they are again not even wanting to -- they're going to abstain from the vote as the united states and put pressure if on other u.n. members to not go ahead and apply or pressures, even preventing the iaea from doing their job as nuclear regulators. this gets them closer to a nuclear weapon that they could utilize against israel knowing that they want to exfull-term

nate israel -- exterminate israel as a state. again, this is where joe biden has continued to be more apolo jet apologetic to china, to russia, to iran, to north korea, this axis of allies, ax a sis of evil, and we have to be very, very cautious about how joe biden is emboldens our -- emboldening our enemies and adversaries to do more. stuart: congressman cory mills, hope to see you soon. >> thank you, very any. sure that stuart squad member rashid a da tlaib, she's going after bind, what pactly did she say? >> not pulling any punches, blasting president biden for his handling of israel's war against hamas, accusing him of being an enabler of genocide. watch. >> president biden says what's happening in gaza is not a genocide. [background sounds] where's your red line, or president biden? if it is disgraceful9 that the biden administration if my colleagues in congress. don't to smear them for

protesting the save lives no matter faith or ethnicity. it is coward ally. but we're not going to forget in november, are we? >> if you think the comments are bad, think about -- think of the context. an event attended by at least one member of a designated terrorist organization and funded by an asset of the can chinese communist party. of let's break these down. the people's conference for palestine was held in detroit with an activist with ties to the popular front for the liberation of pal tine. the -- palestine. that individual spoke at this conference and it was organizationed by a left-wing activist group called the people's forum funded in part by a guy who's an american-born, multimillionaire tech mogul based in shanghai who has been described as a conduit for ccp geopolitical influence. you'd think these individuals would be pro-america. i guess not. stuart stouter i think that the use of the or word general side in connection with the israelis

is disgutionzing. thanks, todd. check out the futures, tuesday morning after a 3-day weekend. green for the nasdaqing up 45. the dow is down about 60. the opening bell is next. ♪ ♪ all we need is love ♪ daughter: hey, dad. dad: hey, sweetheart. daughter: what are you doing? dad: i'm gonna clean the fence. daughter: it's a lot of fence. dad: you wanna help me? dad: aim at the wall, but get closer. daughter: (gasps) what the?! daughter: alright. dad: side to side. when you work with someone who knows a lot and cares even more... you can do this. ...you're unstoppable. (♪) wow...

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stuart: keith fitz joins us this morning. you've seen the market deny there he is, there's keith with us. keith's got two very interesting, new price targets. one on nvidia, he says it's going to $2,000, and the other on moth. he says it's going to -- microsoft. he says it's going to 500. okay, keith, start with nvidia going to 32,000. make your case. -- 2,000. >> absolutely. this is so exciting. you're talking about one dollar spent in a.i. is going to be 5, 6, 7. the demand is insatiable. we're look at a -- i have red lips today, stuart. we're going to go from $30 per share to $60 per share at that number, 32,30 -- 2,3000 pretty

quick. stuart: it's going to be the most valuable american company at that rate. at the moment, microsoft is worth $3.2 trillion, apple's $2.9 trillion. nvidia is $2.6 trillion. if they keep on as you suggest, they will be the most valuable company in america. do they -- is that legit? >> i think it is not only legit with, but it is possible. -- probable. i think we're going to take out the number two slot this year, maybe next year at the latest. now, don't forget, ample and microsoft are going to continue -- apple and microsoft are going to continue to innovate, so it's going to be a tough race. stuart: microsoft to $500 a share. again, make your case. >> here's the deal with this one, this is a. a.i. into every product suite they've got, legacy contracts. the case use for this at the beginning was really generative a.i., now we're a going to talk about infriend if, a.i.x this is going to play to both microsoft and nvidia. again, this is a massive if you

spend x on moth or nvidia, you get y in term of your own output. that's where companies are going to find it's a trillion dollar opportunity every year, maybe multiple trillions. stuart: it looks like the market is in rally mode, the beginnings of maybe a summer rally mode. does it continue? >> i think so. i think the risk, of course, is now that we've got through most of the earnings, that somebody at the fed is going to take the microphone again saying they want quarters of data before we have to talk about a rate cut. to me, this is headline risk until we get into at earnings cycle. stuart: okay, all good stuff. nvidia with at $2,000, microsoft if at $500, music to our ears. keith fitz, thanks for joining us. the markets are about to open, and we're expecting a downside move for the cow but a modest upside move for the nasdaq. remember, the dow is now -- closed friday at an all time

high, let's see where we go. the dow is off 75 points in the very early going. look at the dow 30, there are a far more sellers than buyers, and now we're down 100 points on the dow industrial average. move on to the s&p 500 that's on the downside -- oh, sorry, it's on the upside is, .15%. the nasdaq composite, possibly on the upside today. yes, it is. better than one-third of a percent higher. 65 points. 16,986. you're getting close to 17,000 right there. have a look at big tech across the board. what's the pattern will there? apple, alphabet up. meta, amazon, microsoft down. let's have a close look at apple this morning. i'm going to call that almost a surge. the stock's up, well, it was much higher earlier -- 191. this is about a iphones in china, isn't it? lauren: the market bottomed in china, so the direction is up from here. iphone sales in china rose 52% in april. with nearly 3.5 million phones

sold, that's according to today that from if china. it's a major rebound for tim cook after a 12% increase in march. now 52%. look, steep discounting is obviously helping. we did the report that this month the iphone has a discounts of as high as $318 per phone. but it has a loot of -- can lot of competition, and there's something called 618, it's a major shopping event. so leading up to june 18th you do see luxury brands, which is apple in china, offer discounts. stuart: okay, not bad. the nasdaq, by the way, as has just mitt another intraday high. what's boosting nvidia today? it's over or 1100. lauren: wow, 4% gain. elon musk. his a.i. company raised $6 billion in financing, tie that to invid. >>. well, it's using their chips. xa a i, that's the name of elon's company, has now talked about developing its own chips

health cared mean continuesed big business for -- continued big business for nvidia and xa a i will need 100,000 specialized chips, and elon is partnering with oracle and using envied ya chips to do that -- invid -- invid cha chips to do that. lauren: a lot of us are saying why didn't we buy it at 800. [laughter] stuart: there's a proxy adviser named glass lewis, he's calling on tesla shareholders to block musk's $56 million pay package. why is he against it? lauren: the pay deal is excessive x they cite dilutive impact on current shareholders. okay, glass lewis is one of two the major proxy solicitation firms. iss is the other one. back in 2018 when this $56 billion pay package for elon musk contingent on him meeting certain milestones which he did, they both then said shareholders

don't approve this, and still the package was passed with 73 of this vote. this year the stock is down and struggling, but it's still up eight afold since then. what are the share holders going to do at the meeting on june 13th? can tesla be tesla i without elon musk? he bail if this $56 billion doesn't go through? if. stuart: good question. i haven't the faintest idea. lauren: so i'm going to go with it is a key man issue, and tesla shareholders despite what glass lewis and eventually iss recommends, their going to go with giving elon musk this pay package because if they need him and his wild, visionary ideas. stuart: all right. let's move on from the tesla. meme stocks, looks like they're coming back. what specifically is pushing them up? i think the i know, but you tell me. lauren: 17% for gamestop. they raised $99 33 million after a selling -- 933 million, that's an a average $20 the each.

this stock was $10 three weeks ago. also they could use the money to pay down debt, they can use the money to make informs ifments. amc, where are they? they're at a $5, up3 , they also completed a quarter billion dollar share sale. stuart: meme stocks are back. get your gambling instincts going. target, we know that they scaled down their pride collection, so you tell the me what is walmart if doing? lauren: they have a collection for president biden month, it's called president biden always. they're -- president biden always. they're -- pride. the collection was inspired, you're looking at the ad by gay artists and their storieses. so this is walmart, the biggest private retailer, not fearing backlash or a bud light moment, but they're also a not selling tuck-e friendly swim wear like target did. it's not as overt and in your face. stuart: okay, moving on. why are the sports betting stocks down? lauren: illinois.

down 9% for draftkings. state senators in illinois approved a budget that would raise illinois' sports betting tax to as a high as a 35, more than doubling on large operators like draftkings. it would be progressive, or so that means it would be based on their revenue. and the governor, pritzker, is looking to raise $200 until doing this, but many of these companies are a saying you double our taxes, that's going to be the fewer promotions for users, and also it will boost the illegal -- stuart: illinois needs the money. all right. cruise lines, i think almost all of them are-up. -- up today. they've got to be getting good bookings. lauren: yes, and upgrades from the brokerages. norwegian's up 3 percent if. say they it's no longer the target of short sellers. viking cruises, very popular, niche, luxury clientele. it debuted may 1st. three brokerages initiate their coverage at a buy, bank of america, ubs and jpmorgan.

all three agree that viking is a pure play for luxury travel. my parents are are on one now. stuart: are they really? airbnb, i know they got an upgrade. lauren: yes, web bush. they go to perform perform. they say airbnb's down 9% this month so it's an attractive entry point, if you will. stuart: okay. the market has openedded, we're down 100 on the dow but up on the nasdaq. coming up, the director behind classic disney films has some advice for the company after a series of woke movie flops at the box office. he says it's time for a course correction. an msnbc legal analyst says the prosecution in the trump trial should worry that there are lawyers on the jury. watch this. >> i do worry that there are lawyers on this jury. not one, but two lawyers. i do worry that the non-lawyers on this jury may rely on the lawyers who, quite frankly,

don't have expertise in this area of the law. [laughter] stuart: could having lawyers on the jury contribute to an acquittal? former obama advisor david axlerod says biden needs to express more empathy on the economy. we'll ask ej antoni about that next. ♪ forever, forever. ♪ if. ♪

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stuart: fresh out of the box on a tuesday morning after a 3-day weekend, look at that, the nasdaq tops 17,000. first time we've ever seen that. and nvidia, what a stock, just hit another all-time high, $1,1119 a share, it's up 5% today. the economy, that is the the top issue heading into the election. most people say the current economy is just not working for them. hillary vaughn at the white house. what are trump and biden saying

about their economic agendas? >> reporter: stuart, a big difference really comes down to taxes. trump wants to cut them for everyone, biden wants to raise them on the rich. and in the middle of this fight is former president trump's 2017 tax cut that expire at the end of next year. president biden says he's going to let them die. >> that tax credit expires next year, okay? [applause] well, let me tell you something, it's going to to stay expired and dead forever if i'm elected. scranton values and mar-a-lago values. these are competing visions of the economy at the heart of this election. we're following my blue collar blueprint to rebuild america and, guess what? it's working. >> reporter: but not everyone feels like biden's policies are working for them. a recent fox poll showing 64% of americans think the economy is getting worse, not better. trump says bidenomics are to blame for that.

>> we're going to throw out bidenomics and and going to replace it with maga mom mixes! i will give you low taxes, low interest rates, rising wages, growing incomes and fair trade for the american worker. >> reporter: and even some democrats are getting worried that biden brag on the campaign trail about having the world's greatest economy is not landing with voters who feels like that's not their a reality. politico has a piece detailing the vibe behind the scenes among democrats about how the campaign is doing, and it's not going great. democratic operatives in close touch with the white house telling politico this: you don't want to be on the record saying we're doomed or the campaign's bad or biden's making mistakes. nobody wants to be that guy, but biden's stubbornly poor polling expect stakes of the election are creating the prescribingout to. it doesn't seem like biden is getting the message. earlier this month he was asked how it's going to turn consumer confidence around, and his reply was it's already been turned

around. stuart in. stuart: got that wrong, i'd say. hillary, thank you very much, indead. former obama campaign adviser david axlerod is calling out president biden's approach to the economy. he told the boat journal with, i'm quoting, this has been a constant, constant problem, his desire to claim credit is a huge obstacle do connecting with seaters on this issue. we -- voters on this issue. you can cite data until the cows come home, but what counts is how people are perceiving the economy. ej antoni joins me now. why do people see the economy as a bad? >> well, stu, simply if because it is. [laughter] the rhetoric out of the biden administration just doesn't match what the average american is feeling today. you know, if you look at a, stu, for example, just take the typical american household. you have seen prices rise much faster than wages during biden's tenure,now you have higher interest rates on top of that, increasing borrowing costs on everything from mortgage, student loans, auto loans,

credit cards especially so you combine all of these effects, and it's as if that typical american family took an $8100 annual pay cut as compared to when biden took office so of course they feel terribly about his economy. stuart: so it is true to say that the average person in this country is no better off now than they were three and a half years ago, in fact, they're worse off. can you say that? >> stu, unequivocally. and that's not really a matter of opinion at that point, at this point. that's really just what the numbers tell us. that's what the data show. people are earning less today in real terms. in other words, they've host purchasing power. lost purchasing power. the average american's weekly paycheck is up $150 to, and yet it buys $50 less. stuart: would you say that the top 10% of income earners, they're doing fine? inflation doesn't really touch them or hurt them? but the rest, middle america, like that 60% in the middle there, they are at best dead

even and the bottom 20, they're losing a lot of ground? is it accurate to break up income groups like that? >> stu, that's a very good summation. and a key reason for that is because with those very wealthy, or those high income groups, they went into the biden administration typically with a lot of assets, with things like equities, like housing, etc., all of which have appreciated very well during this period of high inflation. stuart: did the administration if overstate job creation last year by, what is it, 7700,000? you delved into this, didn't you? >> absolutely, stu. so those monthly job numbers that we get, not only were they revised down very heavily last year, almost every single month, in fact, was revised down, but now on top of that a much more accurate data set from a quarterly census from the biden administration's own bureau of labor statistics shows that job creation was overestimated by almost 8000,000 last year. again, that's on the -- on top

of the previous downward revisions. in other words, about one out of every four jobs supposedly created last year never even existed. it's as if you took three whole months of job creation and semiwiped them out. stuart: that's an panellation of the true performance of the economy. e.j. an tony if, thank you. >> thank you, stu. stuart: this is interesting, gen-z reported reverseinging a decades-long decline in -- wait a minute, gen-z sustain teens are going back to work? the. >> yeah, interesting. in the 1980s, nearly 66% of 16 to the 18-year-olds were or working. labor participation dropping really, or really low among millennials in the 2000s. but teens now working or looking for work hit a 14-year high, 38%. so it's not hitting 66, but it's a lot better than it was during the millennial years.

in the coming weeks, employ or -- employers expected to add another $1.3 million jobs for teens. we'll let you know. many teens are getting part-time jobs to help their families cover dale cots such as inflation because -- daily costs. it's kind of like back in the '20s and '30s when the teens had go to work or to help their families put pod on the table. kids are doing what they can to chip in. stuart: why not? todd, thank you very much, indeed. coming up, how many times have we said the alarm bells are ringing at the white house? well, they are surely running -- ringing now. dems in full-blown freakout over biden. the problem is the democrats are stuck with the biden-harris ticket. that's my take, top of the hour. deadly tornadoes tore through the midwest over the weekend. it's broadwaysing for another round -- texas is bracing figure another extreme round of storms today. the full story from texas next. ♪ ♪

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people couldn't see my potential. so i had to show them. i've run this place for 20 years, but i still need to prove that i'm more than what you see on paper. today i'm the ceo of my own company. it's the way my mind works. i have a very mechanical brain. why are we not rethinking this? i am more... i'm more than who i am on paper. stuart: texas the residents bracing for yet another round of extreme weather this morning. large hail, damaging winds expected to hit most of the

state. max gorden is in valley view, texas. what's the latest from there, max in. >> reporter: hey, good morning. it's the always a been a very active morning here in north texas. right now we're sheltering in our car because we've got a lot of lightning in the area. severe thunderstorms have rolled through, one tornado-warned storm. dallas/fort worth airport measured a 77 mile-per-hour wind gust as a communities are trying to clean up after several tornadoes touched down over the weekend. this is the damage that's left over from an ef3 tornado. you can see what's left of this home right here. it was under construction. but you can see multiple homes in this neighborhood with severe with damage. now, the nearby valley view, texas, nearby gas station dramatic video shows mothersists traveling along -- motorists ran for cover into a shell gas station. that gas station actually took a direct hit from the if tornado. the walls collapsing, cars in the parking lot pulverized with flying debris, but the dozens of

people who were sheltering there, they actually survived. unfortunately though, seven people did die in this tornado here, around 100 injured. the owners of the gas station told us they were glad their business was a refuge for those passengers, but they were saddened by the deaths. >> it broke my heart. it's sad. i've been asking -- >> we're family with everybody in valley view. it's a small town. everybody stops by here. we know everybody by name. this is just beyond imagine if nation, what happened here. >> reporter: it's been an extremely active period of weather. between friday and monday there were around 65 confirmed tornadoes that touched down across 15 states. the death toll has been climbing, now at 23 dead. along with the 7 dead in north texas, 2 people died after a tornado hit north if eastern oklahoma, 8 storm-related deaths in arkansas, 5 people died in kentucky due to the storms and 11 person died in alabama. -- 1 person died in alabama.

power outages, here in texas right now more than 70000,000 customers are currently without electricity. back to you. stuart: max gorden, thank you very much, indeed. i also want to thank todd, always a appreciate your hard work. still ahead, congressman russell fry on reports president biden will make a statement at the end of trump's new york trial. what's that about? dr. marc siegel on a new study showing tattoos a may raise the risk of blood cancer. told you. mitch roschelle on whether co-owning a home is a good option for potential buyers, and lisa boothe with on trump proposing a partnership with libertarians at their national convention. the 10:00 hour of "varney & company" is next. ♪ ♪ ♪

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