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tv   Varney Company  FOX Business  June 3, 2024 9:00am-10:00am EDT

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>> we want to update you on developments on the hunter biden gun trial he arrived at the delaware courthouse at the top of the hour for the first day of the federal gun charge trial, moments ago first lady jill biden also arriving at the courthouse nearly a dozen witnesses are expected to be called by by by the prosecution. if convicted he could face what he five years in prison, stay tuned to fox business for live coverage all day long and join us on mornings of maria tomorrow for the latest on the case, liz peek, mark tepper, thank you very much and over to you stuart varney. stuart: we will take it, good morning, everyone what we stand
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for donald trump, coming off the guilty verdict he walked into the ufc fight in new york new jersey and received a thunderous ovation, the new york times dismisses this as trump's hyper masculine appeal but it was certainly a big appeal, eric trump says the campaign brought into a million dollars this weekend after the guilty verdict, 70 million came from small donations, then trump appeared on "fox & friends" on sunday he appeared confident and rested and says he was not concerned about going to jail you will hear more from him throughout the show. to the markets the nasdaq starting the week strong, treasury yields are lower and that's helping technology the downtown 14, s&p f11 but the nasdaq close to 100 points the yield on the ten year treasury down to 4.46% the yield on the two-year treasury i believe is down 4.87%, oil $76 a barrel and
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down 30 cents. even though opec has expended production cuts into 2025 gas a little bit lower 353 for regular diesel down 3.84. bitcoin $69000 per coin, last check 697th eagle $349, 2355 now, that is the market, politics. hunter biden trial begins today he faces gun charges allegedly falsely claimed to be drug-free when he bought a 38 this could be politically embarrassing for his father, president biden, doctor anthony fauci will testify before congress he may be in for a rough time he admitted to 6 feet social distancing and masking rules were not based on science, latebreaking news with political implications. venezuela migrant arrested he allegedly shot to police officers in new york city early this morning, one injured, the migrant arrived very recently crossing the border at eagle pass texas. on the show today two different
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sentences for the same offense, hilary gets an $8000 fine because her campaign falsely claim that money for the steele dossier was for legal services, trump might go to jail because he saw guilty on the same offense. we will check out the foul on caitlin clark yield racial animosity in the wnba. one day june 32024th, "varney & company" is about to begin. ♪ ♪ ♪. stuart: hall of fame from william as we look at sixth avenue, i'm not sure the cigna significance hall of fame. his nondescript hall of fame we're playing not because donald trump got a massive stated
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ovation at the usc rio two of the over the weekend that's what happened, that's why were playing the song, lauren is here. >> i was not there. stuart: my daughter was there and she says trump's reception was huge. >> i watched clips and jeff will talk about in seconds, you can see from the video he stops to shake hands of people in the crowd. he looked like he was about to fight he was introduced by deanna white the president of ufc anisa cage side were mna fighters sean strickland gave the president as shadow. >> president trump your the man is a dm tragedy what they're doing to you. i'll be donating to you my man, let's get it done. >> many in the crowd in new york new jersey see donald trump as a fighter because he's fighting off their his felony conviction. stuart: the formation jeff sica, you were there have you ever
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seen anything like it. >> i am still pumped over what i saw the other night at the ufc. i got to 20 ufc fights throughout the years in the big venue concerts. it's always my favorite time when the event starts where the band comes out, this is like nothing else, the minute that they showed trump and dana white on the jumbotron the crowd stood to their feet and everybody cheered everybody went crazy and throughout the event there was change hands, i want to be and say what some of the chants were but let's go brandon type thing and it was an outpouring of love and support for a man who has embraced mma and the ufc from the very beginning. stuart: how many women were in the audience. >> surprisingly more than normal, these are generally big men type events but there were a
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lot more women, i think women are warming up to the sport, actually lauren is one of them she loves it. stuart: how anybody could warm up to blood and guts i don't know it's not my thing at all. >> i think everybody has all the pent-up aggression in the fighters get a chance to take it out on each other. stuart: this is a dreadful way to start the morning. suffice it to say trump got a fantastic reception. sit there we're going to cover the market shortly. trump spoke out about his guilty verdict in new york, listen to what he said when asked if he would be okay with house arrest or jail time, watch this. >> one of my lawyers on television said you don't want to do that and i said you don't beg for anything it's the way it is. i don't know that the public would stand it i'm not sure the public would stand for.
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>> i think it would be tough for the public to take. at a certain point there is a breaking point. stuart: charlie hurt with me this monday morning what do you think happens if trump goes to jail? >> i think he's right i think it would be a breaking point of sorts and i wonder if that's not the strategy to provoke americans into a response that makes people look bad and that he even saying that. but you cannot explain their actions any other way except something really diabolical like that. the dude is fearless it is amazing and he is right when he is talking about the fact that it's really not about him is about the idea that you have a cabal of people in power who don't do anything for anybody they don't do anything to improve anybody's lives but the
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only thing they're willing to do is to break everything in order to maintain their own grip on power. people are starting to see through it and when he goes into the fighting ring like that they recognize he is a fighter. stuart: he went after president biden as well and says the world is out of control under biden's leadership, watch this. >> when you take a look at what's going on in ukraine, when you take a look at what's going on with israel, if you take a look at all the stuff. the whole world is out of control. i got along very well with putin but you gotta be careful i'm watching putin and he's doing things now that aren't good. that aren't good it is dealing with somebody that has no clue how to play the game. when you look at what's happening now the whole world is lining up against us and our allies are getting weak for us. stuart: what is trump presidency
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brings back respect for america and your opinion? >> i think it would instantly appear for example to look at what happened in new york yet to police officer shot by one of joe biden's migrants and the major press is ignoring it acting like this is not a big deal in a normal election year if you had to migrants brought into the country by the sitting president of the united states and they shot two police officers that would be the only political story anybody was talking about because you can penn that directly on joe biden and as part of the idea is america last, joe biden wants to turn america into a dumping ground for the world and everybody bullies the country and if you had somebody like donald trump overnight you fix that many of those problems. stuart: charlie hurt on a monday morning, good stuff we appreciate it. back to the market, jeff sica is still with us. last week's drop in software
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stocks is a canary in the coal mine, does that mean we see decline and tech stock. >> if you look at the earnings report yet salesforce, del and we needed to find nvidia in the a.i. stocks have been the focus of this market and if you look at these companies and their reports we wanted to see if we can quantify the capital spending and artificial intelligence the company like micro, amazon, alphabet are spending tens of billions of dollars and what you saw and dell the a.i. servers, they are selling those with virtually no margin and uc with salesforce there is a warning that there is competing investment for capital spending you have them spending on software or artificial
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intelligence and we show a lot of the dollars are going toward artificial intelligence and software is not getting its due and the money is not flowing and that there was. stuart: a quick question on friday's jobs report if it's a strong report with job opportunities and good employment situation, a strong report and bad news for the market. >> we had a celebration on friday because you had to cpe that showed the economy might be slowing because consumers are not spending on things like vacations, restaurants now the jobs report what people are going to be very focused on is how tight is the labor market, where our wages and hours and where is the savings rate and when you look at the savings rate, the savings rate is at a historic low which is a very bad
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place for the market to be. stuart: we will see on friday. i'm glad you could join us after the ufc fight. >> i'm going to get you there soon one of these days. stuart: you can try. you're alright thank you very much. jury selection underway and hunter biden's felony and gun charges, hunter should take a plea deal quickly. i wonder why. we are following doctor fauci says he doesn't know where the e came from and he's unaware of studies on the negative impacts of masks on children. dr. fauci will testify on covid in less than an hour, nicole malliotakis will question him, what is she going to ask (fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) how so?
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stuart: monday morning, 14 minutes to go to the opening bell, look at the nasdaq, interest rates on treasury yields are down, the nasdaq like it, it's up 100 points, doctor anthony fauci admitted there was no scientific evidence for 6-foot social distancing or masking children during covid, and less than our he's going to testify publicly for the first time since retiring, mike emanuel on capitol hill, can we expect a fiery hearing. >> no doubt about it, doctor anthony fauci arrived a few minutes ago going into the hearing room did not comment on his way and that plenty of time to comment in front of lawmakers in just a few minutes seen as the house select subcommittee on the coronavirus pandemic seen
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for the testimony since leaving office with doctor anthony fauci lawmakers are expected to dig into government decision-making during the coronavirus pandemic, there likely looking at embarrassing e-mails just to get key senior faculty advisor seeking ways to circumvent public records laws, that led to the subcommittee accessing dr. fauci's personal e-mail and cell phone records based on republican saying there are indications he may have used them to get around government reporting requirements during covid, a leading saatchi critic offering this assessment. >> we now have his e-mails from the exact time when he said it was natural nothing to see here in the nih had nothing to do with it we have the private e-mails where he and everyone in his inner circle was saying all my goodness. >> lawmakers are likely to dig into the procedures americans have to live during covid something that came up during
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dr. fauci's closed-door opposition, do you recall when discussions were kind of the six-foot role threshold, the six-foot in the school, six-foot overall, six-foot what was applied to businesses, it was applied in schools and here and now the messaging was applied was distracting six distance that needed to be. i don't recall, i sort of just appeared i don't recall a discussion of another should be five or six, whatever. it was the six-foot, did you see any studies supporting 6 feet. >> i was not aware of studies, that would be very difficult to do. of course the six-foot distancing capture schools closed for an extended period of time, democrats responded to the hearing ahead of time preemptively saying this is essentially a waste of time. stuart: mike emanuel, thank you very much.
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congresswoman nicole malliotakis from new york joined me now, congresswoman you will be at the hearing, will you cut dr. fauci any slack on the grounds that he wanted to bring new situation when covid arrived and nobody knew what was going on. >> the issue that he admits he lied to the american people and if they pulled the mandates out of the air they were not based on science as i indicated they were at the time and addition to that, they made hundreds of millions of dollars in royalties from pharmaceutical companies and what role did that play in their decision to mandate certain things. we have a lot of questions for him, there is also the extremes that they went to to use personal communication for professional, government correspondence to hide from the american people so they would be subjected to freedom of information law, somebody within the circle is committing perjury
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because their stories are not matching up there are a lot of questions for us to get to the bottom of what exactly took place including why anthony fauci suppressed the lab leak theory saying when it came before us the transcribed interview stated was not conspiracy theory and could've came from the lab leak, he went out of his way to suppress the lab leak theory and try to penn as a conspiracy theory, department of energy, sbic and the fbi issuing evidence to emerge from the lab and doctor bradfield from the cdc was a former director who says american tax dollars were sent to the wuhan lab anything that was used in the production of the pandemic. there are so many things and we don't have enough time, we have five minutes each. stuart: would you hold on for a second i want your comment on a news item that is breaking this morning, to nypd officers that were shot in the line of duty overnight in relating the
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suspect is a migrant who recently crossed the southern border, do we have any more details. >> a 19-year-old crossed into the u.s. at eagle pass less than a year ago he is from venezuela and is living at the migrant shelter at laguardia airport he's accused of killing two cops in queens, new york, officers tried to pull him over, he was driving the wrong way down a one-way street, he ditched the scooter and ran away and that's when the shootout began, the two officers are okay one within the back and one in the stomach, they are in good spirits, fortunately they were wearing their bulletproof vest. nicole malliotakis, come back and this is new york city is that how work fears about migrants coming in. >> this is absolutely preventable it was predictable, you and i said this was going to happen if they continue the ridiculous policies.
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it's time for joe biden to undo the policy changes at the border is not even chuck schumer or alexandria ocasio-cortez whose district occurred into: the president to stop the craziness it's so insane that were allowing people in this country illegally committing crimes, your shooting other police officers and guess what they have gone back to the hotel room that we the taxpayers are paying for, mayor adams needs to undo this policy, he said it was going to be six months, why is this person there for more than six months what happened to the curfew he supposedly put in place, they're not enforcing any of this there allowing individuals who are here illegally, members of gangs to commit more crimes, this is where the reckoning has to come in november, people have to vote the democrat to allow the policies to continue out. stuart: congressman nicole malliotakis, thank you for being with us. let's check features a few minutes to go for the opening bell i see green across the screen the nasdaq of 120 points. opening bell is next. ♪
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stuart: three minutes to go before we open up wall street the dow looks to be up ten, look at the nasdaq at 113, keith fitz
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with this, i want to talk gamestop that is up 76% after luring kennedy revealed he may have a huge position in the videogame retailer. is that legit, you establish in the new pump it up by being luring kennedy online, is that legit. >> not in my mind if the fcc does not come down like a hammer on this stuff, what purpose does fcc surface, it's astounding that this is happening, there are billions of dollars that a bill lost by investors. let's move on stock picks, everybody seems to like palantir these days including you, make your case. >> i like to think i started that down $6 a share before everybody woke up to the possibility, here's the thing this company is growing by 60 or 70% a year customer base and commercial military operation,
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it is the engine for big data, customers are super sticky, clean balance sheet and strong payment structure. stuart: why hasn't it done much, is, but it hasn't done that far. >> that's a good question, the answer comes down to this, ceo is unabashedly patriotic, he is unabashedly out for the investor not wall street so wall street has stomped on the stock because they didn't get to play with ipo or get their incited shares for warrants. it's a nasty game but the company is putting good numbers quarter after quarter in wall street can't resist. >> next case nvidia $1100 a share 1136 you've been consistently saying is going to go up, where to. >> i think 2000, 2300 were the split, the timing i don't know but this has an awful long way to run they are 80, 85% market
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share in their inventing new tricks in technology this is haystack not the new york times. stuart: the last one crowdstrike, what you got. >> this is interesting all of this data and everybody doing stuff, crowdstrike got a little bit of a hammer time. to me this is a compelling by you have to protect in prod producing. stuart: we will follow it closely. thank you for joining us we will see you soon. the opening bell will ring in 20 seconds. the backdrop to today is the importance of slightly lower treasury yields, you will see that reflected in the nasdaq composite which i expect to open 80 or 90 or hundred points higher investors and big tech want to see lower treasury yields and when you get them they tend to move big tech i think that's what's happening this morning, three seconds to go we will open the market june the third all day and we opened up, press the button away we go the dow was open slightly higher
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and i'll call that dead flat dow 30 there is more buyers and sellers at this point more green then read move on to the s&p 500 you see that is opening slightly higher, 20 points .39% the nasdaq composite, this is what i want to see 129, .77% another rally for the nasdaq, i presume that big tech is doing well this monday morning and they're all up, matter of $3, apple 193 come off about 173, amazon 173, microsoft struggling to get back to 415, is up 50 cents, this is big news in the chip market, nvidia and amd release details about the new a.i. chips. >> nvidia will roll out new chips every year, blackwell ultra in the new ruben platform comes a year after an annual update that is significant.
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a keynote address by the ceo of nvidia over the weekend and taiwan because of a big conference for a.i. this week and taiwan and jensen wang said the more you buy, the will you say ceo math it is not accurate but is correct he is telling clients he sullied the industries if you keep investing in our a.i. chips that is profit driving for you, they are encountering nvidia have annual upgrades this year the mi 325x they announce that in their ceo lisa sue said they plan to catch up to nvidia in two years time. stuart: a.i. chips are big, i think we got a deal with gamestop again surging it's up
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64%, 160 million other but i presume that's pushing other means to accept, is up 30% you name it my interpretation of this would be the market has become passively indexed, oriented toward being safety plays and luring kennedy is bringing back the spectators the man that goes by worrying kennedy and not only is the gamestop up right before the open i checked the volume it was lapping nvidia a lot of people are interesting and the short-sellers would lose about a billion dollars since friday's close on what's going on and roaring kitty in the social media platform. stuart: donald trump joined tiktok over the weekend. i thought we were going to panic. it was down but now it's up to present. >> the trump campaign joined tiktok saturday night they had a clip at the ufc, trump owns two thirds of this company, trump media and technology group. it is the parent of truth social statuses platform.
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people consider the platform a pull of the popularity of donald trump and the stock fell 5% after the guilty verdict, there is little evidence that has changed the voters minds but nonetheless it is up we had a weekend we see trump ufc and on tiktok and his media company is up 3%. stuart: please show me meta, i believe they are planning ace stock lift. >> only a member of the magnificent seven that is not ever split their stock. >> that is the key number when a stock gets that expensive a company will decide to split, meta is at 470, we will see nvidia has split six times, tesla two times, off about two times in history shows stocks get 25% bump in the 12 month after the announce the split. we have seen many. >> that's only one that's never
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split the stock after a mag seven. moveon spotify i know they raise their prices the stock is up 5%, why did they raise prices they're betting that their subscribers will pay most of the revenue comes from pain subscribers they have a free service not many people use 240 million pain subscribers and is increasing price is $3 a month for the family plan it goes to $20 in the dollar for the individual plan goes to 12. at the same time this is what wall street likes the bringing of our money by cutting jobs and cutting the amount of money that they spend on marketing and they want to boost their profitability. stuart: i was looking at crypto earlier this morning they are up i see bitcoin is 69 in ethereum 38, why? >> you could say you could make the argument that there is hope and expectation that the jobs report that we get on friday will be strong, that would suggest it's okay for the fed to cut rates, yields go down crypto
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currency has been held back the past couple of months by high yields i see your face i think it's an argument but i read it several times. stuart: a strong jobs report i don't think interest rates go down i don't think the fed lowers interest. >> why should they lower rates. >> i can't expire neither. >> up 7%. >> of a small piece of the theory in. i'm very happy. did paramount reach a deal with sky dance, the offer is a yes. >> reportedly yes, based on the stocks reaction 8.5% to the upside, one would say that is the case the wall street journal had been reporting that sky dance was paying $15 a share that was a 26% premium, a complicated arrangement of how this would work out but the deal has been talked about since the beginning of the year. stuart: i could never work it
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out it's so complicated the moving parts. you don't have inside knowledge of what's going on now we have the news, sky dance is buying. thank you lauren i want to show you this again gamestop has been halted, volatility was halted right there at 38 of 64%. overall a tiny loss for the dow industrial at this point in the early going minus five points, that is that that's a fractional loss. look at the dow winners, there are quite a few, merck, but when, johnson & johnson, amazon and apple up at 193, the s&p 500 winners topper that was will order desk there. warner bros., qualcomm, tesla is on the list up $3 at 181, nasdaq winners, put it on the screen, where's the green on the nasdaq, autodesk, paramount, nvidia of $45, southwest airlines at 27,
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best buy did well. coming up did you see this hard for on caitlin clark over the weekend, some analysts say she's been targeted, which she had this trouble if she was black and gay? speaker johnson wants a supreme court to step in on the trump verdict. roll it. >> i have had conversations with the justices i know the character and personality. i think they are concerned about using courtrooms for politics and political retribution. >> the question of the morning can the supreme court step in. we will cover it, bj and tony says a cost average family and extra headaches for the same house since biden took office. ej details the home affordability crisis next. ♪
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home insurance rates are up 2019 homeowners are skipping out on insurance altogether. jeff flock is at a new building site in new jersey, why are insurance ojai. >> because of what you are watching right there that is the cost of constructing a home and whether they built a new home for you, that cost a whole lot more, the oriented strand board that this guy has on his shoulder, osb that was ten bucks a four by eight sheet before the pandemic it went up to $50 and
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the owner says that was an extra 12 or $13000 per house when the cost went up, take a look at how much insurance premiums have gone up, 5.8% in the last three months in addition to what you mentioned average home $2500 a year to ensure, worst hit states, nebraska, illinois, south dakota and kentucky, everything is costing more we see it with any new home, and lumber, steel, concrete, everything goes up a little bit, the whole house goes up a lot. we can put that graphic up, individually how much individual things cost not figured is labor, that is a big one to. >> attracting skilled labor and unskilled labor is very difficult you will have to keep on raising the wages to get people to come to the jobsite. >> the skilled labor one last look not too many hammers swinging on the site anymore
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it's all the nail guns. i liked swinging a hammer it was sort of fun not so much anymore. stuart: a nail gun is actually a weapon these days, we will see you again real soon. e.j. antoni heritage founder public finance economist joins me now, it seems to me that the housing market is depressed, is it that bad. >> i think that's a really good word for it, would you look a home sale numbers and you see that these are low or lower than they were during covid when there was a government shutdown it was illegal for people to leave their homes and go shopping that puts in perspective how bad things are government has completely frozen over this housing market. stuart: what is the impact on the economy. >> it is slowing things down and unfortunately this has an impact on worker mobility because a lot of people are locked into homes
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with an interest rate of two or 3% in they cannot leave because if they do they're going to lose the mortgage, the good have to get a new one at seven or 8% and is simply unaffordable. as we see the decrease in worker mobility it means that people are not going to be able to get jobs in different geographical locations. >> economist writing in the atlantic suggest trump would make inflation worse but voters think they would handle inflation better, where are you on this? >> i don't understand why anyone is listening to like the atlantic because the same people who called inflation transitory and the same people who said inflation is really a people fault for spending too much, i'm so sorry people have to spend more on food and rent basic necessities to survive, forgive us dear atlantic, give me a break this is the height of elitism, the policies from this a administration from the biden
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administration are clearly what caused inflation and reversing them will reverse the inflation. stuart: are we headed toward stagflation? >> i don't know if were headed to it is already there look at the latest pce report and shows us that consumers are spending more but actually buying less, that seems stagflation area to me. >> e.j. antoni on a monday morning not bad at all, we will see you again real soon. privacy experts warning about microsoft new a.i. program, what is the problem. >> the program is called recall, recall something that you did it takes screenshots of what you do on the computer every five seconds, screenshot your computer, this happens while you're googling, credit card information, they want to help you microsoft wants to help you recall something you might've done and retrieve the information quickly but privacy experts are saying you have screenshots taken all day long,
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what if my computer gets hacked, microsoft as information is saved on the computer not in the cloud, privacy experts is very concerned about this. stuart: do you happen to know what happens if i'm using search on my phone today take a screenshot of what i'm searching. >> i imagine it is on the laptop but i wouldn't rule out the phone anytime soon. >> think of the deep dark holes when you're curious about something, as search word or your credit card information because you're buying something. >> i'm in the news business i need to know a lot about the different things. thank you very much. >> a tale of two cases of political bias in our justice system, hilary clinton street the 2016 election, donald trump's case this year, same offense glaringly different sentence. that is my take the top of the hour, a group of truckers to new
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york city they want to put a stop to the congestion toll arguing that it unfairly targets trucks with higher fees, the full report is next. ♪ the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo [introspective music] recipes.
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>> a group of truckers has launched a lawsuit to try to stop the city controversial combustion fees from going to in effect at the end of the month, kelly o'grady on what grounds are they suing. >> this violates the constitution, they say at violates the commerce clause as well as the faa active 94 which says estate cannot enact regulation that impacts roots or prices for motor carriers this is not the first lawsuit that congestion pricing is facing but it goes into effect june 30 under the plan for context any vehicle entry below 60th between 5:00 a.m. and 9:00 p.m. on weekdays, basically off time is going to pay a congestion fee, passengers will see $15 per day for a surcharge, trucks,
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24 - $36 per trip, the fees will be a little less during nonpeak hours the trucking association is warning is going to cause irreparable harm to the industry and there also warning that these cost will get passed on to individual new yorkers and businesses, they said this these additional charges as will have an economic effect of the tens of thousands of businesses located in the zone especially the vast number of small grocers and 80 degrees that rely on the trucking industry, we reached out to the mta they had no comment but the response to pushback previously less traffic it helps truckers be more efficient the truckers are not buying it unfairly targets them and they have to make deliveries when customers want them and on top of that it could force them to take longer routes which could cause harmful environmental effects. i will leave you with this i thought this was interesting a concern developing that service and delivery businesses could take advantage of this past the full fee onto every customer
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even if you're making multiple stops per trip. kind of interesting. stuart: i think the city needs the money, that's what they're doing maybe it reduces traffic but they want the money. thank you very much indeed, check the market, we are 22 minutes into the trading session and the dow has turned south it's up 80 points but the nasdaq is holding the salt again it is up 122. here is why look at the yield on the two-year treasury coming down a little butter for 5%. tech investors like that, the price of gold 2350, bitcoin will bid up to $69000, 698, the price of oil 75 or $76 a barrel even though opec has extended production cuts into the next year, oil down i thought it would be up, not gas 273, the average price for a gallon of regular is 353, no change in diesel is down the .84.
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still ahead lisa boothe on hunter biden felony gun charges, brian style on executive order on the border, he says too little too late, joe concha on democrats pushing biden to make the trump verdict a key 2024 issue in gop donor on trump raising $200 million since a guilty verdict, the 10:00 o'clock hour is next. ♪
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what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there.
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♪ ♪ >> ray davis a fine singer and i really like the song you really go

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