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tv   Varney Company  FOX Business  June 4, 2024 9:00am-10:00am EDT

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>> time for the big bugs happy news to report, morning with maria has a new member, jessica carrillo welcoming baby girl charlotte catherine pick carrillo, born may 317 pounds 9 ounces, mom, jess and baby are doing great, congratulations jesse, the babies first words were tax cuts, i'm only joking she has not said a word yet hopefully mama and papa and then tax cuts, jonathan fahey, john lonski, great the here we will see you soon, have a wonderful tuesday we will see you tomorrow. "varney & company" picks it up, take it away.
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stuart: good morning maria, good morning, everyone the fox power rankings are in and plenty of news for donald trump he's way out front on the economy in securing the border and more mentally and physically fit the president, biden leads on honesty and abortion, separately the president opened a new phase of his campaign going full on trump as a convicted felon he is expression for the first time monday at a fundraiser in connecticut he got personal he said trump is unhinged driven crazy by his loss in 2020. to the markets it looks like everything's heading south the dow, the s&p and nasdaq look like the opening with minor losses, interest rates a little over the ten year treasury under 4.4% for 35, that's way down there in the two-year close to breaking below 480, 479 on the two-year, the rates are down,
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oil down opec will unwind some of the quotas that could mean more oil production, 7292 per barrel this morning, gassed down 2 cents 351 is a national average for regular, 384, gold $2385 an ounce, down $14 today. a lot of down today, politics today the president will announce new measures to control the border they include limiting the number of entrants to 2500 today the border closes with the migrants hit the magic number that will be a nightmare to implement, on the show today will bring you the story of a foreign travel agent organizing easy entry to america across our southern border, airline tickets to cancún, taxi to the hotel, transportation to tijuana they will walk across the board and that americans take you to the city of your chores, come now while biden is in power, don't delay your dream, how about that
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tuesday june 4, 2024 "varney & company" is about to begin. ♪. stuart: ladies and gentlemen, i do not know the significance of more more money in the true connection but i like the tune anyway. a bit more traffic on sixth avenue. >> more cars more inflation. more money raised that's what were good to get. fox released the first ever power rankings issue tracker, where do voters stand on the economy and inflation. >> trump is up 15 points on the economy, that is double digit prices are up 19% under president biden and trump made that a fixture of his campaign.
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when asked which candidate is better to handle the economy, look here trump is up 21-point in the third line, biden is only .29% and up double digits in the three other major polls voters did not give much biden credit for the positive on the economy like no unemployment trump leads by 14 points on the economy and on inflation. >> are those important issues, thank you, the trump campaign in the republican national committee raised $141 million in the month of may they raised more money beginning saturday june 1 after the guilty verdict are announced. mollie hemingway joins me why you say trump is a 70% chance of winning where did that come f from. >> what happened president biden and the democrat party are showcasing their law fair how they're trying to imprison their top political opponent and i think americans don't like that.
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really the issues are what you laid out the first time in a long time americans can compare to presidential candidates on the record in the americans know what the border was like, economy, foreign policy under president trump and under biden and biden favorability being so low i think the big argument for biden you say you're voting for biden because he is not trump, biden's and favorability are higher than trump's. americans do not like what is offering and they don't like that is trying to imprison his political opponent which is unbelievable to say but were in a country where this is apparently happening and a lot of americans don't like it. stuart: biden is basing his campaign on trump the convicted felon calling it crazy and unhinged, will that work for him. >> were in a historic moment, never before has a political party try to imprison her political opponent in america
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this type of thing does happen in other countries and we prided ourselves on how it doesn't happen here when people are looking at reckless, dangerous unhinged behavior therefore more likely to say using the courts to try to politically imprison your political opponent or bankrupt in his family it is far far worse than what people already experienced under president trump for a lot of people was a really good. of time. stuart: very interesting situation with the two candidates going at each other, five months to go and trump looks like he has the edge at this point. thank you for joining us we always appreciate it. to the markets, checked the features, red ink, not that much, the dow is down 100, s&p down 16 and nasdaq 37 points let's check out nvidia the hottest stock of all of them
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this morning of 99 cents at $1150.99. it's up a fraction but a terrific rise, kyle will joins us today, what companies benefit from nvidia sharp rise. >> two names people have a prepaid attention to our names well known in the market, amd which is been around for a long time we don't amd has not lived up that much is up 10% year to date, 30% over the last 12 months amd in the 160s could hit $200 with the amount of money that will continue with a.i. with the new startups, new company that was darlene pre-ipo unicorn a few years back was palantir they have been ligation and flat since ipo but the a.i. protocol business is really starting to take off and has almost a 40% growth over the last year end done quite well i wouldn't be surprised if we see palantir breakout.
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stuart: i'm beginning to think that investors want to see an improvement to "the bottom line" and improvement to the profitability of a companies that adopt a.i. they want to see that benefit now and they're not necessarily seeing it, would i be right in saying the a.i. boom has plateaued. >> i would think there's a lot more money coming into a.i. if you look at what elon musk did he started x a.i. and over the last couple of weeks he raised $6 billion and from large investors, sequoia, horowitz, he's mentioning he's going to buy 100,000 h1 chips from nvidia then he said he'll buy another 300,000v to 100 chips that amount of money he said he'll spend over $9 billion in the next year justin a.i. that could drive nvidia higher than where it is today then supermicro.
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>> a billion here a billionaire and then real money. thank you for joining us as morning. coming up the white house struggle to explain what president biden actually did monday. >> everything. >> what i say, the president as you know he made some calls. >> made some calls, jimmy failla is going to run without one. attorney general merrick garland will testify in the house today he is prepared to go after trump present fbi plan to assassinate him during the mar-a-lago search, russell fry will be questioning garland today the congressman is next.
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>> trump will appeal his guilty conviction but the dear court of appeal consists of 21 democrat justices, eric shawn outside of the courthouse in the city a guilty verdict is an uphill struggle in the appeals court dominated by democrats, right? >> hello, how are you this is the courthouse behind me were donald trump's appeal will be heard this is the appellate court new york state appellate court first division and as it turns out many of the justices have a history of donating political contribution to democratic candidates including one gave money to hilary clinton. as you said 21 justices on this court. of the 21 all but one was appointed by democratic new york governor in the review of federal state campaign records show 14 of the 21 justices gave
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campaign contributions to democratic politicians, democratic committees or clubhouses in the past before they were appointed to the court but even while they were serving as judges and lower courts, the newest judge is justice marshall michael she was appointed eight mics ago by governor kathy hochul, 2014 the new york state of assemblies seen in the bronx of the democratic primary she was endorsed by new york city public advocate letitia james who went on to become the new york state attorney general with prosecutor trump and the fragile last year, judge michael and james at the time ten years ago on the campaign but judge michael lost the race, two months ago it was judge michael who ruled against trump with the lawyers tried to stop judge mershon's trial days before opening statements, another justice alan gessner gave thousands of dollars of campaign contribution to democrats before she took the bench federal election commission records saw
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she gave $2000 to senator chuck schumer's campaign in 1998 and to hilary clinton 2000 new york senate race $1725 she gave $250 to howard dean's presidential campaign in 2003 and $1700 to democratic campaign committees, last year former president trump got some wins from this appellate court during the civil fraud trial with judge author anger on the court cut the amount of his bond and lifted a gag order in about trump and his son to continue to do business in new york. we look to find out if the justices have given donation to republican party or conservative party candidates, so far we found none we asked the court for, insofar no one has gotten back to us. stuart: why am i not surprised, great report, i want to bring in senator ted cruz, you are convinced that terms conviction will be reversed on appeal but as we heard the new york appeals
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court has 21 democrats are you still convinced. >> i'm still convinced, there's no doubt it's an uphill fight in the new york state appeals court and it's entirely democrat, i have to stay right now, the new york justice system is a global laughingstock this opinion and verdict is another disgrace in lawless and out of the new york state court of appeals will do anything to step in and reverse it but if they don't i'm absolutely certain the u.s. supreme court will and the way it'll work i discussed this in great length in my greatest podcast that came out, the verdict to ted cruz and why this will be reversed, the jury instructions, the trial judge gave him the judge knows that he didn't care because the objective and get a guilty verdict before election day this is not about law or criminal justice this is about politics and trying to influence and
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change the result of the election in november, this will be reversed on appeal that all likelihood the appeal will be long actor election day. stuart: omicron across-the-board of less than a year ago is now in custody after he shot to new york city police officers, trump is blaming biden, he says biden migrant crime is out of control ravaging america we must focus finishing the walls and securing the border in keeping our streets safe, according to the power rankings trump leads on the migrant issue, this is going his way. >> of course it is we've seen innovation of our southern border illegally under joe biden the worst illegal immigration in our nations history the particular criminal defendant bernardo grauel castro this is almost out of charles dickens, he is spanish for he kills,
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rowel castro named for a murderous dictator and why is biden being blamed because he let them go, he is the one we apprehended him we had him at eagle pass texas and what he joe biden and his team say america would be better with another violent criminal release, they released him and went to new york and he shot to nypd police officers and this is happening every single week. people are being murdered and raped by violent illegal aliens at joe biden the democrats is releasing into doing every single day. >> you when i said it countless times it goes on and on, mr. senator i'm short of time it's a great pleasure to have you on the show we hope to see you soon. in less than an hour attorney general merrick garland will testify on capitol hill, russell fry is with us, opening question you think that merrick garland weapon i suggest a system and introduce political bias to the
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d.o.j. if you think that make your case. >> there's no question that he has in merrick garland during his confirmation pledged to be post-partisan that he was now could have a weaponize government and he was not going to unfairly target political opponents and he did everything from top to bottom from president trump things with jack smith and having his u.s. attorney that are intimately involved with state cases and fani willis and alvin bragg you see the prosecution of grandma that are pro-life and the censorship of american citizens for free speech even doing the bidding of foreign government that have critical comments about the particular country. i think from top to bottom merrick garland has presided over the politicized and weaponize d.o.j. in our country's history. >> we hear that merrick garland plans to go after donald trump because trump claimed the fbi planted assassinate him during
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the mar-a-lago raid adding to strange territory, what is going on. >> i guess he will push back on whatever he thinks is unfair but the reality and the american people see poll after poll consistently show that people believed the prosecution of president trump is not about a violation of the law but about politics and they're tired of it, if you look at jack smith it was completely unhinged and had a long and troubled history of prosecution of conservatives in the conservative movement and he puts him in charge of this of president trump and the rate at mar-a-lago which is been absolutely a disaster even the fbi agent on the ground had some criticisms of how it was handled, merrick garland might push back but i think it falls flat. >> wwe will we get the audiotape from the department of justice on special counsel robert hur's interview with president biden
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which shows his cognitive decline on video can be get the tape. >> i hope so i think congress is doing everything that they can we have a contempt holding him in contempt very soon and we hope that they comply but in every sense of the word they have stonewalled our investigation not allowing witnesses to come forward defining the scope in which people could testify before congress. congress is doing what it can and we expect this will be handled in the courts. >> russell fry thank you for joining us an important session indeed. let's check features, red ink across-the-board, limited amount of red ink, the dow was up 50, nasdaq 1017, the opening bell is next. ♪ him
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stuart: a little bit of red ink, down 60 odd for the dow, down 20 for the nasdaq, michael lee is with us i think of him as the super bowl and that's exactly what he is this is the perfect for stocks, why is it the perfect setting in which ones in particular. >> we have a three factor i love to see the first is expanded liquidity, the fed the chances of them raising interest rates is about 0 and quantitative tightening is coming to an end which will add liquidity quantitative easing is most likely around the corner as well as rate cuts. on top of that yet unbelievable earnings season not just the rate of growth in the estimates whenever the quarter that are most never happens in its extraordinary bullish on top of that we have an expanding economy i don't think it's as healthy as advertising that it is expanding and acting what almost three factors come
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together you get a massive bull market and my evidence for this is the last 15 the stocks are concentrated to a.i. in the cloud amazon microsoft, google and a.i. nvidia. stuart: that's a story of the day, how much credit do you give to a.i. for the recent huge rally it is all about a.i. >> for good reason the largest technological investment and upgrade in the history of the world the largest companies are those best poised to profit from this good enjoyed the embassies which is the story of the entire calendar year in the making check companies are going to get paid because it's going to get expensive empowerment to you which compared to them with the great case is can be added to the s&p 500 at the end of the
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month, that will be extraordinary bullish for them, they became eligible and what they're doing and the a.i. space is head and shoulders of everyone else it's a stock that everyone should own. stuart: are you sure this is not a bubble? >> not at this will become a bubble probably at some point stop, we are nowhere near their these are some of the greatest companies ever existed that are trading from a 30 times earning if that was a 50, 60 or 70 maybe you could say those are expensive amazon, microsoft and nvidia these are not pets.com. stuart: why has microsoft pulled back it was $430 on the strength of the a.i. content, now it's down to the low for hundreds, fork, count why the pullback if a.i. is doing so well. >> that is a relatively small pullback for a stock and you generally don't have a straight line to the sun with all of
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these. i think they added these names on weakness. >> you have to keep bolstering my confidence in big tech because it's beginning to flag a little lately and i'm worried about a.i. being above all by giving us some confidence that were all going to be okay. mike smith i'm glad to return to super bowl status and glad to have you with us. thank you for joining us. thank you. >> almost 930, 30 seconds to go before we open this market were not expecting a price movement at the opening bell we should do the futures, dow, is to become a nasdaq down a little the dow has come down a little bit in the last few seconds now it's gone 110 points we have ten seconds to go before we open the market on the low side of the screen the new york stock exchange, the nasdaq that's the bell ringing ten seconds left and is now 930, the market is open, look at that
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the dow dropped about 100 points in the space of two or three minutes there in the open with the loss of 124 points and still coming down we only have ten winners after the third each house she talks a prevalence of losers, the s&p 500 opening ever so slightly lowered down 1.6% the nasdaq composite slightly slower down .0 big tech there should be some way of apple 194 alphabet 173, meta down 63 cents, microsoft active for 11, luke cox, their back down all over again, what's going on lauren, is the kitty still roaring, not today stocks largely lower have come back early, the rally yesterday spoke about this was sparked by gamestop up 21%, roaring kitty
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keith gill posted on account account for three years showing $115 million positioning gains the right to buy shares got up to 26 but the wall street journal is reporting that each trade owned by morgan stanley may ban keith gill for potential stock manipulation he is a stock influencer amine stock influencer who is influencing manipulation for the fcc. stuart: if you go out there and you will the big position in the stock and you pump it up with your online are you pumping and dumping? is that the question. how many shares does he still have, has he taken off it manipulated the market, that's what people want to know. >> that could be a headache but they better find out. he's undermining confidence in the stocks. >> all of last month continuing into june let's move on to intel your posting about new a.i.
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chips and much of again on that. >> is leading the dow jones industrial with a 1% gain, they have a new a.i. chip and is better than the competition what intel is doing is clawback market share not only from nvidia that amd, intel ceo revealed the pricing of their chips, usually we know 30 - $40000, he said it directly a package sells for about $125,000 is not cheap enough to take business away from nvidia which is more expensive, we will see. >> are the chips better than nvidia. >> summer faster comparing apples to oranges in some cases but jensen wong of nvidia says their problem is demand will outstrip supply for another 18 months, it doesn't matter what the pricing is, they got the orders. >> is a nice position to be in. we have microsoft of the round of layoffs, which employees are
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getting it next. >> not the number, the unit and the unit is reportedly mixed reality, ar, a.i. factors into that, they have a headset it is called the hollands it is actually used by the u.s. army the unit is not affected but the employees have mixed reality unit will be laid off if 230,000 employees google is cutting the jobs which division? across the cloud reportedly, 100 jobs for now sales, engineering, consulting, all part of cost-cutting why are they cutting costs, the prioritizing a.i. and spending on a.i. and the tech arms race google spending $48, you cut costs sales to spend money on a.i. some stocks reported before the bell bath and body works.
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>> down 5.5%, the report was find the guidance expected to fall from the prior quarter income in less than the previously expected, to issue cited on the call which is going on, selective customer and the war in the middle east we seen with retail earnings is pretty uneven winners and losers they include abercrombie and finch, gap. >> coca-cola i believe it is the top-selling brand of soda do you happen to know which is number two. >> it is number two behind coke, it's coca-cola and dr pepper and pepsi. i think a couple came in slightly ahead of pepsi, i had them as tied, this is right all, i dr pepper communicatively 30 dr pepper is big on tiktok with the coconut cream you'll virgin,
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shopping cream, dr pepper, the pulling and gen z and hispanic crowd and that's bolstering them to number two right behind coke and dr pepper is older than coca-cola and pepsi. stuart: i don't drink soda. >> with pizza only on friday night. my kids don't even know what soda is. tell us which soda is your favorite e-mail us at varney viewers@fox.com. >> the guinness in the sparkling drinks or the low-calorie soda. stuart: we will find out. varney viewers@fox.com, were down 90 points almost 100 points down for the dow industrial, 96 to be precise, look at the dow winners please, there are quite a few boeing, amgen, company, walmart, salesforce are winning, the s&p 500 where are the winners, all demand crews like cf industries, nasdaq composite
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winners, who is on the list, old dominion. adobe, all move on to cadence design. >> going back to the s&p 500, oil is down at the lowest level since early february and that's why when you're looking at the s&p winners yet the railroad, the cruise line, the transportation companies were on the. gas is falling a bit further, the ten year treasury where is the yield down again four-point to 5% where is gold anywhere near 2400, 2353 per ounce, bitcoin 69300, oil $73 a barrel, it was 72 earlier, opec's going to unwind those quotas which is an increase in oil production not the production cuts which they announced that's why oil is coming down $73 a gallon, i'm sorry a barrel. stephen a smith sports guy
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suadmits race may have played a part against caitlin clark. >> there are girls, young ladies in the wnba who are jealous of caitlin clark, she is a white girl that is coming to the league, she has burst it onto the scene. stuart: in my opinion this is not good for the wnba, brian kilmeade takes it on to. new york set to regulate children social media use a new bill would give parents more control. we have the story, angela owns a restaurant in los angeles and forced to shut down during the pandemic while the movie set could walk right next door how does she feel about doctors how to admitting no science supporting the 6-foot social distancing rural, angela is next. ♪
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stuart: 12 minutes into the trading session, the dow is down 40, nasdaq on 35, not much movement so far, doctor anthony fauci grilled on capitol hill monday, what did he say, we've been talking about this a lot what did he say about the 6-foot social distancing. >> that was the rule that determined everything and changed everything i've lived by the rural how you worked and interacted, how the kids were in school and dr. fauci said it just appeared from the cdc and there was no clinical trial supporting it. watch here. >> to do not feel obligation for something that sort of appeared not to get back to the cdc and say let's base this on what we know. >> it was the cdc decision. >> you didn't feel obligation as a lead scientist at the nih to challenge that. >> i challenge the cdc multiple times. >> publicly on this regard you
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challenge them on the 6-foot distancing. >> is not appropriate to be publicly challenging the system of organization. >> is it appropriate to mandate it and make it the law of the land that everybody abides by without acknowledging it was a suggestion there was not science backing it up. it's one thing to say this is an unprecedented time were not sure how we should be reacting to something like this because we never seen it before but when people challenge you you label them as dangerous, your questioning what were mandating so you're a dangerous person we're going to silence you, that's what gets people mad. stuart: he got a lot of people mad. sagan. >> i want to go to the market for a second we have the dow down 42 points at this stage and we have the s&p down 12 in the nasdaq is down 36 points were just figuring out what were getting do next i guess twos been delayed, we have a guest.
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it works, keep smiling. my next guest made headlines during the pandemic when her restaurant was shut down in a movie set was able to operate perfectly right next door. angela joins us now, welcome back good to see you, how do you feel. >> how do you feel that dr. fauci said there was no science behind the 6-foot social distancing rural how do you feel now. >> is very traumatizing and makes you angry, what people don't understand people are going out of business from this it closed 30% of the restaurants in california. the way that he said it, i don't understand isn't there any liability or responsibility that anybody is going to take for this it destroyed our industry. it's very confusing. stuart: have you recovered?
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>> i carry debt. i was fortunate i'm one that i would call a survivor most people closed i know bar owners and restaurant owners that killed themselves during the pandemic because they were losing their home and everything. this was very traumatic on our industry and i have not recovered i carry debt i have a huge loan payment i have to pay even though i was lucky that had donations that saved my bar. can you imagine what other restaurant owners are going through. 30% of us in california were wiped out all off of this. stuart: the pandemic was clearly a problem for the restaurant industry in california, what about the $20 per hour minimum wage that is not helping as it. >> i don't understand what's going on but they were raising minimum wage during covid they didn't even stop raising minimum
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wage during covid when we were barely even open, and l.a. we are getting hit by high liability insurance, $20 minimum wage. most people are paying back rent from debt 51% of the restaurants in l.a. that were supposed to get the restaurant revitalization never received the money. some of those people mortgage their house being told they were going to get it and congress never fulfill that completely. it was the largest transfer of wealth from main street to basically the big guys. people are still suffering from it, jim's closed, hair salons closed. i'm speaking on behalf of restaurants but listen nobody took into consideration the bars that did not have food they were allowed to open part-time. i know we all want to forget and say let's learn from this but i know from a fact there was a
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study in japan the month i close my outdoor dining that proved outdoor dining was the safest thing. stuart: and you lost out. >> you lost out you got hit enter angry about it we can tell. i'm out of time but i'm glad you're on the show to express your anger about what is going on because the pandemic was one of the worst periods of public health management in our history, thank you for joining us. we will see you again. we have a restaurant chain in california abruptly closed 48 restaurants just like that. why do they do that inflation the name is rubio's coastal grill closed 48 of their fish taco spots two months after the $20 minimum wage took effect that was april 1 rubio's statement was vague but they blamed the current business climate interpret as you will have 134 restaurants.
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stuart: 48 gone just like that. president biden look for campaign money and a wealthy town, ranch connecticut we don't know how much he raised but we know where his campaign is going he's going full on trump as convicted felon, that is my take the top of the hour. a manchin tax make its way to d.c. despite failing in other cities. a full report right after this. ♪
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can you believe this lawmakers in washington, d.c. are pushing a new manchin tax. kelly saberi joins me, did the other cities try this and it failed. >> d.c. is the latest to consider this tax los angeles passed a similar measure but the taxes not having the effect that lawmakers had hoped when 50% of voters approved it back in 2022
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they will reconsider on the upcoming november ballot after it froze the local real estate market, according to the los angeles time the year before the tax went into effect the city saw 366 single-family home sales worth $5 million or more and 12 month after 166 the brand-new d.c. property tax would be assessed to homes about 2.5 million. a little bit different than l.a., estimates guest 2800 single-family homes d.c. city council says this is being done to reverse budget gaps and program cuts with the help of generating $5.7 million for fiscal year 2025. back to l.a. this did not achieve the number of supporters that hoped it would a projected 215 million, exhuming 215 million is what they're now projecting they were hoping it would generate 900 million leaders who proposed it are hoping the money and solve the housing crisis meanwhile in
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chicago a similar measure was proposed but it did not passed by the voters in march and they were hoping it would help the homeless in situation there as well. stuart: it doesn't help, tax something you get less of it that's what happened. welcome to new york, thank you for being here. check the market please leave in a business 25 minutes not that much price movement we have the dow off 14 points, s&p down 11 in the nasdaq down 45 points. the dow winners, honeywell on the list, salesforce, american express, but windows are dow stocks and all our winners s&p 500, old dominion, uber technology back on the list, norwegian cruise line and adobe price of oil is down that's helping transportation, nasdaq composite, old dominion, freight line. what is that. i'll look it up. >> i looked it up and i forget.
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google is a very fast thing a developer data platform. >> i don't how to pronounce it either, still ahead deroy murdock on the trump trial does he think trump will serve time in a jail cell, brian kilmeade saying he never downplayed the lab leak theory, pete hegseth on the school di trainer saying the american flag is becoming a hate symbol in house oversight chair james comer says congress could recommend arresting dr. fauci. how about that, the 10:00 o'clock hour is next. ♪
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