lauren: i think so. either cornelius or roy. stuart: you can't have mine. >> fowler, just a guess. your guess. stuart: i'm going to go with roy on the grounds that the least likely. it is cornelius, wouldn't you know? cornflakes didn't always have a mascot. it was given one in 1958. the rooster was chosen because it was associated with waking up in the morning which is when you have a bowl of cereal. thanks very much for being with us. we are watching you, "the big money show" on fox business. see you tomorrow. "varney and company" is just about to end. coast-to-coast now.

ashley: coming up on coast-to-coast, nvidia recovering after yesterday's steep selloff, losing $450 billion in market value, the rebound putting the s&p and the nasdaq on pace to snap a three day losing streak. we will talk to our market experts about where they see this going. the biden/harris campaign taking aim at donald trump ahead of a showdown releasing a new ad slamming the former president's economic plans. former bush 43 deputy chief of staff karl rove will be here with his take. let the value meal wars begin. after complaints from customers about pricing menu adams, mcdonald's is launching its $5 meal deal but will other fast food chains follow suit? welcome to cavuto coast-to-coast, we have a busy

hour ahead. let's get started. our top market story. fed governor michelle bowman says she's open to raising rates if inflation does not improve. scott martin and director of strategy francis newton stacy are both here. your reaction to the fed governor's comment? >> something of a market needs to come up with. stealing a headline on a slow news day. the reality is they should be saying that at that is something the market, experts have been on the side of this

prediction, we get six cuts, my mantra has been 0 this year and that is a good thing. if the fed has to come in here it cuts rates. there's probably something wrong. or something on the economy or something that has slowed down. that is a great thing, the market can realize fed rates stay here. open market interest rates falling as we had benign inflation. don't have to cut by the end of the year. ashley: the market has been complacent to scott's point, seven rate cuts, maybe in september, the last opportunity before the november election. >> it is a lot of fun 2d bait

but i agree, the thing that is the fed doesn't need to cut rates because we have relative stability. we have softening inflation and this is priced in and interest rates are traded, bond market dynamics more than the fed. you have to have two governors say something dovish. so you balance out so markets don't parse through the fed data and create volatility in the rate environment. the other thing bowman talked about some risks either continuing inflation or reversal of inflation and those risks are owner equivalent rent which is a huge lag going into cpi and it is the shanghai container freight index or freight container index and

that's a massive lag so it is easier for them to say introduce the conversation about a rate hike when you seek genuine risks in the data. ashley: i've got 30 seconds from both of you. the summer doldrums, still a ton of cash on the sidelines and a presidential election hanging over us. >> reporter: it should be summer doldrums but wild volatility swings, it is more that mantra, stocks are going to go up or down but they will be more volatile and it goes back on the sidelines. what they are going to do in november. ashley: these markets continue to grind higher. do you expect that to continue?

>> fiscal spending hasn't slowed. private credit interest hasn't slowed. the fed has incentive to keep rates high and to keep demand in the fund markets, to keep this a deficit so that an important factor many people don't comment on. ashley: francis, you will get to debate scott later in the show but we will bring it on. the presidential showdown later this week, president biden at camp david as he huddles with advisors in prep with a face-off with donald trump on thursday. the campaign not holding back on hitting trump's economic plans. jackie heinrich is at the white house this afternoon with the latest. >> reporter: we don't know how the president has spent the last five days.

they had lasagna for dinner last night. ron klain and mike donlon are among his closest advisors that are holed up at camp david with him preparing him for that debate, but donald trump's 1-time opponent hillary clinton is offering her experience, seeming to lower the bar in the debate, writing in the new york times opinion piece, quote, unfortunately mister biden starts from a disadvantage because there's no way he can spend as much time preparing as i did 8 years ago. being president isn't just a day job, it is in everything everywhere all at once job. historically this had led to weaker first debate performances for the incumbent as viewers we should try not to get hung up on the theatrics. clinton advised biden not even tried to refute trump's argument on the issues because it digresses into blather and looks like the campaign, biden campaign might be taking that into account with a new ad

rebutting trump's attacks by circling back to trump's personal grievances. >> donald trump loves to attack joe biden. because he is focused on revenge. he has no plan to help the middle class. >> reporter: the ad says trump would give tax cuts to the wealthy. it lowers costs for prescription drugs. polls show voters disapprove of biden's handling of the economy and doesn't look like the white house has come up with an original counter point. they keep saying despite how people feel, things are going well. >> something we have been talking about for some time. the economy. the data shows the economy is strengthening. it is stronger. >> reporter: a pro amaga pack pose questions including why do you repeatedly lie about your record on the economy and why do you think illegal immigrants are above the law?

no sign cnn will take up those questions but could give a snapshot into what to expect trump to say. ashley: it will be interesting either way. let's bring in former deputy chief of staff karl rove. great to have you here with your experience. let me ask you this. it is really all about the economy, stupid, as james carville famously said? >> in a president will debate, what people want to walk away with first and foremost is a sense of is this person up to the job? this is the conundrum both candidates face, talking about illegal immigration, the economy and other issues but the main thing people want to walk away with is a sense of are you up for the job for the next four years. this is a challenge for both men. last week, i talked to five

republicans who had been involved in president will debate preps. what was interesting was every one of them was which trump would show up. and and it is a column a guy and it is a calm guy laying out his agenda. we know he's going to be on the attack. and he says he has no plan. what if he shows up and says i want to lower energy prices. and want to control spending, do this or that. it could be very problematic for the democrats because it will be highly watched and remember. if he sounds a presidential with an agenda it will undermine the $50 million the democrats will spend on advertising.

ashley: from the trump campaign, a calm donald trump you think would be the winner. >> the whole thing, he is out for revenge, this is all about payback, he is ugly, they will dredge that up and he of out there, i've got an idea what i want to do to make america great again and here it is, that is going to be people are going to say he is up for the job and wants to know what he's going to do and the incumbent has a bad record and all he can do is attack the other guy. ashley: it is interesting, so much has been made of president biden's cognitive frailties. almost every day we see examples. if any of that comes out in a debate, how damaging could that be? >> enormously. going back to the first, do people look at that, these two men, and say one or both of them are up for the next four

years, if in my column i said biden has to be consistently cognitive. he has to go out and convince us for 90 minutes he has what it takes to handle the toughest job on the face of the planet and if he doesn't, it's over, there's no recovery. this debate is the earliest president lee beta normally when we have presidential debates and the incumbent tends to do bad in the first debate, it happened in 2,004 with george w. bush, happened with barack obama in 2012, we had a couple weeks, 10 days or two weeks before the next debate. the next debate is 11 weeks from now so whatever oppression is late in here, all the way through november. ashley: i can't wait for this thing to get going on thursday. you never feel the pressure. appreciate it as always. republican lawmakers are

demanding answers from homeland security secretary mayorkas after reports illegal migrants crossing the border have ties to isis. hillary vaughan is live with the latest on this story. >> reporter: house republicans want to know if any of the suspected terrorists raised any red flags before they were let loose in the country, the chairman of the house judiciary committee, jim jordan, along with the immigration subcommittee chairman writing to mayorkas asking him to hand over all the information on these individuals writing, quote, criminal aliens and potential terrorists exploit vulnerabilities in the immigration system. the biden administration's border, the criminal aliens and terrorists will successfully enter into the us. mayorkas is not doing his duty to protect americans.

>> this is why we impeached secretary mayorkas, he said they are vetting these people, there's no vetting going on and now we find out hardened terrorists. >> reporter: are publicans asking mayorkas to hand over details on the 8 suspected terrorists, how, when, and where they entered the us and how they were processed, whether anything suspicious was screened in the screening processes but democrats say it's better to assume the best, not the worst, when it comes to people claiming asylum. >> you can't assume every person seeking asylum is going to commit a crime. we need to get control of the border. we have seen a significant drop in crime under president biden who has invested in law enforcement nationally. >> reporter: senate republicans have also made a similar request to mayorkas for this information, names and details of who these people are, how they got here and whether or

not anyone new they posed a national security threat before they were let go. ashley: very good questions. coming up, china's lunar probe returning to work carrying soil samples from the far side of the moon. did china take the lead in the space race? back here at home, inflation, mcdonald's launching its meal deal, a promise to focus on affordability but will it work with fed up customers? we are going to ask after the break. ♪

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ashley: fast food price wars heating up, mcdonald's launching a 5 deal meal deal today. live outside mcdonald's, tell me more. >> reporter: i have it right here with the meal deal, you get a small fry, either mc double or mc chicken, small

drink, mc nuggets which is four pieces but let's look at burger king, this is turning into a fast food value meal war. it is similar, you can choose between a whopper junior bacon cheeseburger or chicken junior and like the golden arches, their meal comes with small prize, four piece chicken nuggets and small drink offer $5. at wendy's, the chain coined the bigy bag deal 5 years ago where mcdonald's and burger king did it this month, similarly you have the choice of a junior bacon cheeseburger, or crispy chicken sandwich, four piece nuggets, small fries and small drink for $5 and just days ago wendy's said that sweeten the deal ahead of mcdonald's's big drop, let's add a free frosty for customers who by the biggie bag to one up mcdonald's's announcement. they are also using the apps to get customers back in the store, not just wendy's doing

it which is offering 6 nuggets on wednesdays for free, mcdonald's is giving out free fries on friday. ashley: i would pay $5 just for the fries but i'm impressed by your restraint. great stuff. coming up, nvidia on the rise after a major freefall yesterday. is the rally returning, we talk to the market panel next. ♪ (vo) a law partner rediscovers her grandmother's artistry and establishes a charitable trust to keep the craft alive for generations to come. from preserving a cultural tradition to leaving a legacy, a raymond jamenc advisor gets to know you,

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>> it is not just fast food and convenient dining shutting down because they are unprofitable at $20 minimal wage and other businesses leaving the state, california is being hollowed out. that is what is occurring. taxpayers, businesses, entrepreneurial businesses, 62% of job creation, they are moving out of that state to places like tennessee, texas, texas and florida. >> businesses are simply

fleeing while restaurants those are trying to survive in this economy. gavin newsom, the governor california has his state of the state address. molly engelhardt, owner of sage regenerative kitchen and brewery, great to have you here. let me ask you how is business, high tax, high regulation california. >> we have four locations prior to the pandemic, and square-foot restaurants the bar and everything. they are down to two locations hanging on by a thread. we are starting a new endeavor here in texas as well.

bureaucrats want to make everything so hard, motivated and entrepreneurial, employers and innovators to go out of the state, where the government will support you and what you' re doing and not work against you and what you are doing. ashley: we've got this on the screen. california's minimum wage went from $16 an hour to 20 an hour. how did that impact you? >> i'm not a fast food restaurant so this doesn't impact me in that my employees tomorrow can say that but if a person can make $20 an hour flipping burgers at a fast food restaurant why does he want to, for $23 or $24 an hour do the harder work of upscale dining at all that is involved with that, we don't have robots to help us, doesn't all come in a bag, they have to prep everything from scratch so it makes it very difficult to keep

good employees because they can do less work and a lot of them are working two jobs and they can have a second job for $20 an hour and it's an easier job and so it's hard because they are he raised him in wage three times during the pandemic and everybody want their employees to be paid well and have them be able to take care of their families and their lives but you can't just raise minimum wage and think that fixes everything, everything has to work together as an ecosystem finances are all interconnected. when you just raise minimum wage in one sector it affects all different sectors and so we need to look at how to fix the economics of california from a holistic perspective and that means making it easier for business owners, not just raising minimal wage for workers. ashley: gavin newsom will deliver his state of the state address.

what would you like to hear from him? do you blame him for a lot of these policies? >> i blame gavin newsom and the class that he belongs to. not him specifically. in reality, his top down approach where government tells us what is best for the business and tax you to know end, make portions of your business illegal so they can get additional taxes, that kind of attitude is only going to drive the entrepreneurial spirit out and people talk bad about capitalism but i think capitalism is the closest thing to nature if not messed with by the government. if it's working for the people, it rises up. if it is not working for the people, it is torn down. we have government interfering in capitalism and that is the problem, not capitalism but government involvement in capitalism.

ashley: that's a great place to leave it, get the government the checkout of away. thank you so much are talking to us and we wish you the best with future endeavors and a life in texas. appreciate your time. thank you. nvidia rallying and rising out of correction territory after yesterday's nosedive that wiped out $400 billion. let's bring back scott martin, newton, stacy, thank you for sticking around. are we seeing some signs of exhaustion in the big semiconductors, nvidia, or is this just a healthy pause and they can move to the next leg up? >> the thing is generally speaking the fundamental story is very strong because there's a tremendous amount of demand for their chips and they have locked up the intellectual

property that will keep competitors at bay for a while. on the flipside, nvidia has become the panacea for all other making up and compensating for all other stock market labor and growth and inflation risks and to that extent, it could get frothy because it has gone up on an unsustainable angle and that is why things revert to the means so they can get into a more sustainable rate of growth. ashley: what do you say, scott martin? a little frothy? >> i talked about it this morning. i can't disagree with francis either. she is correct. she mentioned fundamentals which houses 150 years revenue growth sound? how does 100% free cash flow growth sound, net profit margin, all these fun things to talk about with people at bars, 200% is nvidia. the problem is the stock has

gone crazy and lift another stocks. when you have clients that are clients of the firm and looking to join a saying how much nvidia are you going to buy and the first we 10 minutes of conversation tends to remind me of 2007 when some of those stocks that were so great and can't miss, turnover to get fatigued and lighten up. ashley: yesterday we saw money coming out of nvidia going into energy, banks, overall, isn't that healthy, a more broad-based growth? >> in the interest of debating this issue, nvidia is a fabulous company. the rate at which it expanded is unsustainable, global macro

always trumps stock fundamentals so if we have something change with inflation or growth or credit problems, nvidia, despite the strong fundamentals will definitely selloff so you lower your risk by rebalancing when things get frothy and it sounds like stocks having conversations with clients as we are. neil: anyone else in that space that you like? it gets all the headlines. >> ones that we recommended on the side as francis said, for the fourth time off of nvidia. these are companies with valuations that are 1/5 of nvidia but not as popular but can catch up easily as regulations come in. ashley: we will leave it there.

a frothy conversation we always enjoy looking forward to next time. wikileaks founder julian assigned released after taking a plea deal. what message does that send to other potential leakers. russia vowing to retaliate against the us for double ukrainian airstrike on crimea. the latest right after the break. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪ we love being outside, but the sun makes our deck and patio too hot to enjoy. now thanks to our new sunsetter retractable awning, we can select full sun or instant shade in just 60 seconds.

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ashley: juliet us on leaving the uk after a plea agreement with us authorities, he's heading to us federal court on the north of mariana island where he will plead guilty to espionage charges. griff jenkins has the details on this. >> reporter: you got it right. in a matter of hours we expect a standoff to come to a end for the man who is viewed by some as a cause for press freedom but prosecutors cawley lawbreaker who put national security at risk. julian assiange is expected to plead guilty to a phony charge under the espionage act of conspiring to unlawfully disseminate classified information. his involvement with the 2010

wikileaks, with chelsea manning, was one of the largest compromises of classified information in us history including thousands of pages of unfiltered to planet cables potentially endangering confidential sources, a rack war-related activity and information related to guantánamo bay detainees. a federal judge still has to sign off on the plea deal. if and when that happens, he will be sentenced to 62 months, the equivalent of time he served in a london prison and he will be a free man to reunite with his wife, stella. >> when i was speaking to him, we can go for a walk and there will be no restrictions, no curfew, no all this is so alien to the way it has been until now for the past 14 years.

>> reporter: the mariana islands was chosen, it was close to australia we are told he is expected to return. the hearing is set to begin at 7:00 eastern. ashley: let's get reaction from fox news contributor doctor rebecca grant. what message does this send to other potential leakers? >> a really bad leak and it was illegal. you can't leak classified, julian assange was wrong to publish that but there's a back story. president obama commuted the sentence of chelsea manning and this is being done by president biden as a favor to australia because they are such a close ally.

ashley: australia has complained this case dragged on too long. do they have a point? >> not sure i agree they have a point. the leak was wrong and does send the wrong message. as we look back, things have changed and what has changed is china and we need the relationship with australia which is very good. there's nuclear submarine technology cooperation and this is really a favor to our he ally in the pacific. the prime minister asked for this. it is a much bigger geopolitical decision favored to australia. ashley: defenders have argued he did nothing different than an investigative journalist would do and it is important he be protected by the first amendment because it root out

corruption but you would say wait a minute, this isn't about corporate corruption but national security. >> exactly. about national security. remember the content of those leaks was so embarrassing but the real problem is the revelations of classified sources and methods and it was wrong. you cannot do that. it did not make a great huge change in journalism, didn't change policy and we see with hindsight that it didn't have the impact that he was hoping for. what he did was wrong and glad he's going to be at least held to account in a us federal court, we have sovereignty over that because there's got to be accounting. there's a bigger geopolitical reason but what he did was wrong and it didn't move the needle. ashley: i want to shift to the ukraine war. russia blaming the united states, vowing retaliation after a recent attack of

crimea. we are used to hearing this rhetoric all the time but could this quickly escalate? >> i don't think it will escalate but let me tell you what the concern is. vladimir putin is full of threats but the concern is more espionage, hybrid threats, will vladimir putin try to wreak some chaos in the capitals of europe, does that issue go, what really is going to happen is the fact is that because russia invaded, crimea, a set of legitimate targets, a lot of capability there. the us anymore patriot batteries will tighten up by the time we see f-16s and other weapons systems arriving. i expect to see ukraine attacking more legitimate military targets in crimea over the summer time. liz: did the us cross a line by saying to ukraine go ahead, use our weapons on russian

territory? is that outlandish? >> it has been very tightly controlled. is a small change in the rules of engagement to allow ukraine to attack targets inside russian territory. crimea is ukraine's territory but in the north they can attack a russian system preparing to attack, small change in the rules of engagement and a good one that may help ukraine with tactical progress in this summer. ashley: doctor rebecca grant, thank you for joining us, two very big issues to discuss, did fantastically well. coming up, this question. is china winning the space race, they just made history. how worried should americans be? >> did you sail across the sun? did you make it to the milky way to see that fade?

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and benefits plan that's right for your team. let our expertise round out yours. ashley: there's a new space race between the us and china and china took a big step forward becoming the first country to retrieve soil samples from the far side of the moon. michio kakuis here to talk

about it. is china beating us in the space race right now? >> china has been methodically, year by year, phase by phase, copying the russians and the united states and in a few more years, will wrangle less as we go to the moon. by 2030, some people think there could be landa wars as people and nations make claims in different parts of the moon and landscape. something we have to watch carefully as the chinese begin to mimic step-by-step methodically retrace what russia and the united states did and by 2030 rival the superpowers. ashley: is the goal to establish a base on the moon in the south pole? is that the aim? if so, when do you think that could happen?

>> we think by 2030, that is when the chinese have stated they are going to put their astronauts on the moon. by 2030, they should begin the process of having a permanent presence on the moon, this does not mean war, takes three days for a rockets go from the moon to the earth and back, that's too long to fight a war from outer space but there could be rival land claims, real estate mores as nations carve up the moon. the 1967 outer space treaty simply says there should be no nuclear weapons on the moon and no nation can claim possession of celestial bodies like the moon, but day today rivalry as to who controls this claim, that is an open question, not resolved by the outer space

treaty of 1967. stuart: now that china has come back to earth with this soil sample from the far side of the moon, given the adversarial relationship the us and china has do we do any collaboration with them? i'm sure our scientists would like to take a look at that soil as well? >> nasa works closely with our european partners for the international space station and space exploration but china has not been so warm because of the fact the chinese military and its civilian program are closely weighted to each other. that makes the united states very uneasy sharing space secrets knowing immediately the chinese military has access to these things. that's one of the roadblocks preventing us from having

cordial relations with the chinese in terms of exploration of space. right now it is still academic. by 2030, when both powers are reaching for the moon it could become very important that we resolve these diplomatic questions as to how close we want to become with our chinese rivals. ashley: one last question. is the ultimate destination mars, set up a base on the moon and on to mars? is that what we are looking at? >> there is a rivalry in two camps in the space program, one says the moon has very little military value. three days to go to the moon, it means the moon is simply not that important. other people say wait a minute. mars is two years away and as a

consequence the moon is what we have right in our grasp and that should be the focus of our near-term policies. there's a split among space enthusiasts as to whether the moon or mars should be our short-term or long-term goal. ashley: i could speak to you for hours but television rules won't let me. i really appreciate it and hope we talk again soon. home prices rising more than expected, up 7. 2% in april. can't seem to crack the housing problem. we bring back scott martin, talked at the top of the hour about the fed, we may have to raise rates, that won't help the problem, is it? >> reporter: let's look at home prices in the us, here we are. enjoyed that interview. mars and the moon are the solution.

they issues in the housing market is supply, the problem is we saw median home prices, the mid point of home sales in may was $419,000 for median home price in the united states, all-time record high. with sales out there because of interest rates or the fact supply isn't very strong, that tends to distort the overall average, we are not sure what's going to happen despite what the fed wants to door doesn't want to do. ashley: a minute left. we asked this question a lot. is the american dream dead? almost impossible especially for first-time homebuyers. >> 59 seconds more than i need. the answer is yes for now. the good news is about getting a shift in dc the american dream can come back, if the government earlier this hour, the government can get out of the way and not try to screw

with interest rates or mortgage applications and all this stuff and let the banks to the bank's work, let the government do what they do, protect us as far as security goes against china as we fight them for space on the moon, that's where the housing market can really come back and deliver it self for that american dream for college graduate and anyone else waiting to buy their first purchase. ashley: out of this world report from mister martin on the housing market, thanks, appreciate it. let's take a look at the markets very quickly before we say goodbye. it has flipped from where we were yesterday, we've seen a recovery from the nasdaq, nvidia has gained back some of the losses incurred yesterday, 6% yesterday, the s&p and nasdaq higher, that is it for coast-to-coast. jackie deangelis and "the big money show" taking you through the next hour.