>> maria: big shout-out to troops on 74 years ago. stuart: well said, maria. good morning to you, good morning, everyone. i want to get right to primaries, here we go, republican john cox will be on the ballot for governor in california. strongly supported by president trump. that suggests a trump endorsement works even in california. as for the democrats, they poured a lot of money into california house races hoping to use the jungle primary rules to keep republicans off entire november ballot. it did not work, all the votes have yet to be counted but doesn't look like there was a blue wave, perhaps not even a ripple. maybe this is why, the economy,

it's doing very well, for the first time ever, there are more jobs openings 6.7 million than unemployed people, 6.4 million, i will call it a goldie-lock's economy. now, look at this. stocks up at the opening bell, the dow will be up about 100 points. a gain for the s&p, a fractional loss for the nasdaq, by the way, the nasdaq is coming off a record high, the technology bull run appears to be continuing and just wait till you see what we have for you on apple, tesla, and amazon, can you says thousand $700 a share? yeah, june the sixth, it's d-day, my dad was there. varney & company is about to begin. ♪ ♪ stuart: i'm going to start

with big-tech names because they have been on a tear recently. continues today with the exception of facebook which is down premarket. look at amazon, $1,703 a share. look at apple, 193, they moved it all of a sudden. [laughter] stuart: apple is up, facebook -- facebook is down. microsoft up, google up. what else do we have? apple is up. big deal. joining us now fox news dot com columnist, i elizabeth peek. welcome back to the show. >> good morning. stuart: the techs, all tear all over again, sit strong enough to carry the dow back above the january highs at 26,600? >> it certainly could. there's nothing right now to slow down the tech advance and the power of it. think about this, in may over half s&p gain was fang stocks,

technology 75%. it is really moving the market. right now even though there have been obviously issues about privacy concern, new regulations in europe and so forth, nothing is really on the horizon that's going to slow the earnings growth of the companies and what also impresses me is that almost everyone one of them has a particular new line of business or something that's boosting its profitability and boosting its growth. it's not like there's static companies, single-product companies that are doing well, they are continuing to advance and my view is the gdpr, new regulations in europe, i've talked about this before, that only enhances the position of the biggest companies. they can afford the regulations, the little start-ups, they cannot. stuart: on that note, we have another problem for facebook. >> yeah. stuart: china was using information about you and i and our viewers. they got it from facebook. zuckerberg said, they are not doing that. they were doing that.

now, is this enough one more privacy problem for facebook to halt the rise of its stock? >> the stock is up substantially from the low it hit after first revelation of cambridge analytica, doesn't seem to matter to users. that's a problem, that's a great thing for febook, no politician is really going to take this on as a cause, who wants to go up against facebook and sort of, you know, make their life miserable because of privacy concerns when users don't care. until users say, enough, or -- ashley: put information out there, the expectation of privacy, no matter what you say it's just not there, let's be honest. you are going to share everything with everybody, there you go. stuart: do they care? do they care enough to close down facebook? doesn't seem like it. liz: china is reading your messages on facebook, that's an issue. >> they are hacking everything.

one other thought about the tech stocks which i think is interesting, all of concerns about tariffs affecting this industry and that, these guys are immune, so far we have seen nothing that could hurt the tech stocks from all the trade war. stuart: premarket. >> it won't go on forever, i will say. no. that's right. but right now looks pretty good. stuart: hold on a second, liz, we have more in a second. i want to get to politics, president trump stumped for senator roger wicker, senator of roger wicker has done everything necessary to get america great again, vote for roger, he has my total support. well, senator wicker easily won the republican primary yesterday and he joins us now. mr. senator, a trump endorsement worked for you, well, it's mississippi, i figured it would, but will it work -- is it now the trump republican party in which case november is a referendum on trump?

>> well, i do think the american people are going to reward president trump and his friends for the great economy and i i liked your opening a few minutes ago, reminded me of what "the new york times" said just a day or two ago, they've run out of good words to use to describe the great economy. stuart: forgive me for interrupting, senator, never in my life before have been compared to new york times. >> there's a first time for everything. enjoy it. [laughter] stuart: whatever you say. so the trump endorsement work for you and you think it'll work for other republicans, right? >> i think absolutely. i'm glad to have supported the president's program, i think it's about a 96% support rate on my part. but basically what we have is 500 days now into the trump administration, we've lifted a bunch of job-killing burdensome regulations that have caused job

creators to not want to create jobs and now that's been totally turned around. we've cut taxes in a major way, generational tax cut and we are continuing to confirm conservative judges, so i think it's a great record and the job creation and unemployment rate is testimony to that. stuart: got it. how about senator mitch mcconnell canceling the august recess just for the benefit of viewers, i want to roll tape on that, go ahead, please. >> okay. >> i think we have enough work to do for the american people that we should be here during these weeks. i hope we will get greater cooperation but everybody should anticipate that we will be here as i announce today. stuart: okay, what are we going to get out of cancellation and work through august from the senate, what will you guaranty that we will come away at the end of august? >> first of all, i appreciate

mitch mcconnell as republican leader following through on a request that i made along with a number of senators in writing him a letter in canceling the august break. we are going to proceed plowing through a bunch of important legislation, the farm bill, the national defense bill, we will try to do our appropriation bills in regular order, i know the president has been very adamant in saying that the days of these omnibus bills should be over. things like that are things we need to do but also the confirmations. stuart: yeah, that's it. that's something that you can definitely do even if democrats try to hold thing ups. you can get that done. last one, are you going to get a subject -- budget done? >> we have numbers, two-year budget number that we are going to adhere to but i think the question really pertains to are we going to get our

appropriation bills done and i think what we are going to do in the next few days, we will take up a 3 subcommittee minibus and that will be test of our ability to do appropriations in regular order. i know chairman in house are determined to do. we have a new chairman, shelby of alabama and we are embarked on a course that i hope gets us almost all of our appropriation bills done before the end of the fiscal year. stuart: okay, that would be good. >> avoiding the end of the year rush that we always have. stuart: thank you very much for joining us, big day, we appreciate you being here. >> thank you very much, stuart. stuart: yes, sir, how is this for an economic indicater, job openings outnumber the job less, tell me. >> the highest level since 2000. it is 6.7 million job openings versus 6.4 million jobless, that's state of the unioning, --

wages are popping. this is happening even as baby boomers are now retiring. 1 out of 5 baby boomers, 65 plus are staying in the workplace. this is happening with the trends. ashley: the problem is there are more job openings and people unemployed because they can't hire the people with the necessary skills. in a complaint that we've heard louder and louder that they have the openings, they just don't have people qualified to take those jobs. it's frustrating. >> and economically damaging and at some point it does impact growth. you are not going to build a new plant if you can't hire people. ok, thinkt's terrific. it will boost wages and that brings people off the sidelines and still a lot of people not working. [laughter] stuart: take a look at tesla. that is going to be a stand-out

stock today premarket it's up at $300 a share. shareholder meeting last night. here is the headline, elon musk is staying in current position. got it. plus even bigger news, tesla is years ahead of the competition on battery technology. i think that's a big deal. i think that's why the stock is up so much. we also have big news on social security, for the first time in decades it's paying out more than it's taking in. it'll have to dip into its trust fund to cover benefits this year. the democrats say it's all president trump and the republicans' fault. we will discus that. peter strzok, the antitrump fbi agent who was pulled from mueller team, turns out he had much bigger role in the russia investigation and the hillary e-mail probe than anybody thought. we will sort through it. yes, today marks the 74th anniversary of the d-day invasion. allied troops stormed the beaches of normandy, france,

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stuart: hawaii, look at this, lava from the volcano destroyed literally hundreds of homes overnight. now as we watch this astonishing video, ash, you it will me what happened. ashley: very popular vacation area on the big island, many vacation homes but also year-round residents. hundreds of homes overnight when huge lava heading straight to the ocean aannialated the homes. therefore no one was injured. you know, it's interesting, this is an addition to 117 homes lost before. this started on may third, it's going on and on. what's interesting the attitude of some of the people, someone said, i don't blame mother nature, it's a necessary evil, this is not our land, it belongs

to pele, not brazilian super star but godess. stuart: astonishing, good stuff unless you're a resident of that area i should say. peter strzok, he was pulled off mule --'s team last year, remember him in fox news reports that he played a more central role than previous known in both russia and hillary clinton e-mail probes. it is the presidential tweet, wow, peter strzok and page, lovers, have text referring to intelligence dating way back to december 2015. spygate is in full force, if the mainstream media yet, big stuff. fox news contributor jason chaffetz come on in, please, would you sort it all out, what do you think peter strzok was up

to? >> we don't know that's why the deep state within the department of justice is reluctant to give up documents, you have john rat cliff in judiciary and trey gowdy having joint effort. they interviewed peter strzok's boss and they find out that peter strzok was much more engaged. remember, josh ernst at the white house telling the american people that hillary clinton was not the subject of the probe but now you have a peter strzok text message saying, oh my goodness, i'm prar phrasing, that is not helpful, basically the white house is lying about this stuff. stuart: we hear that loud and clear. andrew mccabe, let's bring into this. he has requested immunity in exchange for testimony. why is he asking for immunity?

>> the inspector general, it seems overdue at this point but previous to this coming out, this report there was a criminal referral made within the department of justice to prosecute him, so now the united states senate wants this person. remember, this is a person who is very senior in the administration within the fbi, he was the acting director for some time and, you know, now he has this criminal referral but the senate wants him to come and testify so you have this battle with senator grassley and -- and senator graham and it'll be interesting how thatlays out. stuart: if there are two sides to investigation, one side is russia, russia, the other side is hillary, fbi, department of justice, it seems like this side of the coin, the hillary, fbi department of justice, that investigation, that's the one that's heating up. that's the one that's really coming to fruition very soon, is it not? >> well, it's because there's

actual evidence of that and the inspector general has been looking at this to close to 18 months. for all accounts, he will write a report that's 400-500 pages long and they didn't spend year and a half working on this to just come out and say, well, we didn't find anything. i think it's going to be fairly explosive. maybe not as big as volcano in the big island but explosive. stuart: explosive is the word to use. we will see you again very soon. >> thank you. stuart: 10 minutes away from the opening, wednesday morning, we will be up about 100 points. and the latest on next week's big summit with north korea, denise rodman could be joining president trump in singapore. might even play a role in high-level talks with kim jong un, can you believe that? talk about a circus, we will be back.

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stuart: the new york post quoting someone close to denise rodman, the post says rodman will be in singapore at the trump-kim summit. liz peek is with us and has more on this. is this about the apprentice? >> apparently denise rodman, aka the worm, was on the celebrity

apprentice a couple of times and has been to north korea five times, he knows both donald trump and kim jong un, he's positioning himself as someone who can bring them together. it is worth noting that north korea is so happy that madeline albright of all people took them a basketball signed by michael jordan, not this leader but his father as a sign of faith which resides in apparently prominent place in the capital city. so they really love basketball. i can't say really like denise rodman. stuart: my first reaction is this is a circus. could he be useful? liz: maybe. the post is claiming that rodman gave kim jong un the trump book art of the deal. who knows. >> maybe it's a humanizing element. ashley: right, whatever it takes. >> or dir cues, we -- circus, we

will see. [laughter] stuart: this should be interesting. >> certainly. stuart: where are we now on this market, we are about 4, 5 minutes away from the opening bell. we are going to be up. at one stage we were going to be up 150 points now up about 100. we will take it either way, stocks up this wednesday morning, except the nasdaq which is coming up all-time high, maybe down a point. we will be back. hi, i'm joan lunden with a place for mom,

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stuart: we are going to open this market in precisely one minute and let me tell you one more time the tech stocks will be the focus of attention. premarket, as of now all of them are up except facebook, all of them are up. before we get to market, why are tech markets -- liz: look at the report from ubs, they note tech stops, companies are pour a ton of money back to u.s. market. $800 billion in share buybacks, dividends could top 500 million. techs are in this report. in the ubs report. and the earnings are coming in strong for the tech. stuart: and they are pouring money back at the stock

buybacks. ashley: where else are you going to put your money right now? i still feel like they are the best option right now. stuart: you have a $100 billion in cash, you buy your own company back. we are going to be up in the bell, up about 90 points. that's my guess based on the future's market. here we go. we are off, running, wednesday morning, 77, 78, up 85, up, 85 up, that's where we are. we've got a majority -- the vast majority of the dow 30 are on the upside, they are in the green, bottom line, in the first half minute we are up 1 third of 1%, how about the s&p 500, same story there, yes or no, well up a quarter, 6 points higher. nasdaq all-time high yesterday, opening this morning all-time high again. we are up 15 points on that and that's about a quarter of 1% up. so the action again is in technology, look at that, on

your screen apple and amazon are at all-time highs. amazon and microsoft are at all-time highs, i think apple is pretty close. amazon is now over $1,700 per share. look at that, 1702. i could go on from there. netflix is at 367, i want to tell you about facebook, facebook, china was using information about you and i and all of our viewers and they got it from facebook. zuckerberg said they weren't doing that, apparently they wer. facebook a few stocks down. tesla, elon musk is staying as big chief but the big news from tesla is they have a big advantage in battery technology. that's why it's back to $300 per share. this is a big day especially for technology. joining us liz mcdonald, ashley webster. shah galani, liz peek, all in new york city.

you first, okay. >> hit me. [laughter] >> let me brace myself. stuart: it's a goldie-lock's economy? >> i think so. we are waiting for it to pick up, i'm not sure it's so bad. the thing is it continued so long, if you have a job and if the value of your house is pretty stable then you're happy, unemployment looks great, housing looks great, that suggests more expansion to come and better times for shareholders ahead. stuart: we have atlanta feds saying extend 4.8% rate. what's wrong? >> that's a bit of a stretch. we are at 2 now based on last gdp. stuart: they change with the prevailing economic news. >> let's call it good enough the rate of expansion right now. >> i think that's the gdp now as they call -- caluclate quite

often. they will continue to lead the market. making a ton of money, profitability insane, buying stock buybacks, they will bring the rest of the market higher. stuart: i can't get to it. i can't believe that our viewers are going to stump up $1,700 for a share of amazon. >> hopefully they're already in the stocks. [laughter] >> they are expensive. they will continue to get more expensive because that's where you go with the growth is, you pay for growth and that's what investors are doing. stuart: which one you like best? >> microsoft. stuart: you're a good man. >> the good thing about microsoft is they are getting cap x expense. i like apple, though. stuart: let me repeat liz's point, a lot of the companies are sinking their huge cash

balances back into their own shares. liz: according to ubs. stuart: that really helps, it does. let's talk about facebook, one of the tech stock not going up this morning, not much, 50 cents. privacy headache, china was using information about you and i from facebook. zuckerberg said they weren't doing that and they were. you're the guy who loved facebook. >> well, i called this the new sin stock. [laughter] >> we use today talk about tobacco. they are naughty people but they make a ton of money. the revenue estimates had been rising, people spending more money because it's effective advertising platform. i would like for them to get bad news out of the way at once, i don't want it to come out in drips. liz: doesn't et feel like facebook doesn't have control and you expect zuckerberg to go on apology tour as if that's

going to pay for everything. >> what they have control is revenue, they are bringing in tons of revenue, when the stock got hit down 150, maybe congress is going to do something, haven't done anything. stock is now up 27% since hit that low. ashley: they had no control over data -- >> no, it doesn't. ashley: or the user, exactly right. stuart: all this bad pr, the apology tour, this that and the other, it's at 191, fraction away from all-time high. liz: pretty transparent country. people don't care that china is reading your messages on facebook. [laughter] ashley: bored. stua: tesla, look at it go, $301 a share. news on that one, we've got elon musk, he's saying in the top job, he's not going anywhere, but number two, perhaps more important, they've got a big lead in battery technology, they are two years ahead of everybody else in terms of the technology

and in terms of the cost. i can't remember. are you a bull or a bear on facebook? >> don't own it and never have. stuart: never will? >> i tried a few times, made one on it twice and other times had my hand handed to me. it's making another move higher. stuart: you're out of it? >> i don't understand dynamics of the company. i don't get it. stuart: i'm hesitant to admit this, i would consider now buying tesla at $300 a share. >> buy gm, tesla inside, chevy bolt as good as tesla, it's getting -- tech investment money, you're paying six or seven times earnings, it's outperforming tesla since early this year. liz: i think you're right on gm. let me help you out with your point of view. it's tesla's elon musk's vision, he can easily sell tesla to googles waymo, google was thinking about buying tesla, he

could use balance sheet for vision. he's talking about a factory outside of shanghai. so, you know, yes, he's got dreams but who is going to fund them, right? stuart: did i move the market thinking about buying it? >> as we watch electric cars come to fruition, see what happens with the electricity distribution system in the u.s. these batteries aren't just useful in cars, they will go in big utilities, bring down power costs. stuart: battery breakthrough makes tesla worth $300 a share. that's my opinion. check the big board. up 127 points now, very close to 25,000. all-time highs, by the way for amazon, the russell 2000 and for the nasdaq, so we are up today. how about the 10-year treasury yield, 2.9 this morning. how about oil, we dropped

yesterday, it's 65 today. the price of gas holding steady at 2.94 per gallon, national average. 15 states and the district of colombia where they are in the 3-dollar club. okay. that's your gas map for the day. there are three dow stocks which are currently hitting all-time highs, microsoft, visa and nike, how about that? maybe the story -- not the story of the day. >> oh, yes, it is. [laughter] stuart: ihop, h-o-p, it's getting a new name. ashley: a bit of publicity stunt. they tweeted out a poll, biscuits, bacon, butternut, squash. a lot of people come in with burritos, barbecue. someone said breakfast and they said obviously, what what does

the b actually stand for. stuart: it's a publicity stunt and we fell for it. free commercial just like that. >> we made it breaking news. [laughter] >> you did. ashley: big story of the day. liz: bacon. stuart: we are going to dab in. china to buy $70 billion of farms and méxico hit tariffs on pork, steel and other goods that we sell over there. i don't think there's any impact from either those two news items on the market. >> no, it's just talk, too early, pay attention. keep in mind, it's not just the dollar amount we are talking about. it's also the goods that we are talking about. we want to sell higher-value goods to china. liz: canada could get hit with what's on trade dispute. méxico's peso is dropping.

currency effect. stuart: imf and the peso. ladies and gentlemen, it is that time. 9:40 eastern time, we have to say good-bye to jack how and shah galani. [laughter] stuart: 129 points, 24,929. tech is the big story, next hour we have one of the early investors and some of the biggest names in technology. the early investor. allen patrick is his fame and he's on the show. president trump just tweeting about the california primary, here it is. great night for republicans, congratulations to john cox on a really big number. he can win, even fake news cnn said that trump impact was really big. so much for the big blue wave. it may be a red wave, working hard, by the way. john cox joins us at the 11:00 o'clock hour this morning.

what else we've got. big problem with social security, it's going to pay out more than it takes in this year forcing it to dip into emergency fund. nancy pelosi blames the tax cuts. [laughter] stuart: we will discuss. ♪ most people come to la with big dreams. ♪ we came with big appetites. with expedia, you could book a flight, hotel, car, and activity all in one place. ♪

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stuart: all right, close to the high of the day actually, about 130 points higher. 24,900 is where we are. now this, the news on netflix, they are going to turn dolly parton's songs into a series. come on in, nicole, you have to tell me about this one. nicole: country music dolly parton says he loves telling her life stories through music and that he will be be doing exactly that. we know they have been getting tv makers and oscar-makers and

the obamas, dolly parton for 8 ep sedes, series expected in 2019 where she will bring to life her music. form myself a cup of ambition, 9:00 to:00, you remember that one. stuart: do i. nicole: she will be telling all her stories. stuart: winner for netflix. thanks, nicole. social security -- might have to -- it will have to dip into reserves this year, having said that nancy pelosi said this, the gop tax massive give away to 1% and corporations have gravely undermined the future of medicare and social security and now republicans want america's seniors to pay the bill. former senator jim, republican of south carolina is with us now. you heard what miss pelosi had

to say, respond to that, please. >> stuart, the tax cuts have absolutely nothing to do with the fica tax, social security and medicare which is the largest tax most americans pay. as you know, for the last several decades, the americans have been paying more in these social security taxes than the government has need today pay the social security retirees, so there's a 3 trillion-dollar surplus but there's really not an emergency fund that you just mentioned. this money has to come out of the general fund, the federal government has bar rowed all of the surplus, social security is not in trouble in 10 or 15 years, it's in trouble this year. stuart: what are we going to do about this? we really are busting the bank with medicare and social security, what are we going to do? the third-rail of american politics, you propose any change to medicare and social security, and you are demagogued to death. it's a problem you can't do

anything about because of politics. >> well, i know that when i came to congress 20 years ago i proposed personal social security accounts that would save the $3 trillion instead of spend it but the democrats at the time said that was risky to save it, we need today keep borrowing it and spending it. we are in a situation now that we have unfunded pension plan as a nation and you're right, you really can't change the benefits of people who are already on social security but i do believe, stuart, that we could create options for younger workers to allow them to keep part of what they're putting into it's so they would have their own savings, this would be less expensive to the government, but it would actually extend the life of social security. stuart: isn't there a fairly star choice here. if you really want to save social security, you can do one of two things, you can raise the social security tax and make it applicable to more people at higher income level or you can

extend the retirement age, you have to do one or the two or both, that's the way, isn't it? >> that's probably going to happen now since we basically borrowed all of the surplus and they are going to probably lower benefits in the future, raise taxes for younger people which is not fair and they'll probably raise retirement age for younger workers. so young people in america are getting shafted unfortunately they've been voting for the people who have supported these policies for years. hopefully we can change that. stuart: i doubt it, sir, i doubt it. demagogued to death, you want to raise tax on young people to pay for social security and make them retire later, it's a third rail, it really is. jim, thanks for telling us how it is and we do appreciate that. jim. see you again, soon. where are we now, not quite the high of the day but pretty close, 26 of the dow 30, the dow

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stuart: there are three dow components which as of this moment are at all-time highs, microsoft at 103.36 right now. visa at 133 and nike is at $74 per share. now this u a bitcoin publicity stunt on mount everest turned deadly, what happened? >> it was a publicity stunt, what happened three ukrainians hired to go up to top of everiest, they were there on behalf of the company, last question and answer board online bury crypto currency tokens in a wallet totaling $50,000, the thing as daring a brave soul to go up and dig out the wallet, what could go wrong, right? what happened when they were coming down, the weather worsened and they believe one of who was left behind has not been seen, probably died on the

mountain. what's interesting, though, when the company made no mention to that, it was a success. all climbers made it unharmed, apparently not the case. so it seems like a poor idea in the beginning and it's just getting worse. ashley: thanks, ash. i want to get back to tesla shareholder meeting. lots of news coming out of it. elon musk will stay on as chief. i think the bigger news was that tesla claims battery technology advances, claims to be years, a couple years ahead of anybody else. that, i think, is why tesla is up 14 bucks, nearly 5% as of right now. gary, foxnews.com editor is with me now. what do you say? i'm saying saying the big news a battery is doing very well and that's why the stock is up. >> batteries is what electric cars are all about. you get the price of batteries down you solved the problem. building the cars are easy, this is the issue here.

he says that they're going to be able to get the price down to $100 per kilowatt hour. stuart: that cheap? >> the entire industry will get to that price point, lge got it down to 140 per kilowatt hour last year. that's probably brought it down a little bit now. if he can get it at that point and build the factories yesterday, this could be big advantage. tesla doesn't make cars, builds the energy storage systems as well. that's a big part to have business. stuart: see i latched on to the battery story because that's concrete. that's actual. his projection, yes, i'm going -- >> not concrete. that's projection. he's saying we hope to get there next year, we've heard what his hopes have been like in the past. stuart: didn't he quote actual numbers on the price of the batteries, the cost of the input to the batteries? that's what he's saying, look, the technology to make it and i got prices down for components and this is what we are going to do.

>> by the end of this year and end of next year, hopefully. it is getting there for sure. stuart: i think the market is buying the argument at least, he's going to produce 5,000 model 3's by the end of this month. that's another kind of rosy forecast which people are letting him get away with. >> 3500, they will get to 5,000 by tend of the month. another key thing is the cheap 35,000-dollar model 3 will not be widely available to first quarter of next year. stuart: what's a giga factory? >> builds the batteries and in the future they will build vehicles as well. they announced that they are soon going to pin pit, build one in shanghai and china, next year they will be announcing one for europe and ultimately they plan to do 10 worldwide but they didn't put a time frame on that. stuart: my conclusion that tesla is a battery company. >> one key that came out yesterday, i don't know if you heard this part, somebody asked if tesla can make motorcycles, you know, when i was a kid i

road motorcycles, i had a road bike when i was a teenager. chairman and ceo, he does what he wants, he makes the call. stuart: good point. it's all about him. thanks for joining us, sir, appreciate it. big guest coming at 11:00 o'clock hour, california gubernatorial candidate john cox, first interview on network since big win last night. 11:45 he's on the show. next lots of positive economic news, more jobs available than people to fill them. unemployment at historic low and atlanta fed is predicting 4.8% growth for our economy. the stars are aligning, i'm calling it the goldy lock's economy, i will talk about it next on my take.

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remember the old expression the goldilocks economy, i think it's time to bring it

back. it looks like we are at a goldilocks moment even if the media and the democrats will never acknowledge it. more jobs available than people available to fill them. never seen that before. see that from the atlanta fed, they're predicting 4.8% growth for the economy. that's huge. it's a moving target but the strong growth rate. you'll know we have a generational low for unemployment, 3.8%. an all-time low for african-american unemployment, that's historic and a stock market that has gone down from 18000 to 24000 in a year end half. median household income up $2000. year. interest rate still low. gas prices retreating from three dollars. gallon. it's not all sweetness and light. the government is spending too much. social security and medicaid are in financial trouble but overall the economy is not too

hot or too cold and the good times look like they will continue. can we please call it the trump economy? can we please give his tax cuts and deregulation the recognition and credit they deserve. if you think we'd be doing this well with hillary clinton as president and nancy pelosi as speaker, you are in denial mode. that's where the media is, wallowing in contempt for the president ignoring the fundamental issue which is the goldilocks economy. the democrats are very worried. there thinking on a wave of trump feeling. but they are chipping away at his dreams. goldilocks may work well for republicans trying to keep the house. goldilocks reverses the blue wave and goldilocks could give republicans a bigger majority in the senate. how about that. the second hour of burning and company is about to begin

farney and company is about to begin. ♪ ♪, camargo it's a modest rally. 85 points up. look at this. all-time high for microsoft visa and nike. amazon touched above $1700. share for the first time ever earlier today. the company has a market value around $829 billion. don't forget tesla. advance for their battery operation. that's good enough for a 5% gain. that is a very sall solid gain. price of oil $65. barrel. let's get the politics in the midterm election. come on in editor-in-chief.

what would you say if i said the following print i think the republicans could keep control of the house and maybe build their majority i the senate. what do you say? >> i say it's not impossible but you always try to get me too defend the blue wave and have to remind you that were not calling it a blue wave, were calling it a blue ripple in the underlying fundamentals look good for the democrats to take the house and the rubber republicans to keep the senate. if the booming economy helps push them a little bit better in the race. >> were talking about the economy. if you say it's in good shape primarily because of the regulations of tax cuts, what you make of the democrats who appear to be running on a platform of raising taxes and re- regulating industry? that doesn't seemed like a

great strategy. >> that's not how democrats will pitch that strategy. we were looking at polling and they're gonna run against healthcare and perceived corruption. i think both have arguments to make on both sides. the way i wake up every morning after primary is look to see if it's changed the fundamental dynamic of all these races and i don't think yesterday did. we were watching in california for some of these open primaries where there would be no democrats. that would've been a huge worry for democrats if that happened. it didn't. no other race, that blue ripple is still there. democrats look at the house and republicans look good in the senate. >> but, the trump endorsement certainly seem to work for john cox. walking away from trump is not a good idea for republicans

walking towards him and accepting his support does a. to be good. >> that's true, republicans who ran against trump did not do well. republicans who ran with him did do well. the really interesting thing were starting to pull on is how the popularity doesn't transfer to different members of the house and senate and how when his travel over the summer in the fall, what will that do to boost republican candidate. >> so you do a lot of holes, i know that. what about, are you going to pull the economy and whether that's a plus for the republicans in november? >> i was sitting in the chair and watching you speak earlier and i think i am. >> out. i've had an impact will come back and tell you what we get. were going to try for the rest of this month and hope to have something by july. thanks for joining us. let's get to that market. technology just seems to be taking over. it's been that way for couple years. market watch christian magoon

is with us. it just seems to me like technology are the only game in town. where my going wrong with this? technology continues to lead. they have the best earnings growth. we talked about on the show right before last earnings season. they will be up over 25% year-over-year in the market seems to love technology, but that's a bit of a problem because we need some of these other sectors to participate for the market to truly be healthy. >> i take it you only's big tech stocks within your organization. >> that's right. we do own many of these stocks within our amplified sweet. many of them are in our online retailer or blood chain etf. >> where else can i make some money? where would i put it if it's not big tech? >> i think a play to look at his battery, metals and material company.

>> hold on a second. did you say battery? >> yes. i did. tesla is getting a great lift today because of some of their battery news. this is a classic supply and demand story. there's a gold rush happening in battery metals. nikkdata nickel, china is trying to buy them. tesla and apple are trying to secure their supply. we think this is a great area for investors to diversify. if you loo like tech you should love the metals that power today's technology and that's the battery metals. we have a ticker b att to track these. >> i take it you own tesla

stock. >> we do not because they don't own the battery metals and materials. they've developed a great battery technology but if they don't have the supply they will be hurt. we want to own the underlying supply chain, not necessarily the end-user. all right. we hear it, it's a battery driven market. thanks for joining a spread we will see you soon. remember, google decided they're not going to renew that pentagon contract which would have allowed their people to work on artificial intelligence for military. google says not doing that. mike bloomberg, former mayor of new york is blasting the google decision. tell me more. he's written an opinion piece much what we were talking about. it's called google walks away from america's security. let me pull out one of the quotes in the opinion that mike bloomberg put out. he said google's decision not to renew a contract to develop artificial intelligence for the defense department was a victory for the employees who had protested it for the defeat for u.s. national security. also the cause of limiting

civilian casualties in war. what he said was originally this was called project maven and it enabled the military to better identify noncombatants. try to reduce the amount of collateral damage as they go after the terror spread he says you've done a complete turn. you've let some bad publicity and a handful of people to provoke this reversal of your initial policy. he now says the pressure is on for other big companies that may want to come in and pick up this contract. maybe companies like ibm, microsoft, will they now feel they're under pressure not to do this. if that's the case it's wrong because ultimately you should be defending this country. >> by the way, china and russia are moving at pace. look at what the pentagon is working on the save lives. they are using artificial intelligence to pick up a nuclear missile rocket launcher in north korea.

they believe their hiding their nuclear missiles. pentagon is doing that with artificial intelligence. this should be right in their wheelhouse. but he does praise amazon and says at least amazon cloud computing is collaborating with the intelligence immunity and that's appropriate. ultimately it's all about our security. >> i think bloomberg is spot on with that one. what else do we have? the immigration problem at the border. so bad the feds are discussing military bases to hold children separated from their parents. we will talk about that. a graduate from yale that up with trigger warnings blocking conservative speakers from talking on camera. he's doing something about it. we will tell you what he's doing later this hour. the original investor in big tech now in a whole new world. microsoft, $100 a share. apple nearing a trillion dollar market value.

tesla is going up. where is he putting his money now. he's on the show at 10:30 for our customers. it's how we earned your trust. until... we lost it. today, we're renewing our commitment to you. fixing what went wrong. and ending product sales goals for branch bankers. so we can focus on your satisfaction. it's a new day at wells fargo. but it's a lot like our first day. wells fargo. established 1852. re-established 2018.

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we are off the highs of the day, but not by much. were still up 90 points were pretty close to 24900. now this. the feds reading an ohio law and save service. they're cracking down on illegal's. >> the flower and garden centers, you probably heard of them, ice agents move-in 114 suspected illegal immigrants were taken into custody.

this was a staying from last october. they got onto this when they arrested a woman who was providing stolen ids to illegals in the country so they could get a job. will there be, charges? not at this point but certainly id theft and tax evasion is up there. no criminal charges against the company as of yet but it is under investigation. this is ice getting very aggressive. in april they arrested a hundred illegal immigrants at a meatpacking plant in tennessee. i've always maintained the employers have to have some of the blame here. they are now complaining if we don't have these that we can't fill all the jobs that need to be filled. therein lies the problem. >> do they do due diligence to find out who these are. they say they do. these ids are stolen and what you do. bottom line, ice is getting aggressive. that is the bottom line. the government is running out

of space to house immigrant children separated from their parents at the border. the feds are looking at military bases in texas as a possible option. joining us now is the republican from texas. the problem seems to be sheer number of people coming across the border. you don't have facilities for the mall. >> that's right. we have got to get the wall built. everywhere it's needed, we have to secure the border. this is not spread when a homeowner has a swimming pool and you don't put a wall or a fence around it and somebody comes in and rounds, the homeowner get sued. i've got a bill, we've been working on it for a while that would create a civil-rights cause of action against century city's where if somebody gets harmed by these people were drawn in by the sanctuary cities which are indeed attractive nuisances, then they ought have to pay the people who get hurt because of their liability.

have got to get the wall built. we've got to get the border secured. we are continuing to lure people to their detriment, and when were giving away hundreds of billions of free stuff, of course that's an attractive nuisance. my heart breaks for the children. >> why are we separating them from the parents. >> we do it every time as a felony judge when parents committed a crime, the children had to go with somebody else because we had to deal with the adults who committed the crime. if we can get that word throughout all these places, by the way, you remember a couple years ago the big problem was all the unaccompanied minors coming in that we had to take care of and were using that as a reason to bring in their parent parents. >> so the democrats have an issue here to take up with

republicans because a lot of kids are coming in separated from their parents and now you've got to house them and they're not always can be housed in conditions of which the democrats think are appropriate so that you say you are just cruel republicans. >> they are cruel for creating the attractive nuisance, refusing to put up a fence or wall to stop these people from being the word in to their dutchman. those that create the attractive nuisance have failed to do anything about it and are wholly responsible for damages that result. the adults that break the law, i'm sorry, when i get to see god someday i will say, but why did the children have to bear and pay for the sins of the parents. that's the way it is. so often it happens. look, when i send people to prison for life i had to send their kids along with them i don't think so. with the parents committing crimes than the children normally have to be cared for

by somebody else until the crime is paid for. >> you are equating the crime that used to be a judge about, the crime of crossing the border doesn't rise to the level of breaking the law so you have to separate the parents from the kids. that's the issue is in it. >> it is, but look, they manipulate the law anyway to help themselves when we are taking the kids in and saying oh gosh, we can't separate them, let's bring the parents in to be with the unaccompanied children. that was the way is being played for a while. now they're saying we do better off if we come in as a family group so the message goes back don't come in as a family group unless you want to be separated from your children. in the meantime, help us put a fence, a wall between us and the attractive nuisance that is luring people into where

they go into sex slavery, to being drug mules, it is really outrageous. we have got to secure the borde border. we hear you and your right there in texas on the border. things for joining us. we want to turn to chicago. the leader in underwater home and let me explain that. that is you oh more on the home than the home is worth. you are underwater. we've got a report on that. now check the big board still up a healthy one third of 1%. we will be back.

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just above $1300 an ounce for gold. most of the country has recovered from the housing crisis but there are plenty of homes underwater, especially in chicago. give us the latest. >> you always like to tell the good news about chicago but sadly this is not good news. i stand in front of one of more than a quarter million homes underwater. you explain what that means and that's not good news for the good news is most of the rest of the country has recovered. this particularly not so much. take a look at the numbers compared to other metropolitan areas. 254,000 homes underwater in chicago compared to 74000 in los angeles and 20000 in san francisco. we didn't put new york on the

list but there hundred 95000 which is still less than chicago despite having much more population. here's worse news. 20% of those people oh twice what the value of the home is. this home is worth $229,000, that's what it's on the market for on a short sale. 20% of people oh twice what it's worth and they will never get out from under it. not particularly good news. i point this out and that is to say it's not the rich people leaving chicago, it's actually poor people leaving the city. mostly lower value homes are the ones underwater. it's sort of hard to believe that, but that's the case. interesting. >> it's very interesting and very troubling for chicago. jeff is right in the middle of it. thank you very much. about this.

more jobs than people can fill. the more job openings than people able to fill those jobs. economic growth expected to continue to go up substantially. we'll have more on that in our next hour. one of the first names to invest in big tech. he was alan. where is he putting his money now? he's on the show next.

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is that in honor of microsoft going to 102? check out the big board. were back to a triple digit day. we are just above 24900. i think we've got the numbers on oil inventory. that's how much oil we've got in storage which might affect the price. have we got a number? were actually expecting to draw down 1.8 million barrels. were up 2 million barrels which should put downward pressure on oil prices. we have more in storage than expected. oil prices are being drop it down to 6488. we've got a much bigger bill than expected. got it. thank you. now this, facebook admits to sharing user data. that's our personal information with the chinese phone maker. christina is with us now.

what impact on facebook from this latest pr. >> the latest thing you're seeing is the stock down over 1%. it's the investors yawning at the moment because we been mentally preparing for this, facebook shares information, the delete facebook trend did it really resonate? no. were seeing a lot of analysts on the street showing that this is a long-term buying opportunity to get in with facebook. if you look at the stock, it's relatively cheap. add revenue continues to grow because i know you had a guest on, where else are they going to go. they dominate instagram so they have no other option. they have revenues that continue to go up 49% compared to last year. definitely a strength and why say long-term, ai, artificial intelligence, facebook is investing heavily in that. this is 3 - 5 years from now. it could be a buying opportunity. when you mention wall way, the

third largest smart phone maker. facebook is going to end that partnership by the end of the week. >> here's my bottom line. people don't care. they think everybody knows anything about it. they have what's up now on instagram and that's can be the big booming platforms. that's where all the younger people are going. >> we are in total agreement. extraordinary. thanks very much indeed. i want to bring in one of the very earliest of technology investors. he's the man on your screen. his name is alan patrick. user were one of the original investors in apple. yes, that's correct in the 1970s? actually pulled out the old files. it was 1979 and the company started in 77. i wasn't the first day, but it was a private company.

he got a piece of the action before went public. it didn't go public until a couple years later. did you make a lot of money on apple. what we ended up doing is we distributed the stockholding which is something that's done in private investments. i have no idea what the 40 or 50 potential investors we had. >> you had an investment company, you got these chunk of apple, you split it all up and got it to your investors to your company made a ton of money. >> no, the investors made a ton of money but we got the credit for it. who knows what they did with stock. the question i wondered many times, i'm sure many of them because this is a long time ago, many of them are dead and what happens is when they get significance they may have just put it in the drawer. i wonder if there's anyone who forgot about it. >> i once met someone who had inherited 300 shares of

berkshire mills for berkshire hathaway. they got 300 shares passed down to them by a grandfather and suddenly found themselves worth about $30 million. i will tell you something i have not told because i just discovered this about two days ago. we invest in $315,000 and i had someone to the computation the other day, if we had held the 315,000 in apple what you think it would've been worth today hundred million two and half billion dollars. [laughter] and that's accurate. it was fact check. but it all disappeared quickly. it just makes me depressed. look at that. apple's has a market value pretty close to a trillion dollars.

anything standing in the way of them getting to a trillion dollars. >> there seems to be no end to where they're going. go to their stores, it's jampacked at two or three in the morning, even with construction going on. >> you invest in the smaller up stocks. >> younger companies. >> if you were to invest just supposed you had a few billion, would you put it in any of these big-name tech stocks? >> i'm really concerned that you can't have this much noise about the monopolistic or controlling influence google has in the search area and facebook and the social aspect, amazon has e-commerce, you've got to be able to know that congress or someone else

will say were really heading down the road where it amounts to control, amazon has 45% of the e-commerce business and google has 70% of the search. two-point to billion people on facebook, you really have to be concerned, are we going to a position of people having control in specific areas and is that healthy. i'm not sure, i'd stick with my earlier stage deals and younger companies. we saw them get a sold for seven and half billion dollars. 200billion was invested. we have a lot of up-and-coming companies and we've done reasonably well so far. tell me the big technology, the next big thing that you

are into right now. >> we've done a lot of direct consumer companies recently. that's the next big thing. hubble is selling contact lense lenses. >> instead of two retail store there selling online. hubble is selling contact lense lenses, candid which is just now recently started which is going after the invisible on market and big margins of these businesses. there's opportunities to go direct to consumers. we are investing a lot of that. i do a lot of things related to the media business for the firm. we've done thrive, we did a little bit of investment. >> when your eyes lit up when you said big margins. >> yes, i like big margins.

>> what's facebook margin, 60%? that's a big margin. that's extraordinary. margins depend on what business you're in. big margin in the grocery business will be 5%. in another business to be 20%. >> it was anybody else, we have a buzzer when you use expressions like that. earnings before taxes. i said this was a goldilocks economy, doing very well. nice growth, low inflation, more growth still to come. et cetera. you don't care to you. >> now, it's interesting, we don't see any signs of the economy having a dampening effect. when you're in a very high growth stage, i talk about this a lot, all our companies

are financed with equity. they don't borrow money, truly they don't spend much time worrying about who's on first in terms of politics. you don't hear much discussion about politics and you don't hear the morning about where interest rates are going or whether gdp is up or down. all they focus on is how many more contact lenses, how many more customers are going to be buying online. we have a chemical switch yesterday that have a big announcement which is younger people starting to get into the investment world. the very hot company which just added a new product but up until now they do rounding up when you go spend money the difference between two and a $2.25 and $2.25 gets put an account for you to invest. private company but very

exciting. we got a lot of those. >> i think where out of time. last time we were at nine minutes. i think were at an all-time record. >> we had eight minutes today. last time you were rated and that's why you're back. if you're not rated today will never be back. [laughter] allen, it was fun. hope we didn't abuse you too much. >> never. it was a pleasure. >> all right. the stage is set. the montana senate seat. the yale graduate sick and tired of having conservative speakers canceled on campus so they're doing something about it. will tell us what after this. ♪ ♪ ♪ ♪ six in the morning.

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there reacting to nancy pelosi's claim that the shortfalls in social security are the fault of the trump tax cuts. rotate. >> the tax cut has absolutely nothing to do with the fica tax. that is the largest tax most americans pay.

as you know, for the last several decades, the americans have been paying more in these social security taxes than the government has needed to pay the social security retirees. there is a $3 trillion surplus but really not an emergency fund that you mentioned. this money has to come out of the general fund. the federal government has borrowed all the surplus. social security is not in trouble in ten or 15 years, it's in trouble this year

news on some potential presidential pardons. comes from blake berman who said there's dozens of them but no exact timing. one of them under consideration is alice marie johnson. this was the person brought to the president's attention by the one and only kim kardashian. they were pushing for a presidential pardon. this is something, we had the boxer couple weeks ago, this is something very much on the presence mind. this president is doing it in real time in the middle of his term. we find it hard to get used too. look at the montana primary. matt rosenfeld will challenge incumbent democrat john in november.

mr. senator, welcome back. i think john stepped out of line when he made unproven accusations of the nominee. i think he's a target of the republican party. is the nominee going to beat him? >> i've known matt rosen dale a lot of years and he was elected statewide as our state auditor and matt rosen dell was in a competitive primary. we have four excellent candidates running for that senate primary. voters chose matt rosen dell. i know he was somebody who is stand with me too vote for the tax cuts, not against the tax cuts come to stand with me too vote for mike pompeo for secretary of state, not

against him. i think matt rosen dale will bring a message and voting record to montana more in line with montana values. >> that could be one of the pickups for the republican party in the senate. that would be a very big deal some that we didn't see was a blue wave. there's about 35% more republicans that turned out. you see a very energized base and i think that bodes well. >> mitch mcconnell canceled recess, the august recess. are you in line with that? do you prove that? >> i push leadership hard on that. as part of the letter i sent the leader. we really have to address chuck schumer's dysfunction. we have 260 nominations that president trump wants to see moved to the senate.

frankly, i spent 28 years in business. i can't imagine the idea of an august recess. when they're working two or three jobs to make ends meet, it's time the u.s. senate stayed here in washington, did the work of the people. for heaven sakes, if you're going to drain the swamp you better keep the pumps running in august. >> and we reasonably expect that by the time august is done you will have your nominees approved, all 200 and you will pass appropriation bills? can we reasonably expect that to happen. >> i don't know that we can get all that done because it depends on the operations of the democrat. will keep everybody here and keep chipping away to give president trump his full team. it's outrageous. the amount of obstruction for the nominations of this president is unprecedented.

it's time to bring more light to that but it's time to keep members here in washington d.c. working in august to keep living accommodations rule. >> senator dane, thanks for joining us. we appreciate it. >> student loan debt is over $1.5 trillion. that's an enormous amount of money and women are reportedly carrying a good proportion of that one and actually now that. tell me more. >> two thirds of debt that women carry. a fifth of the borrowers overall are behind on their payments. .5trillion, it's astounding. that's bigger than credit card debt. figure than auto loan debt. it's about the size of russia's entire economy. there's always talk of a student loan bailout. here's the issue. colleges get about 135 billion a year in federal aid. they can effectively bailout every year colleges and universities so there has to be serious discussion about the business model of college

and universities price gouging with tuition increases on middle-class families. we have to do it. they think there running hotel and real estate empires with white elephant football stadiums and five-star cafeterias. i don't know when the breaking point is but this headline that women hold most of the debt, that's headline grabbing. >> one and half trillion dollars in 20% are behind. >> it's predatory pricing by academics. >> comments from a yale graduat graduate. i promise never to sacrifice free speech or the pursuit of knowledge. he tells us how that pledges going. and next hour, the man who is taking on gavin newsom for governor of california, john cox will be on the show. also matt rosen dale, 1150 eastern time on this program. more "varney" after this.

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liberal lunacy on campus. they wrote an op-ed titled i'm running to restore yelm values and he's with me now. what yale values do you want. >> freedom of speech, encountering ideas you might not like in a respectful and civil way. there was an incident a couple years ago where an e-mail was sent about appropriate halloween costumes and a professor said it's what the university should be doing. the students are adults and they can decide for themselves. there was a mob of students shouting down this professor and his wife and some of the students were rewarded. the university didn't stand up for the civility that we expect on campus we know a lot of alums are disappointed by this. that's why i'm running. >> i thought yell had a

statement. >> it's actually one of the best statements on free speech produced by yale in 1974. it's the woodward report and it still the university policy but you wouldn't know it. >> you want that policy to be mailed to every incoming freshman. >> what are you doing about this? >> i am running to be a trustee of the yale corporation. i want to be able to affect change on the campus. >> you need a petition? >> i need 4300 signature of yalelums so all your viewers can go to jamie for trustee.com. >> jamie for trustee.com. >> they can put their signature and help me get on the ballot. >> you need 4000. >> a little bit more than that. >> we will help you if we can. thanks for joining us. >> all right. in a moment, we are all over the company primaries. more "varney" after this.

.

. stuart: hey. what happened to the blue wave? anti-trump feeling was supposed to propel democrats to a crushing victory in the november elections but yesterday's primaries showed no such thing. democrats did okay, but they did not swamp the ballot box. they have to be just a little disappointed. and what happened to the trump endorsement? it was supposed to be the kiss of death. didn't turn out that way. in california, the president gave strong support to republican john cox and john cox did well, he will on the ballot for governor. the primaries burst the democrat bubble. they thought trump's style would be their passport to victory. in uber liberal california, they thought they were home free hoping the jungle primary system would keep the republicans off the ballots. they ran into problems with gas taxes, sanctuary state protection of illegals, a poll revealed half of bay area residents plan to leave the

state. in the past, i've often said that no republican could win a statewide election in california in my lifetime. i have to take that back. i'm not predicting john cox will be the next governor but i'm saying he's got a shot. used to be california produced all the new trends. what california does now, the country will do later. i wonder if that's going to be true all over again? who would have thought the republican party under president trump leads california back to sanity. unthinkable in january this year. not unthinkable in november. the third hour of "varney & co." is about to begin. . stuart: look at this hour, the man of the hour, that gentleman right there. california gubernatorial candidate john cox giving his first interview on this network since advancing to the general election in november.

let's talk about the congressional races in california. there will be a republican on the ballots in every race this november. i don't think this was a blue wave that the democrats were hoping for. i want to check in with the chairman of the california republican party. you've seen the latest results later than i have, i believe. i don't think there was a blue wave. tell me. >> no, there wasn't a blue wave. and stuart, you have been saying for months that the top issue in california was going to be the gas tax. republican candidates for congress led the effort to repeal the gas tax which will be on the november ballot. all of those candidates did very well. one of the things that is critical here in california, though, is recall elections, and yesterday, we recalled josh newman, a democrat state senator. he was the deciding vote on the gas tax. he got recalled by almost 20

points, and we replaced him with a republican senator-elect ling ling chang. stuart: was he a democrat or republican? >> he was a democrat. if there was a blue wave it certainly didn't show up, and the number one issue there, stuart, as you have mentioned, is the gas tax. stuart: now the gas tax was not a feature in most of the primary races in california yesterday. it's an issue you think in the november election, that's correct, right? >> yes, it is. but it was the number one issue in the senate recall and almost every one of the republicans running for congress mentioned the gas tax. it was prominent in their campaign. it's just one of the many, many taxes that jerry brown and the democrats here have raised. stuart: are you feeling confident? you feeling positive after yesterday's primaries in california? did you do as well as you expected, the republican party?

>> yes, we were very happy. we wanted a republican in the top two for governor, you can't get into the top one if you don't get into the top two. john cox ran incredibly well, antonio villaraigosa was hundreds of thousands of votes behind him. we know we're the underdog, we're going to fight harder. we have seven congressional districts that hillary clinton carried. we think we're going to do well in all of those, and stuart, if you'll let me, let me put california in perspective. we have 14 republican-held congressional seats, that's why we're a target-rich environment for nancy pelosi. 41 states out of the 50 states have less than a total of 13, 14 congressional seats. we did very well. our candidates overperformed. the democrats underperformed and we are eager for the general election fight to begin. stuart: as i said at the top of

the hour, i've said many times, in the past, not recently, but in the past, i said my lifetime there will never be a republican voted in, in a statewide election in california. i am prepared to eat my words if not my hat. you tell me, what are the odds, honestly? what do you think the odds are that there will be a republican win in a statewide election in california in the next, say, 20 years, because that's i think my life expectancy? >> well, i don't know about the next 20 years, but i say in this election it's four out of ten. gavin newsom is really far to the left of the california electorate. the democrats in california, all they want to do is talk about donald trump, and there's a strategic reason for that on their part. they own california. they have been in charge of california for eight years. they broke it. they don't want to run on their

record. we've got crime rate rising. they let 40,000 felons out of state prison. violent crime the rate's up by almost 16% over the last two years. they talk about income inequality, we have the largest income inequality there in charge. we're almost 37% of the welfare recipients. you mentioned the bay area. folks -- half the folks in the bay area wanting to move. 60% of californians w to move because of the high cost of housing. democrats own california. they broke it, and republicans are the fix. stuart: jim, that was a fine campaign speech and i'm sure you'll be giving it a lot. check in with you in november. jim brulte, appreciate it. the dow is up 136 points. we should note that. baby boomers refusing to leave the workforce. that would be me! new numbers show people over

the age of 65 working at a rate not seen in over 50 years. 20% of the people in that age group are still working. that's more than double from what it was 30 years ago. economists say the trend is bad for younger workers who are banned from getting new jobs or blocked. quick look at gold, the dow up 130. the price of gold up $1.50. bitcoin in the $7,000 range for a few weeks. and hardly moved. up 8 bucks at $7626 per coin. happening now, the world war ii memorial in d.c. marking the 75th anniversary of the d-day invasion. storming the beaches of normandy, france, june 6, 1944. my dad was there. and now this. i'm calling it the goldilock econy. reco job openings, low

unemoyment, companies giving bonuses, wages going up and the mainstream media ignoring it all. not us. not "varney & co." we're on it with former adviser to the president, sebastian gorka joins us as the third hour rolls on. ♪ how do at business? stay at la quinta. where we're changing with stylish make-overs. then at your next meeting, set your seat height to its maximum level. bravo, tall meeting man. start winning today. book now at lq.com

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. stuart: i think the economy is doing really well. i'm calling it the goldilocks economy. couple of stats for you. there are more jobs available than people available to fill them. that's a big deal. and the atlanta fed is predicting, wait for it, 4.8% growth for our overall economy. that's a moving target, it could change. but 4.8% growth is pretty good. that gentleman on the screen right there is sebastian gorka, former adviser to the president. sebastian, the mainstream media is ignoring this good economic

news, but my question is, is the good news penetrating the media screen and getting through to voters? >> stuart, i think it has to be. when you've got oil companies in america that are advertising $25,000 cash signing bonuses because of how strong the economy is, it doesn't matter what anderson cooper says on cnn, that news gets out there. when people look at paychecks. when you see we have not 500,000, not a million, five million people who have been given bonuses by companies because of the tax reform. it doesn't matter what the "washington post" or "the new york tim" writes because they get that paycheck with that extra money. stuart: is this the reason why the so-called blue wave is not a blue wave at all, it's barely a ripple? >> well, first things first, let's get the colors straight. colors were swapped about 12 years ago, thanks to the left-wing media.

if there is any party that's red, stuart, it's the democrats. so let's talk about conservatives being true blue. that's true in the uk and elsewhere. stuart: i do. >> but yeah, it's not even a trickle. it's just -- it's wishful thinking for those who still cannot comprehend what happened on november 8, 2016. they have nothing else to grasp on, so they think there is a democrat wave. if you look at results yesterday. it doesn't look too good for the democrats. stuart: talk to you about dennis rodman, i hope you don't mind. >> please. stuart: rodman reportedly in singapore for president trump's summit for kim jong-un. what the devil is he doing there? >> he's just a glory hound. he's a publicity seeker. who cares? i mean, really. stuart: it's a distracted circus, isn't it?

>> yeah, i don't think he'll be getting a lot of photo opportunities at the summit table. this is a man who celebrated that regime as a guest of the regime repeatedly, a regime that while we need to denuclearize the peninsula remains a dictatorship. dennis rodman is nothing more than a clown looking for more publicity. stuart: overall, how would you judge the negotiations going as we move towards the summit, which is, i believe, eight days away? >> it's going to be at the moment, at the moment, thanks to secretary pompeo, thanks to john bolton, it's going exactly as we originally intended. think of what happened. that letter was written by the president saying don't insult the vice president, i'm closing this down but left that window open and said, look, this is important, to you and to us. if you want to do this, i'm

open. within a matter of hours that envoy hand delivered that letter to the west wing. that's "the art of the deal." that's the trump effect. fingers crossed and nothing is done until it's done but we are potentially on the brink of bringing some stability to that benighted peninsula. stuart: i think kim jong-un is in a box because if he walks away from the summit and does not denuclearize, what's he got? more sanctions on him, more adjunct poverty, i think the man is pushed into a corner by president trump's hard line. am i going too far? >> no, not only that, stuart. the fact if he doesn't get that photo opportunity with the most powerful man in the world, donald trump, and not only that, if he walks away at any point now between the beginning of the summit, guess who else is going to be very, very

angry, and it's beijing. and when you are north korea and 90% of what you need to survive comes from china, you don't want xi jinping to be disappointed in you. stuart: why would the chinese be disappointed if kim jong-un walks away? >> because it's pretty clear that the chinese administration, the communist party, has effected the turnaround in kim's attitude. the fact that he went for the secret meeting to china, that's not an accident. china's fed up with having a buffer state that is more dangerous than not having a buffer state. a buffer state is supposed to keep stability between you and the west. when you're launching ballistic missiling over the sea of japan, you are no longer good for china. stuart: just fascinating. who would have thought a few months ago that you and i will be sitting around talk about the likelihood of a summit, one week or eight days hence, and

looking good for president trump. who would have thought for one second, sebastian? >> and just 500 days into his administration's first term, incredible. stuart: you are having fun, i know you are. >> completely! it's a great time to be an american. stuart: ain't that the truth? british accents, both of us. sebastian gork ayou are all right. thank you for joining us, sir. appreciate it. the parent of jack daniels, brown foreman report a decline in profit because their expenses are up 50%. down goes the stock. 4% lower. look at signet jewelers, they make money, investors like that. up 15%. fitbit chief is quitting. joining a self-driving car start-up and fitbit is down more, six bucks a share there. oil and gas producer devin energy streamlined operations, the market likes that, up 5%.

and now look at tesla, they claim big progress with batteries. two years ahead of everybody else with batteries. it's a battery company and the stock is up 5.8%. $16 gain for tesla. above $300 a share. and the dow industrials are up 139. california releasing list of top tax delinquents, and the list includes famous hollywood names. you can guess who's on that list? in a moment. we will tell you.

. stuart: the high of the day! up 163 points. close to 25,000 on the dow. it is a rally. now we teased this before the break, and here we go. hollywood names on the california top tax delinquent list. top of that comedian chris tucker owes $1.2 million. he blames poor accounting and bad management. other names include tori spelling, she owes more than 280,000. the singer macy gray owes

$240,000 and xzibit owes $280,000. mercedes-benz testing a car prescription service just under 1100 per month rolled out in nashville, philadelphia. you can choose from 30 different models. drive them, any one you like, for a month, 1100 bucks. bmw, porsche, cadillac all in the subscription business. great deal to me. >> yeah. stuart: i don't know whether insurance is involved in this, i have no idea. >> good point. stuart: i would imagine. >> very high-end cars. stuart: sounds like attractive idea for sure. and this one too, pet peeve here, the feds are suing two companies that reportedly made more than one billion illegal robocalls.

the ftc says net dot solutions and world connection used software that allows them to send a mass amount of calls in a short period of time. also accused of contacting people on the do not call list. masking their identities through a process known as spoofing. pet peeve. nobody like that. for the first time since 1982, social security costs will exceed its income. we're paying out more than what's coming in. forcing it to tap into reserves. this is three years sooner than expected. details on that coming up and, of course, nancy pelosi commenting on it. we'll tell y about that. also joined by the man who says will not get into big tech but tech is where it's at. what's he going to do? i don't know, but he is smiling. we'll be back. ♪

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. stuart: well, look at this. i think this is very close to the high of the day. we're up about -- there you go. 170 points, 24,970.

what, 30 points away from 25,000. you better take a look at facebook. it does admit to sharing data with chinese tech firms including huawei, flagged as a national security threat. the stock is down two bucks as we speak. ian myers is with us, ceo of news pick, alternative to facebook. we're going to start with zuckerberg and silicon valley. they have a problem with truthfulness here. >> not just a problem with truthfulness, a pattern of willful ignorance, they keep saying we're sorry, in the past, we won't do it in the future. i'll be back in a few weeks because it's a problem that keeps happening and because of the business model and all of the companies selling data out of silicon valley, uber, facebook, google, they all have the business model. that's the problem. stuart: you are an alternative to facebook. very small, but you are posing yourself as an alternative.

>> right, it's about how you start, if you start with a business model in mind not on the back of user data and built on a business that can be profitable based on good content and good community, you can achieve that goal. stuart: news picks is a social network. >> combining news and social. stuart: okay, tell me how it works, go on. >> news stories that are aggregated from only premium content. commented on by bremer, richard branson and the community, mainly people in business and tech add onto that so you can see a nice stream from readers and pro pickers. stuart: is it free? >> it is agree and at this point? >> at this point. stuart: you intend to charge later. >> of course. stuart: do you agree to sell any information? >> we're not selling user data. stuart: news picks.com?

>> news picks.us. you have been on the show before, news picks.us, what happened? >> we got a lot of great people from your show. [ laughter ] >> let me repeat that, news picks.us. >> see if we can beat the record from last time. stuart: how many from last time? >> 2300. in five minutes. stuart: really? news picks.us. am i right? >> you are. stuart: should i point out our chief rupert murdoch has a stake in the company. >> yes, news corp. stuart: when are you going to start chargeing? >> probably sometime in the fall. originally for premium content. stuart: you think can you get away with it, i don't mean to be pejorative, you think they will allow you to charge? >> content people want to read and share.

when you have the two components, it would be profitable business. >> can you tell me how many people you have? >> just surpassed 1 skwloouz just 100,000? that's it. six months? 100,000. >> yes, growing very quickly. stuart: by the end of today you would have -- >> i would say 150, 200, the sky's the limit. >> the last time he was on. i look at it every morning, very good. good assortment of stories. stuart: news picks.us, from prime media outlets. will you ever put me on there? >> love to have you. [ laughter ] >> ian myers, you are a lot of fun, appreciate it, damn good idea there. appreciate it. take a look at the rest of big tech, forget facebook, take a look at the rest of them. new highs for amazon and microsoft. okay, amazon is still above 1700 bucks a share.

microsoft at $102.50. joining us editor and publisher of the gartman letter. where you been? you don't invest in the big-name technology companies, missed out on whopping rally. where you been? >> in the stuff that again if you drop it on your foot will hurt. i'm an old guy, i have a hard time with high-tech. i truly don't understand it. i've been using the internet for 15 or 20 years, but still i shall leave this to other people. give me ships, railroads, give me ball bearing manufacturers, give me steel, cotton, give me things that i can see, feel, taste and as i said drop on my foot. they're the things that are incumbent in a growing economy. i understand those things. leave those things to others. stuart: i know you have been very successful. i follow your stuff, you are very successful. i put it to you. you are out of date.

that sounds harsh, sorry about this, but, look, america's economy is driven by technology. this is a technology economy. you cannot afford to stay out of it forever, can you? >> yeah, why not? again, tonight do the things i'm comfortable with. that's what i've learned in 40 some years of doing this, and if i miss it, i miss, it stuart, that's just who i am, that's what i've learned, that's what i always shall be. again, let others who are younger than i who understand those things, do those things. they'll do fine. i get it, i understand it. but it's something they will never be able to deal with. young men in my office. they get it, they constantly force me to take a look at high-tech, but hard to deal with. sigpharma is beyond my camp. stuart: give me the name of an

industrial company whose shares you own and you think it's going straight up. tell me. >> i doubt anything i own shall go straight up. let me say ball bearings, what's more incumbent in gross domestic product than wheels and gearing. let me own ball bearings. timken roller bearing, u.s. steel i've always found interesting. those are the things that i want. they make sense to me. stuart: would you never, ever buy a microsoft, for example, just to help me out? >> [laughter] well, it's very hard for me to buy microsoft at $103, when i missed it at 40, when i missed it at 60, 70, when i missed it at 90. difficult to step up and buy it at $102. i won't say i won't ever, ever buy high-tech, but do it after this run, it would be illogical and terribly ill-advised. god bless the people who do it, i wish them nothing but great

profits in the future. stuart: i should be honest with you, dennis. back in the day, not that long ago, my children were urging me to buy apple. at the time it was $57 a share. this was way back when. i didn't buy it because i thought i already had a terrific run. i'm ashamed to admit it, dennis, but there you go. >> stuart, stuart, you joined my camp. we understand each other. those of us of a certain age, it is difficult to do. but god bless the people who have done it, i wish them nothing but great futures. stuart: absolutely, we love success on this program. dennis gartman, always a pleasure, thank you for joining us again, dennis. >> see you next week, i'll be in town. stuart: if you're not careful, you'll be on set with me. social security. we are paying out more than social security is taking in. guess what? democrats are blaming tax cuts for this. this from nancy pelosi, i'll read it to you --

let's see what betsy mccaughey has to say about that. keep it soft and gentle. what do you make of ms. pelosi? >> proposed remedies to the shortfalls facing social security and perhaps medicare are nonsense. the fact is that we can't tax our way out of this problem and we can't cart our way out of this problem but we can and will grow our way out of this problem. in fact, we are reaching 3% growth under donald trump, and already federal tax revenues in this part of europe, up 13% from last year. stuart: do you think that growth in the economy will take care of the social security outflow of money? >> growth in the economy, plus increased labor participation.

that is really key. stuart: will that pay for it? >> i believe that increased labor participation, plus growth will take care of much of the social security problem. and let me point out that earlier in your show, you featured the increased labor participation of baby boomers as they reach, quote, retirement age. but let me point out also this, the washingtonians when they talk about the entitlement crisis always focus on the two entitlements that served seniors, right? they don't talk about the biggest entitlement crisis of all, medicare or the other giveaways. the fact is the senior programs are reaching a point that looks like an arc. they are going up in terms of the demands because of the baby boomers but will come down again. the entitlements, like medicaid, obamacare subsidies, welfare, food stamps are going

straight up, they are driven by politics instead of by demography. stuart: look at medicaid. >> that's right, the biggest entitlement crisis, 74 million people enrolled, medicaid growing per enrollee far faster, the spending is almost triple in rate what it is in medicare. half of the babies born in this country are paid for by medicaid right now. it is a major entitlement crisis, driven by politics, not by demography. stuart: how do you reform it, the minute you say i want to reform medicaid, you are taking away from it, children, you are demagogued to death. >> you are demagogued to death. the republicans made a very important step by encouraging work requirements for medicaid. it's a double whammy. more people into the workforce and at the same time you discourage unnecessary enrollment. stuart: okay, betsy, very fired up about this.

>> yes, i am. stuart: but fair enough. >> fair enough because we're getting bamboozled, it isn't all about seniors, focus on the other big giveaways. >> betsy mccaughey, we will do, that thank you very much indeed. republican john cox will be on the ballot for governor in november, but he has to take on the dems and get travis allen supporters behind him. how's he going to do? we'll ask him, he's on the show next. >> it's not about me, it's about the team, we will build to turn this state around, make it affordable, make it livable, make it safe, make it truly a state that we can be proud of. let's together make california e golden ste once again. ♪ your body was made for

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. stuart: high of the day, ladies and gentlemen, we're right at 25,000, right at a gain of 200 points on the dow industrials. we'll take it. the california primary -- there you go! in my ear, they're shouting. >> whammo. stuart: we did it, 201, up for the dow industrials. sound effects from liz and ash on the sidelines. why not? that's a rally and a half, isn't it? >> yes, it is. exciting. >> woo-hoo. stuart: the california primary, republican john cox is advancing to the general election, he will face democrat gavin newsom in november. listen to what both candidates had to say after the results came. in roll tape. >> our values, as you know, are under assault. we're engaged in an epic battle and voters will have a real choice this november between a governor who's going stand up

to donald trump and a foot soldier in his war on california. mark my words. i've never backed down from a fight, and neither have you. >> mr. newsom made it clear he wanted to run against me instead of another democrat. be careful, mr. newsom. be careful what you wish for. let's send him the very first message, and that is, it wasn't donald trump who made california the highest tax state in the country. it was gavin newsom and the democrats! >> president trump tweeted this earlier -- even fake news cnn said the trump impact was really big, much bigger than they thought possible. so much for the big blue wave, it may be a big read wave. working hard. look who's here!

john cox himself. congratulations, john, well done, sir? >> thank you, stuart, and you know a lot of the pundits thought i couldn't make it. we proved them wrong. stuart: i was the one who said i would never live to see the day when a republican wins a statewide office in california. i take it back. >> you and i are going to talk in november, stuart. we're going to take this state and make it livable and affordable. gavin newsom wants to turn this state into venezuela. we're not going to let him. we're going to get the job done. stuart: you've been practicing that line, i know you've been practicing that line. >> no, i haven't. [ laughter ] >> look, you've got an uphill struggle, you are the first to admit it. >> okay. stuart: the environmentalists, government worker unions, a lot of women, most hispanics, the trump haters, that's a large number of people in california that will never vote for you. you've got an uphill struggle. >> they all have to live in

this state. theyul want to have a roof over their heads and buy gasoline, we're going to repeal the gas tax. we're going to make government more efficient, we're going to improve the schools. we're going to bring down the cost of housing by bringing down the regulations and the taxes. we're going to make our roads better. we're going to spend our money wisely, stuart, that's what a business person does. i've been in business 40 years and i don't waste money, you can ask all my employees about that. we're going to stop wasting money in this state. stuart: travis allen, principal competitor among republicans. he was not kind to you in the run-up to the primary. do you think you can get his supporters, and you need them, can you get them on your side in november. what are you going to do get them on your side? >> already had a wave of them on facebook and e-mail and text send me their congratulations

and offer to help. we're about values. we're about principles. we're about making the state better and have it livable and restoring the california dream. the democrats made the california dream all about how they were going to move to texas. well, my goal is to restore the california dream and the supporters are going to be involved and interested as well. stuart: okay, john cox, you will be the republican candidate in the gubernatorial election, i hope you can come back on the show before that time. >> i will. stuart: thanks, john. >> thank you, stuart. stuart: we did reach out to gavin newsom to come on the program. we have not received a response as of this moment. another big primary race, montana, the state auditer matt rosendale beat three other candidates. he's the nominee in the senate race. he's going to take on jon tester. mr. rosendale is next.

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. stuart: the senate race in montana will surely get lots of national attention. president trump is sure to put

his support behind matt rosendale who beat out three other gop candidates to win the primary yesterday. rosendale goes up against senator jon tester in november and joins us now on the phone. matt, i'm going to go right at it. i take it principal line of attack on senator tester is he used unproven information to get rid of a veteran's administration nominee. is that your line of attack? >> that's just one of the things that separates me from jon tester, stu. i it tell you that. we've got a lot of inventory here, if you will. jon tester expanded regulations, expanded spending, he's limited the access to health care for the people of montana and driven the cost up dramatically through obamacare. only thing that he can run his campaign on is a strategy of denial. he has to deny that the va's in shambles. deny that obamacare is a train wreck. he has to deny that neil

gorsuch isn't a positive influence on the positive. i'm very prepared and ready to put my record against his. i've reduced regulations, i've reduced spending, and i've expanded the health care options and opportunities for the people of montana. stuart: are you expecting president trump to come and stump for you in montana? and if he did, would be that a plus, a trump endorsement? is that a plus in montana? >> absolutely it is. i expect it and look forward to it. funny you bring that up, i already spoke with don jr. this morning, he offered his complete support and sent out a tweet a few days ago to look folks know he's look forward to come back out. don jr. spent a lot of time hunting and fishing and helping other republican candidates. i expect he and his father will spend time out here to make

sure we send jon tester to big sandy or the million-dollar home he bought back in washington, d.c. whichever he would prefer. stuart: the war chest that you've got to get together for the november election, how much do you expect -- how much do you hope to raise? >> oh, i think we're going to be in the $6 million range. it's interesting to see that while jon tester has been able to generate an incredible war chest that he was forced to expand $5 million, almost 50% of his war chest to go through a primary, that he was unopposed in, stu, he didn't even have an opponent and spend that money to try and restore this artificial image he's been trying to porray. stuart: matt rosendale, we've got to wrap it up, thank you very much for being on the show and congratulations. matt rosendale faces jon tester in november. we did reach out to senator

tester to come on the show. he's declined in the past and we're waiting to hear if he'll be on the show. more "varney" after this. ♪ ... at&t provides edge-to-edge intelligence, covering virtually every part of your retail business. so that if your customer needs shoes, & he's got wide feet. & with edge-to-edge intelligence you've got near real time inventory updates.

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>>stuart: well this just coming at us gavin newsom responding to president trump's tweet in support of john cox. here is the tweet. please campus pain for him, as much as possible. ashley: be careful what you wish for. >>stuart: mr. newsom is assuming that donald trump the president is toxic in california. liz: well he is in certain parts trump has hit a blue wall and the question is how many california republicans are becoming independent and the president did lose the state by 4 million votes in 2016 so is trump hitting a blue wall? could be, yeah. again, again, yeah. ashley: interesting. liz: but watch what southern

california was a sam nunberg city. ashley: those that can't stand it have already left california so those that just don't like mr. trump are left behind but we'll see. >>stuart: kneel it's yours. neil stuart thank you very very much. 25, 032, we should stress here, while we are trying to get back into those old high territory we're still about 6% away from them but we're following a couple of developments that have really propelled a lot of this and that has to do the chinese maybe blinking on trade and offering to buy $70 billion worth of agriculture items in the united states, this as the same time though the mexicans are clamping down and promising they're going to slap about $3 billion in tariffs on a lot of u.s. goods which include pork legs, which i had no idea are in so many por