in the world. when i get the pipelines approved in texas, we will go up by another 35%. but you know what, if that happened, by the way, i disagree with that. a lot of people say it would actually drive prices up. but what does bank of america know. i have watched them. they don't know too much. maria: well -- >> i mean, if he's saying it's going to move them down, it might have the opposite effect. maria: i'm just saying -- >> you know what, if that happened, we will have nice low gasoline prices. that wouldn't be the worst thing in the world. maria: so you have a plan b should you not do a deal with china. going into this meeting, what is victory for you? >> my plan b is maybe my plan a. my plan b is that if we don't make a deal, i will tariff and maybe not at 25%, but maybe at 10%, but i will tariff the rest of the $600 billion that we're talking about. we have much more than $300 billion worth of products. now, what's going to happen, then all of those companies will move out of china, most of them, and move to other places like

vietnam and other places that take advantage of us, and we'll start working on that, too, by the way, but i don't want to do too many at one time. china's fine. we did mexico and canada. we have to get that approved by nancy pelosi -- maria: you expect to get that done this year, mr. president? >> i hope we do. the deal is done, it's sitting in congress. it's up to nancy pelosi to put it there. i would kalcall it, i told her other day get it done because we will call it a bipartisan deal. if they want to make a couple minor changes, we can make some changes. it's a great deal. maria: we got to jump because we are cutting into your friend mr. varney's time. let me ask you this. there was an op-ed -- >> we can't do that. he's such a great guy. maria: there is an op-ed in the "journal" the other day basically advising you to take nikki haley as your running mate going into 2020. are you locked in on vice president pence for 2020 or would you consider having nikki haley as your running mate? >> i love nikki.

she's endorsed me. she's my friend. she's part of my campaign. but mike has been a great vice president. he's 100% and this was written actually by a friend of mine, but let me tell you, mike pence has been a great vice president. nikki haley represented us so well and our country so well. i love nikki. there's places for nikki. nikki's future's great but mike pence is the person 100%. yeah, we won, we won together. we have tremendous evangelical support. we have tremendous support from every angle. you can't break up a team like that. that's a team that really, and we get along well together. maria: mr. president, a pleasure to talk to you today. thank you so much for the time this morning. we will be watching you in japan with president xi on the heels of an incredibly successful trip a couple of weeks ago to france and to the uk. thank you, mr. president. >> say hello to stuart. and everybody on your show. they're terrific. thank you very much. maria: thank you so much. stuart varney, there you go.

the president sends his regards to you. i apologize for taking a few minutes of your show. stuart: take it all, maria. take it all. good morning to you. good morning, mr. president. good morning, everyone. well, the president did make news in that terrific interview with maria just moments ago. let me try and summarize couple of the main points here. number one, xi jinping is a friend of mine, we have a great relationship, china's a great country. future tariffs could be 10% instead of 25%. does the president have a plan b if there's no deal? yes, he does. he says we'll keep taking billions and billions a month from tariffs and we'll just do less business. point number two. fed chief powell has been sucking money out of the economy like a vacuum cleaner. he's not doing a good job. he has to lower rates to compete with china. that's from the president right here on fox business with maria just moments ago. there's other news that might affect the market, too.

the banker and the treasury secretary made some news. fed chair powell himself said he would act preemptively in advance of any slowdown. that's taken to mean rate cuts coming. on a china trade deal, steven mnuchin said quote, they were 90% there. that refers to the deal that was rejected at the last minute. but he says there is a path to completeness. that's being taken as a positive sign on china trade. now, all of this has had a modest positive impact on the market. the dow's going to open up about up 60. news on politics. robert mueller will testify before congress on july 17th, regardless of who says what it will be a media circus, as the president says it never ends. a heavy dose of socialist politics coming up tonight. the first democrat debate. by the way, there is a straw poll from a far left organization that shows elizabeth warren now way out

front of all the other candidates. it's going to be a big day. the president speaks to the faith and freedom conference this morning. you'll see it. the dow is within striking distance of a new all-time high and i really hate to report this, but the co-captain of the u.s. women's soccer team insults the president with an obscenity-laced rant. these trump haters just won't shut up, will they? "varney & company" is about to begin. it never ends. we had no obstruction, we had no collusion, we had a report that was, you know, considering that 18 people that hated donald trump and you had mueller that obviously was not a trump fan, not a trump person, how these people were picked as, you know, by itself incredible, yet the

reporters, no collusion, no obstruction, which was ruled on by our great attorney general. he's great. he's doing a fantastic job in many other ways, too. stuart: a little excerpt there from maria's interview with the president in our last hour. the mueller testimony scheduled for next month, july 17th, by the way. come in, marc lotter, trump 2020 director of strategic communications. what do you make of this? mueller will testify. it will be a media circus. are you worried? >> absolutely not. look, nothing that robert mueller's going to say is going to change the fundamental report conclusion, no obstruction, no collusion. and if you take what the special counsel said during his news conference, you know, a few weeks back, he said he had nothing to add. he had his 448-page report was his testimony. so if he gets in front of congress and says nothing new, then it's nothing new. it will still be no obstruction,

no collusion. stuart: is it possible the tables could be turned, republicans questioning mueller ask about the investigation of the e-mails of hillary clinton and what the fbi and doj were up to? theoretically, you could turn the tables here. >> absolutely. i would expect that the republicans in those committees would plan to do that. but when it comes to any new information about his underlying investigation, nothing's going to change those conclusions and the witch hunt continues. if congress only spent a little bit, a fraction of the time that they've spent on this witch hunt, maybe we could actually get something done like immigration or controlling the crisis at the border but they've got no agenda except investigate. they're not interested in legislation. stuart: stay with us just a couple more minutes, please, marc. i will get back to you in a moment. let me deal with money for a second. this wednesday morning, the dow will go up, not by much, but a 60-point gain for the dow, 30 points up for the nasdaq.

president trump addressed trade in that interview with maria. roll tape on that, please. >> am i happy now, absolutely. now, i would do additional tariffs by very substantial additional tariffs if we don't make a deal so when you say are we going to make a deal, it's possible we're going to make a deal but i'm also very happy where we are now. stuart: he's in no hurry to make a deal. he's perfectly happy the way things are. liz? >> i think he thinks, and i think he's right, the united states goes into the g20 meeting, he goes into it from a position of strength and that xi merely has some issues. the hong kong protests, companies moving out of china. today there was a reading on consumer confidence slipping and consumer spending in china. we have some issues, too, a slowing economy, but i think trump is basically saying look, right now we have the upper hand. where we are right now is not a disaster. if we get more companies certainly moving to the u.s., that would be very, very good news.

look, they all want a deal but i don't think trump is going to fold on this. i think he's going to stand firm and hope that what mnuchin said is right, that we've got 90% of the future done, finish it up. stuart: well, he used the past tense. >> because they walked away from it. that's exactly right. stuart: then they walked away. he followed that up by saying we are on a path to completeness. >> which is a big item, by the way. if in fact that's true and there have been preliminary conversations going into this meeting so i think trump's role in this is to say hey, i'm not unhappy with where we are now, but we want a deal, let's get it done, but china, you are suffering more than we are right now. stuart: i do want to leave time for this, because this is one of those strange stories. really objectionable, if you like. the online furniture retailer wayfair, some workers are going to walk off the job because the company will sell furniture to an organization that manages those migrant camps on the

border. aoc praising those workers with this tweet. wayfair workers couldn't stomach they were making beds to cage children. they asked the company to stop, the ceo said no, tomorrow they're walking out. this is what solidarity looks like, et cetera, et cetera, et cetera. that's utter nonsense. kids can't have beds? liz: it's offensive. of course that's the take-away, she wants them to sleep on the floor. look, as usual, aoc has her facts wrong. she's talking about how profits are going to be made by the group that's redoing a center to hold some of these kids. that's wrong. this is a not-for-profit that's actually buying these beds to convert, by the way, a facility in texas that used to house oil field workers. so this -- oil field workers make a lot of money. this is not a dungeon. thousands of children's came across in may, unaccompanied minors. what does she want to do for

kids traveling by themselves, have no support, no parent with them, just leave them on the sidewalk? look, this is playing politics. it has been this way for months now. democrats know they are using this basically for hispanic votes. they get about two-thirds of the hispanic vote except recent polling shows trump is making big progress with the hispanic community which is growing as a percentage of the electorate so democrats are freaking out that he actually because of two things, by the way, the strong economy, their number one concern, trump is obviously providing that, and number two, they are much more conservative, hispanics, than the progressive left would like to acknowledge. they don't believe in full-term abortions. they don't believe in a lot of the things the progressive left is pushing. so this is all about politics and it's a disgrace. stuart: i'm glad you ended with that word. i'm in 100% agreement with you. absolute disgrace. we have a lot to pack in today, haven't we. liz: lot of news. ashley: oh, my goodness. stuart: there's a new poll, a straw poll that comes from a

progressive website, moveon.org, that shows elizabeth warren with a big lead over the other democrats, the candidates. she's got 38%. bernie is second with 17%. biden, third, 15%. marc lotter, here's some red meat for you. i do get the impression, though, that sometimes senator warren gets under president trump's skin and therefore, he would not particularly want to oppose her, he would rather go up against joe biden or bernie sanders. what do you say? >> well, i don't think it matters which one of the democrats socialists comes out of their primary. they are all going to have had to endorse the green new deal and radical things like government taking over everyone's health care, kicking senior citizens off of medicare advantage plans and right now, i think i'm here in miami as the democrats get ready to debate. if you want to sum it up, it's going to be a free-for-all. everything is free for everyone.

it's just not where the american people are. stuart: so you are in miami to observe. okay. okay. i'm sure we will have you on the show real fast about that one. marc lotter, thank you. appreciate you being with us. now, let's get to the immigration issue. the house passed a $4.5 billion deal to aid migrants. now they've got to reconcile the house bill with the senate bill which was a bipartisan bill. they only have one full day left, really, before they go on recess. the president tweeting about it this morning. here we go. too bad the dems in congress won't do anything at all about border security. they want open boreders which means crime but we're getting it done including building the wall. more people than ever before are coming because the usa economy is so good, the best in history. joining us now, senator john barrasso, republican, wyoming. there's only one day left, mr. senator, but you've got to get this done. you've got to get a bill

reconciled and passed. you've got to do it before you go on vacation. whatever it's called, recess. right? mr. senator. >> americans deserve full border security. absolutely there is a humanitarian crisis. the president has asked for congress to act eight weeks ago, stuart, and so far, the mexicans have done more to help keep this border secure than the democrats have. the democrats have been obstructing all the way through and you know you're going to see more of that tonight in the debate, as they talk about eliminating i.c.e., they will talk about asylum, more sanctuary cities, tearing down barriers. they are the problem and we need to get the humanitarian aid because the problem is worse now than ever. stuart: you've got to do it. you can't walk away and go off on the july 4th recess unless you've got something done, can you? will you go home tomorrow if you've got nothing done? >> absolutely agreed. we passed it out of the

committee in the senate 30-1. broad bipartisan support for what we've done which deals with the humanitarian crisis, works on our broken immigration system and that needs to be fixed with the asylum laws as they are and the loopholes. we need to address that next. president trump is right, people continue to come storming into the country. the numbers are way up, almost double last year's numbers. so we need to address the humanitarian crisis but we also have to fix a broken immigration system. stuart: is that a promise of yours, mr. senator? you're not going on this recess unless you've got something done on border security. >> well, we need to do that. we also need to do the national defense authorization act. there's a lot we have to do. i'm ready to vote right now. but you have a number of democrats, not only are they awol on the issue, they're not in washington. you have so many democrat senators running for president, they are down in florida.

they're not even interested in staying here to vote because they are too interested in continuing to promote their far left views in what is tonight and tomorrow night going to be a hundred yard dash to the left with all these democrat candidates. stuart: will you go back to wyoming for the july 4th recess if you haven't got something done, signed, sealed, delivered, on border security? will you go? >> we need to get to the -- stuart: will you go? >> -- president's desk before any of us leave, we need to get this to the president's desk, something he will sign and not veto and what the democrats have been trying to do in the house is ignore the big problems at the border. they called it at one point a manufactured crisis. now they are saying oh, there is a humanitarian crisis, we have a crisis at the border, the democrats have not been helping. the mexicans have been doing more to help than the democrats have. we need to resolve it now. stuart: mr. senator, john barrasso, republican, wyoming, thank you, sir. appreciate you being with us. >> thanks, stuart. stuart: sure thing. more immigration news.

i.c.e., the immigration people, criticizing washington state's new sanctuary state law and giving examples of why they say it's so bad. ash? ashley: very disturbing. okay. let's take what seattle has done or washington state and oregon, for that matter. very strong law saying not only should you or you should ignore the requests from i.c.e. but you can't even tell them you are releasing a criminal illegal alien. they gave seven cases. the case of ramos, he was released from jail and within months dismembered a victim. another was arrested for charges of murdering his wife. there was an illegal immigrant released without anyone knowing, convicted of raping a wheelchair-bound seattle woman twice. he raped her a third time before they caught up with him. this is just three examples.

it goes on and on and on. what really bugs me about this, the democratic governor in washington state says this. we will not be complicit in the trump administration's depraved efforts to break up hard-working immigrant and refugee families. i want to say what? these are criminal illegal aliens who are killing the people in these communities and everywhere else. it makes no sense to me that you make a statement like that. you're not even allowed to make an arrest at a courthouse or hospital of a criminal illegal alien in washington state. stuart: i have nothing to add to that. ashley: how does that make the community safer? liz: how are people going to put up with that? i can't understand it except it will only be reported right here, right now. no one else is going to see that i.c.e. report. stuart: nothing will break the democrat deadlock on the west coast. nothing. nothing. why not have a look at money. shall i smile? why not. we will be up about 80 points

for the dow, very nice gain for the nasdaq, up about a half percentage point. it was a big loss yesterday, bounced back today. now this. meghan rapinho says she won't go to the f'ing white house. that's what she said. if team usa wins the world cup, she's not going to the f'ing white house. she's going out of her way to insult our president while on foreign soil. we will deal with that story in just a moment. is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions.

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stuart: the market opens in seven minutes and we'll be up 80 on the dow and a solid 40 on the nasdaq. then there's this. american women's soccer co-captain megan rapinoe says she's not planning to go to the white house if the team wins the world cup. she did not put it politely. ashley: she said i'm not going to the "f" white house. in an interview with a soccer magazine. this has been going on -- let's not forget, she was scolded by president trump just this week because it was noted she decided not to sing the national anthem, not to put her hand on her heart before the game begins. she says she described herself to yahoo! sports as a walking protest when it comes to the trump administration because of

everything i stand for and he doesn't. so she's taking it out -- she's also by the way, in support of colin kaepernick. she took a knee at a national anthem being played at a game in the u.s. earlier this year and she says, also she says in this interview i don't think we're going to be invited, we're not going to be invited, i doubt that very much. stuart: well, she has now split the team. ashley: it's a shame. they are playing so well and got so much momentum going, then we have to put up with this. susan: it's opportunistic as well because it is probably the time where women's soccer is the focus. she's probably using this opportunity -- stuart: think about this -- susan: -- to make that message heard. stuart: she's co-captain of the team that represents the united states of america on foreign soil and what does she do? she insults with an obscenity our white house and our president. that is beneath contempt. ashley: it's the ultimate stage for her to do this. susan: not patriotic. definitely not.

stuart: wrong of her to do this. susan: should she be wearing a flag? that's what people are questioning. stuart: why don't we just fire her as co-captain. love to see that. the dow will be -- i wanted to get that in. the dow is up 80 points and the nasdaq is up about 40. we will take you to wall street after this.

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stuart: the justice department looking to allegations that poultry processors colluded to keep chicken prices high. susan: chicken-gate, we'll call it. yes, it's a form of compliment, right. wholesale prices, they are basically from walmart to restaurants, they are saying because you're colluding on chicken prices we have to pay more. who do you think they rip off, the consumer and the restaurant goer, of course. this is an ongoing case for three years. today, watch out for tyson, the sanderson farms and purdue farms of illegally colluded chicken prices. stuart: this has been going on for three years? susan: three years. stuart: i pay i think about 79 cents a pound for chicken. susan: it's actually down 2%. stuart: i'm the only person in this studio who knows what he pays for chicken.

i bet i'm the only one. ashley: i think you're right. stuart: keep out of this. the opening bell is about to ring. you see all the applauding. i predict in three seconds the market will be up. two and one, boom. we're off, we're running. i want to see some green. we are up 50 points. we are up 53 points. 26,600. up 60 points. all the dow stocks not yet open. i will leave you with this. up about a quarter percent on the dow. show me the s&p 500. that is up one-third of 1%. show me the nasdaq composite. that is up almost two-thirds of 1%. it's an ascending order of gains. that's not quite right. we have a professor cringing. the ten-year treasury yield, 2.00%. the price of gold, any advance on yesterday? no, down six bucks but still at $1400 an ounce.

shah gilani is here, joel shulman, susan li, ashley webster all together now. positive comments on trade from steve mnuchin, positive comments on fed rates from chair powell. shah, is that what's driving the market this morning? >> i don't think it's the interest rate comments from chairman powell. i think what it is is the positive comment coming out of supposedly china through mnuchin. i don't know, i think it was retraction of what was originally the story that it was 90% done deal. i don't think that's the case -- [ speaking simultaneously ] >> i think expectations rose that we were close to a deal. the market is hanging on that. nothing will matter until we know whether or not anything comes out of japan. stuart: let's move on. we have the online furniture retailer, wayfair, some workers are going to walk off the job today because the company's selling furniture to those migrant camps on the border. the workers do not approve. wait a minute. you say wayfair is not long for

this world anyway, right? >> 25% of the floating shares have been shorted. any time the market has a little bit higher, those shorts have to cover. otherwise this stock would be in the tank. they are losing money. their profit margin is minus 8% plus. now, i will give you a little metric. i don't want to get dinged. the net available income available to common shareholders, which is really what earnings are derived from, is about minus $600 million annually. the company is losing a ton of money. the stock is held up very well because of the shorts. this deserves to be 50% lower. stuart: i think that just about sums it up. >> walk off or get fired. stuart: fed ex, they see pain ahead because of the trade war. fed ex lost $2 billion last quarter. joel, chime in, please. is that the amazon effect? >> partly. it's a 48-year-old company. they have had, by the way,

increasing revenues, the losses are primarily from other expenses related to retirement and other non-operating expenses. but this is a company that makes most of their money from fed ex ground and they also have strong growth in international. couple of things that i find interesting. the founder/ceo increased his salary by double last year despite the fact they are going down to a $2 billion loss, and he's selling about 22% of his stock. i find this kind of interesting timing. when i see companies where the senior executives, particularly this case where he founded in 1971, when you see a company like this where right before a big loss, he's selling off stock right before it drops, by the way, 21% which he hadn't done ever, by the way, and you see competition double, i see this as a troubling sign. stuart: watch out. ashley: what's interesting is fed ex cede nsaid not only is t global slowdown but there's a shift by customers to slower and cheaper delivery options which i

find remarkable because everyone wants it now. i find that an odd excuse. >> that goes back to the ground. most of the profits are shifting to ground. ashley: as opposed to the expensive air. stuart: fed ex down this morning, as of right now, off another 1%. $154, fed ex. the overall market up, but not that much. a quarter point higher. quarter percentage point higher, that is, for the dow industrials. ups, by the way, will not be joining the fed ex lawsuit against the u.s. government. ups ever so slightly higher this morning. cheerios made by general mills, whose sales fell short and the stock is down 8%. ouch. better outlook at micron. they resumed shipping some products to huawei. up it goes, 12% higher. micron, the chip maker. next week on june 28th, t-mobile launches 5g in six s .

cities. blackberry's revenue falling short. the ceo joins us on the show this morning in the 11:00 hour. we will ask him about that. it's down 6%. have a look at the price of oil. i think it's way up there. yes, it is. you are at $59.33 as of right now. what's going on in the oil industry? that's an interesting question. $2.68 is your average for gasoline. that has stopped falling, three days in a row the price of gas has gone up. this is all about that refinery that literally blew up in philadelph philadelphia, has 27% of the distillates coming on to the market and may be shut for good according to reuters. that's why oil is up and why gasoline is up this morning. look at the share price of altria. it's got a 35% stake in the e-cigarette maker juul. san francisco has become the first major city to ban e-cigarette sales outright. you think that's going to follow elsewhere in the world? >> it's interesting.

as a college professor i see a big shift in the last few years to young people smoking these e-cigarettes. all day long we are seeing the shift in this demographic and it certainly trickled down to the high schools. i think it's a major problem. stuart: major problem for tobacco makers. >> it's growth market for altria and the other manufacturers. it's a growth market but ultimately we will see more regulation. ashley: it's a blanket ban until the fda approves the marketing of these cigarettes, and e-cigarette makers have until 2022 to submit their products for health review. if the fda approves it, that ban will be lifted. stuart: fascinating. nbc removing "the office" from netflix in 2021. it will then put it on its new streaming service. this is heating up in the streaming wars, isn't it? >> i think the winners will be comcast, disney and nbc

universal is the big gainer here. netflix is going to be eventually i think a bit of a loser. it's holding up right now. at some point i wouldn't be against shorting netflix because there will be a lot -- they will have to spend a lot more money -- susan: on content. >> a lot more money on content. as the streaming wars heat up, more and more of these companies will be pulling content from netflix. susan: i would say nbc universal is a winner no matter what. netflix is still paying $500 million in this multi-year deal which is five times the initial multi-year deal they signed to get "the office" on. stuart: so mr. entrepreneur. >> i'm going long. i'm on the other side of that transaction. i'm not going to short netflix any time soon. stuart: you've got to be a communist to short -- susan: whoa! what about disney? stuart: wait a second. i was on the air many, many years ago and a guy was sitting next to me, an analyst, and i

said would you short eastman kodak, back in the '80s, would you short eastman kodak. he said, what are you, some kind of communist? susan: wow. stuart: i didn't know how to react. you would not short netflix? >> no. stuart: okay. bitcoin. up again today, i think it's reached, look at that, $12,800. that's a surge. why? susan: it surged 20% overnight. people are still scratching their heads trying to figure out what's going on here, because it almost crossed $13,000 last night, up 250% on the year. i think we are close to doubling just in this month alone. don't forget the hedge funds have been short bitcoin since february this year. if you take a look at the futures trading, we are at records in the month of may and i think that this is what you call a short cover rally as well, because this thing just won't go down. stuart: it's at $12,000 a coin as of right now. up $1,000 from yesterday. then we have the labor

market, so tight. chipotle wants to give workers extra month of pay as a new perk. ashley: to be eligible, the employees have to meet certain criteria, meet certain sales and cash flow goals. if those are met, chipotle says that each employee will get a bonus equal to one week's pay. that's impressive. stuart: but in a tight labor market -- >> i think it's brilliant. it's capitalist. you want to incentivize workers based on performance. this is what every company should be doing. susan: every company is doing it. shake shack is going to a four-day work week or looking for it. mcdonald's partnering in a non-interest group to help basically attract americans over 50 to get back into the work force. they are looking at everybody right now. they need to fill those jobs. stuart: i could retire except i'm not very good with computers. susan: are you good with fries?

that would be great. stuart: you didn't have much to say, joel. i didn't mean to leave you out. give me an entrepreneurial stock you like now. >> amazon. stuart: really. >> buy it. stuart: still in it? >> still in it. stuart: great guy. so you bought it, you're still in it. but are you buying any more? >> sure. when we have new floats we buy more. stuart: glad we got you in. $1900 a share heading to $2,000. we shall see. it's that time. 9:40 eastern time. joel, thank you very much indeed. shah, you're all right. thanks for joining us. check that big board. a hundred points, almost, 97, we'll take it, a third of 1% to the upside. nike dropping a line of sneakers reportedly over concerns about angering china. we will tell you all about it in a moment. president trump warning iran he's prepared to use quote, overwhelming force if it attacks anything american. next, we have congressman adam

kinzinger. he wants the president to take a hard line against iran. he was disappointed that we haven't attacked them already. we will ask him more about that. the president once again going after fed chair powell, telling maria bartiromo earlier today he would rather have someone else in that position. roll that tape. >> draghi who frankly did a good move but he's been doing a lot of good moves, what europe did with draghi is they're forcing money in. we're doing the opposite. we're taking money out and we're raising interest rates. it's insane. he should never have raised the rates to the extent he did. if he had raised them half, just half, and had not done the quantitative tightening our market would have been up another 10,000 points and i'll tell you, gdp would have been up another point or two points. we could have hit -- we potentially could have hit five. when i showed my mom the dna results,

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when we come together. ♪ stuart: it's almost a triple digit gain for the dow. to be precise we are up 94 points at 26,600. now clearly, some big companies just don't mind getting political. however, that's not true of nike. they have gotten political. jackie, explain what they're up to. reporter: good morning, stuart. nike actually canceled a brand of shoes. it's an interesting story here. it was a partnership with a japanese brand called under cover. they were going to launch this shoe in china on june 14th. but under cover went and posted a photo on its instagram page getting political with the caption no extradition to china. nike saw that and changed its mind about launching this shoe. remember, this was at the time where the protests in hong kong

over extradition were in full swing. the post has been deleted but obviously, nike wanting to back away from this, not necessarily be associated with it. remember, as a manufacturer, nike makes a lot of shoes in china and there are trade tensions, et cetera and it's considering many options, but certainly there's a relationship to be maintained. stuart: indeed, you're right. i'm not surprised they made that move. not surprised at all. thank you very much indeed. let's get to iran. remember, president trump threatened to use overwhelming force against iran if it attacks us. adam kinzinger, republican from illinois, on the house foreign affairs committee, with us now. mr. congressman, i think you were disappointed that the president called off the attack a few days ago. that accurate? >> yeah, i was, but i also think -- a couple points to nuance that. the president had every right to call it off and i respect that. i generally believe if you shoot down american stuff, or put american troops in harm, you ought to lose what you use.

it's like what we did in northern and southern watch in iraq. that said, i think the area where it actually got a little murky was just how open the president was about his decision-making process which led to a lot of questions. he had every right to call that strike off but i think what i wish he would have done differently was not go into the ten minutes before thing and all that. stuart: do we really need force? because their economy, according to the financial times of london, is collapsing. they are in internal disarray in the extreme. they're not exporting almost any oil these days because of our sanctions. do we need force? are they going to just collapse by themselves? >> i think it's two separate issues. the force that i was advocating for was in response to basically doing the same economic damage to our military as destroying eight f-16s out on a ramp. so there needed to be a response to that. in terms of with what's actually happened in iran, there doesn't need to be force. we need to allow these sanctions to work and hopefully drive, you

know, there's four instruments of power, diplomatic, information, military and economic. hopefully the economic and diplomatic combined can drive them to the table for an agreement that both lasts longer, that covers ballistic missiles and also doesn't give them a bunch of money they can then turn around to destabilize the middle east with. stuart: if they do one more thing, one more attack on our military or any american or asset of america, you go after them, right? >> yeah. i think you have to at this point. we have made it clear, the president's made it clear, of course it depends what that is. there's all kinds of nuances but especially if an american soldier is killed or injured, i think down to 600 some in the iraq war to us, there has to be a response. stuart: thank you for joining us this morning. always appreciate it. thank you, sir. all right. how about we look at apple. it's about $200 a share. that's why we're putting it on the screen. $200 a share. it's back to that level. not close to the high of all time. back above 200. put it on the screen.

check the rest of the big tech stocks. president trump went after some of them during his interview with maria bartiromo. as you're looking at that, listen to the president. >> these people are all democrats. it's totally biased toward democrats. if i announce tomorrow i'm going to become a nice liberal democrat, i would pick up five times more -- i was picking up 100,000 followers every few days and all of a sudden, and i'm much hotter now than i was a number of months ago, okay, a number of months ago, then all of a sudden it stopped. stuart: that was the president on this network earlier. he says look, they are biased but today, big tech's testifying before congress. susan: that's right. the homeland security committee is going to be hearing from facebook, from twitter and other social media companies as well, and they are basically asking them how are you policing online terrorism content and misinformation. that's something to watch for. but i think these stocks are in

focus because president trump in the interview says we could be suing facebook, google and perhaps we will. zuckerberg is speaking later on today at the aspen ideas festival, talking about what he calls policy regulation. let's see what he has to say. stuart: facebook and google up this morning. check the dow 30. we have lost a little of the gain but still have quite a few of the dow stocks in the green, left-hand side of the screen. we're up 50 points now. high taxes driving some wealthy people out of new york city. that's not news. our next guest says it's the new yorkers left behind who are really going to suffer because of this. good story. back with it in a moment. the latest innovation from xfinity

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stuart: all right. we've lost much of the gain. we're up just 30 points, 26,500. take a look at the chip makers, though. they're surging. micron came out with a positive earnings report, very positive, actually. and the news is that they are actually selling some products to huawei, which they are apparently allowed to do. ch chip stocks up today. we talk about the exodus from high tax states, new york, california. talk about it all the time on this program. our next guest says yeah, the wealthy are fleeing, like new york, but the poorest who are left behind, they will be affected by this.

kristen tate is back with us, from the hill. the rich people leave, what happens to those left behind? >> they get hurt the hardest. as you know, new york's population is being gutted by oppressive taxes and costs. last year, nearly half a million people left the state. the exodus is so bad that earlier this year, andrew cuomo announced a $2.3 billion hole in the state budget. now, people keep leaving new york at the rates they are, the state will not be able to continue its level of spending and that's true at the city level as well, where the city council just passed this massive $93 billion budget. as the tax revenue is kind of hollowed out, there is going to need to be cutbacks to social programs, education, and it's the urban poor who will be hurt the most. then of course, pension plans and retirement spending will continue to eat up any slack that the city has left. it's kind of ironic, you know,

the same wealthy that new york politicians are always demonizing are the actual linchpins to progressive spending. as they continue to flee, these socialist promises will kind of vanish as well. stuart: it's not going to change, is it. number one, salt, which you can't deduct state and local taxes above $10,000, that's not going to be repealed. that really is hurting these high tax states. and the states themselves, they're not going to cut taxes. i haven't heard a single tax cutting proposal from new jersey, connecticut, new york, new york city, california, you name it, none of them have proposed cutting any taxes. so this problem is not going to go away. in fact, it gets worse. reporter: yeah, these left wing politicians, they never learn when people start to leave their states or cities, they usually just double down on the policies that created the problems in the first place, and just as a reminder to our viewers out there, new york city has been down a similar path before. back in the 1970s, during the

economic slump and spending hikes at the time, the city responded by getting rid of cops on the streets, teachers in the classrooms, they raised the fares for the subway. this could happen again in new york. and at the time in the '70s, people left the city like they're doing now and crime spiked. so the problems that plagued new york city's past should be a lesson for today but as you said, stuart, it really does not seem like de blasio and the other people in charge can learn from the past here. stuart: on the other side of the coin, a bonanza for florida, texas, tennessee, nevada and elsewhere. thanks for joining us. always a pleasure. thank you very much. >> thank you, stuart. stuart: later this morning, president trump speaks at the faith and freedom coalition. question, which trump will we see? fired up or rather solemn? at 11:00 eastern time, we will take you there. you will see the speech. you will hear it, too. i am not happy that the co-captain of team usa said

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stuart: make rapinoe says i'm not going to the fing white house. she is a trump hater and cocaptains of the woman's team. she has bonn out of her to insult our president. you would have thought in the middle of the tournament politics would be kept out. no. the trump haters just cannot suppress their contempt. they have to wave it like a banner. i hate trump. idea of virtue signal, look at me, i'm so good, he is so bad. sorry, i see nothing good, nothing virtuous about insulting america publicly from foreign

soil, especially when you are representing america. you see this kind of anti-trump behavior frequently, far too frequently. it invades the public space. you can't just enjoy world cup soccer. even very small ways, that ugly drumbeat is so often right there in the background. look at this. some workers at way fair, the online furniture tell seller walk off the job. they are opposed to selling beds to detention centers at border. of course aoc jumped on this one. wayfair workers could not stomach making beds to cage children. isn't that rich? you hate the president, badmouth him and when the administration try to buy the beds for children you invited in. would you have them sleep on the floor, i ask? presidential candidate elizabeth warren joined in. the safety and well being of immigrant children is always worth fighting for. what? they can't get a bed.

rapinoe, wayfair, senator warren, they're successors to hillary clinton and deplorable speech. right before the election gave her view of trump supporters, racist, sexist, xenophobic, islamophobic. i have one more example. eric trump says a restaurant employee in chicago spat on him. the secret service is investigating. the left never got over donald trump's win. you can see it now with the hate trump outburst we see all the time. what a shame. the second hour of "varney & company" is about to begin. ♪ stuart: i tried to hold my check in check while we talk about money. up 61 points for the dow industrials. 26,600. there you have it. to point out, apple, they're back above $200 per share.

that is a 5-dollar gain, 2 1/2% up. there is reason. susan: i think china trade. stuart: china trade, you think so? susan: positive comment, maybe that's it. positive comment. 200 bucks for apple as we speak. another dow stock, intel, is doing well, 3.3% gain. rest of the chip make remembers doing well. mike con had a good earnings report. they're all up. let's get back to my editorial, trump hatred is everywhere. doug schoen is with us, former clinton pollster, now fox news, you're a fox news contributor, aren't you? >> i have for 15 years. proudly happily. stuart: very glad to hear that. >> i appreciate it. stuart: welcome aboard. >> thank you. stuart: i think this trump hatred is ridiculous, i'm disgusted by it. >> yeah. stuart: how about you? it is you democrats doing it. >> i don't know if this cocaptain of the soccer team is a democrat, let's assume she is. stuart: you think she is a republican. >> i don't know if she is anything, she is not relevant

she is relevant. she is representing the united states of america. she is on foreign soil. goes out of her way to insult our president. >> it is not what i would encourage her to do want her to do, about we'll change this country based on what politicians do with real ideas to change things, not ad homonym rhetoric. i would like to see my party in two debates develop a critique to the trump presidency, leads to consistent argument against him led by my candidate joe biden. stuart: your candidate is joe biden? >> yeah. he is moderate. stuart: "green new deal"? >> i'm not for that. the left is very powerful in this party as the right is in your party, stuart. stuart: would get rid of all trump tax cuts, all of them. >> he will not be able to get rid of them. because we'll have a republican senate. you know what we need, stuart? good, old-fashioned compromise.

stuart: a decent debate. not this name-calling. >> i agree completely. stuart: your party is engaged in it. >> i prefer to rise positive, pointing fingers, blaming people, let's talk about the border, let's talk about immigration, let's talk about a real health care plan. ashley: you're the only one. >> what? ashley: you're only one. >> i may be, but agree something we really should do rather than the name-calling vitriol, the fingerpointing t doesn't solve anything. stuart: do we have the sound bite of beto o'rourke? i think we do? have we got it, saying something really nasty about the president. he is in the debate. role beto's tape, please. >> donald trump is the most openly racist president that we've had in modern history, perhaps in all of american history. who has called mexican immigrants rapists and criminals. who has said that we've got to ban all muslims, as though there is something wrong or defective about some people given their

religion. he was described klansmen and white supremacists as very fine people. stuart: at least not waving his arms all over the place. >> where is this guy in the polls, stuart? stuart: on the debate team tonight. >> he will not be there long, put it this way. that rhetoric doesn't help him or the country. that we'll agree on. stuart: listen to this one. >> sure. stuart: i have a tweet from abc's chief political analyst, matthew dowd. >> i know matthew dowd very well. stuart: here is the tweet. hillary clinton, 2016, you know just to be grossly general listic, you could put half the trump supporters i could put in the basket of deplorable as. with events last few years, can someone explain to me how hillary was wrong? >> that is easy. these are good, hard-working people, middle class working class, americans, who were fed up with my party, democratic liberalism, most of all, hillary rodham clinton.

i think my good friend matt dowd is wrong on merits. we'll see in the upcoming election the group will be in play as they were in 2018 when democrats won the house back. stuart: that really turned me off, hillary clinton when she said that. multiracial, multi-ethnic religious family -- >> said i have had enough of her. i spoke out. spoke out on this program. stuart: you did. >> other programs. i'm proud to do it. you know what, i will do it again if circumstances call for it. stuart: doug, i got you a little hot under the collar this morning. i got you, didn't i? i got to you? >> i just wish we could avoid what you call in your country the slanging. stuart: my country is the united states of america. >> i know that i'm making a little joke. this slanging back and forth is just bad. i agree with you. that does trouble me. i will concede the point. stuart: shake that hand. now get on the jet to florida. >> i'm going. taxes are ridiculous. stuart: oh, i like that. you're on tape saying that.

>> listen, but donald trump lost the house because of salt. take it to the bank. stuart: you have a point. i think you got a point. >> i know i do. stuart: happening now, homeland security committee holding hearings with executives from facebook, twitter, google. it is about how they fight terrorist content and misinformation. president had something to say about big tech. susan: he had a lot to say about big tech today in the interview. he said 2008er and basically all the social media companies are all democrats and purposely repressing his reach. if i was democrat i would have five types the followers i currently have. we have this announcement or this investigation by project veritas, the conservative action group. stuart: yes. >> they found that google actually tweaks their algorithms to be towards pro-liberal agendas and against voting in president trump a second term. stuart: i'm not surprised. by the way, facebook being

googles both of them down this morning. apple, amazon, microsoft on the upside. check those markets please. we lost much of the rally. we're still up what, 50 points. 53 point to be precise, 26,600. murphy is with us, as in michael murphy of rosecliff capital. seems like the market just want to go up? >> sure does. i like the excitement this morning. the market wants to go. the reason the economy can support a higher market from where we are right now. the underlying economy in the united states of america wants to go higher. people have jobs. wages going up. we have strong gdp. we have low rates. that is what is moving the market. stuart: the market, most people seem to feel at the end of this week president trump will shake xi xinping's hand, smile, and do something. i mean they're not going to walk away in anger. they will do something. that is good enough to put the dow well above 26,000. is that what is going on now? >> it is helpful f they walk

away from the table, a deal completely falls apart, that will be bad for the market. the market looked past headlines. on any pullbacks, people want to get in. people believe both the united states and china will act in their best interests. they will get some sort of a trade deal done. any trade deal president trump negotiates with china will be better than the previous trade deal we had with china. net-net positive for the united states. stuart: assuming there is not a disappointment at the g20 this market goes up from here? strongly? >> strongly. we had plenty of disappointments. we kicked the can down the road on the china trade deal. we passed lines in the sand if you will on the china trade deal. it has been pushed out longer. so the market as long as it believes a deal is coming we won't have a major selloff. the only thing that leads to a major selloff, both sides walk away, we'll never deal with them again. that is not going to happen. we'll get outlines after deal

and as we discussed will hit new highs. stuart: even if it did the president fed has the president's back. susan: president trump said he would rather have draghi. stuart: he said he would act preemptively. susan: he said appropriately. stuart: he said preemptively. susan: i was at the speech. he would act as appropriate. grappling with the data points at fomc meetings, looks like they're leading towards possibly a rate cut in july. stuart: there you go. he has the president's back. >> part of that is a negotiation. china has said they're willing to cut and continue to cut. trump can go into the negotiations, we're willing to fight fire with fire. so let's get a deal done. ultimately that is what he wants to do. stuart: murphy still in the market, says he is going up. see you again soon. president trump leaves for

the g20 meeting, that is what he leaves, he told fox business earlier this morning he will keep the tariffs if he doesn't get a good trade deal with china. okay? i will get back to that. trump deer rangement syndrome. even knitters are suffering. one knitting website banned any pro-trump content. we're going to get into that. can you believe that? ashley: yes i can. stuart: knitting? dear lord. ♪ is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater

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to extremely happy. there's also angry. i'm really angry clive! actually, really angry. thank you. but what if your business could understand what your customers are feeling... and then do something about it. turn problems into opportunities. thanks drone. customers into fanatics change the whole experience. alright who wants to go again? i do! i do! i have a really good feeling about this.

stuart: up 30 points for the dow, that's where we are after 45 minutes worth of business this wednesday morning. fedex, better profit, ah, but they see pain ahead because of the trade fights. they lost $2 billion last quarter but the stock is up a buck 60, 157.

now this if you can believe it. a knitting website called ravelry, as you know after develop and unravel, a knitting website. they announced they will ban all content that supports president trump. how about that? we have with us today the author of that book, "panic attack." young radicals in the age of trump robbie kuave wrote it. that is what you're talking about, a knitting website bans any pro-trump comment. that is what you're writing about? >> they said if you're expressing support for the president, that you're expressing support for white supremacy. any kind of support, anyone who indicates that they like or agree with president trump is a white supremacist. not saying banning all political content from the site, not saying this is a knitting website, we don't want you to

discuss politics at all, that might be more defensible. only pro-trump discussion and knitting patterns are not allowed. stuart: primary title of your book is "panic attack." where does the panic come in here? >> the panic is felt by activists on the left, who are anti-trump very active particularly on college campuses. i covered disinvitations they disagree with, to stop anyone expressing political ideas on campus are conservative or far left than their own. they think people being allowed to speak on these subjects makes them uncomfortable and unsafe. thus they have a right to stop it. stuart: are they panicked because they think they're losing the intellectual argument? >> no, it is not a tactical thing. they literally think if you say something they disagree with, you've impacted their emotional well being and thus fair physical safety. their mental health, they have a right to be free of you saying

something they don't like. so they're not even thinking about in a broader social change aspect. they're thinking of it for their own protection, almost a self-defense thing which is crazy, words and ideas are difficult than actions as i'm sure you would agree, most people would agree. stuart: is there a parallel here between the 1960s and the present time? in the '60s, it was a very contentious time. there was the war in vietnam and there was civil rights and there was assassinations. it was a tense time. is there a parallel between then and now? >> i mean in many ways the activism was, was more radical and in some cases violent then but i'll tell you what. those activists at least they believed in free speech. they wanted everyone to be able to speak no matter what your views are. berkeley, the birthplace of the free speech movement, the students were about letting anyone to campus to express political ideas. now the progressive left on campus only wants their own

ideas expressed because any other idea is matter of safety, you're triggering us. that is very different than what the '60s activism was about. in some ways more threatening. stuart: you're dead right on that. now last question, do you see any signs of this tapering off, coming to an end? >> i see it is mellowing on campus a little bit, only because it is starting to move off the campus into the broader culture. i'm worried that firms, companies, private entities, media companies will have to deal with hiring young staff members who have the idea no one is allowed to say something they disagree with, not even on campus, but the workplace. it will become very hard to have nuanced, difficult conversations when they're running the show. stuart: ain't that the case. robbie, great book. great title. thanks for joining us. we appreciate it. >> thank you. stuart: growing number of americans saying college isn't worth it. we have the numbers for you. blackberry, they used to be a cell phone-maker.

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stuart: the dow is 36 points higher holding on to a very small gain. better look at beyond meat. we like to check it frequently. down seven days in a row, up yesterday, now up a little bit this morning. their beyond beef product is expected to be in some stores nationwide in a few weeks.

ashley: bond beef will be beyond belief. whatever it is. stuart: a large proportion of americans say, college is not worth it lauren simonetti has it. what proportion? >> 39% say the ba is bs. stuart: good line. >> not worth the cost. it is sad. it is disappointing. would you take back your college years, formative, friendship, filled years? i wouldn't but -- stuart: but the people in the survey were relating not to the college experience, the marriage market perhaps, but to worthwhile in terms of getting a job. that is where it is not worth it. >> they are saddled with debt. they have to postpone life decisions paying off all the student loans of the if you get to the heart of the problem, what is it? is it tuition too expensive? they give out loans indiscrimminantly. you can get a loan for dance the same way for electrical

engineering. what is the payoff for that? is that being considered how we give out money? doing this free-for-all which you're going to hear tonight and tomorrow night from elizabeth warren tonight, bernie sanders tomorrow night, just make it free for everybody, what if you actually did pay off your loans? then me and you, the rest of the middle class would be paying for free college. i think issue is the source. tuition has come up way too much, there is no payout. we're starting starting to see s i wrap this up. when you apply for a job, sometimes you will see, not college required, but college preferred. stuart: there is subtle difference. >> subtle difference. stuart: the onus should be on the student and the parent? is it worth investing all this money, taking out this loan what do i get at the end point? that is the calculation people have to make. a long calculation in the past? >> the caliber of the school, what you plan to do with whatever degree you're getting, is it it worth it in the end?

consider it at the start. commune college might be answer, at least for the first go years. stuart: thank you very much, lauren. see you soon. president trump will sign an executive order on costly housing regulations. he is tearing down some of the red tape to make housing more affordable. that is what he is trying to do. hud secretary, ben carson, he is on the show today. he has details what the president is doing on the red tape front. the justice department investigating the chicken industry over price fixing. it is alleging that poultry producers colluded to raise prices. we have the chicken story for you. ♪ your daily dashboard from fidelity. a visual snapshot of your investments.

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♪ ♪ all you need is love stuart: i got to say i like it. we found a beatles song that susan loves. susan: i love it. it's a great sentiment. love is all you need. stuart: we-excellent, well-done. moving along. we have a rally, 60 points up for the dow. now the important news is about to break, that is, how much oil do we have in storage? how much did we use, how much did we draw down? very important to the price of oil. i think you have got the number? ashley: holy moly. we're down 12.79 million barrels. the expectation was down about 2 1/2 million barrels. this should put a lot of upward pressure on oil prices. oil flirting with $60 a barrel. this could push it over the edge. so there you go. stuart: the price of oil was up 3% before that number came out. ashley: right. stuart: we just got the number.

it has gone up some more. stick around, you might see oil hit $60 a barrel. awfully close. ashley: big drawdown. a lot less oil. stuart: we're using isn't. ashley: we're using it. stuart: demand is strong. we are using it. theoretically up goes the price. it is up already. 58.80 as we speak. more news coming at you, special counsel robert mueller will testify on capitol hill. my first reaction, this was going to be a circus. am i right? >> we haven't seen a hearing like this in decades. think about how big the brett kavanaugh confirmmation hearings were last year, you have to maybe go back to iran-contra in the 1980s. we had some pretty blockbuster hearings up here. this will dwarf all of that, stuart. other issue, jerry nadler, chair of judiciary committee, one of the members who called him in.

the american people he says need to hair from robert mueller. does that lay the table for impeachment? or do they reveal something tips the scales in that direction? we don't know. stuart: what we do know is that congress, senate and the house, they have just one day to get something done on the aid crisis at the border and, other, and at the border generally. >> right. stuart: they have one day to do it. >> right. stuart: senator barrasso told us this morning he is not leaving for the july 4th recess until they get something done. what do you say about that? >> the senate has not even moved a bill yet. they have a bipartisan bill, $4.5 billion, the same price tag as the house. the house was able to pass a bill after nancy pelosi and progressives, liberal democrats made tweaks. they didn't have the votes on monday night. what they essentially did, made the bill a little more liberal. it is further away from what the senate bill is. they have to merge the bills

once the senate can do it. the senate has not put this on the asked you. a lot of senators going to florida for the debate, democratic presidential candidates. even if the senate were to pass a bill, it should pass a bipartisan agreement, how do you merge those bills into one if they're going to run out of money to address this humanitarian crisis at the border in basically a day 1/2. a lot of people that will not get done, a, they stay, that is not on the radar, or b, they run out of money, take time over the july 4th recess, try to put this in a congressional keys san north and put this together. stuart: i think you agree there will be hello to pay if the congress goes on vacation and and there will be hell to pay. >> kay granger, deals directly with the funding issue. from the democratic perspective, the fact they were able to get an agreement, pass a bill, says

we'll address this, we'll put strictures on how these facilities are run on health, sanitation, nutrition, all that, that is good politics for them, but you're right, there is risk if everybody goes home and this hasn't been fully resolved. stuart: chad pergram, he knows what he is talking about. appreciate you being with us. >> my pleasure, thank you. stuart: got it. president trump just tweeting on meghan rapinoe. here it is, did i get it right? ashley: well-done. stuart: women's soccer player megan rapinoe is not going to the effing white house if we win. other than the nba which refuses to call owners, owners, please explain i just got criminal justice reformed passed, black unemployment is at the low left "elf" in our country ace history, the poverty index is best number ever, leagues and teams love coming to the white house. i am a big fan of the american team and women's soccer.

megan should win first before she talks. finish the job. we haven't yet invited. invited the team win or lose. megan should not disrespect the country, the white house, flag, especially so much done for her team. be proud of the flag that you wear. usa is doing great. yes, sir, invite them whether they win or lose. love it. the department of justice is looking to allegations that big poultry processers colluded to keep the price of chicken artificially high. tell me more. susan: 65 billion-dollar industry. look at chicken producers and poultry producers today, tyson, pilgrim, sanderson farms, perdue farms, they are accused of illegally cooperating to boost up the price of chicken. you know who suffers in the end? it is customers. restaurants, drib tort, walmart is part of this collusion case. because of these colluded higher prices they have to pass it on

to consumers like us. wholesale prices for chicken down 2% so far this year. they are up 17% since the middle of 2012. price collusion on chicken pricing. stuart: i pay 79 cents a pound. susan: frozen or fresh? stuart: fresh. susan: good. stuart: you don't know what you pay for a pound of chicken, do you? susan: i don't. stuart: you're honest. now this, illinois made marijuana legal beginning next year, right? is this recreational. ashley: if ever there is a state that needs more revenue it would be illinois so why not? they are going to legalize the license, growth, sales, possession, consumption of cannabis for those 21 and over. it also expunge the arrests of anyone who was arrested for possession under 30 grams. wipes out convictions for up to 30 grams or possession. wipes the slate clean. i think it says it all. when one of the lawmakers said

look, prohibition doesn't work. we know that. regulating the product will improve social affairs, make it safer to consume, oh, yes, generate much-needed revenue for the state. 25% of the money raised will go help business owners open their own marijuana store in those communities hit hardest by the war on drugs i think is interesting. stuart: really? that is a side issue. ashley: completely different way of looking at it. i think it is good. stuart: got it. thanks, ash. better take a look at bitcoin. look at this! $12,881. why did the price surge just overnight? susan: overnight. up 250% on the year. best performing asset class, people scratching their heads why we saw the spike. we don't know exactly why, but could be short-covering. hedge funds have been shorting bitcoin since this year. futures trading hitting a record in the month of may. taking a look at futures, looks

like hedge funds, they held 14% more bearish short positions last week than they did long positions. and the gap between the hedge funds going short and long is 47%. you know who is caught holding the bag buying bitcoin at these prices? it is average trader, you and me, the average joe, looking 250% up, thinking i might want to get into the rally once again. stuart: this short deal is, you bet that bitcoin goes down, that is your bet? ashley: yes. stuart: but suddenly the thing starts to go up. so you have got to buy it, as say cover your short positions. susan: to close the losses that that you're making when the prices go up. stuart: that means the price continues to go up because -- ashley: short squeeze. stuart: short squeeze sues south counterintuitive, very good. stuart: 12,870 as we speak. president trump tweeted a

response to captain megan rapinoe said she will not go to the white house if they win. the president responded. we'll get into that with martha maccallum. she is next on the show. ♪

is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things

that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪ stuart: 60 points up for the dow. that is a quarter of 1%. it is a modest rally. look at roku. had a record first quarter. it is a leading, leading as the number one leading streaming platform. okay? look at chip-makers. green arrows there. micron came in with a positive earnings report and it is selling some stuff to huawei which apparently it is allowed to do. all the chip-makers very solid gains across the board. we have san francisco. they are going to ban the sale of all electronic cigarettes,

gone. san francisco, can't buy them. joining us judge andrew napolitano, host of "the liberty file" on the "fox nation." on "fox nation." all right, is that right? can you ban out-right a legal product. >> no. for a couple reasons. first of all this product is regulated by the food and drug administration. the federal government has a technical phrase, co-opted the field, taken oaf the field of regulation with respect to tobacco and tobacco-related products. secondly the supreme court just 15 minutes ago issued an opinion about whether tennessee could isolate itself from an issue common to everyone, and the supreme court said no, not in an area of interstate commerce. so the can the city of san francisco interfere with interstate commerce for alleged health reasons? answer? no. interstate commerce is federal. the regulation of tobacco is

federal. i understand why they want to do it. by the way, this is the least of san francisco's problems. stuart: that is true. >> we all know that. no reason to get into that and the other stuff is disgusting but they can't just take this one thing, which is legal everywhere else, and ban it. stuart: just seems really strange, doesn't it, that you can ban an e-cigarette but you don't ban tobacco smoking cigarettes, don't ban alcohol? >> there is often, i love san francisco. stuart: i used to live there a wonderful place. >> there is often some weird political motivation behind what the government does in san francisco and i can't figure this one out. what you said is profound. cigarettes are far more harmful to you than these e-cigs. they wouldn't dare try to ban cigarettes because that type of prohibition wouldn't work. we went through that experiment with alcohol. stuart: they wouldn't get tax revenue of sale of cigarettes in the city. >> correct. i don't know where this is going

to go, except i do know, what do they call themselves, juul? challenges this, they will win in the first amplification. stuart: by the way, altria, major tobacco company has 35% stake in juul. >> not surprised. stuart: why altria is down one .25%. >> do you really think investors are concerned that this nonsense in san francisco will affect market value of altria? stuart: that is a good question. >> first of all it is just san francisco. it is profoundly unconstitutional on its face. stuart: the e-cigarette is the way established tobacco companies could get their foot in the door, alternate use of tobacco. >> right. stuart: if that is sort of opposed by various cities, starting with san francisco, but you could easily see this followed on elsewhere, easily. that would affect the sale of juul. it would affect altria. it affects whole standing of

tobacco in our society. >> i want to see who contributed to the campaigns of the city council. stuart: in san francisco? >> follow the money. stuart: do you think they would take a contribution from a republican. >> probably not. stuart: from a trump supporter? >> is there a republican left in san francisco? i think i know one. a guy i went to princeton with. he lives in pacific heights. stuart: he is leaving too. judge, thank you very much indeed. nicely covered. >> pleasure. stuart: president trump just did tweet a response to team usa cocaptain megan rapinoe. she said, did i get the pronunciation -- ashley: rapinoe. >> trying to make her italian. she is not italian. stuart: isn't she? >> not the way that is spelled, no. stuart: let me read the tease. rapinoe said she will not go to the white house if the team wins. we'll get into it with martha maccallum. the latest trump tweet in a

moment. blackberry, the blackberry, cell phone people. but now -- stuart: no, they make cybersecurity technology. they have completely pivoted into a software company. i have got the ceo on the show next hour. ♪ hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens. and if you've got cut-rate car insurance, paying for this could feel like getting robbed twice. so get allstate... and be better protected from mayhem... like me. ♪ can't see what it is yet.re? what is that?

that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star.

at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond.

stuart: the philadelphia refinery fire, big news, philadelphia energy solutions has stopped the making, stop, shut down its gasoline-making unit. the mayor announced that the refinery will be closing. the company had dred employees to begin the mothballing units at the refinery. watch the price of gasoline. it is going up on this news. that refinery supplied 27% of the gasoline and distillates on the eastern seaboard. it is going up, the the price of gas. check the big board, a modest rally, 74 points higher. here we go, team usa soccer player megan rapinoe said she would not go to the white house

if team usa won the world cup. she expressed it in more obscene terms than that, to be perfectly honest with you. martha maccallum, host of "the story." >> good morning, stuart. stuart: i think this is a huge news story. she is the cocaptain of the team. she is on foreign soil. she insults our president, by extension insults our country. i'm outraged at this. are you? >> yeah, i am actually. you know, i think that people in this country need to recognize how lucky we are to live in the united states of america. how much freedom we do have. you know, i know she has her causes. she has come out, that she is a gay woman. you know there has been so many advances in, for the gay community. we have marriage is now legal across the country. it is a federal statute. same-sex marriage in this country. those are really big advances. are there still prejudices?

yes, of course there are. are they president trump's fault? i don't think so. i would love to see one of these people whose teams are protesting stand up and say, you know what? i'm an american. the white house is my house. i'm going to celebrate this american victory. there have been generations, i'm sure of athletes who maybe agreed or disagreed with the president they were going to visit. this president is far more out there than most presidents ever been. this is unique experience. you know what? rise above it. stuart: yes. >> rise above it, celebrate your team, celebrate your country. you know what, it is not about all the time. it is about your team. stuart: right. >> it is about the country. you know, it reminds me about "shut up and sing" thing. used to be that athletes didn't want people to really know their politics because they didn't want to alienate any of their fans. let's have a little dose of that? stuart: the president has responded to what rapinoe is saying. here is the tweet.

women's soccer player megan rapinoe just stated she is not going to the effing white house if they win. >> awful. stuart: terrible. other than the nba, et cetera, i won't read through all of this, the president has invited right now the whole team to come, whether they win or lose. >> yeah. stuart: rapinoe could take it or leave it. that is the ideal response from the president. >> i agree. it is clear she shouldn't go. i like to stop making it about her. that would be nice. stuart: one more for you. more outrage from yours truly. >> you're all fired up this morning too. stuart: employees at online furniture retailer, wayfair, they will boycott, walk off the job today, because wayfair is going to sell beds to the people at the border. >> right. stuart: to the -- facilities right there. ocasio-cortez, wayfair workers could not stomach they are were

making beds for caged children. it goes on from there. this is ridiculous, you can't shut these hate trumpers up. they pop up everywhere. >> there is so much contradiction. first she is sending out pictures of herself crying at the border because she is so upset about the conditions. this is an effort to improve the conditions, right? but she doesn't want unless she gets everything she wants. she doesn't mind if the kids suffer longer and sleep on concrete floors, because she wants something bigger and bolder. that will not help the child whose shirt is covered in snot sleeping on cement floor. the other situation, wayfair has to right to enter into contract with the government to sell them something. is she not people providing jails to this country, any other facility for people doing something illegal, crossing the border is, they should walk out on the people they work for because they're facilitating a

government contract? it makes absolutely zero sense. stuart: you have to cover a wide range of subjects, don't you? i'm primary financial. i delve into politics as well. >> exactly. stuart: you have to cover it all. ask you to come on the show, immediately you know about the wayfair story. >> in fact i think it's a fascinating story. we should try to book one of these people on the show tonight because i just think if you work for wayfair, you're walking out on your company because they're providing, what they are supposed supposed to do for their shareholders -- stuart: a bed for a kid. >> bed for a kid, a, booed thing. b, this is business they're running, running it to make a profit. stuart: glad you made time for the show. fired up as usual. good stuff. thank you, martha maccallum. see you tonight. first democrat debate i can kicks off tonight. 10 candidates tonight including elizabeth warren and beto o'rourke. they will try to outtrump the president i think. won't work in my opinion. my take on that is next.

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stuart: debates have never been the same since candidate trump routed his republican opponents. he went right after them with insults, biting nicknames and putdowns. tonight's democrat debate will be a pale imitation of the trump original. ten candidates on the stage, another ten tomorrow night, all struggling for recognition, all trying to deliver the best one-liner. beto o'rourke got his shot in early. the president is quote, the most openly racist president that we've had in modern history. that's what he said. remember, beto said he would tear down any border wall if elected. maybe that's why senator warren

also on the stage tonight, just called for the decriminalization of border crossings. truly an open border policy. come on in, why don't you. get to the front of the pack by going to the extreme. that's what they're doing. remember mr. trump's book, "the art of the deal"? i'll watch tonight just to see if these candidates can match donald trump in the art of the debate. the third hour of "varney & company" about to begin. stuart: check that big board. 71 points higher for the dow industrials. kelly sadler is with us, america first action pac and former special assistant to the president. i want to talk about the democrat debates and i want to show you a poll. >> okay. stuart: not a great poll. but it's a poll. okay? this is according to movmoveon.,

it's a straw poll that shows that senator warren is ahead of both sanders and joe biden by double digits. she's doubled their number. that puts elizabeth warren way out front. >> hey, we welcome this. she represents the radical socialist party. to be quite frank with you, she's proposed free college tuition, free, you know, loan, you know, basic -- the government will pay for your loan, free universal child care, she's for medicaid for all. how are we going to pay for all of this stuff? the tax policy center did an analysis of all of her plans and all of her proposals and even if you tax the 1% there still isn't enough money to cover the cost of all these programs. they are living in an alternate universe. stuart: you are right across the board. you are absolutely right across the board but if it does come down to warren versus president trump, if it does come down to that, i've got a sneaking feeling that on occasion, elizabeth warren gets under the president's skin. i don't know why i feel that way. >> pocahontas?

i don't think so. stuart: you think that expression will fly in the general election? >> basically she said she was native american so she could get the advantage of getting into harvard. i think that's a fairness issue a lot of people take issue with. stuart: you think if he repeated that pocahontas jibe in the general election, would it go down as well as some of the other insults that he used last time? >> the cook political report actually did an analysis on this and since the president has been going easy on elizabeth warren. since he stopped kind of jabbing her and pointing out her issues, she's risen in the polls. so i think she starts rising in the polls again, we'll see the combative nature of the president come out. stuart: the theory is if he had gone after her -- >> he hit her a little too early. now she's risen but hey, he's' counter puncher. he will be able to defend his record on the economy and you know, most americans agree with what he's doing, the deregulations, the tax cuts. if you look at all these proposals coming forward from the democrat socialist wing, they will raise your taxes, we

are not going to have the gdp growth we've had, and there's just going to be more regulations stacked on more regulations. stuart: earlier this morning, the president called into, on the phone, "mornings with maria" on this fox business network. he pulled no punches, calling out the big tech companies. roll tape. >> these people are all democrats, it's totally biased toward democrats. if i announced tomorrow that i'm going to become a nice liberal democrat, i would pick up five times more -- i was picking up 100,000 followers every few days and all of a sudden -- and i'm much hotter now than i was a number of months ago, okay. a number of months ago. then all of a sudden it stopped. stuart: it seems like he's running against google and facebook and twitter. >> well, this is a real issue with conservatives and those that lean conservative. you know, the media research center did a poll and 65% of conservatives on social media feel like they're being discriminated against or that their voices are not being

heard. we know the white house just announced they will have a social media summit in july, where they are going to be talking about these issues. there's been a lot of hearings on capitol hill. ted cruz has been very vocal on this, the senate judiciary committee is looking at this, because these companies have a monopoly and the president is right, they are left-leaning democrats that own and kind of don't have any competition and have the censorship ability to see what voices they want to have heard. stuart: i think the president's got a very good point because these companies dominate the news and what we see as news and what is presented as opinion and they just carve out no space for conservative opinion at all. i think the man's got a point. >> i do, too. stuart: you think he's going to sue them the break them up? >> i think on maria's show this morning, one representative already is suing them and -- but i think we will see legislation to make these markets, make these companies more competitive. that's what's needed. that's what the president recommended today. stuart: you're feeling confident

and strong in the president's campaign, aren't you? >> i am. i'm feeling really good about it. i'm excited about tonight's debate. i will sit back, have some wine, some popcorn and see what crazy ideas come out from the radical left. stuart: i have to ask you this, would the president prefer to go up against joe biden, bernie sanders or elizabeth warren? please don't say he doesn't care. i'm sure he does. what's his preference? >> i think he would like to take on joe biden. why not sleepy joe. he's not very energetic on the campaign field. he's been missing events in iowa and california. his policy proposals seem -- he doesn't see china as a threat. let's go to the middle class worker and see who has that base of support. it's the president of the united states. stuart: president trump wants not bernie, not elizabeth warren -- >> i think it would be easier to run against bernie and elizabeth warren but let's have a real competition and see who the winner is. stuart: kelly sadler, thank you very much indeed. thank you. check the big board. we have gone off a bit now.

we were up 80 odd points. 26,600. how about the price of gold? it has been right around 1400, 1420 per ounce. it's 1412 this morning, down six bucks. look at bitcoin. $12,800 per coin, up 20% overnight. pretty good gain. now look at blackberry. they posted earnings today. the stock's taken a slight -- down 8%. they had a slight revenue miss. that takes them down 8%. and in our next hour, this hour, actually, sorry, this is our final hour, the blackberry ceo, he turned a smartphone company into a software company. his product is in 150 million cars. he's on the show, too. the justice department launching a new investigation into big chicken. deirdre bolton joins us. price fixing? what? deirdre: that is the accusation

coming from restaurants and from walmart. the food distributor cisco paying pilgrim's pride and others colluded to keep prices inflated. there's a ruling expected tomorrow. we will see what happens. improperly sharing data and influencing meat industry benchmarks to inflate prices, those are the official complaints. i should mention none of those chicken producers have said, they just say we are categorically denying these accusations. u.s. doj has launched a criminal investigation. stuart: criminal is different. deirdre: it is different. stuart: understood. got it. nike bowing to pressure from beijing, pulling its sneaker from the chinese market after the designer came out in support of those hong kong protesters. we have the details for you coming up. they withdrew the sneaker. vice president pence kicking off the latinos for trump campaign in miami.

in 2016, president trump got 28% of the hispanic vote. i want to know, can he top that number in 2020? president trump alongside hud secretary ben carson signing a new executive order. this is all about red tape cutting and regulatory cutting to make housing more affordable. wouldn't you know it, secretary carson is on the show next to tell us what red tape they're cutting. how's it going. we'll be right back. ♪ is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology,

data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪

stuart: that massive fire at the philadelphia refinery having real repercussions. the mayor of philadelphia says the plant is going to close for good. that is affecting gasoline

prices up and down the eastern seaboard. the national average is $2.68. that national average has started to go up and that's because of the fire at the philadelphia refinery. the price of oil is up, $59.54 a barrel. we just got the latest read on how much oil's in storage. we used a lot of it. we drew down 12 million barrels from storage. that's put the price up, getting awfully close to $60 a barrel. president trump has signed another executive order, this time it's about breaking down stiff housing regulations to get the cost of developing homes down. here's the president. roll tape. >> overregulation of housing and housing market is a primary cause of the rising housing costs across our country. nationwide, it's estimated that the regulations account for more than 25% of the cost of a new home. think of that. so regulation and unnecessary regulation is 25% the cost of a

new home. as a result, the supply of affordable housing cannot keep up with demand today. stuart: good stuff. with us now is ben carson, hud secretary. mr. secretary, welcome back. i wonder if you can bring this down to earth for us and point to a specific regulation or group of regulations which you're going to cut which i can understand. >> well, you look at the places that have the highest homelessness and the worst set of housing costs, places like los angeles. 80% of the land is zoned for single family housing with a certain amount of property. you couple that with some of the other regulations like the need for -- it's not a need, it's a requirement now for, you know, solar panels in new constructions. you know, these are things that take something that is reasonably priced and move it

into the area where it's not. so as the president mentioned, 25% to 27% of the cost a new family constructed home is, you know, regulatory burden and for multi-family it's 32.1% up to 42%. so these are the things that are really causing the problems and if we can tackle them, a lot of them are there and have been there for many, many years and simply no one has paid any attention to them or they've added more regulations on top of regulations. and what we're going to do is help them to examine this, reexamine this and work with eight federal agencies to try to ameliorate the situation. stuart: but you're at the federal level. are you in a position to say to california hey, knock it off, you can't -- you don't have to have solar panels on new homes. are you in a position to say that to state authorities? >> we are certainly in a position to say that if you will look at some of these regulatory

barriers that are preventing affordable housing, we will provide you with certain benefits. stuart: when do you think this is going to take effect? when am i going to see a whole bunch of red tape on the floor? >> interestingly enough, it's already starting to occur in different places around the country. in seattle, for instance, has a new program called a block program in which they have required a tiny house to be built in each block, residential block. people didn't like that at first but then they see them and say wow, these are really cool, i want one in my backyard. nimbyism is largely a result of people not having the information and thinking the government still builds these large monstrosities with no forethought or afterthought. we don't do that anymore. it's public/private partnerships, it's mixed income,

it's integration with the culture of the area. we're not talking about building a multi-family dwelling in the middle of a residential block of single family homes. you know, people have these misconceptions. that's not happening at all. we want the firemen and the nurses and the policemen and construction workers to be able to live in the same area where they work. stuart: you are making a lot of progress, mr. secretary. we are very glad you come on this show frequently to tell us what that progress is. come back soon, sir. >> i will. it's my favorite venue. thank you. stuart: come host the show, why don't you. mr. secretary, thank you very much for being here. >> thank you. stuart: sure thing. take a look at nike. the stock right now, that's a sneaker. the stock is actually up about a buck. nike has bowed to pressure from beijing. they have cut out, they're not going to sell that new sneaker. tell me why. ashley: the new line of shoes was supposed to be released in china earlier this month but this shoe was done in

collaboration with a japanese designer, a brand called under cover. it was that japanese designer who put up a photo of the hong kong protests with the caption no extradition to china, taking a strong political view. it was taken down but you could say the damage was already done. nike contacted suppliers in china and said we are for the time being pulling this particular line of shoes because as we know, china would not like to make these shoes political in any form or fashion and nike of course realizes that china is a hugely important market for them. stuart: got it. all right. thanks, ash. check the big board. we have been like this all morning, pretty much. about 50 points higher, a fractional gain for the dow. 26,500 is where we are. the chip makers, all of them across the board, they are up and up big. micron posted positive earnings and micron has found a way around the u.s.'s ban on selling product to huawei. that's helping them. in fact, chip makers all across the board, very sharply higher

today. look at them. there's another board. they are all up big-time. elon musk's spacex launched a giant, wait for it, solar powered spaceship into orbit. the company that designed this thing says it could be the key to interstellar travel. we will tell you how it works. the mansion from the classic tv show "levbeverly hillbilliesp for sale. wonder how much they're charging now. after this.

♪ stuart: love it. love it. they called it the cement pond. okay. did you ever dream of owning that? that's the iconic mansion that

they used as the backdrop for "beverly hillbillies." it just got a huge price cut. they dropped the price $50 million. what do they want for it now? $195 million. it's still way up there. you get the tennis kofcourt, five-room guest house, 40 car garage, et cetera. a mere $195 million. ashley: a steal. stuart: with a cement pond. ashes of the deceased were not the only payload on spacex's falcon heavy. didn't they carry a solar powered kind of space vehicle? deirdre: they certainly did. a solar sail. it is about the width of a human hair. size of a breadbox. it's the first solar powered craft in earth's orbit. the idea here is to answer the problem of how do we do space travel without carrying a lot of fuel. so if it's powered by light,

that seems to answer that question. it's the first of its kind. that was one of the objects that was taken to space yesterday. stuart: interesting. deirdre: very cool. stuart: you got me with that one. the price of bitcoin, look at this, $12,830 as of right now. it's gone straight up recently. here's the question. is this a flight to safety? good question. we will get into that one for you. president trump taking another shot at the fed. he says we would be better off with mario draghi as the central banker. those are fighting words, mr. president. you will hear it next. plus we have a big guest on the show. blackberry's chief, john chen. remember it used to be the cell phone maker. they totally pivoted and have become a software company. john chen on the show, coming up shortly. more after this. ♪ hi i'm joan lunden.

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stuart: all right. we are showing you florida. senator elizabeth warren touring a migrant detention facility. that's in the city of homestead,

florida. she's in the front seat of the car there. you might not see her very well but she's about to tour. she's about to get out and tour the migrant facility. by the way, she very recently, within the last 24 hours, she says she wants to decriminalize all illegal border crossings. that's her position in advance of the debate tonight. she's on the stage tonight along with beto o'rourke and eight other candidates, and now she's going to look at the migrant facility in florida. i think she's just come out and gone away but that's what she was doing this morning in florida. check the big board, holding on to a gain as we have all morning. modest gain. 60 points up for the dow. that's exactly a quarter of 1%. the treasury ten-year yield has now moved up to 2.03%. we were at 2% even earlier this morning. now at 2.03%. president trump, he was on "mornings with maria" first thing this morning doubling down on his criticism of fed chair

jay powell. watch this. >> what europe just did cwith draghi who frankly just did a good move, he's been doing a lot of good moves, they are forcing money in. we are doing the opposite, we are taking money out and we are raising interest rates. it's insane. to raise the rates to the extent that he did, if he had raised them half, just half and if he had not done the quantitative tightening our market would have been up another 10,000 points and i'll tell you, gdp would have been up another point or two points. we could have hit -- we potentially could have hit five. here's a guy, nobody ever heard of him before and now i made him and he wants to show how tough he is, okay. let him show how tough he is. he's -- he's not doing a good job. stuart: got to tell you, if you missed that interview, it was a great interview. maria covered a lot of turf and got direct answers. it was really great stuff on this network early this morning. the lady on the right-hand side of the screen is danielle

demartino booth, former dallas fed adviser. all right, do you think it's okay for the president to criticize the fed chair so sharply and so consistently? do you think that's okay? >> i think it's actually begun to backfire on the president. i'm not so sure that that isn't in the plan. there has to be a reason that he's constantly berating him. he castigated mario draghi prior to the campaign. we know this is somebody who implemented negative interest rates. no american, no patriot would want negative interest rates in the united states. mario draghi is going into recession with negative interest rates and he's managed to do really brilliant things like put junk bonds on the central bank balance sheet. i think right now, president trump is looking really hard at the fact that it looks like we've got a currency war that's starting, and he wants the focus to shift to the dollar weakening

which is going to benefit our exporting manufacturers. i understand that. but the constant outward public bullying of jay powell is going to potentially make the fed chair dig in his heels even more, but again, the president could be looking for a scapegoat here. there could be a complete and total ulterior motive. you can never put something like that past the president because he thinks like a deal maker. stuart: okay. do you think the president has a point? you heard him speaking with maria there saying look, if powell had not raised rates, we might get an extra one point up on gdp, we might have 4% growth instead of 3%. what do you say to that? >> i think that that is something of a stretch in an economy that has a full employment as we do, that has not seen capital expenditures come out of the tax cuts. in fact, we are seeing it go the opposite direction. i have serious doubts that we would have seen that much more

in terms of economic growth than what we did, and furthermore, we have already seen from jay powell, we heard it from bullard yesterday as well, we know that rate cuts are coming, and that that is a lot of the reason that we have seen stocks rallying since jay powell gave his speech on june 4th in chicago. that's a lot of what -- of the juice behind the current iteration of the stock market rally. stuart: i know you are a fed person, but would you take on bitcoin for a moment. we've now got the price of bitcoin at $12,788 per coin. up about roughly 20% overnight. what's causing this? any idea? >> you know, it's hard to say because on a day like today, you are seeing gold is down. so i think the whole flight to safety idea doesn't hold much water. we knew at the beginning, at the onset of the rally in bitcoin, we knew there were a lot of

chinese nationals trying to get money out of the country and finding that bitcoin was a very convenient conduit where they could hide. we know what the original impetus was to set off this bitcoin rally. but bitcoin's up 30% this week alone and last i checked, it's just wednesday, and it could easily, if it keeps going at the same pace, regain its all-time high of 20,000 just in the next few trading days. i don't know about you, but i call this something of a speculative mania. big investors are three times as much short as really small investors. some might call this an old-fashioned short week. stuart: i think that's exactly what it is. thank you for being with us today. always appreciate it. thank you. >> thank you. stuart: vice president mike pence was in miami last night. he kicked off the trump campaign's latinos for trump push. here's part of his speech. roll it. >> you know, latino americans know that it was freedom, not

socialism, that gave us the most prosperous and powerful nation in the history of the world. we must say as the president said in his state of the union address, america will never be a socialist country. president trump has been standing strong with freedom-loving people in venezuela, with their legitimate president juan guaido, and we will stand with the people of venezuela until their liberty is restored. stuart: what is the hispanic vote for president trump? here's the exit poll from 2016. 66% of hispanics voted for hillary clinton. 28% for donald trump. jeannette nunez is with us, lieutenant governor of the great state of florida. would you make a forecast for us? if president trump got 28% of the hispanic vote in '16, what percentage does he get in 2020?

>> good afternoon. what i will tell you is that yesterday's latino for trump coalition was a day full of excitement and what i think you are going to see in the 2020 election is that those numbers are going to surge and they are going to surge for one reason, and that is because if you look at the record of accomplishment in this administration for latinos throughout the country, the lowest unemployment in the history of our country for latinos, the median income, home ownership, all the data points to a tremendous record of accomplishment for the latino community. at the end of the day, that's what we're going to focus on, the record, not the false narrative that the other side is trying to promote. stuart: you think prosperity beats some of the negative things which the president has said about hispanics? >> absolutely. i'm the daughter of immigrants. i know that the important thing for latinos, no matter where you hail from, is faith, family and the opportunity for a better life for your children, and that

is something that this administration has been focused on and the numbers prove it. the data shows it. we have absolutely seen tremendous strides in this administration and as the vice president said, there is no greater friend to the business community than president trump. stuart: in the state of florida, it seems that the hispanic community is drawn largely from cubans and puerto ricans. now, i can understand cubans not wanting anything to do with socialism. i got that. but how about puerto ricans? they are coming from an island devastated by the hurricane and the president got a lot of criticism about the emergency aid that was delivered to puerto rico. will he carry the puerto rican vote as much as he carries the cuban vote? >> well, i will tell you the state of florida obviously has tremendous numbers in terms of the cuban american voters, puerto rican voters, but also venezuelans and colombians and

nicaragua nicaraguans. we are a multi-faceted community. our state, really what we see, latinos from all walks of life are prospering. as it relates to puerto ricans, there is a story to be told there. i have talked to many puerto ricans throughout the state of florida and they are with president trump. i think the important thing is to engage all aspects of the latino community and make sure we are talking to them with actual data, not with the false narrative that the democrats are trying to push. stuart: can i just return to my first question. in 2020, what percentage of the hispanic vote will president trump get, can you give me a number? >> what i will tell you is that we are looking to get as many votes as possible. stuart: i know. >> we are absolutely going to reach to every single voter. we are not going to take anyone for granted -- stuart: would you be happy with 35%? >> i would be happy with 50%. we are going to push to get as many voters as possible. stuart: okay. come back and give me a number, okay? thanks very much for joining us. seriously, thank you very much indeed. appreciate it. thank you. >> thank you. stuart: tech stocks. take a look at them.

president trump on "mornings with maria" earlier today said that big tech is biased towards democrats. the stocks are not really reacting. google is down but facebook is up a fraction. how about netflix? big hit to their catalog. nbc's "the office" will be pulled from the platform starting in 2021. last year, the show was netflix's most watched title. nbc will be taking it for their own streaming service which launches next year. t-mobile launching its 5g service in six cities across the country. they are rolling it out on friday. we will tell you which six cities are about to get this super-fast internet service. you won't be getting 5g service on your old blackberry phone. certainly not. blackberry's completely pivoted. no longer the blackberry people. they are all about security and software. it goes in cars. 150 million vehicles have their software in it. blackberry's ceo is next. ♪

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data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪ stuart: well, it's what, about a quarter to whatever it is, quarter to eight in california. we have some california stories for you. wake up out there. san francisco, the first city to completely ban the use of e-cigarettes. popular vaping company juul, they are from that city. juul says the ban will drive people back to actually smoking cigarettes. it would take effect next year if the mayor of san francisco signs it. i want to bring in another voice on the homelessness crisis in california. don sedgwick is with us, the mayor of orange county. your honor, welcome to the show. good to see you, sir. >> thank you. good to be with you.

stuart: as i understand it, you've got a 43% spike in homelessness already this year. that's the number we see. what are you going to do about this? what can you do about this? >> well, in orange county, we have been doing a better job than up in l.a. it's my job as the mayor in orange county to prevent what's been going on in l.a. from spilling down to orange county. one of the things you need to do is prevent it from happening in the first place, and i was on the school board for 18 years and we put together programs that not only prepared students for higher education, but also vocational jobs so that when our students come out of the high school system, they are ready to be a contributing member of society. stuart: wait a minute. what's that got to do with homelessness? with respect, your honor, what's that got to do with homelessness, for heaven's sake? most of those people, isn't it true they have real mental problems, mental illness problems, and addiction problems? isn't that 70%, 80% of the homeless people there? >> well, there's two issues, varney.

there's treating those that are already homeless and preventing those from becoming homeless. what i referred to is trying to prevent it from happening in the first place. we do have the issue right before us now, it's so sad with miles and miles of homeless people that it just breaks your heart when they are regular people trying to make a living but the root of the problem no one is talking about is the high cost of living in california and that's been caused by the liberal policies that have failed to address the problem. stuart: your honor, i agree with you 100% but the nature of the problem is not the high cost of building a home. the nature of the problem is not the education system. the nature of the problem is what are you going to do to get drug addicts and mentally -- mental problems off the streets? what are you going to do to get them off the streets now? >> you are absolutely right. we need to invest at least a few years in helping them with a hand up, not just a handout. l.a. has put together $600 million in aid to just shelter and provide food while homelessness has actually

increased. if we can provide the mental health services that they need, then they will be more responsive to the vocational training and job coaching to help them to become productive members of our society. another issue that no one's talking about is on our southern border, it's not just people that are coming across illegally, but the drugs that have been coming across have also penetrated into our homeless community. methamphetamines are at an all-time high. now that marijuana is legal in california, the drug cartels are not shipping marijuana, but they're shipping hundreds and thousands of pounds of methamphetamines which only cost about $10 a hit, and that's penetrating our homeless community. they need to be off of drugs before those mental health services can work, that can then prepare them for the job coaching and the vocational training that we need to invest for a few years to prevent 30 or 40 years of aid. stuart: you better do something about the sanctuary state status of california. are you a republican, sir? >> yes, i am. stuart: i'm sorry --

>> i'm opposed to the sanctuary cities. we are a country that believes in the rule of law. and we don't have a smorgasbord of laws and smorgasbord of government agencies from which we can choose which ones we will support. we need to support the law and our federal government and sanctuary cities are the wrong way to go. that's why i'm running for congress. i'm trying to prevent these same policies in california from spreading across our country. if america wants to see how the liberal extreme left policies that they are going to see in the debates tonight, how that will play out across our country, they need look no further than california to see where we have had 20 to 30 years of basically unchecked extreme liberal policies in place with two-thirds or super majority in our state legislature. stuart: we have been looking for republicans in california and i think we found you. great stuff. i hope you can come back soon. thank you very much, sir. >> thank you very much. stuart: the rally is holding at the same level as it was before. not much excitement in the

market this morning, really. 57 points up, 26,600 for the dow. roku streaming company, it's a streaming device company, i should say, extending their lead as the number one streaming platform in the country. 30% of streaming device sales in the first quarter of this year. roku. the stock is up only a fraction now. it's at $93. there's a very good chance if you have a car with new technology in it, it's a blackberry type software. blackberry. they used to be the blackberry people. not now. they've got software in 150 million cars. john chen, ceo, blackberry, joins us next. ♪ (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math.

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stuart: t-mobile will be launching its own 5g network friday. there is a catch. it's only with one phone and that one phone is the samsung galaxy s10 at $1300 a pop. the rollout will be in six cities, new york, l.a., las vegas, dallas, cleveland and atlanta. friday, you get 5g. t-mobile. blackberry, the stock is down this morning because

revenue fell short in its latest earnings report and it's down 9.8%. i don't want to talk about the earnings report with john chen, blackberry's ceo. he joins us now, by the way. what i want to talk to john chen about is the way that he has switched the focus of the company from blackberry to software. all right, john, there's an awful delay in our conversation this morning so i will leave it at this. you've got your software in 150 million cars. you tell me in a way that i can understand what that software does in those cars. go. >> mostly safety, and also, helping telecommunication, clusters and instrumentation, so mostly of those nature. stuart: are you ever going to go back to the plain and simple blackberry which we used to know and love?

>> well, the technology world has moved on. it's a very difficult world to be in so -- and i think in software, we've got higher margin, much more room for innovation and creativity. i will stick with software for the time being. stuart: john, you must excuse me getting a little frustrated here but i wonder if you can explain to me why it is that in the year 2019, i cannot hold a direct conversation with you one-on-one. why is there a two-second delay? i might add that i can speak to my son in new zealand while he's driving his tractor and i'm on my tractor in america and it's like they're next door. but you in toronto, in a studio, for heaven's sake, i've got a two-second delay. can you explain that technically, john? >> i don't know the connectivity reason. usually it's because of the server on both ends and they're not -- they're probably not

completely synced up. the real technical issue of this delay, i probably couldn't comment on. stuart: okay. look, i'm sorry, i'm going to have to end this interview because i can't do -- i do conversations, i don't do set piece interviews. i just don't do it. john, we want to see you real soon. where i can see and hear you immediately. that's what i want. thank you, john chen. we'll have you back. i do apologize. ashley: that's okay. it's frustrating. stuart: most frustrating. john chen is brilliant. ashley: yes. stuart: the man has turned around his company. ashley: yes. stuart: used to be, the ones we used to love, blackberries. deirdre: they were used everywhere. people on wall street, lawyers, the network was more secure than average. stuart: he did this. he saved that company. and i can't have a conversation with him. i can't say john and he says what do you want, stu. no. deirdre: we have to put more nickels in the meter. stuart: i will calm down.

when i calm down, there will be more "varney" after this. promise. ♪ brad, i've got an idea for a song. nationwide has this app. you can pay your bills, even start an auto claim. so what i was thinking... let me guess. ♪ start a claim right from your app. ♪ have you been looking in my notes? ♪ . .

stuart: we're up 60 points on the dow industrials. now this. wayfair, online furniture guys, employees at boston headquarters walking out because they don't want to sell beds to the detention facilities on the border. >> that is exactly right. the company does as they say, supply beds. the company is threatening a walkout this afternoon in boston. aoc, alexandria ocasio-cortez tweeting this out, wayfair workers could not stomach they were making beds to cage children. there is longer tweet. we can put it up. essentially she is saying power to the people. the company says we respect of

diversity of thought. stuart: blah blah. >> she wants them to suffer. stuart: wants them to sleep on the floor. she hates trump so much you can't give the kids a bed. that is how bad it is. neil, it is yours. neil: stuart, thank you very, very much what is happening on corner of wall and broad we're up 74 points. a lot has to do with optimism. maybe something will come ahead of the china trade talks at the g20 meeting. what is happening mnuchin comment, there is a math to completion, referring to a deal. markets pounced on that. promising tariffs u.s. is considering could be put off. there is a lot behind the scenes here. we're trying to get a handle what is happening there. who better to start us off, hillary vaughn at the white house with the latest. hey, hillary. reporter: neil, president trump says he has a plan b. if his meeting with president xi