have existing home sales on thursday. so i'll be looking at that because i think housing's a real important part of the economy and hopefully we see some good news there. maria: it sure is. dagen? >> daddy mcdowell went out and ate in a restaurant. i think it was outdoors. maria: i love it. have a great day. great show, everybody. "varney & company" begins right now. stu, take it away. stuart: my best to daddy mcdowell. good morning, maria. good morning, everyone. this is a great way to start the week, isn't it? a very solid stock market rally. this weekend, the recovery really picked up steam and it really helps your money. look at that, the dow up about what, 780 points at the opening bell. the s&p up 84. the nasdaq composite up close to 200 points. this, this is what gave the market a clear boost. moderna. they report very exciting

results for its vaccine, phase one trial in humans. we've got a lot more on this coming up in just a moment. but this is a very positive development. when this was announced the stock rally that had already been in place gained a lot more ground. one more positive indicator for you. that's the price of oil. we are back to $32 a barrel. we are driving again, we are emerging from a lockdown, demand for gas and oil up and up goes the price. key indicator. now, look at this weekend. all across the country, people were out and about, enjoying the weather and enjoying their freedom, too. there has been some relaxation of lockdown rules in 49 states. connecticut's the lone holdout. they open up in just a few days. bottom line, the economy is opening up and in most places, people feel willing to shop, eat out and socialize. it's hard to see how the authorities can reverse course and clamp down all over again. the genie is out of the bottle

and the moderna vaccine news is the icing on the i can kcake. what a day. "varney & company" is about to begin. stuart: i will repeat, the big news of the day, no question, moderna, a real breakthrough on a virus vaccine. lauren, tell me more about their successful phase one trial in humans, i think, right? lauren: yeah. the stock is going to be at an all-time high on this news. phase one was in humans, it's in a partnership with the u.s. government. what they found, they tested 45 patients and all patients received two doses and showed the same level of antibodies as someone who had recovered from covid-19. with the results of this trial, phase two will begin as soon as possible. they are slated for phase three in july. according to the president,

operation warp speed, that could mean because moderna has already teamed up with a distribution partner, that we could potentially have a successful vaccine on the market by the end of the year. stuart: wow. how about that. that's what the president was saying all of last week, huge effort to get a vaccine by the end of the year. he was hopeful of it. look at this news this monday morning. market watcher keith fitz gerald joins us now. i see this as wildly positive. you've got a big smile on your face and the market is up 700. go for it. what's your reaction? >> isn't this cool shall stua, ? you put your effort and thought into it, america rises to the occasion and lo and behold, we have the hope, transparency and forward movement needed to reopen this economy, put potentially millions of people back to work and get the genie out of the bottle to use your phrase. stuart: we don't want to go overboard on this but it is

wildly positive and that's direct from the ceo of the company. i thought the most positive thing was look, they are going to go immediately into phase two and they are already gearing up for a successful phase three which means manufacturing this thing, if all goes well, i've got to hedge it with that, but if all goes well, you are looking at a vaccine by the end of the year. now, keith, before we leave the subject, that surely encourages people to come back to work, a greater atmosphere of safety, doesn't it? >> well, not only encourages people to come back to work, stuart, it encourages companies to hire, encourages people to spend money and encourages certainty among traders. this is as close to a win/win as most investors will see in their lifetime. stuart: whoa. okay. having set the stage nicely for that, let's move on to what jay powell told "60 minutes." he was optimistic about the recovery. listen closely to what he had to say. roll tape. >> in the long run, and even in the medium run, you wouldn't

want to bet against the american economy. this economy will recover. it may take awhile. it may take a period of time, it could stretch through the end of next year. we really don't know. stuart: you know, that's what the media picked up on. oh, it could stretch through -- won't be until the end of next year. that's not what he said, if you listen carefully. he's saying the recovery has started, we are at the beginning of it. that's what he's saying. >> exactly. it is very dangerous to believe a permabear. don't worry, they will talk about how terrible this is and try to talk the markets down but hope trumps fear every single time. that pun on words is not intended on my part but it does. it's led by the president's efforts. he pulled out all the stops on this, he made the right move and the economy is responding. stuart: you've done your work. thank you very much indeed. see you again later. keith fitz-gerald, everybody. as we said, the media is taking the negative side of all this but on your screens right

now, there's a list of states which will be easing the restrictions even more today. that list is on your screen. ashley, can you take us through this? you've got this. who's opening up a little more as of today? ashley: well, as you can see, 15 states but let's focus on three. let's begin with new jersey. home to stuart varney and oh, so many others. nonessential construction can begin today. that's a hopeful sign, is it not. also, nonessential retail can open up for curbside pickup only. it is a beginning. let's take a look at florida. in florida, gyms and fitness centers can reopen at 50% capacity. it's been at 25% but 50% restaurants, retail, museums, libraries can increase capacity to 50%. so really getting going in florida. very quickly, let's take a look at texas. their gyms now allowed to reopen and office buildings, how about

this, office buildings can open but with just 25% of the work force present at any given time. there's more signs, stuart, that this reopening, this easing of the restrictions, is starting to gain a little more steam. stuart: if you were out and about over the weekend, you would have seen it right there. i've got that for sure. one of the things which i think is important in the reopening is apple stores. susan, i think, i think a couple of dozen stores, apple stores, open again this week. i think that's a big deal. susan: that's a big deal. 25 stores across seven states set to add to the ones that reopened last week for the very first time in the united states since mid-march when apple closed all 271 stores. so we're talking about the states that have some sort of reopening plan so think of california, a few stores there, oklahoma, colorado, you have arkansas joining that, hawaii and florida. a lot of these stores are set to reopen, of course, with safety precautions and that includes temperature checks before you get into the store, a mask for everybody, if you don't have

one, apple will provide one and even in some stores, they will offer curb side pickup for thos who don't want to go in and engage with individuals. apple says, the head of retail says they do reserve the right to possibly again close the stores if lockdown orders are restored and they will go with local officials' guidelines. even apple's own data. but they are adding to the stores that opened in canada, talking about 12 that opened in canada, in addition to 10 in italy. stuart: wish we could open them up in new jersey, new york -- susan: could be awhile. stuart: come on. what's going on? all right. i'm moving on. i want to get to the revolt. businesses want to reopen, people want to get out, they want to go back to work and some are defying shutdown orders. here's a defiant new jersey gym owner this morning on "fox & friends." watch this. >> a week turned into three, three turned into four, a month turned into two and here we are, month three, no help, watching

the middle class struggle. not just small businesses but individuals all over the country in these states that are staying locked down beyond the curve being flattened and we're sick and tired of having our rights trampled on. stuart: pete hegseth has been outside that gym all morning. pete, there's no stopping this. the revolt is happening now. go. reporter: absolutely it is. i'm reporting inside an act of civil disobedience. we have now been allowed inside. look behind me, people are working out and they believe they can do so very responsibly. they have taken amazing protocols to sanitize. got to wear masks, they are taking temperature checks. it's members only, you can only be in here for an hour at a time. so they believe more than big box stores that they can open and operate responsibly and they feel like this business, like any other, is essential. so right outside where we were all morning is what is a growing

protest and frankly, what is soon to be a showdown because the state police in new jersey are just down the road, there are reports they are poised and prepared to come in and shut atilis gym down which has now been open for only an hour but it's flush with customers. they can only be at 20% capacity but we do believe governor phil murphy will soon send the police right here to this place to arrest the owners so we had a chance to speak to, still walking around with customers, so it's a tense showdown but people are resonating with him because he's saying i have done my part, i have been responsible, now i should have the choice to open up. people can choose to come to the gym or not. if the people say we are open, there's a lot of power in that. so folks are resonating with it. we are here reporting. we will see what happens next. but it is certainly a showdown between gym owners and patrons and the governor of new jersey. stuart: there you go, hegseth. right in the middle of it. exactly where i knew you would

be. good man. hey, pete, thanks very much. we may check in with you later on to see that confrontation. thanks very much. all right. look at futures again, please. this is as good as we have had all morning. we are up 760 points for the dow industrials. how about that. look at the nasdaq, up close to 2%. that's the futures. 173 points higher. a ton of green, a sea of green all across the board this morning. former president obama's swipe at president trump during a commencement address, he criticized the response to the virus. we will play it for you. you will see what happened. country star john rich reopening his bar in nashville. what's that going to look like? we have the pictures for you. keeping on the theme of reopening america, the governor of arkansas is meeting with the president this week as his state eases more restrictions. remember that concert? he sent a cease and desist order to stop it? well, it's back on. we will ask the governor about precisely that. you wouldn't accept an incomplete job from anyone else.

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stuart: xi jinping of china publicly defended his country's response to the virus . susan, what did he say? susan: he said china acted with transparency and did everything in their power to combat covid and to help other countries as well. this was a surprise appearance by chinese president xi jinping at the w.h.o. assembly. in fact, it wasn't even announced until the morning of the assembly and what's also surprising is that china will now allocate $2 billion in funding to the w.h.o. over the next two years and we know that over the weekend, really for the past week, we had president trump again saying he's reviewing the u.s.'s contribution to the w.h.o. since last year, the u.s. contributed about half a billion dollars, compare that to just $80 million, close to $90 million for china. i guess following that criticism, china's stepping up

saying we are going to donate $2 billion to the w.h.o. over the next few years. that will be double what the u.s. contributed last year, right? stuart: yes, double, but that doesn't mean to say $2 billion will buy the w.h.o. any more credibility. the fact that it's china funding this organization which they may well have undermined is not going to make them any more credible. that's where i'm coming from. susan: the money part is probably the easier fix, right. stuart: yes. susan: you push the money over, then i guess you work on the rest of the public relations battle. stuart: wouldn't it be nice to see taiwan included as well, because after all, they have done rather well against the virus. susan: that hasn't happened for 50, 60 years. i'm sure it's not going to happen overnight. stuart: well, it should. that's my point of view. the news of the morning, the big news is no question about it, it's moderna, positive results from their phase one of a vaccine trial. come in, governor asa hutchison, republican governor of the state

of arkansas. sir, this vaccine news is very important when it comes to returning to work safely, bringing employees back safely. what's your response to this vaccine news? >> well, thanks, stuart. it's good to be with you. thanks for all the upbeat news that you are delivering today. i like it. in terms of this announcement by moderna, that is good news. any news that is positive in terms of the potential for a vaccine is encouraging to the consumer, it builds confidence, but also, to policy makers like myself, that we are dealing with the here and now trying to lift restrictions, make sure our economy moves in the right direction, we are also thinking about this fall and next winter when many of the health professionals say we could have a resurgence. so the only way we are going to get over that is to plan, is to be prepared for the vaccines, if we have a vaccine, to be able to get it out very quickly.

we are actually already building the infrastructure for that purpose in hopes that the medical community and researchers will come through on this and have the vaccine that we need next year. but that will allow people to start school next year with more confidence because we are going to have a remedy, because we are going to have the infrastructure to fight this off in the event we do have a resurgence. stuart: governor, tell me about that concert. it was scheduled for last friday. you issued a cease and desist order. now it's going to go ahead. i believe the concert is tonight, actually. what changed? >> well, it's very simple that we set the 18th, which is today, as the date that we could have some of these indoor larger venues with restrictions, and the concert promoter had to submit a plan that was approved. they jumped the gun. they were there early. they realized that was not

consistent with our public health requirements and they moved the concert to today, and they submitted a plan to our department of health that was reviewed and it's limited capacity, it's social distancing, so this could be the first actual concert that we have in america live performance. we are very excited about it. stuart: i know you are going to the white house i think it's on wednesday, meet with the president about different states and reopening. the fact that so many people came out and about this weekend and so many businesses did reopen at least partially, does that make you think that maybe you can relax even faster than had been planned? >> well, we are completely into phase one under the white house's guidance which means we have lifted a whole host of restrictions. in fact, today, all retail shops in arkansas are open for business, with some restrictions, but they are all open. if you remember, stuart, we did

not do a shelter in place. we did not close down all of our business. so we are just simply lifting restrictions to get back to normal. but some of the restrictions is one-third occupancy for restaurants, for example. we want to get to phase two so they can go to two-thirds occupancy. same thing for gyms that are open but they are limited. so we have got to watch right now, we've got some increased cases in our prison facilities. we want to watch that to make sure that we can control it and not add to community spread so we are doing a cautious way to do it, but we are being successful. stuart: governor asa hutchinson, republican, arkansas, thank you for joining us. we appreciate it always. thank you. >> thank you. stuart: i will show you the airline stocks. lauren, come in, please. wait. wait a minute. wait a minute. the tsa is preparing to temperature check passengers? surely not all passengers, lauren? lauren: the white house, according to the "wall street journal," is telling the tsa

they want starting this week for all passengers to be checked at airports. we do not know which airports. we believe about a dozen starting this week. we don't know if the temperature checks will be at the start of when you go through check-in or at the end of the security process, but the point of all this is to make people feel more safe flying, to get people to go places again. this is not without critics. the cdc is against this plan and so is the tsa. they say look, nowhere does it state that temperature checks are part of our jobs but they can do this with a tripod where you can scan multiple people at the same time. there are different ways for it to be done. stuart: okay. it just seems like it would take a long time and i'm wondering what happens if somebody shows up with a temperature of 100.5 and is kicked off the flight. they are not going to be that happy. lauren: you are sent over to the cdc and remember last week, we did a story if you are going to the airport, you might need to give yourself like four hours

before your flight departs. this would be one of the reasons. stuart: okay. that's not going to be popular. all right shall le, let's move . you know ryan air. they are a european operation. deeply discounted air fares. ashley, i think their ceo has had some rather harsh words about the lockdown. ashley: yeah. he certainly has. michael o'leary is never afraid to state his opinions and he said the idea of flying to a country and then having to isolate yourself for 14 days is absolutely idea yot iotic. he says it's a complete joke. he's upset some european airlines are getting government support. he's suing the european union, saying that's leading to an unfair landscape. meanwhile, ryan air is not taking any government help, says it could be forced to eliminate 3,000 jobs, negotiate pay cuts and unpaid leave as it tries to get back to -- by july it hopes

to have 50% of its schedule up and running. it's a tough go but he says the brits and northern europeans will still want to go to spain and portugal in the summer and he's hanging on to that hope. stuart: that's interesting. he's really coming back if he can do that. the market is really -- is rallying this morning. if you are just joining us, first thing on monday morning, that market is going up. a sea of green all across the board. two items here. the recovery appears to be in progress. we really got out and about over the weekend. and moderna reports very positive results with its vaccine trials in humans. we'll be right back. ♪ ♪

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the gap, ross stores and then rounding out the week, alibaba, foot locker and the buckle. very interesting to see what these folks have to say about retail and how this pandemic has really really hurt their ability to do anything because the stores have been closed. stuart: they will be looking backwards. they are not looking forwards. the call may look forward but the results will be backward-looking. ashley: yes. stuart: the guidance, that's what that's all about. i will be very interested in that because they will say how they think things are going to pan out bearing in mind a lot of stores have reopened and people are out and about over the weekend. right. we've got 30 seconds to go. the market opens shortly and if you own stocks, you are going to like what you see because we are going up, significant rally right from the opening bell. there are two factors here. clearly the recovery has begun.

there is relaxation of the rules, lockdown rules in 49 of the 50 states. that's going down well. if you were out and about over the weekend, you would have had a lot of company. people were out and about. plus we have got news on a vaccine and that's really the big kicker so far this morning. it is now 9:30 on monday morning. you are going to like what you are about to see. right from the start, we have opened up nearly 3%. every single dow stock, all 30 of them, are in the green, all of them are up. as of this moment, the dow is up 692 points and rising. okay. that's the dow. 2.9% higher. the s&p is 2.3% higher. that's a 68-point gain. i want to see how the big techs are going. we're doing okay. up 1.75% for the nasdaq composite, 157 points. got to show you moderna. that is the news maker of the morning. they have reported very positive results of their vaccine trials

in humans. they are proceeding to phase two. then they get to phase three by july. if all goes well, they are gearing up to produce a vaccine by the end of the year. very positive news. if all goes well, it's extremely positive. moderna, the stock is up 30% as we speak. $86 a share. now, look at the big tech names. i'm sure they are all higher. sharply so. i'm wrong. google is down, amazon is down. the rest are up. what can you tell me about these stocks? susan: google is an outlier today because of the reports late on friday that the doj and also the texas and state attorney generals across the u.s. will be possibly looking at litigation and bringing antitrust investigations against google possibly at the end of august. for the rest of big tech names, look, it's a bit of recovery from last week since it was the worst week we have seen in the markets in two months at the end of late march and for the first time this year, people were actually pulling their money out

of tech funds which is surprising since most of the money in the rotation this year, including the 30% recovery from the depths of march have gone into the big tech names. just a handful of them. we know there hasn't been a lot of breadth when it comes to the rally so amazon, apple, facebook and even google has gotten some bids as well. you see recovery along with the rest of the broader market and also the reopening theme since we just talked about apple reopening 25 more stores across seven states this week. stuart: you know, you're right, google and amazon were the two, the only two big name stocks of any description which are down this morning. we are going to keep putting a lot of stocks on the left-hand side of the screen. if you own them, you can check what's going on. almost all of them will be up. right now, we just made a gain of exactly 700 points for the dow jones average. that means we are at 24,300, up 2.9%. the ten-year treasury bond, that's an interesting indicator. this morning, it's telling us that the yield is up to .67%.

okay. the price of gold, now, where's that on a day where the stock market's rallying vigorously? not much change in price for gold. you're at $1751. another big story, though, is oil. look at that. $32 per barrel. ashley, i guess we're driving more, demand is up, we are producing less so up goes the price. is that it? ashley: yeah. that's exactly right. the easing of restrictions, the demand goes up. certainly not by any means fully but at least going up. of course, don't forget we have continued output cuts. by the way, the june contract expires tomorrow. if you remember what happened when the may contract expired back on april 20th, oil, wti went negative, down to minus $38 a barrel. bunch of retail investors got caught, essentially, holding contracts that they couldn't sell. they ended up paying someone $38 a barrel to take it. analysts say they do not expect

that to happen tomorrow. stuart: okay. glad to hear that. all right, ash. $32.68 as we speak. one of the big issues of going back to work or reopening your business is liability. what happens if you open up, take in visitors, take in customers, and they sue you for whatever reason. well, disney this week begins to reopen parts of the disney world park in florida but lauren, what are they doing about liability? lauren: right on their website because disney springs opens on wednesday, they say this. an inherent risk of exposure to covid-19 exists in any public place where people are present. covid-19 is an extremely contagious disease that can lead to severe illness and death. by visiting walt disney world resorts, you voluntarily assume all risks related to exposure so there you have it, plain and simple. you come, you take on the risk. florida governor desantis and state lawmakers, because today

there's the full phase one reopening in florida, they are already talking about ways to shield businesses from litigation if those businesses are following the law with how they reopen. some companies are going to say you know what, it's just not worth it because of the lawsuits that can come. stuart: yes. it only takes one lawsuit from one person to put you out of business forever. if you don't have some liability shield, a lot of business won't reopen because they can't afford the lawsuit. that's a big deal in my opinion. glad to see walt disney has taken action. they are up seven bucks, 6.9% on disney, $116 a share. let's get to tesla. yeah, they restarted production earlier than the big names, ford, gm, chrysler, fiat, et cetera, et cetera. susan, could that clear a path for a listing on the s&p within the s&p? susan: that's what's most vat g i motivating elon musk. if you get to four quarters of profit, tesla has reported three

straight quarters of profit, if you get to four, you get included in the s&p 500 which means index funds have to include you. that means the stock gets bought and the price goes up. now, it's not ahead of schedule, i would say, because look, elon musk and california, he wants to reopen fremont, 10,000 workers are going back to work. we have cars rolling off the production lines once again but then 60,000 over in detroit are going back to work today for ford and general motors. he just wanted to be on par with the big detroit auto makers but some say look, he might fall short of this no matter how hard he pushes, even if it's against the law, according to some as well, because analysts have penciled in he will actually miss four quarters of profit, looking for a loss of possibly close to $400 million in this current quarter that we are in because of covid-19. you had to shut down production for close to a month and also delivers up to 67,000. we will see if he gets to 500,000 for the year but china might be the wild card since we know china is back up and running and if china can produce more cars and if it sells more cars, who knows.

stuart: i just like to see elon musk being plain and simple about it. look, i've got to get back to production because if i don't, i will miss all these targets and my company is up the wazoo. i like to see the guy make that kind of statement. susan: also, what about the money. he's going to make about $750 million if he sells above $100 billion market cap for a certain amount of time? stuart: i don't care how much money he makes or doesn't make. what i want to see is business allowed to get back to production so they can stay in business. you've got to open up. i just love to see elon musk leading the charge. i really do. sorry, i do. i want to see business open up. susan: i agree with you. he's a liberation hero last week but to say he was ahead of other car makers, i disagree because he was just trying to keep up and california obviously has different rules than michigan. stuart: i will give you that. i will give you that one. all right. oh, look at costco. not sure i understand this one. they are changing the rules for how many people are allowed inside their stores. which way's it going on this one, lauren?

lauren: they are easing up. in most every costco with the exception of kentucky and puerto rico, you can now bring more than two people. one membership card, three plus people can go. they are also opening their food courts but for takeout only. these are the restrictions that do still exist. three meat items per customer and this one cracks me up. there are restrictions on people who want to return toilet paper and clorox wipes. why would you want to return toilet paper and sanitizing wipes right now? i do not know but costco is restricting that. stuart: i'm all with costco on this one. believe me, absolutely. hundred percent. all right. i think we are at the high of the day. yes, i believe we are. we are up 738 points, 24,400, up 3%. there's green across the board. now this. las vegas wants to reopen but there are still restrictions on

the casinos themselves. will people go with these new restrictions in place. would you gamble with plexiglas screens and a limited number around the craps table? not sure about that but we will investigate. live look at the white house. in a few hours, president trump holds a roundtable discussion with restaurant executives. how will they survive? they are one of the worst hit industries by the virus. how do they survive? that's a good conversation this morning. larry kudlow said on this program he's interested in cutting corporate tax rates so companies can come back to the u.s. that's one way to hit china. we will cover that story in depth next.

we cannot rely as extensively as we have in the past with respect to overseas countries including china, that still has to be held accountable so maybe, this is a maybe, maybe the corporate tax rate of 21% should be lowered by 50% to

about 10.5% for corporations who are coming back home, maybe. that's something to look at. stuart: very clean-cut larry kudlow posting the idea of a lower corporate tax rate. that's the way you dwget compans back to america. that's larry kudlow. grover norquist is with us. grover, i can understand how it would be great to bring that corporate tax rate down but it doesn't happen if president trump doesn't win re-election. >> correct. when president trump won in 2016, we took the rate from 35% corporate rate, highest in the world, down to 21%. the president wanted 15% but congress would only give him 21%. 21 is much better than 35. remember, communist china is at 25% so before trump, to invest in an american company, you were taxed 10%, look, 35% to 25%, more than a third more, because you are investing in america so

it made sense to invest money in other countries. the corporate rate was lower in other countries and we were driving people out of the united states into canada, into other countries. taking that rate to 25% stopped the hemorrhaging -- 21, 21 was good, but 10 would be better. 15 would be better. 10 would be good. but it should be for everybody, not just people leaving china. people thinking about going to china should get 10%. stuart: but it's just, it's election campaign not a slogan, but it's part of the election campaign. it's never going to happen in this congress. that's out of the question, before november. so it has to be -- >> not [ inaudible ]. biden, who is the democratic nominee, we assume, he's argued for going back to 35, sometimes he says 28, sometimes he says repeal it all which means 35, so whatever biden is showing up

that day, the 28% or the 35% tax biden, both cases, he wants to tax companies that invest in america more damagingly with a higher rate than communist china would treat them. biden would bring us back to the hemorrhaging. stuart: well, what do you make of biden's current position? he's not doing that well in the campaign. would you put the chances high that president trump wins re-election? >> i think it could go either way. we just don't know what bloomberg's billion dollars that he's been talking about spending will show up. we could see a lot of money different places. we could see changes in election law which make fraud easier, massive problems in oregon where they have been doing that, they don't elect republicans in oregon anymore. we have real challenges on voter fraud. the democrats want that as part of fixing the virus, oddly enough. we could still make mistakes between now and the election

which would allow a candidate as weak as biden both personally and in terms of his proposals but if we are starting august 1st when unemployment goes back down to normal rates, we will see people coming back to work by the millions and tens of millions, all of august, all of september, all of october will be periods of strong growth assuming we don't let nancy pelosi talk us into some poison pill. $600 a week unemployment was a poison pill. it slows the recovery. stuart: that's true enough. thank you, grover, thank you very much indeed. that last point is very important. we will see people coming back to work in large numbers july, especially august and september, and that should be good news for the president. so right now, the market's reacting to that as well. we are up 775 points on dow industrials. there is one loser here and that is google. there's news on an antitrust

lawsuit against them. what exactly is the nature of the charge against google? susan: their dominance when it comes to online searches, since google dominates about 90% of this specific market and then also, this big monopoly they say when it comes to digital advertising. according to one study, google oversees about every 40 cents on a dollar spent on digital advertising and the doj contends they use their dominant position to possibly snap out and stamp out the competition so we could be looking at antitrust lawsuits being brought by the department of justice and the state attorneys general possibly by the end of this summer and according to "wall street journal" reporting looks like bill barr, the attorney general, has devoted considerable resources they say to this google probe and continue to treat it as a top priority. now, it's not clear right now whether the state ags will join the department of justice in one single lawsuit or if they are going to do their own individual state lawsuits against google, but as you see the overhang is pretty real. stuart: i don't care.

it's fascinating to me that on a day when almost every stock is way, way up, google, the big stock, is down five bucks. still, $1,367. fascinating stuff. moderna, that's the story of the day. hitting an all-time high on those positive results from phase one of their coronavirus vaccine trial. the president says he wants a vaccine by the end of the year. roll tape. >> ultimately i believe we will end up with a cure and/or a vaccine, probably both, and i think that's not going to be in the very distant future but even before that, i think we'll be back to normal. stuart: hey, lauren, come into this, please. it seems to me that the moderna news is just what the president wanted to hear. lauren: moderna is a front-runner when it comes to coronavirus vaccine but look, at least eight different vaccines are in human trial right now. let's say we do get a vaccine by the end of the year. we're not going to have enough for the world population so it

is very key that we have more than one vaccine. experts at johns hopkins university in their health care center say look, i'm calling this qualified optimism, we will get one at the end of the year but don't bank on it, meaning we're not going to have enough for everybody. first health care workers and then they decide who gets it from there. stuart: moderna is up 15%. earlier it had been up 30%. little bit of pullback for moderna but not for the overall market. you are still up 762 points for the dow. "sports illustrated" says no other sports figure will ever have the marketability of michael jordan. we are going to dig into the whopping numbers that make it hard to argue against that. abbott labs, secretary azar says he has confidence in their testing despite some inaccuracies. next, i have a doctor who is currently using that test and i want to know what he thinks about it. abbott labs up this morning.

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stuart: health and human services secretary alex azar on our program friday said yeah, he's got a lot of confidence in the abbott labs virus testing kits. there have been some inaccuracies but the secretary said he's got confidence in it. i want to bring in dr. warren

walling, a doctor at the physicians medicare facility and doctor, you use the abbott test. you are confident in it, correct? >> good morning, stuart. yes, we have been using the covid-19 abbott id now test for almost seven weeks and i feel very confident in its accuracy. stuart: now, there has been some complaints that it's not accurate, that you need a second reading. have you heard about this? >> yes. i saw the nyu study that came out. i believe it's an anomaly. two other studies were recently released, they are using the test at point of care which is how the id now was meant to be used. the nyu study did not do point of care testing. it was a very small sample size and it wasn't peer quality reviewed. stuart: this is the easy test, the not so hard on your nose test, right? >> that's correct. we have been using the id now

system, we have over 43 clinics in the midwest, for about three years, we have been using this system. so the technology is excellent. we have used it for influenza, for strep-a, and have had great results. very highly sensitive results. we have no reason to believe the covid-19 test developed for this platform is any different. stuart: okay. doctor, thank you very much for joining us, sir. we needed some accurate statement about the abbott test and you gave it to us. we appreciate that, doctor. thank you very much indeed, sir. see you soon. >> thank you. stuart: all right. oh, look at that market rallying. couple of reasons. yeah, there's a vaccine deal going on here but also, optimism from jay powell. however, if you watch the media, you would have got a completely different story about powell. we will deal with that next. across america through fee waivers and payment deferrals, helping people stay in their homes through mortgage . .

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stuart: happy monday morning to one and all. we've been on open on the market for half hour and which have a huge rally on our hands, up 720 on the dow. latest read on homebuilder sentiment this is important because it looks to the future. what do we have, ash? ashley: it is. basically measures housing market sentiment for homebuilders, coming in at 37. historically it is incredibly weak and slightly better than expected. reference in february this number was 74. it was 72 in march. anything below the 50 mark has a

negative connotation a negative sentiment. so yes, it is slightly better than expected but overall these are still historic lows. but if you try to be optimistic, heading in the right direction. stuart: thank you, ashley. we'll talk to the jerry howard, the president of the national homebuilders association. he is president of that organization. i will put it to him that was lousy number a lousy reading the economy reopening apparently gaining some speed. will that make a difference down the road? jerry howard later. couple more indicators. oil is $32 per barrel. that is important indicator for the economy. we're out and about driving again. moderna announced a positive, data, i should say for the vaccine for the virus. that stock is now up 20%. it is leading the whole market. how about apple? they're set to open 25 more

stores in seven states in america this week. as well as 12 in canada and 10 in italy. look at the big automakers. they're up, they are restarting their factories a little today, not a full opening but a partial reopening. look at the stocks, i have got gm up 10%? ford is up 7%. honda is up 3%. so you got some very nice gains there the dow is up 700. and now this. jay powell, appeared on 60 minutes. he said never bet against the u.s. economy but that's not the headline the media chose to run with, oh, no, they're always looking for the negative. here is what appeared this morning. the recovery might stretch till the end of next year. we'll need a vaccine to recover. very different and i think deliberately negative spin. joe biden can't break out of his basement, so the media becomes the opposition party. everything must be made to look

bad in the trump era, right? not so fast. look at this. just as those negative headlines appeared this morning the stock market rallied. we're half hour into the trading session and stocks are up all across the board big time. moderna, a drug company, reported very good results on a virus vaccine. that is wildly positive. it is helping the market, helping moderna's stock. look at this, the price of oil, all the way back to $32 a barrel. if the recovery takes forever how come stocks and oil are up so much? instead of looking at the negative headlines investors appear to be using their own eyes to judge the future of the economy. we said this past weekend would be a key indicator of where and how fast we were going. what we saw was america opening up again and we the people, are indeed out and about. it is driving the elites crazy. that is why they're grasp at any

straw to criticize president trump, testing treatments, vaccines, wearing a mask or not, doesn't matter what he does or said, he is wrong. in their desperation to see mr. trump lose they deliberately miss the big picture. the president has clearly stated his leadership position. we must get back to work. we can't stay locked down forever. he will move heaven and earth to get a vaccine by the end of this year. he is pushing the positive side of the virus profferry story. the more we get back to work the more the economy recovers, the better on mr. trump's chances of re-election. just wait until memorial day weekend. we'll be out driving, flying, shopping, eating out, the media will hate it but we the people, we will be moving forward as we have to. as the president says, we'll be transitioning to greatness. roll tape. >> the country is ready to start moving forward. you know i'm talking about transition to greatness. we were great.

we had the greatest economy ever. we're going to get it back. you will see, it is a transition to greatness. third quarter, we'll be in transition. fourth quarter, we'll do good and next year we'll have a fantastic year from a economy standpoint. stuart: there is the president of course. capped kind of a glorious weekend weatherwise. that was positive statement obviously. danielle dimartino booth is with us now. the market is ignoring the media negativity focusing on the economy which i think is really beginning to open up and expand again. am i right. >> if you look at traffic patterns across the nation, i literally mean across the nation there may be states still technically in shut down but we are really seeing movement that you're describing just given the satellite imagery we've seen and increase we've seen in demand for gasoline. we know americans are telephone out and about getting fresh air, enjoying this beautiful spring and that is very promising, sign

for the for the economy. stuart: going back to jay powell, what he said on 60 minutes, he said maybe takes until end of next year, maybe, need a vaccine, et cetera, et cetera, but he also said there is a lot more than the federal reserve can do. they have already put in, what is it, seven trillion i think it is. he says there is more that he can do. what is he thinking about here. >> i tell you, listen, it is not often that a fed chair goes on 60 minutes, if they go on "60 minutes," they know they have something big in their quiver. he is heading to the hill next few days. congress will be asking what can we do, what more could we have done for the average american in this time of tremendous stress on the economy. i think jay powell is going to step out of his republican skin and actually ask congress to give the people more money and how do you give the people more money, stu? you print it. and right now the federal

reserve had to pare back its purchases of treasurys because we haven't had to sell as many bonds in the market as a country. but if you have a large stimulus bill and that money goes directly to the people which the federal reserve can't technically do, but they can print money to enable that, you will end up putting a lot more stimulus dollars into the economy. i think that is exactly where he is headed. stuart: if you extended the 600-dollar a week emergency unemployment assistance i think you extend the length time before people come back to work. why go back to work if sitting at home pays you much more money than going back to work? i don't think that would encourage expansion of the economy. it would be something very different. >> you've got, you put your fink every on a very sensitive subject, stu. you extend that out. we're talking about pushing into almost christmas here if you're talking about, if you look at the calendar, extending it out

to 39 weeks but that is indeed what powell said. if you look at the full transcript he talked about extending it out to 39 weeks as we did during the last recession. i think you would go step further than that, put money directly in people's hands. mohammed al el-erian, we could have a more ww than a v. if that is the case the average american family will need more to get by. jay powell raised his last night to print whatever money is needed to get that accomplished. that is why markets are rallying so hard. stuart: that is interesting. if you're right and jay powell stepping out of his normal line of things saying you have to put more money into people's hands, you think that would be good for the economy and good for the market, do you? >> if you put money into the hands of people who live paycheck to paycheck, they spend

every last cent of it. that is why we've seen a slight rebound in spending. if you look at people in the middle, upper income earners in the economy, they're very reticent to spend. their consumer confidence has come down quite a bit. they're people in charge of-erring and firing decision. we've seen confidence, especially among top income earners responsible for 58% of spending we've seen that confidence come down quite a bit. they're not quite sure. they don't have the same amount of visibility but if you put money into the hands of people who are going to spend every last cent of it i am immediately that will provide a cushion for consumption in the economy. that is what drives economy. stuart: thank you, danielle, for joining us. let me point out the market is holding on to a 700 point gain for the dow industrials. that is nearly 3%, solid, solid gain. to the pandemic response, president obama criticizing how

president trump has handled it so far. you better watch this. >> doing what feels good, what's convenient, what's easy, that is how little kids think. unfortunately a lot of so-called grown ups including some with fancy titles and important jobs still think that way. this pandemic has fully, finally, torn back the curtain on the idea so many folks in charge know what they're doing. a lot of them are not even pretending to be in charge. stuart: bring in the lady on the right-hand side of the screen, rachel campos-duffy, frequent friend of ours, frequent guest on the program. good to have you back, rachel. >> good morning, stuart. stuart: what surprised me that was commencement address. in my opinion you don't think you put that kind of thing into a commencement address, how do you feel? >> i think it is wrong. as you're talking about with all the business news, what we need is confidence. last thing we need -- president

obama didn't respond to the swine flu pandemic for six months after 1000 people died. kind of rich of him to respond to the response to this president. last thing we need is more people being sour on the economy. people where i'm living in the middle. country, stuart, are ready to get back to work. they don't want handouts. they don't want government assistance. they want to be financially independent, the way they were before the pandemic. stuart: do you feel that way -- you report from the heartland, please, i saw that on the east coast. i saw people out and about. they want to get back to work. they want to shop. they want to eat in restaurants. i don't know where exactly you are at the moment, rachel, did you feel the same surge, get me out of the house, get me pack to work? >> absolutely. and i'm also sensing a real frustration about the media because the media comes out of new york and what is happening in new york, the way it was handleed in new york has nothing

to do how it is happening here. we talked about it last week, last time i was on, stuart. i think when this is all over, new york media, may be responsible for the death of rural health care because it is serious what is happening here. there is absolutely no reason for it. it is like, almost like a suicide, a national suicide here, a regional suicide that is totally unnecessary with our health care and with our businesses, which as you know in rural america our economy is much more fragile. we're not going to be able to handle this much longer and people are itching to get back to work and frankly, they are. we opened up wisconsin last week and you're starting to see a lot of movement. stuart: how about mothers who want their kids to go back to school? i know that you got nine children and i know that president trump is pushing hard, get those schools open again. the, hold on a second, rachel, the governors, there is a split here. listen to this. >> schools need to function.

they are going to function. it lists going to be somewhat of a hybrid environment. there might be times during the year, if there is an outbreak at a school, that it has to convert to online for a paired period of weeks until it is safe to return. >> i asked the schools to assume they're going back but come up with all kinds of alternatives. >> i think some schools will not be. many schools will be. and it is all conditioned -- stuart: rachel, where are you coming from? get them back back to school coe what may? >> opening up the economy hinges on being able to open up the schools because so the parents right now are wanting to shoot their head off, frankly, because they can't do the home schooling. kids are suffering. kids who have autism and special needs, learning disabilities they're not getting that help. frankly tell you as a mom having to do with the homeschooling we're failing. it is not going well. i saw a headline on drudge, parents giving up on

homeschooling, i'm one of those. it's hard work to do your work, and to do homeschooling there is no reason why we need a cookie cutter, one size fits all. we're americans. we're smart. we can find innovative ways to do this we can stagger lunches. frankly great a lot of schools are cleaning up. i'm one of those moms, kids come home, wash your hands right away, even before the pandemic. clean up schools, stagger lunches and recess. find innovative ways to social distance. we cannot shut down our schools. we can figure this out. for teachers with comorbidityies find teachers with better solution for covid. stuart: we can't do that forever. that is a fact. rachel campos-duffy, thanks for joining us again. thank you very much. >> thank you, stuart. stuart: go on to texas which reported the largest one day increase in new virus cases.

more than 1800 in a single day. governor abbott is set to lift more restrictions today. he is, well, what is going on there? he is reopening worth the risk, we'll ask that question because it is a question of risk. in nevada las vegas casinos are opening up but only to serve food. the gaming floor is still closed. are people going to show up? we'll find out for you. california congressman elect mike garcia calling for awakening as the state faces more revolt. they want to get out and about, so do we. more "varney" after this. now more than ever, you need technology you can rely on.

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party, there has been awakening, not just republicans, middled third of california, has no party preference, they want to afford to live in the beautiful state. we have seen things happening in the national level happening in sacramento and california for a long time. people are tired of it. there is an awakening here. stuart: california congressman elect mike garcia on our program last week. larry elder, our california guy with us right now. what do you make of this, larry? is this republican ren announce? is this part of revolt against newsom's lockdown, what is it? >> too early to tell, stuart. first time a district has been flipped. from democrat to republican since 1998 t was high visibility race. hillary supported the democrat. obama support the democrat. nancy pelosi did. kamala harris. this is state where we have 53 seat house delegation, stuart. only six are republicans. one of those seats was lost in

2016 by the democrats. she carried that seat by about seven points. hillary carry bid the same amount of points. for mike garcia to come in flip the district back to republicans it is a big, big deal. what will be a bigger deal if he holds the seat in november this is special election and he kind of caught a lot of people off-guard. speck legs shuns bring out h special elections bring out most vote evaded voters f he holds seat in november that will be a bigger bombshell. stuart: what is the nature of that constituency? congressman-elect garcia represents the northern part of los angeles county. >> that's right. stuart: how would you characterize those constituents. >> california 25th district. third republican, third democrat and third independent. democrats feel come november all systems go, they will put a lot more money into it.

the idea is that mike garcia sort of sneaked up on them. very attractive guy. he is a first generation american, father from mexico. he was a decorated navy pilot for crying out loud. fresh face, no canned. he was very attractive candidate. everything lined up well for the republicans. stuart: what is the mood in california for the moment? you have a lockdown continuing. governor newsom has not relaxed that much. i get the i people want to get out. i don't want bankruptcy. what is the mood in california overall? >> i would like to say the mood is angry as say for example in michigan but it isn't. the governor remains popular. the shutdowns remain popular. california is a state where democrats out number republicans, independents out number republicans. majority of the state is it left-wing. they're okay with these lockdowns and trump remains very, very unpopular. he is about 55% unfavorable,

about 30% favorable. talking about almost 30% gap between unfavorable and favorable. so gavin newsom in california is quite fine with having shutdowns. in the 25th district i talked to mike garcia about this he said it was a factor. he is not quite sure how much of a factor it was. stuart: we hear you. larry elder, as i said many times, i don't expect a republican to be elected on a statewide vote in my lifetime. i live in hope like grover. >> maybe some day i will run. stuart: you should. a gym in new jersey has reopened despite the state's lockdown order. the members protested outside of the gym this morning. it reopened 8:00 eastern time. listen to what the owner of the gym had to say. roll it. >> two weeks turned into three, three turn intoed four, a month turned into two, here we are month three, no help, watching the middle class struggle, not

just small businesses but individuals, all over the country in these state has are staying locked down beyond the curve being flattened. we're sick and tired of having our rights sampled on. stuart: he said it all right there. by the way we have news of lawsuits in new jersey. students and businesses suing the governor over the lockdown. tell me more, ash? ashley: yeah, they say they have constitutional rights to assemble. they say they have also earned the right to choose socially distanced, formal graduation ceremony. three seniors brought the suit against the governor. and also state officials that are preventing this pro happening due to those executive orders. what the suit wants to do is bar that order from being in effect. and also that this suit includes three businesses considered non-essential, a hair and nail salon a golf course.

those businesses also jumped on this lawsuit, saying wait a minute, much as you just heard from the gym owner in new jersey, they say we have to earn a living. we have to reopen, and you doing this arbitrarily is not allowing us to survive. and so two interesting angles, both in the same suit. three seniors from toms river high school saying they should be allowed to have a public graduation ceremony. meanwhile three is businesses saying come on, this is not enforceable any longer. stu? stuart: the revolt brews as they say. ash, thanks. ashley: yeah. stuart: by the way the market rally is being maintained. we got it still. 700 points up for the dow, holding at that level, 24,000 that is, 300. uber and grubhub? both continue are merger talks. they still can't agree on a price. both of them up in a big upside move for the market. uber, 53, grubhub, 57. how about costco rolling back

the virus two shopper limit. more people are being let moo into stores. the store is up a buck 50 at 300. simon property group reopening some of their malls this week. that stock is up 8%. we're going back and getting out and about again. simon property group benefited just a little. country musing star john rich. he is coming up on the show. he is opening the bar in nashville. what does it look like? what does a bar look like when you reopen in nashville? we're going to find out. next weekend memorial day weekend unofficial start of summer. i say we get out there and drive, ushering the season in my opinion of the staycation. this is a big deal, folks. more "varney" after this.

stuart: still holding on to that rally, 684 points up for the dow industrials. that is the best part of 3%, 2.8% to be precise. solid gain for the nasdaq and for the s&p as well. this is an upside move on a monday morning across the board. >> big tech, where is that? there is one outlyer here, that would be google. apple at 312. facebook at 213. microsoft at one 184.

google is on the downside. there is threat of a lawsuit about their dominance in search. that is hurting that stock this morning. also showing you tesla, its production restart to ease its path into inclusion in the s&p 500 index that would mean a lot of index organized funds would have to buy tesla. they may not own it now but may have to buy it if it went in the s&p. the stock is up 20 bucks. 819 for tesla. nascar driver, kevin harvick, he has been on the program, he won the real heroes 400. it was the first race because nascar was on hiatus. it was on fox. sports made a return. how about that? no one in the stands however. national price for gallon of gas a buck 87. the it is cheapest in wisconsin where the it is $1.76 per gallon

for regular. gas buddy has a survey, saying one in three of us plan to take a road trip this summer however that survey says the memorial day weekend travel will be hitting a low. patrick dehaan with gas buddy joins us now. look i understand this memorial day weekend it will be low in historical terms but, a lot more driving than last week or the week before that. that will be a real spike in memorial day weekend driving surely? >> yeah, absolutely, stuart. right on the button there. even last friday already saw 6% increase in gasoline demand. that is pay product. we can see demand going up, like many of us, perhaps you as well, a little bit of cabin fever. this is the time of year americans look forward to hitting the road and they're starting to do so. stuart: what about the summer in general? i think this will be a terrific summer for the staycation. people going to destinations relatively close to their own homes, not flying overseas?

>> boy, stuart i thought that word was probably five or 10 years behind us now. but as you say i think people will probably be getting out and staying closer to home and staycations will be back. but it will be a terrific start to the summer, stuart. we haven't seen price this is low on memorial day since 2003. so anyway you look at it prices will slowly ramp up over the course of the summer but for those of us who can get out, it is going to be one of the more affordable summers we've seen in quite some time. stuart: how high do you think gas prices go by say labor day? >> you know, stuart, it is so hard to put a pin on it. so i will put a few more caveats. we'll be somewhere between 2.25, .45 a gallon, still 50 cents lower than where we were last year. stuart: is there think prospect of a return to $3 a gallon within the next year or two? i think that is a valid question because because we've come way

down, so often we see us go way back up again relatively quickly, what about this time around? >> i think that is a possibility, only depending how much longer the economy remains in its current status. obviously oil producers have pulled back significantly. opec announcing additional production cuts on top of the production cuts that took effect may 1st. so the overcompliance could cause prices to get back up to $3 depending how quickly opec ramps up production to year one or year two. we could get back there if opec doesn't increase production responding to increase in global demand. stuart: but we'll enjoy summer at around $2 a gallon, shall we leave it at that? >> we'll leave it there. stuart: yes we will. patrick, thanks for joining us as usual. >> my pleasure, stuart. stuart: 6% increase in gas demand on friday. that's interesting. outdoor gear sales growing. people preparing for the staycation we've been talking

about. more details on that, lauren? lauren: i sure do. what people are doing is taking their vacation money and investing it in their backyards. so know matter where you look most companies say they are seeing a spike in things you need to do things outdoors. we tried finding a bike this weekend. couldn't get one anywhere for my husband. overstock says they saw in the first quarter 100% growth in outdoor play. that includes things like swing sets and trampolines. front gate, you know that expensive catalog, might get it all in the mail with real pretty pool floats? in april, pool float sales up 100%. they're like $150 a pop. online orders for bed, bath & beyond were up 85%, stuart. stuart: that is fascinating. absolutely fascinating. we bought a kayak for one of our youngsters the other day. outdoor gear. extraordinary stuff. now i have got a number for

you, it is a big number about, $30 million, that is how much roughly michael jordan earned in endorsement deals each year during the 1990s, his brand, power of the brand has not favored, faded i should say. he is making a ton of money. we'll tell you exactly how much. first president trump host as roundtable with restaurant executives today. an executive says they're in desperate need of help and i want to know exactly what do they need? - [announcer] we've all seen it.

the story where the chances are low, and the cost is high. the sacrifice is real. it's all around us. but this isn't a story about how tougher times beat us. this is our comeback story.

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call unitedhealthcare and ask for your free decision guide. learn more about aarp medicare supplement plan options and rates to fit your needs oh, and happy birthday... or retirement... in advance. stuart: welcome back to the show, everyone, what you're looking at is a monday morning rally and then some. the dow is up 3%. that is 717 points. back to 24,400. take a look at l brands. they are, they are up 16%. jpmorgan and wedbush, they raised the price target of l brands which is the parent company of victoria secret.

they're up 16% right now, got that. happening later on today president trump host as roundtable with restaurant executives in the white house no. it is a virtual thing, that is what it is. ed rensi with us, the former ceo of mcdonald's. ed, they can ask for more government money, restaurants, or what they really need in my opinion is to open with maximum capacity utilization. in other words not be restricted to 25% or 50% but be able to open, just open, take precautions but open. that, only the state governments can give them that. >> i agree, completely, stuart. restaurant operators and managers have sanitation and hygiene is part of their dna. customers safety, employee safety is always paramount and has always been paramount because a food born illnesses and contact diseases. we need government at every

level to get their stuff together because from the township, the village, the city, the county, the state, the federal government all have conflicting direction. it is confusing. we're pretty smart people in the restaurant industry. we have a lot of common sense. tell us what we need to do. tell us why we need to do it. don't get heavy-handed. don't pretend you know how to run our restaurants better than we do. give as you chance to get open and we'll prove to you that we are capable of managing sanitation. stuart: i do want to get this in. i was walking around my town over the weekend. a beautiful, sunny day. there is all these restaurants with outside seating capacity closed down completely. it broke my heart. there is these restaurants that coopen, safely and properly, but no, the mayor of the town and the governor of the state say no, you can't do that. broke my heart, ed. see all these good people going down the tubes. >> they're foolish. they will cause the restaurants

to go bankrupt. i celebrate sarasota, florida, i celebrate tampa. they closed down some of the high streets. opened them up, put out picnic tables, said to restaurateurs, get out on the street, sanitize, make people wear masks, paper menus. they know what to do. give them a chance. i was in illinois for three days. everything at owe o'hare airpor, hilton hotel was closed down, no food anywhere. no services. i thought i was in "zombieland" couldn't wait to get back to florida. they are mismanaging that thing so badly it is unbelievable. i don't know what seniors who are house bound are doing. i don't understand how government can be so tone deaf to the condition on main street. stuart: let's get back to mcdonald's. they have to plan for what the dining area will look like when they get back inside, social distancing, wipe every cleaning

surface, employees wear masks, gloves, et cetera, et cetera. i think mcdonald's will turn increasingly to drive-through and pickup and tablingaway, what do you say? >> i think all the restaurants are that genre, even at fat brands we're doing the same thing where i'm chairman. drive-through is very important. third party delivery systems is very important. we have good packaging, very secure. drive-throughs is always high percentage of mcdonald's particularly the last 10 years. i think it is in their wheelhouse. decides that companies like mcdonald's have huge resources, great brain power, smart people, well-managed, they know exactly what to do. they could teach the government a couple things about food safety. i don't know why they don't turn them loose, let them be smart. stuart: ed, what about the mom-and-pop operations? it takes a very significant investment to get a real drive-through system going. mom-and-pops can't afford it.

>> that will be a significant problem but i've seen a lot of mom-and-pop restaurants, there is one in sarasota i go to all the time. they took all the seating outside. they're delivering food out a window. every chair is six foot from another chair and they manage, they cope, they guest along but it is true. if you don't have a footprint in a building, facility, set up for a drive-through, it is very difficult to put it on, particularly places like california where they can stop you for putting on drive- drive-throughs which is senseless in my mind. stuart: i'm with you all the way. ed rensi, like your style. ed, see you soon. >> eat out soon. stuart: yeah. three words. i live with that. the airlines are on your screen. significant gain for united. it is up 14%. several airlines say they have more pilots than they need, ouch. bad news for the pilots. jeff flock, what have you got on that? reporter: whole lot of folks more than they need, stuart. you know we were are on the back

side of o'hare now trying to show you where the planes are parked. those are united aircraft off in the distance you may see. american aircraft are parked out here. if you don't fly planes you don't need pilots. look at these numbers. delta has, maybe a little more than 14 1/2 thousand pilots. they say this fall the need number what they need is 7500. that means they have 7,000 ex-set pilots. they haven't said how many they will lay off yet. but that is how many more they have than they need. united actually is talking about laying off pilots. they currently have about 12,000 pilots, if you look at the numbers. they're only flying, according to internal memos seen by forbes 10,000 passengers a day. you have more pilots than passengers you're in trouble. they think, they will be playing off in a first round-about 4500 pilots. then there may be more after that because right now they're

planning for a schedule of about 30% reduction. they're actually about a 90% reduction. so planes sitting idle did. pretty soon, my father used to say he would make a joke, i used to be a pilot. i pilot here and i pilot there. that may be coming true for some of them. this is what you will have to go and find something else to do if you're a pilot. stuart: just a really, really sad story because it is not through any fault of any pilot. just hit them from nowhere. reporter: exactly. stuart: jeff, thank you very much indeed, sir. pay attention, bottom right-hand corner of the screen, below jeff flock, market up nicely. up 700 points. the gentleman on the screen is michael jordan. no other sports figure will have the marketability he had. in the 1990s, in endorsements he was making 30 million a year. susan what is making now? susan: that is the tip of the iceberg. he is worth $2.1 billion.

richest athlete on planet. most of that wealth with his stake in charlotte. nike jordan shoes are best-selling basketball shoes to this day, making up 58% sales. he was according to "forbes" he has made $1.7 billion off the court in endorsements. playing days he made $93 million over 15 seasons. that is peanuts compared to endorsements he made off the court. 30 million-dollars each and over year in the 1990s. according to "fortune" magazine, they call it the jordan effect, he was contributing to the $10 billion to the u.s. economy. broadcasting rights, apparel, shoes, video games and movies and the like. michael jordan, "the last dance." 10 part series on espn ended last night. i watched every episode. i grew up worshiping michael

jordan. people asked whether or not he was difficult. he was criticized being a difficult person. leadership comes at a price. winning comes at a price. greatness comes with passion, drive and yes, possible difficulties. bob iger, if you can bring up the tweet. everybody loved series. sorry to see the "9 last dance "cone conclude on espn. exceptional story telling when we needed it. agree. stuart: he was worth every penny in my personal opinion. that's a fact. thanks, susan. great stuff. the travis mccready concert that got underway, it was shut down actually over virus concerns, it now has the okay. they're going to put it on, i believe it is tonight. what happened, ash? ashley: yeah, well the organizers kind of jumped gun according to the governor of arkansas, asa hutchinson. they were originally going to have the concert friday night, but the state said, no, no, they seized the liquor license. the concertgoers, the company

putting on the concert resubmitted a health plan, went the right direction and due to the partial reopen today in arkansas of these concerts, it has been given go ahead tore tonight. talking about scott mack creed did i, the country rock artist. governor said go ahead, let's do it. take a listen. or not. stuart: [laughter] oh the joys of live tv. ashley: we got to go. we don't have it. it is happening tonight. stuart: sorry about that, ash. we're all over each other. ashley: no worries. stuart: no worries. dow up high of the day. up 778 points. live nation, which will put on that concert, they are up five bucks at $45 per share. we got to go. we'll be back after this.

their medicare options...ere people go to learn about before they're on medicare. come on in. you're turning 65 soon? yep. and you're retiring at 67? that's the plan! well, you've come to the right place. it's also a great time to learn about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. here's why... medicare part b doesn't pay for everything. only about 80% of your medical costs.

this part is up to you... yeah, everyone's a little surprised to learn that one. a medicare supplement plan helps pay for some of what medicare doesn't. that could help cut down on those out-of-your-pocket medical costs. call unitedhealthcare insurance company today... to request this free, and very helpful, decision guide. and learn about the only medicare supplement plans endorsed by aarp. selected for meeting their high standards of quality and service. this type of plan lets you say "yes" to any doctor or hospital that accepts medicare patients. there are no networks or referrals to worry about. do you accept medicare patients? i sure do! see? you're able to stick with him. like to travel? this kind of plan goes with you anywhere you travel in the country. so go ahead, spend winter somewhere warm.

if you're turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. thumbs up to that! remember, the time to prepare is before you go on medicare! don't wait. get started today. call unitedhealthcare and ask for your free decision guide. learn more about aarp medicare supplement plan options and rates to fit your needs oh, and happy birthday... or retirement... in advance. stuart: our nest guest own as bar in nashville. it is called, the redneck riviera. the bar is owned by music star and "fox nation" host john rich, who joins us now. john, how are you handling the reopening of a bar? i have not been into a bar that is reopened. i don't know what it looks like. how does the redneck riviera look?

>> you have to make a trip to nashville to see how one is actually working right now. we have a republican governor in tennessee. we have a democrat mayor of nashville and so as a business owner we followed their guidelines which were a little bit different from each other but collectively we followed them like we were supposed to and have partially reopened. we're not allowed to have live music for instance, yet but we've got people coming through the doors and right now we've had no issues with people following the rules. stuart: okay. >> everybody is keeping their distance and doing it the right way. stuart: sitting at the bar, i mean how many people are allowed to sit at the bar? >> however many you can get through six feet. that is how that works. stuart: any possibility of easing these restrictions so you can get more people in, and have more capacity? >> so nashville has a multiphased system, i think like most places do. we're nearing the end of phase one and so, if that has gone

well and met the guidelines, then phase two kicks it. little by little you get to open up more and more. nashville doesn't require customers to wear a facemask but we offer masks to all of our customers. of course all of our employees have temperatures checked and they are wearing masks. stuart: john it was great to have you on the show. i'm sorry it is so short. if you're not careful i might just show up at the redneck riviera. see how they react to british accent. >> i love it. stuart: i'll be there, son. the show, pursuit of john rich, season two available on "fox nation" right now. we're on the resoaping phase. out and about. fidelity.

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trust aag for the best reverse mortgage solutions. call now so you can... retire better stuart: this is precisely 11:00 eastern time. the market is surging. we are reopening the economy and there's real hope for a new vaccine. that is a huge rally on the back of those two factors. look at the white house. in just a couple of hours, president trump will hold a meeting with restaurant industry leaders. later, he's got a teleconference with governors about the virus response. also happening today, 14 states ease their restrictions some more. for example, gyms can open in texas, south carolina, west virginia, florida, kansas. in minnesota, retail stores can reopen with restrictions.

this economy is opening up quickly and the dow is responding with a 700 point gain. now this. one of the themes of this program has been the revolt against the draconian lockdown rules that stretch on into their third month. that revolt is in full swing. it's breaking out all over. it reached the point where authorities are having a hard time keeping control. perhaps you saw the scenes in new york city saturday, when people went into bars for a take-away cocktail, then drank it with friends on the street outside. there were numerous street-side parties against the rules. loads of people doing it. new yorkers flocked to the beaches. more crowds. the mayor, bill deblasio, talked about putting fences up to stop it happening again. extraordinary. a gym owner in the jersey shore area will reopen, i think he has already, it's against the rules. he doesn't care what the

authorities do. he does not want to go bankrupt. he's open. the barber in michigan we interviewed last week has had his license withdrawn but he is staying open. in new jersey, a bar does good business selling sidewalk $5 cocktails. vodka and lemonade, five bucks. no response from the police when people walked away drink in hand. the revolt has gone to the courts. more than a dozen states are challenging lockdown rules. the wisconsin supreme court ruled against the governor's extension of the stay-at-home order. you can't put the genie back into the bottle. you can't stop americans going out in the sunshine to shop and eat and socialize. like it or not, we are now in the opening up phase. the get back to work phase, that's what it should be called, it's the recovery phase. that's what it is. i will say it again. just wait until the next weekend, the memorial day weekend, the three-day weekend

that opens up the summer season. there's no going back. the perfect person to respond to all of this is ready to respond. his name is lawrence jones, friend of the program, frequent guest. my brother. all right, look, i say there's no stopping this revolt. this is america. you can't put the genie back in the bottle. what do you say? >> they made a big mistake. when this started, they said two weeks. the american people gave you two months. during that period of time, you forced people not to have income, then congress couldn't even do the right thing and make sure that most of the american people got the majority of the money. so a lot of these people are upset rightfully so, and it's no wonder why so many people are going to the streets, so many salons are opening on their own, businesses are being innovative in finding new ways to not break these executive orders because they're not even really laws. if they were to go to the supreme court they would be shot

down immediately. these government agencies from the county executives to the city executives would be sued. you know, stuart, i think the american people have been patient enough. the people that are asking for the government to open up are not heartless. these people are taking the disease, the virus, seriously. but at the end of the day, the data was wrong. it's not killing the amount of americans that they projected it to kill, so they are pushing back. stuart: okay. look, you are a texas guy. i know you may be living in new york at the moment but you are a texas guy. texas reported a huge -- the largest increase in new cases, more than 1800 in a single day, that came right after they started to open up the economy. what do you think about that? >> i knew you were going to ask me that, stuart. texas has almost doubled the

testing. if you look at the average testing, they have almost doubled the amount of testing they were doing before. also, when it comes to the antibody testing, if you have the antibodies, that is also now counted towards that active number. so i think when you look at the reporting on this, it hasn't been fair to texas because they don't account for the amount of texans -- amount of new tests that are available in texas and it also doesn't note the antibody test if you're positive is now counted toward that number. also, if you look at the amount of deaths and hospital visits, it's still down. so if you calculate all of that, being texas, being the number one, sorry, number two populated state in the country, it still doesn't pass the smell test when you look at these reports. stuart: i will take it from there. thanks very much indeed. we always appreciate you being

here. you know, i would understand it if you went back to texas but we have been very sorry to lose you. >> i'm this close. i'm hopping on a plane and going back to texas where liberty is there. stuart: how sweet it sounds. it really does. thank you very much indeed, young man. great to have you with us. good stuff. by the way, as we were talking, the dow went up some more. we are now up 804 points. on your screen, left-hand side, the big auto makers. ford, gm, fiat chrysler, they are all set for a partial reopening of some factories today. grady trimble is with us. can you tell us what it looks like in these factories, a partial reopening? reporter: yeah, it's going to look a lot different. there will be fewer shifts and more time in between the shifts to avoid that interaction between workers. on top of that, every single employee will wear a face mask and face shield of some sort which also includes glasses. they will also engage in social

distancing, try to keep six feet between each other, and their temperatures will be taken in some form or fashion every single day, in many cases that includes walking past a thermal camera to get a read of their external body temperature. now, the auto makers are confident they can restart these factories safely, number one because they have already done it. they have gone through this in asia and europe where they had to close factories, then reopen them. and number two, even though auto makers have closed their factories in many cases, they weren't making cars but they were making ppe and ventilators and things of those natures, and they haven't had any flareups at those locations of coronavirus cases, where, by the way, they have had these exact measures in place. but one thing to look for, stuart, is whether there are any issues with the supply chain because just because these auto makers are ready to go, it's still a question whether the suppliers for the auto makers will be ready to go. nonetheless, it's a start although general motors says could be a month before they get

things back up and running fully. stuart: it's a start. that's a good start to be making in the first place. all right. now, i want to bring in general motors corporate medical director, dr. jeffrey hess. doctor, thanks very much for joining us. i've got a question. you have reopened partially. workers go in. supposing some of them come down with the virus? does that mean you've got to close the whole operation town again? >> not necessarily. remember, when people come into the factory, they are pulling in from the community so we are really concerned about spread within the factory itself so person-to-person spread within here, and that's why we have got all these measures in place to try and help protect us from that. but when we do find a case, we can take care of them in our health center, we will evaluate them, we can do a covid test, send them out for a day or two until we get the results and then we know whether or not they have the disease. if they do, we do contact tracing to see if they have come in close contact with somebody,

they will also be tested and/or sent out and wait 14 days before they come back in. we are doing everything we can to especially coo keep it safe but i don't think there's a set number we need to have. it would depend on the community, how much spread is going on in the community. stuart: okay. you are a doctor, not a lawyer, necessarily. >> correct. this is true. stuart: i might ask you a legal question. what about liability? >> i mean, there is always liability but we are doing the best we can. this is a public health emergency. in emergencies like this, you have to do the best things you can do and that's what we are trying to do. we are trying to be as protective as possible. stuart: the lawyers will come after you and say you didn't do enough. you didn't do enough. this person didn't wear the mask 24/7 or this person didn't get the temperature checked properly, we are suing. you know what's going to happen here. >> it's possible but you know, that's not my forte. i'm a doctor, i'm here to protect people. stuart: well said. you are also a diplomat, because that was a very good answer.

dr. hess, we do appreciate you coming with us today. much obliged to you. see you again soon. >> thank you. stuart: let's show you the, one of the main reasons why this market is rallying so much. moderna, drug company, they are the news maker of the morning. they have reported very positive results of their vaccine trials in humans and a couple other drug makers have had something positive to say about vaccines as well. that all adds to this vaccine surge which we may be seeing, which the president wants to see and the dow is now up 810 points. businesses want to reopen, people want to get out, no question about it. some are defying shutdown orders. there's a defiant new jersey gym owner this morning. he did open. listen to this. >> two weeks turned into three, three turned into four, a month turned into two and here we are, month three, no help, watching the middle class struggle.

not just small businesses, but individuals all over the country in these states that are staying locked down beyond the curve being flattened and we are sick and tired of having our rights trampled on. stuart: that was pete hegseth, by the way, right-hand side of the screen. ashley, come in and tell me more about this protest. ashley: yeah. well, it's really, you know, a stand of defiance and it will be interesting to see what happens, whether new jersey's governor answers this stand and sends in police and tries to arrest not only protesters but the owner of the business. now, the question is, will that happen. the owner, ian smith, says look, i'm not going to go anywhere. they come in and try and shut me down, fine, i will find a way to reopen tomorrow. he said as you heard in that sound bite with pete hegseth, they are sick and tired. they say they have gone from weeks to months and that they believe they have a plan in place, a health plan that will keep their customers safe, but

they can't hang on for much longer. so are we going to have a confrontation? we have to wait and see. this is against the executive order of the governor so will authorities turn up? certainly getting a lot of notoriety as we have seen on fox news and fox business today. nothing so far but he is defiant, this business owner, and says i don't care what you try and do, i'm going to stay open. stuart: that's a challenge and a half, in my opinion. ashley, thank you very much indeed. all right. happening right now, attorney general bill barr and fbi director christopher wray are holding a presser on that shooting at a pensacola military base last year. susan, now, the fbi went through the shooter's iphone. did apple let them in or did they get somebody else to get into it? susan: apple is saying no comment today but if you go back to their comments from january, these were older iphones, iphones that have been proven third party hackers can break into without apple's help. back in the san bernardino

shooting a few years ago, it wasn't apple that eventually broke into the encrypted iphone, it was these third party hackers. so this time around, with apple not saying they actually helped the doj in this case, i think that you can maybe assume that a third party company maybe helped unlock some of these iphones but again, this was pretty crucial in the pensacola shooter's case. stuart: this is important because as i understand it, as i read this story, the authorities said the shooter had contact with al qaeda through his iphone through the shooting. that's why it's very important to get inside these phones, what restrictions do we have. at this moment, apple is saying no comment? susan: i will just quickly bring up the statement, it's important to quote apple in this case. they said they reject the characterization that apple has not provided substantive assistance in the pensacola investigation. they say in our responses to their many requests since the attack have been timely, thorough, ongoing. bill barr saying that apple did not -- wasn't very helpful in

unlocking those iphones but i think in this case, as long as the iphones were unlocked, does it matter how it was done, whether it was through a third party or apple? stuart: no, it doesn't matter. because terrorists, watch out. this could happen to your phone because we can get inside it. that's important. susan, thank you. now, in our last hour, we received the read on home builder sentiment. that's not a good number. the number 37 means sentiment is really, really depressed, regardless of expectations. still to come, we will speak to the national association of home builders president. what that means, what does that rotten number, 37 for home builder sentiment, what does that mean for real estate's future? as the economy reels from the virus, the fed chair says there's no set limit to stimulus response. look at this. >> has the fed done all it can do? >> well, there's a lot more we

can do. we're not out of ammunition by a long shot. stuart: that's important. not out of ammunition by a long shot. jay powell testifies on the hill tomorrow. we've fwotgot a preview coming for you. here's a live look at the vegas strip. the city finally reopens for business, not entirely, that is, kind of. that is not live, by the way. casinos can now open their restaurants but customers can't set foot in the gaming zone. we will tell you about the new restrictions in sin city next.

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stuart: now, there is a virtual conference going on involving world leaders who are plugged into the world health organization. we have heard from china's xi

jinping. i believe we just heard from our own alex azar, so ash, can you tell me what mr. azar is saying? ashley: yes, indeed. the u.s. secretary of health not holding back, going after the world health organization saying that it failed to obtain, he says, the information that the world needed which is its core mission. he says the w.h.o. failure quote, cost many lives and can never happen again. he says we need a more effective world health organization right now and he also went on to not naming china directly, but saying that he decries the apparent attempt to conceal this outbreak by at least one member state. of course, we all know who he's talking about but he doesn't actually say china. stuart: right. that's right. very true. all right. i want to give a quick stock check on uber, because the "wall street journal" has reported they are going to cut 3,000 additional jobs. remember a few weeks ago, they

announced they would be cutting 3700 jobs. that's a quarter of the work force. shed in a month. now they are going for another 3,000 job cuts and the stock, by the way, is up 9%. uber is at $35 per share. now this. >> the world has changed. vegas is changing with it. yes, things will be a little different when we open again. at least for awhile. a new vegas for the new reality. we're working to make it more intimate, with more space and the excitement you've come to expect. stuart: well, that was a new ad released literally three hours ago this morning. it spotlights changes coming to vegas, restaurants in casinos are now allowed to serve dine-in customers but i don't believe the customers can go anywhere near the gaming floor. steve hill is with us, las vegas convention and visitors authority president. steve, gaming floors, gaming

areas, closed. why would i go into a casino just to eat if i can't go do some gambling? >> good morning, stuart. as our governor said on friday, that is predominantly a step he's taken to help prorperties n rural areas who are more reliant on restaurants for their communities. it's not really intended to be the first starting point for the properties in locations like las vegas. stuart: you want to open up, don't you? at what point do you think given some precautions like plexiglas screens between the slot machines, at what point do you realistically think we can come to las vegas, eat a meal and you know, play some games or something, gamble? >> sure. you know, that's a decision our governor, our gaming control board, our commissioner are going to make but we think that's possible within the next few weeks.

it's one of the reasons we launched that new advertisement that you referenced today. vegas will be somewhat different but we think it's not only a moral imperative to protect our visitors and our employees, but it's also a business imperative as well. the conversation that we're having today is important but the conversation we're going to have about how this works a couple of months from now is going to be even more important. stuart: is vegas desperate? i think vegas is being affected as much as any city in america by what's happened with this virus. are you getting desperate? >> well, we certainly have been affected significantly. we have one of the highest unemployment rates in the country and we are very reliant on the tourism and hospitality industry. so we're anxious to welcome our visitors back. they want to come back. but we want to do it when it's the right time to do it and we're completely ready to

provide that healthy environment. we think that will be within the next couple of weeks. we're anxious for that to happen. we're excited about it. but we want to do it right. stuart: i agree. i'm sorry to press so hard like this, steve, but look, a lot of people want to come back but can you make a profit if you limit the number of people around a craps table to two, for example? i mean, where's the profit? >> well, we'll limit people around a craps table to four, but we have to take the first steps in order to complete the recovery. you can't jump from being shut down to completely open in one step. so we need to take that step. we need to do it right and we need to take the next step. so that is what the properties here in las vegas are committed to doing. stuart: okay. okay. i'm sorry to press so hard but i'm fascinated by this. i hope you come back soon. one more for you. this is something i know you want to talk about.

your convention center is finishing a second tunnel, a new tunnel has been built by elon musk's boring company. when can people start taking a ride down these tunnels? >> well, the schedule for the tunnels and the entire system to be up and running is in january. it just so happens that when they broke through on the second tunnel last week and the construction of that second tunnel was complete, that was the one-year anniversary of that project being approved. so we went through design, permitting and construction inside of a year. we're making really quick progress. that system will be up and running and available in january. stuart: okay. i look forward to it. steve hill, in las vegas, thanks for joining us. see you again soon. the virus forcing millions of people to transform their homes into home offices. coming up, we will speak to a company creating virtual

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stuart: look at that. i think this is almost the high of the day. we're up 835 points. i think the high of the day was a plus 860. it's a rally any way you slice it and it's all across the board. dow is up 3.5%. s&p is up 3%. nasdaq is up 2.5%. andrew left is with us right now. andrew, in my opinion, strictly my opinion, the market is up sharply because we are reopening the economy. we've got some very positive news on a vaccine and we may hear more news from the fed about putting -- printing more money for the economy. where am i going wrong? >> and we are eternal optimists which is a nice thing as people. that's what makes us americans. as you can tell from my tan, i'm someone who can't wait to get out. southern california has let me out of my house and we decided to assume some risk as people

but i don't think you can discount the uncertainty that will exist in opening up. so you know, these absolute terms are very scary, open, closed, good, bad. maybe open with caution and let's see what happens. stuart: well, my point would be that the recovery has begun. i mean, people are out rgs driving more, traveling, going to restaurants. it's a slow opening but it has started the recovery. if the fed comes in with more money printing and you've got this positive on the vaccine, i mean, we are thinking much more positively about where we're going. >> well, the doom and gloom scenario we saw in march is off the table right now. the fed acted quick and they acted appropriate so people feel more comfortable investing. retail stock investing has come back in favor right now as well. i think as investors, we are just re-aligning capital. it hasn't totally come back to airlines yet. travel, even though they are having a good day today, we have

seen a realignment of capital but i think we are feeling more hopeful about the economy than we were obviously a month and a half ago. stuart: where are you on amazon? i can't remember your position. today they are back -- >> forget you even own it. you wake up two, three years, i think it was two days ago, i read amazon could double in two, three years. respected market participant. i have no doubt of that at all. amazon will be our first $2 trillion company eventually. stuart: wow. why? >> as you saw, amazon is more of a public utility almost than a company. how they are such an important part of our supply chain. that's without amazon web services. that's just amazon directly. i think the moat they have, the role they play in america right now, cannot be replaced. i think the margins will start turning higher and i think over the next two or three years, we will see a $2 trillion company.

stuart: you mentioned whatever the name of it is, the cloud operation, okay, that's very important. what about microsoft, which also has a very -- >> i know you love microsoft. i don't have an opinion on microsoft. and i don't know if you still own your microsoft, stuart, but they seem to be doing something right. stuart: yeah. i have got some of it left. not all of it. some of it's left. >> what about china? what are we going to do about china? stuart: i know your point is don't invest in chinese stocks because you don't trust them. that's still your point, isn't it? >> again, these absolute terms, i know a lot of people out there who are watching your show probably own alibaba, the amazon of china, jd. as far as we know, these are both good companies. they both should get secondary listings and should be traded in hong kong and china as well, not

just here. but china has the reputation of exporting many stock frauds where people in china make billions of dollars and the problem is, as mentioned by the s.e.c. and by trump, there's no recourse. so if you remember, i don't know how old you are, martha stewart went to jail for $50,000 of insider trading. we are looking at people who are making billions of dollars and right now, there's a company, gsx tech, i put out reports today on muddy waters, carson black, one of the most respected china analysts, calls it a fraud. we have a $10 billion company that is a complete fraud trading on the new york stock exchange. this cfo was living in the united states, he would probably be going to jail but because he's in china, he's excluded from it. that's what the s.e.c. has to clean up immediately. stuart: got it. gsx, we will watch it. thank you very much indeed for being with us.

>> have a nice day. stuart: fed chairman powell on "60 minutes" talking about the economy. take a look at what he said. >> has the fed done all it can do? >> well, there's a lot more we can do. we're not out of ammunition by a long shot. there's really no limit to what we can do with these lending programs that we have. stuart: now the fed chair, jay powell, will be testifying in congress tomorrow. one of the people doing the questioning is senator mike rounds, who joins us right now. senator, there's a lot of talk about how the fed has a lot more tools, more arrows in its quiver. they could print a lot more money, they could do that. do you want them to? >> we'll wait and hear what the chairman has to say tomorrow about what is already going on. let's not do this in a void. let's allow them to gather their data and to present it to us. that's what tomorrow's meeting is all about. he and secretary mnuchin will

come in and share what's happened. this is the first time we have had the two of them in front of us since the march 27th passage of the cares 3 act. now we find out whether or not this provision which is designed really for the next 90 days, whether or not it's having the desired effect on the economy. chairman powell was very clear that, you know, first of all, what's happening right now is not a problem within the economy itself. it's a matter that we decided as a nation we needed to slow things down and we were going to separate people. now the question is, how do we begin rebuilding this economy as safely as possible and what happens when we start getting this really good news about, you know, publicly about what's going on with the development of vaccines. stuart: looks extremely positive at the moment. it seems like we are going -- we are certainly getting out and about. a lot of businesses are reopening and i see them doing some pretty good business as well. so we are off and running. my question still is, do we need more help in the economy?

>> well, once again, we will decide that once we gather all of the data and that's what we're doing now. some people have said we paused. we really haven't paused. what we are trying to do is make sure that the next reaction, the next series of actions that we take, are based on good economic data. having secretary mnuchin come in, having chairman powell come in, and dealing with this specifically, such items as how is bank liquidity now, whether or not people in south dakota can still get loans, whether or not the ag community has the availability to credit right now, what are they seeing and what are they recommending that we do in our next steps. we are prepared to take action but we want to make sure that it's action that isn't just on the fly and it's based on what we do to begin this recovery. how do we rebuild this economy and do it as safely as possible. stuart: we are going to follow the testimony tomorrow, as you will, of course. i think the market will follow it very closely as well. senator, always a pleasure. thanks for being with us.

appreciate it. okay. >> thank you. stuart: now an update on that new jersey gym that reopened this morning in defiance of the governor of new jersey. pete hegseth tells us the police showed up about a half hour ago. watch this, please. >> you are all in violation of the executive order. on that note, have a good day. everybody be safe. stuart: okay. i'm trying to read between the lines. he let them go. they had a respectful exchange with everyone according to pete. nie opinion, t my opinion, the revolt lives. high fives all around. my opinion, that's a good outcome. i will update apple for you. the fbi director blasting apple for not helping with the investigation into that shooting at the military base in florida. we are going to tell you what he said precisely in a moment.

apple's stock up six bucks.

stuart: i do believe that's the high of the day, up 861 points, 3.6%. dow going straight up. i want to show you apple again. susan, come into this. did we just hear that they did not open the phone in the pensacola shooting case? they didn't? susan: according to the attorney general, they are saying they got virtually no help from apple. apple contends they actually did help them and responded to every request that was given to them. bill barr goes on to say, william barr, the attorney general, says that apple's position has dangerous consequences he says for national security and to him, this is unacceptable. from the apple side, if you build a door for one government, other governments can get in as well, and they contend that they only received a request for help from the department of justice a month after the shooting.

so if it's so critical to get into these older iphones, by the way, why did they wait a month in order to contact apple, and there have been proven third party hackers like the one in the san bernardino case that you can break into these older iphones without apple building a hole into their operating system which again, opens up a door not just for the u.s. government but bad actors as well. take a listen to what bill barr had to say quickly. >> we received effectively no help from apple. we canvassed every partner out there and every company that might have had a solution to access these phones. none did, despite what some claimed in the media. so we did it ourselves. unfortunately, the technique that we developed is not a fix for our broader apple problem. susan: fbi director chris wray there. they said they wasted precious resources and time trying to get into the iphone or the older

iphones in the pensacola shooting. now, apple will probably say they want to protect privacy of users and bill barr goes on to say that this privacy actually helps bad actors like the russians but i think this is obviously an argument between privacy and government. stuart: absolutely. it's an argument between privacy and the danger of terrorists. that's what it is here. apple wants to preserve as much privacy as it possibly can for all users. i understand. the stock is up six bucks, $313 on apple. earlier this morning, we got this home builder sentiment number. it's on your screens. that's 37. that is a rotten number. it implies a very negative feeling on the part of home builders about the future. just so happens we have with us jerry howard, the national association of home builders ceo. jerry, i hope that that survey of home builder sentiment really changes come july and august,

because i think this economy is now in a recovery stage, people are getting out and about, they are going back to work. i think that number's going to change. what do you say? >> absolutely. in fact, stuart, that number is seven points higher than it was last month. it dropped last month from 70 all the way down to 30. it's come back seven points already. i think you are going to see it continue to come back. already out in the field, we are seeing customer traffic increase. we are seeing builders, thankfully most of them were considered essential industries in their own states so they haven't really stopped and we are seeing things starting to get back to normal. i think it will be a little sluggish over the summer but by the fall and into the fourth quarter, we think we will have a full scale housing recovery. stuart: a full scale housing recovery. that's important, because i have seen from like realtor.com and some other operations saying look, home sales are going to fall, some saying like 15% this

year. you discount that? not going to happen? >> i think this has had a huge impact on our year over year numbers, make no mistake, but i think you will start seeing a v-shaped recovery so by the middle of next year, we will be right back where we were. we were starting to a record year this year. stuart: wait a minute. right back to where we were by the early part of next year. that is a rapid rebound. >> yes, sir. stuart: no qualms about that whatsoever? how about financing? i mean, are developers getting the money they need? >> right now, financing is tough but we expect that that's going to loosen up. there could be some supply chain issues. so that by the middle or end of next year, things are going to be rocking and rolling. we are very very optimistic just like you. stuart: but that's what you see on the ground. this is important because we've got a rip-roaring stock market rally this morning, based not just on a vaccine for the virus but also on the economy

reopening. people are getting out and about and doing things. you are confirming that this is going to be a rapid recovery. >> for the housing sector, absolutely. we think it will be a little more of a u-shaped recovery for the overall economy but for the housing sector, a v-shaped recovery, we are very optimistic. stuart: i love to see it. thanks very much indeed for joining us, jerry howard. always a mrpleasure to be with you. thank you. have a look at jc penney. look, this is part of their bankruptcy plan. they are cutting the number of stores from 846 down to 604. that's all part of the bankruptcy plan. they just won't be reopening those 100 odd stores. delta airlines, bringing back several major routes next month, but the june schedule will still be significantly reduced. the stock, though, look at that, up 11%. now we will show you something interesting. this looks like a video game but it's actually a real life worker

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stuart: let's get that up on the screen again, please. looks like a video game and it really does look like a video game. it's actually a virtual office space. this is how one company wants to organize you working from home. i've got to say, i don't understand it at all but i will bring in glenn sanford, chief strategy officer at virbela which is putting out this product. glenn, i will ask our producer, put that up on the screen again and explain how it works. i don't get it. go ahead. >> so it is a virtual world for work. actually, a company i founded a little over ten years ago now has 29,000 individuals that work entirely remote and yet this is the place that we actually go to work each and every day. it has offices, it has presentation centers, it has speedboats, there's a soccer field. think about it as a campus with

all the standard things you would expect to see in a real office setting or campus but in a virtual way. stuart: i'm that little guy on the left-hand side of the screen right there. looks like that guy in the red shirt, red top, i'm that guy and i'm going to give a presentation so i'm walking on to this campus and other people will join that screen and listen to what i've got to say and see what i've got to say. is that it? >> they will actually go into the room with you and they will actually be able to have social meaningful collisions with other individuals that are actually in the room with you. so it's actually a place, it's not -- it's not just a screen. you are actually going somewhere to actually be part of this experience. not just watch somebody present like they would do on a zoom call, but actually be there and have all the serendipitous collisions you would have in a real world situation. stuart: well, i do believe i understand this. how many people have you -- 29,000 people are using this?

>> yeah. that's just one company. that's in a company i founded and we started using the platform back in 2016. we actually bought the company as a result of using the platform and seeing what it did for us. we didn't expect the pandemic and recently i just joined to help them scale because we have so many new customers wanting to work the way we have already proved out over the last ten years. stuart: congratulations, glenn sanford and virbela, you helped me understand something which i didn't before we went on the air. we will take note of that. virbela. glenn sanford, thank you very much for joining us. we appreciate it. more "varney" after this.

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stuart: tell you about this, maria has a really big show coming up tomorrow morning t starts at 8:30 with larry kudlow, top economic guy at the white house. moves on from there, with mark cuban, you know about him. we have a great show from maria right before we got on the air at 9:00. we have a big rally to report. the dow is up over 800 points. 3% gain right there. very big gain. the american economy is opening up. we're going back to work. we're out there buying, shopping, all the rest of it and there is positive news on the vaccine. quickly check big tech, because we got some movement to the north there, all of them are up.

google's turned around. they are now on the upside despite the threat of a lawsuit from the department of justice. fedex is up 8%. how about that? my time is up. that is a rally. and, neil, it's yours. neil: all right. i better not screw it up. stu, thank you very, very much. we are looking at that, how many times we said on the show. it doesn't really matter the stimulus around the virus if you get progress beating back the virus you have hit a home run. so far at the corner of wall and broad, just the news that moderna has come up with a potential vaccine, i stress potential vaccine that is showing very promising results, that was enough, not only to lift its stock close to 30% t has been in and out of the levels pretty much all morning but the market itself, most of the sectors have nothing to do with biotech or any of this. it just is the optimism that built around a potential remedy for the disease