maria: all right. thanks to jon, maddie. have a great day. "varney & company" starts right now. stu, take it away. stuart: good morning, maria. good morning, everyone. right from the get-go let's get to the market because yet again, we have a rally in the face of what i'm going to call negative headlines. number one, texas reported record hospitalizations. governor abbott calls that unacceptable. that's not good for the market. trade guy peter navarro last night said that china trade deal was over. futures dropped 400 points but then three hours later, the president tweeted the deal is fully intact.

that converted the selloff into a rally. then came news that european manufacturing is recovering rapidly from the virus lockdown. that helped the market. look at it go. the dow is going to be up close to 300 points at the open. the s&p, 31. the nasdaq, very solid gain, 70 points. now, here's another reason for the rally. big tech, it continues its run. you are looking at premarket prices for apple, microsoft, facebook and netflix, amongst others, all four hit record highs monday. the big tech surge dominates the market. big tech is pushing higher. investors this morning ignoring scenes like this. chaos in d.c. last night. right outside the white house, demonstrators vandalized a church, they tried to pull down the statue of andrew jackson and they also tried to establish their own seattle-like autonomous zone. this is happening in our nation's capital right in the

center of government. the president's had something to say about this. he obviously doesn't like it. but no word yet from joe biden. obviously, ladies and gentlemen, there's a lot to go at and we will go at it. "varney & company" is about to begin. do you think that the president sort of -- i mean, he obviously really wanted to hang on to this trade deal, but given everything that's happened and all the things you just listed, is that over? >> it's over, yes. they came here on january 15th to sign that trade deal and that was a full two months after they knew the virus was out and about, it was at the time when they had already sent hundreds of thousands of people to this country to spread that virus. i think everybody here inside the perimeter and around this

country now understands that china lied, americans died. stuart: you heard that. it's over, he said, about the trade deal. that comment sent futures lower in the middle of the night. in a statement he tried to walk it back. he said this. my comments have been taken widely out of context. they have nothing at all to do with the phase one trade deal which continues in place. i was simply speaking to the lack of trust we now have of the chinese communist party after they lied about the origins of the china virus and foisted the pandemic upon the world. president trump tweeting about it as well. here it is. the china trade deal is fully intact. hopefully they will continue to live up to the terms of the agreement. now, shortly, larry kudlow is going to join us to talk about this. the rally on the market and the president's executive order on visas and a whole lot more. larry kudlow's coming up. now, let's get to the latest on the virus. more than 2.3 million cases in total in the united states as of

now, and the number is growing. the market's not reacting to that big number but come on in, ashley. tell us the situation in two big states, texas, florida. ashley: all right. let's begin with texas, where as you mentioned at the top of the show, stu, the governor there, greg abbott, said the rate of spread of covid-19 is unacceptable. you can see the total number of cases in texas and florida. in texas, nearly 120,000 last week. the state was averaging 3500 new cases per day. hospitalizations have set a record ten days in a row and the governor says it's time for everyone to take personal safety measures. take a listen. >> listen, we're worried, any time you see hospitalizations increase, any time you see the number of people testing positive increase, you get worried. but we're not alarmed. listen, we were planning to have responses in place and that's exactly what we're doing right now. we slowed the spread in march and april by people following these standard practices of wearing a face mask, not going out unless you really have to,

keeping your distance, so we are reinforcing those things again. ashley: in miami, the mayor there is blaming the spread on people not social distancing, especially at open restaurants and bars now. he says, suggesting that young people may be driving the spread in florida but at the same time, governor ron desantis says we are not going to roll back, we are not going to lock down again. people just need to understand social distancing and when possible, wearing face masks. stu? stuart: that's the message. no second lockdown there. that's according to the florida governor. that's important for the market for sure. now, later this morning, about 11:00 eastern time, we are going to hear from dr. fauci. he's testifying before a house committee on the recent surge in cases. obvious question. should state governments reverse the reopening process? we will keep you up to speed on what's happening there. by the way, texas congressman michael burgess joins us later in the show on that state,

texas's uptick in cases. let's get to the big story of the morning, your money. yeah, we've got another rally going here. market watcher mike murphy joining us now. the virus surge doesn't seem to be affecting the market, mike. you are still saying buy, right? >> yes. good morning, stuart. i'm still saying buy. the reason is the market is being held back in my opinion by the concerns around coronavirus. but it's different this time because we saw what happened when the country got shut down in march. massive selloff followed by a huge rally. we're not going to go through that again. i think the media's doing their best to scare as many people in the united states as possible but the reality is there are a lot less deaths, hospitalizations aren't spiking the way cases are, so i think we will still see the u.s. economy continue to reopen, get back on track and that supports not higher prices, stuart. much higher prices in the

market. stuart: okay. i'm making the case that it's my opinion that the money flowing into big tech and the rise in big tech stock prices, that's a fundamental reason why the overall market is going higher. will you be buying any big tech stocks at these prices? >> there's nothing out there at this price, when i'm still holding our apple holdings, our amazon holdings. we sold facebook too early, as we have talked about live on the air. tech is going to lead us higher. it's something that you want to continue to hold. no reason to sell a microsoft right now or an apple or any of the other ones that we are holding on to. but nothing out there right now that tells me you have to jump in and buy. i would hold them. stuart: we hear you. thanks for being with us again this morning. speaking of big tech, several of those companies really slamming president trump's new executive order on work visas. now, the company i'm going to put -- plural, companies, on your screen, all of them are

pushing back against the president's order saying they rely heavily on those high skilled workers and it disproportionately affects their business. under the president's order, those workers no longer receive immigration protection. more on that throughout today's program. still on big tech, look at google. employees, some employees there, they want the company to stop doing business with the police. tell me more, susan. susan: good morning. talking about 1100 of these google employees, circulating a petition inside google right now asking for the company to end police contracts. they are asking the ceo to take real steps, they say, to dismantle racism and alleges that google actually profits off racism with their business contracts. this includes artificial intelligence that's being used by law enforcement, according to this petition, to track down immigrants with drone surveillance and they are claiming the company's lobby arm in washington, d.c. is donating to racist politicians and white

supremacists. this is not the first time googlers have objected to google working with the government. remember back in 2018, project maven had to be shelved with the u.s. defense department. this was part of the drone technology that they say was helping the u.s. government and defense department kill people in other countries around the world. but in this particular case, googlers here say they want the company to stop selling technology to agencies that are using it for harm, namely the police force and they're citing one example of a new york-based police department that has been using google cloud. we know amazon and microsoft both say they will either suspend or not sell facial recognition technology to police forces across the country. stuart: i've got one more. not sure i understand it. this is about facebook. what's this about some companies boycotting facebook ads? susan: we have northface and rei but now we have patagonia joining those other companies in

boycotting and pausing advertising on facebook and insgri instagram to support a support stop hate for profit. groups include the naacp, antidefamation league. they are asking large facebook advertisers like these to show they will not support a company that they say puts profit over safety. this is in response to facebook and they say that facebook is allowing what they call violent calls on the platform, including they namely point to president trump's minneapolis tweet. stuart: interesting. facebook's stock is up again. new record high. google's stock is up again. i think that's another record high. the negative news content there, not affecting the stock prices this morning. now let's go to starbucks. no surprises here. lauren, i understand fake meat is now on, what, the breakfast menu, i think? lauren: yeah. starbucks has inked a deal with impossible foods to sell plant-based sausage starting today at thousands of locations in the u.s. they also have a deal as you

know with beyond meat which was tremendous for beyond meat's stock price to sell meat in china and canada. starbucks isn't picking favorites. they are playing with everybody here. the thing is breakfast sales are down nationally because we are working from home. we're not going out to get breakfast. this is -- they are trying to add to their breakfast menu and get new customers in the door. stuart: the stock is up 1.25% this morning along with the rest of the market. by the way, check futures. when i say the rest of the market, i mean it. they are all up. each indicator, that's the dow, s&p and nasdaq, all of them moving to the green again this morning. president trump, he's planning to turn the spotlight on immigration today. he's heading to the border in arizona. he's going to leave the white house during our show. we will bring him to you live if he speaks with reporters and he usually does. seattle's mayor is finally saying the city will dismantle chop. watch this. >> we are working with community

to bring this to an end. capitol hill belongs to everyone in this city. stuart: how is that going to shake out, he asks? it won't be the summer of love after all. we've got a lot more coming up for you. where will you go first? wherever you may go, lexus will welcome you back with exceptional offers on exceptional vehicles. get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. experience amazing at your lexus dealer. ♪ experience amazing we could never do what they do.

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[ indiscernible shouting ]

stuart: all right. that's civil unrest in the capital, basically it's chaos. protesters taking a page out of seattle's book. they were trying to construct their own autonomous zone right outside the white house. lauren, i think i saw them there, trying to tear down the statue of andrew jackson. lauren: yeah, they sure are. they tied ropes to that statue and they literally tried to tear it down. this is right outside the white house in lafayette park. the police had to come in, hundreds of them, using tear gas where they had to and pepper spray to push the crowd back. at another point, you see protesters carrying boards and fencing. they are trying to create what is called bhaz or the black house autonomous zone. they even spray painted those letters on st. john's episcopal church, which is the church the president tweeting this out. this is his response. i have authorized the federal government to arrest anyone who vandalizes or destroys any monument, statue or other such federal property with up to ten

years in prison per the veterans memorial preservation act or such other laws that may be pertinent. he goes on. this action is taken effective immediately but may also be used retroactively for destruction or vandalism already caused. there will be no exception. so he is coming down hard on these protesters that are tearing down so many, hundreds of statues across the country. stuart: bring me up to speed on what's going on in seattle. lauren: remember they had the chop zone, capitol hill autonomous stone, organized protest area? now the seattle mayor is bringing the police back to their district to restore order. listen. >> the gun violence unfolding at night is not only wrong, it also is undermining and distracting from the message for change. we are working with community to bring this to an end.

capitol hill belongs to everyone in this city. spd will be returning to the east precinct. we will do it peacefully in the near future. we are going to focus our greatest efforts on reimagining policing itself. lauren: so the police there go back to their precinct and everybody works to restore order. it was a deadly weekend of violence in seattle and now you have the mayor saying we have to transform the police department but maybe the police are needed after all. stuart: not quite the summer of love, is it. thanks, lauren. let me get to the protests, stay on that. more than 100 statues have been torn down, taken down in the last month. here's what the president had to say about that. roll tape. >> you can't take down george washington's statue and half of our country is named after washington. you can't -- we have to remember the heritage, the culture of our

country. they're ripping down things, they have no idea what they're ripping down but they started off with the confederate and then they go to ulysses s. grant. what's that all about? i don't like it at all. i don't like anything that's going on. stuart: all right. i want to bring in herman cain for this one. these protesters are going beyond confederate figures. my question is look, who's going to stop this? >> law enforcement officials are going to stop it, starting with the president and his executive order that says we are going to be a law and order nation, period. the protesters aren't just protesters. these are the anarchists. they want to destroy the united states of america. they want to destroy all symbolism of our history. stuart: i've got to -- i'm sorry, herman, i do apologize for interrupting you, but my question really was, when are the democrats going to say

something about this, because it's in their cities that they have run for generations that this is taking place very frequently. what are they going to say about it? when are they going to say something? >> they haven't said anything and i don't expect them to say anything because they will not blame themselves for the conditions that they are allowing to happen. more specifically, those cities are going to continue to deteriorate, unfortunately, because a lack of leadership in those cities. the good news is we have more governors, we have a president that believes in law and order and as a result, like what happened up in seattle, eventually, eventually some of the democrats are going to realize that it cannot be sustained with mob rule. stuart: i would like to know where it stops. because speaker pelosi's father, when he was the mayor of baltimore, he dedicated a statue to confederate general robert e. lee as he was the mayor of

baltimore. that is speaker pelosi's father. where do we stop with this? does speaker pelosi have to apologize on behalf of her father? this is ridiculous. >> it is ridiculous. look, senator tim scott said it earlier on your sister network and that is, history is a benchmark that shows how far we have come. secondly, these anarchists are going about it the wrong way. mob rule and violence will not accomplish anything. i wish the mayor of seattle a lot of luck in trying to now go back in when she should have been doing that in the first place. but as you have indicated, the democrats are sitting back and saying nothing, and they are pushing back against senator tim scott in the legislation that he has helped to co-author in the united states senate relative to police reform. stuart: i'm almost out of time. i will give you 20 seconds on this. are you personally offended when you see a confederate general's statue?

>> the answer is no and the reason is it represents our history. i have stopped dreaming about a better yesterday. that's the problem with some of these people, that the anarch t anarchis anarchists, they are not just dreaming about a better yesterday, they want to destroy the united states of america. stuart: herman cain, always a pleasure. come back soon, please. herman cain. thank you, sir. quickly check that market. the rally has not gone away in the last few minutes. we are still up over 200 points for the dow, 58 for the nasdaq. we'll be right back.

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stuart: president trump speaking to reporters right now ahead of his trip to the arizona border. we will bring you the headlines as soon as we get them. we are still seeing the dow futures up 200, by the way. how about the big banks? i'm going to bring those to you because according to the fdic, a record $2 trillion has been deposited into bank accounts nationwide since the pandemic started. that's a very big deal. look who's here. suze orman, personal finance guru. welcome to the program. great to see you. >> thank you, my friend. thank you so much. stuart: very limited time. see what you can pack into a

couple of minutes. give our viewers some advice on what to do with the $2 trillion that's in their bank accounts. >> well, i wish each person had $2 trillion in their bank account but the truth of the matter is, stuart, as you know, most people prior to the covid virus, they had maybe $400 in their bank account. at this point in time, if that's all the money that you have, you don't have at least an eight-month emergency fund, can you just leave it in your bank account. because we really still don't know, are you going to get your job back, is the virus going to come back with a vengeance so just stay safe at this point in time, because also remember, stuart, very shortly now, you are going to have unemployment benefits stop, at least the $600 a week as of july 31st. the student loans are going to have to start being repaid, your mortgages, your rents, your car payments. you are going to need cash to pay your bills when the unemployment checks stop, especially if you don't have a

job, so keep the money safe and sound in the bank account. stuart: can you give me 30 seconds on maybe taking some money out of your bank account, maybe something out of stocks and putting it into real estate like your own home? do you approve? >> i wouldn't be doing that at this point in time. i would wait to see what happens after the moratorium on mortgages is over to see are people going to have to give up their homes, are they going to go into foreclosure, they're not going to get their jobs back. wait until september, october or november of this year to do so. interest rates are not going anywhere. stuart: it's really cool stuff, because that was simple, straightforward, to the point, rather cautious, but i know exactly what you're saying. i just love that about financial analysts. great stuff. suze orman, don't be such a stranger. see you again soon. >> you got it. stuart: thanks very much. we are opening this market in about 20 odd seconds. that means 10 seconds from now

they will start ringing that bell. ten seconds after that, the market will begin trading this tuesday morning. we have lost a little bit of the steam in the futures market but we are still up about 200 according to futures. here we go. we will count you down. three, two, one. bang, it is 9:30 and this market is now open. watch it go. right from the get-go we are indeed up more than 200 points. that is the best part of 1%. for our radio listeners, left-hand side of the screen, not your screen, my screen, it's almost all green. the stocks so far open amongst the dow 30, all of them are up with just a few exceptions which have not yet opened. so 2ed had points up right from the start. .9%. how about the s&p 500? up .8%. how about the nasdaq? i'm always interested in this because this is big tech land. up .7%. green across the board. there you have it.

next one i want to show you is big tech. we really have to have a look at that. that's the opening prices for big tech. they are up across the board, really strongly. apple is at $363 now. microsoft $201. facebook, $241. susan, it's record high after record high. go. susan: 20th record close for the nasdaq yesterday. we saw the likes of apple, netflix and microsoft hitting record highs so adding to those big numbers today. now, tech, by the way, is now looked at as defensive, no longer just growth. a lot of people have it in their portfolio. that's the reason why the nasdaq has outperformed the dow and the s&p this year. that gap between the benchmark highest since 1983 so the likes of apple, microsoft, amazon, google, parent company alphabet, of course, and facebook, they make up 40% of the nasdaq, 20% of the s&p, but the problem with the dow is that they only have two of these heavyweights on their benchmarks, apple and microsoft. that's why they call the dow the

grandfather index, still lagging behind down nearly 9% this year, boeing being the main drag and the s&p is still down as well 3.5%, whereas the nasdaq is in double digits now for its advance for the year. i think the problem is that you are looking at new tech and old companies on the dow. that's why people have filtered and plunged a lot of their money into the nasdaq this year. unlikely, though i know what you're thinking, unlikely that these tech companies will be included in the dow. there's only 30 stocks. it's share price weighted meaning if you are worth $1,000 like alphabet and amazon, are you too big to be included, unfortunately. stuart: i understand that entirely. it's just extraordinary situation we are in now. by the way, the nasdaq, apple, microsoft and facebook, all of them have just hit record highs. let me focus on amazon for a second. they are launching a venture capital fund to invest in clean energy. lauren, how much they putting in? lauren: $2 billion. they are worth, what, $1.35

trillion and now they become a significant corporate player in new energy investing so this is going to be all sorts of companies of any size that will help reduce the impact of climate change on the environment. and they say this is just a start. so more of this money is coming as they, too, i mean, their goal at amazon is to have net zero carbon emissions in the next 20 years. stuart: okay. the investment community likes it. they are up 11 bucks, $2726 a share. but american airlines, i believe they are down again. yes, they are, down another 6% this morning. got any idea why two days of big losses, ashley? ashley: yes. it's all about this company trying to raise debt and a report that claims the airline will now increase its stock offering from $1.5 billion to $2 billion. $1 billion of new shares priced, we understand, around $13.50. also selling a billion dollars

worth of convertible bonds. all of this said, a top analyst at cowan is raising her price target on this stock to 20 bucks from 15 and says she believes they will have enough cash to survive the crisis and not have to restructure under chapter 11 bankruptcy. but that is why you are seeing this stock drop as it continues to try and raise money, much-needed cash. stuart: okay. got you, ashley. by the way, thanks for all your hard work yesterday while i was out. thank you. look at that. we are, what, four minutes into the session. this is tuesday morning, we are up 200 points, .90% for the dow industrials. the ten-year treasury yield, i believe it's going up again. yeah, it is, .72%. that's encouragement for the stock market. the price of gold still around 1700 bucks. actually, that's a nice gain. $1777 per ounce on gold. and oil, here's another reason for the stock market's gain. we have oil this morning, i

think it hit $41 per barrel earlier. that indicates strong economic growth in the future. that indicates a stronger stock market. that's oil for you. drug makers. dow is up 230. drug makers translate bio and sanofi. they have a merger between them? lauren: yes. look at the stock price reaction for ticker symbol tbio but the name is translate bio. sanofi is investing in this u.s. company to work on new coronavirus vaccines. as a result, shares are rocketing. the deal is valued at $2.3 billion and it's basically money up front, then they are buying shares at a 60% premium. it's a complicated deal. you have to remember that sanofi is also working on a covid-19 vaccine with another company, glaxosmithkline and they hope to up approval for that vaccine

from the end of next year to the early part of next year. these companies are up because there is promise that we will get many vaccines to the market. stuart: you've got good vaccine news, your stock goes up. that's the way it works these days. all right. how about bayer? the correct pronunciation is bayer. they make roundup, the weed killer responsible for a whole bunch of lawsuits. that stock is up nicely today. it's got something to do with the lawsuits, right, ash? ashley: it does. 125,000 of them here in the united states alone but a financial newspaper in germany claims the company is close to coming to a settlement and the report says what will happen is bayer will put aside $8 billion to settle all the current cases and another $2 billion to cover potential future cases. all of this, according to the report, will be voted on by the board in the coming days and by the end of the week, we could have some sort of settlement in place. that is why you are seeing the

stock up more than 6% this morning. of course, the suits all claim there's a link between the weed killer and non-hodgkin's lymphoma. a form of cancer. nothing has ever been proved on the scientific side but we have seen big judgments against bayer and since have been reduced but nonetheless, word of some settlement to get behind them. stuart: word of settlement, up you go. let me recap the markets for you. we are seven minutes in as of right now. it is a rally right from the start this morning. we are up 226 points on the dow. again, look at that level. 26,250. that's where we are now. what's coming up? i will tell you. still to come, we have national economic council director larry kudlow. i want to know what he thinks about the market's rebounding in the face of what i have been calling these negative headlines. he's going to be on the show. protesters try to erase history,

tearing down more than 100 statues all across the country, and now one far left activist is calling for the removal of jesus. claiming it's a form of white supremacy. not even jesus is off-limits from the woke mob. we are on that story. zoom, did you know it's no longer the best performing work-from-home stock? we will tell you which is the best work-from-home stock. who beat them? we'll be right back.

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stuart: hold on, everybody. i'm about to play the tape of president trump. he spoke to reporters this morning on his way to arizona. i've got that tape rolling in just a couple of seconds literally. let me quickly check the big techs for you. no. don't have time. here is the president of the united states. roll it. >> we're going to arizona. we're celebrating, we have over 200 miles of wall built.

it's been incredible. our numbers on the border, as you know, are at just about a record-breaking low. people are not being able to cross the border. the wall is up because we have more than 200, we have about 212 miles up of wall so that's good. and we're going to be doing a number of other things. we're going to be making a speech to young people in arizona and we'll be meeting with some of the arizona officials to talk about their border and how strong it's become. it's become very strong. last night, we stopped an attack on a great monument, the monument of andrew jackson in lafayette park and i just want to thank law enforcement. they did a great job. we were working very closely with the white house secret service and some of our executives. it was really, they did a great job. they stopped it cold. numerous people are in jail and going to jail today. people are already there but

we're looking at long-term sentences under the act. we have a very specific monument act and we are looking at long-term jail sentences for these vandals and these hoodlums and these anarchists and agitators and call them whatever you want. some people don't like that language but that's what they are. they're bad people. they don't love our country. and they're not taking down our monuments. i just want to make that clear. and other than that, go ahead. reporter: mr. president, do you have an executive order regarding the monuments? what will it accomplish? >> i will have an executive order very shortly and all it's really going to do is reinforce what's already there but in a more uniform way. okay? i want to also say this. if the state governments, because you see them all over, in seattle, they're very weak and in minnesota, they might need help. if they need help, the federal

government is willing to help them. if these hoodlums come around, these are not protesters, by the way, these are anarchists and other things, if these hoodlums come around and if the states can't handle it, we are ready, willing and able to help as we did in minnesota, where we stopped after four days, they finally called and we did a great job with the national guard. reporter: mr. president, when you said you were -- reporter: [ inaudible ]. >> yeah. hogan gidley, not for that reason, because as you probably have heard, fox had the highest ratings on a saturday night in the history of fox so that's the ultimate poll, i guess, but the ratings on saturday night for fox were the highest ratings in the history of fox news which is i guess the long history. so that was a number one saturday night in history. we actually had a nice crowd,

despite all of the warnings and everything else that other networks were trying to do, despite the fact that we had some pretty bad people waiting there, waiting, they shouldn't have been, maybe some of the same people i just talked about, we had a nice crowd but we had the highest ratings in the history of fox on saturday night and online, i heard the record was unbelievable. i heard the numbers were unbelievable. i think you probably know that. what were the numbers online? do you know? >> i don't know, sir. >> you should know because you should report it. reporter: mr. president, at that rally when you said you asked your people to slow down testing, were you just kidding or do you have a plan to slow down testing? >> i don't kid. let me just tell you. let me make it clear. we have got the greatest testing program anywhere in the world. we test better than anybody in the world. our tests are the best in the world and we have the most of them. by having more tests, we find

more cases. we did 25 plus, 25 million tests. think of that. 25 million. if you look at other countries, they did one million, two million, three million. big countries. we did 25 million. way more by double, triple, quadruple, any other country. therefore, we test, we are going to have more cases. by having more cases, it sounds bad but actually, what it is is we are finding people. many of those people aren't sick or very little, they may be young people. but what's happened is because of all of these cases that we find, we have a very low mortality rate, just about the best in the world. so that's the advantage to the testing along with other things but just remember this. the reason we have more cases than other countries is because our testing is so much.

other countries -- reporter: do you want to slow it down? >> listen. other countries do very little testing by comparison so we are going to do this year right now, up until yesterday, i think they told me, we are over 25 million tests. other countries are at two million, three million. here's what i say. testing is a double-edged sword. in one way, it tells you you have cases. in another way, you find out where the cases are and you do a good job. we are doing a great job. we have never been credited for it. we are doing the best testing job anywhere in the world. we are doing the best ventilator job anywhere in the world. we are now supplying ventilators to the entire world. nobody else has done that. nobody else -- people don't -- countries don't have ventilators. they call the united states. we have done a great job. we have not been given credit for it. the other thing, the rally was

incredible. despite all of the horrible, ominous warnings that you people put out over a period of two weeks, the crowd was wonderful. it was a great -- they were warriors. it was a great crowd. but many of them stayed home and watched television and what happened is fox on saturday night had the biggest ratings in the history of fox television. thank you very much, everybody. stuart: the president in his impromptu q & a with reporters addressed two subjects, neither of which really affected the market. in fact, the dow is still up 200 points that it was at before the president spoke. those two subjects were the president said look, we stepped in to stop the attack on the statue of andrew jackson last night. the president says thanks to law enforcement, that attack was stopped. you may remember the protesters were trying to pull down the statue. the president says he wants law

enforcement -- he wants long jail sentences for those who are responsible for that. second subject, he was talking about -- he was talking about state governments which are weak on law and order, referring again to the statue removal and seattle, et cetera, et cetera, saying they are weak on law and order, if they need help, we will help them. those two subjects addressed at length in the press conference there. not really a press conference, but there you have it. no impact on the market. check it right now. we are still up 220 points, right where we were before the president spoke. still to come, larry kudlow joins us and there will be more after this.

stuart: the rally holds. we are 35 minutes in. that's about right. yeah, the dow is still up about 180. big tech, very interesting, that's where the money continues to flow. facebook is up, that's a record high. apple is a record high. microsoft, a record high. amazon's a record high. the nasdaq composite overall at a record high. how about that. let me turn to what we call the stay-at-home stocks. zoom, that was the champion stay-at-home stock but it's been surpassed by an even better

performer. lauren, who is it? lauren: it's a company which rose 15% yesterday, fastly. it's up tremendously again today, up more than 60% in the past week. what is it? it's a cloud company that helps people get their digital content. if you have customers that include spotify, shopify, slack, twitter, all popular right now, and you do business with them, obviously your timing is good. here's something interesting. this company fastly ipo'ed last year around the same time as zoom. it ipo'ed at $16 a share. it's now trading at about $76. zoom, i don't want to minimize, zoom ipo'ed, remember this, $36 around the same time as fastly. zoom is now at $249 a share. they have both come a very long way in a short time. stuart: that virus lockdown really worked wonders for some companies, didn't it. by the way, fastly again this morning, up 3.5%, up 60% in about a week, i think you said.

extraordinary thing. thanks, lauren. it's a big news day. very big indeed. we have larry kudlow still to come on the show. that's a little later. it's the news that investors woke up to this morning, chaos in d.c. i mean chaos. however, despite that, and even worse scenes, the market rallied again. you have to explain that. i tell you why i think it's up so much. we will do that next. ♪ ♪ yeah ♪ ♪ y-yeah ♪ ♪ yeah ♪ hey, hey ♪ the open road is open again. and wherever you're headed, choice hotels is there. book direct at choicehotels.com. tums ver(bell rings)la stick and wherever you're headed, choice hotels is there.

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stuart: 30 minutes into this trading session on a tuesday morning. i've been saying this a lot recently, here is where we stand, not larry, it is rally time across the board. up 200 for the dow. 22 for the s&p and nasdaq is up 75 points. by the way larry kudlow will be joining us very shortly. now we're big on real estate on this program. it seems to me to be going places. we got the latest read on new home sales. ashley. ashley: all right. people are talking to me as you speak, stu. 676,000, 676,000 on an annualized basis. that is better than expected. whoever does these estimates gets them wrong every time, right? we're looking for about 640,000. we're up to 676. signs of live always encouraging in new homes sales.

stuart: stu. stuart: 676,000 on annual basis i think it's a few strong. ashley: i would agree. stuart: that is a pretty strong number. i want more on this, i am told, i don't know what the source of this is, but new homes are attracting more buyers, because they are customizable. tell me more about that, lauren. lauren: exactly that, they are new homes. meaning you're the first to live in them. you make them what you want. we're seeing signs of home building that are very strong because people cannot find what they now want in existing homes. listen. >> the inventory is really viewed as obsolete by a lot of new homebuyers. they're too far out. houses are 50 years old. they require too much work. builders capitalizing on that, building entry level homes that satisfy for demand of office space. home gym space. lauren: see? what we want has completely changed, stuart. if you can't find that in the

market that is out there, which is already squeezed. we don't have much inventory. people say you know what? we want to move. this is exactly what we want. we want a study room and a gym. asking builders to build it. that is why the market is very strong. another thing with covid-19, cleaner and safer. that is psychological thinking of a lot of people. stuart: i like new homes. they are nothing brand new, nothing goes wrong, don't have to bring out my tool kit which i don't have to fix anything. that is a powerful motivator. the rally, we got it not as strong as it was. nice gain for the s&p. nice gain for the nasdaq as well. everyone. now this. consider the news that investors woke up toe this morning. absolute chaos in d.c. as violent demonstrators tried to set up their own seattle-style autonomous zone. a church was trashed.

they tried to pull down a statue of andrew jackson. all of that overnight. there was troubling news on the virus. texas reported record hospitalizations. governor abbott says that is unacceptable. i would call that a negative news background. and yet stocks rallied again. those of us who work in the financial world are ask almost every day, why, why has the market gone straight up as the economy went through a severe setback and free speech really went down the drain? now here's the standard answer to that question. well the fed is pumping in trillions of dollars. the economy is recovering. we are coming out of the virus shutdown. all of that is true but i would add one more reason. american big tech. so much money is pouring into these giants that they completely dominate wall street and they have reached this position because they dominate technology and technology is the

platform on which economies are based from here on out. look at the top five. this is my reading. apple, microsoft, amazon, google, facebook. between them, they set the standard for computing, software, online, the cloud, and social networking. all of the things that run our now and in the future and they emerged unscathed and stronger after the virus. they all have vast amounts of cash, about a half trillion dollars on hand, and they are poised to dominate the new post-virus economy. they're all american corporations. that's where the money has been going and that's a big reason why the market has been going up. those five tech companies are together worth $6 trillion. okay, they're a powerful voices want to break some of them up or rein them in or tax them more heavily but as of right now they

are the crown jewels of american business. their rise is a big reason for the overall market rally despite all those dreadful news headlines. big tech. scott shellady with us right now. okay, deal with big tech in a second but, scott, you say that this current market rally has a lot to do with, that we're all betting on no more shutdowns. make your case. >> well, we've started to see the numbers come in better than expected, stuart. i think we got a little bit of short termism. we were way too negative. now, only thing we have to get over is our governors. the idea, i heard you say it before, i will say it again, idea we can pay 100% of our over heads and 25 to 50% of our revenues is a nonstarter. that is one of the biggest impediments getting economy going. governor says, open everything up 100%, 30% of americans are too afraid to come out of their houses. so you're right, we're going to

get over this virus. that is why the stock market is up too. this is a little bit different than, big monetary calamity. we are going to get over the virus. it will be bumpy between now and then. the stock market is showing us where we'll be then. everybody needs to hold their horses here. we are going to have momentary spikes but national average of deaths are still going down. people getting sick on these tests are younger and younger, showing that the virus is now weakening and weakening. maybe ultimately will burn itself out. there is ton of good news hitting headlines. on top of everything else you just said, that is the markets where it is at. stuart: what do you think of my point here, a lot of the market rally has to do with the enormous amount of money going straight into the five biggest of big-name technology stocks, what do you say? >> i couldn't agree with you more. here is what i'm coming at from a different point of view, stuart. i spent half of my professional life, 16 of the last 32 years

living outside our country. american entrepreneurialism, big tech companies is so envied by the rest of the world. that is who we are. these people can change a line of coved and change lives. that is where we're at today. that is why we hitched our wagon to these people. they will get us out of the mess and the economy with it. stuart: do they really dominate the world economy going forward? >> they do. we have the issue with free speech, who can talk what they can say or what they can't say. we'll get through it because it is the wild west. number one it is the envy of the world everyone envious of what we have. we'll continue to innovate. one line changes lives. stuart: scott shellady, well-said. i guarranty we'll see you in the future. >> all right. stuart: we move to the 2020 presidential race. president trump is already heading to arizona. he will hold an in person rally there today. this as president obama is going

to hold a virtual fund-raiser for joe biden. let's bring in hillary vaughn. what do you have on this, hillary? reporter: stuart, this is the first time president obama will be campaigning for former vice president joe biden as opposed to with him, sharing the same ticket. remember obama waited until the very last minute to endorse his former vp, holding out until every other candidate dropped out of the race before throwing his support behind biden. but now he is attending a virtual fund-raiser on biden's behalf, alongside former vice president joe biden as well. the campaign has been teasing this event for over a week. the event is not exclusive to top-dollar donors. instead, anyone who chips in any amount or any donation can actually stream in to this virtual fund-raising event. biden, despite being forced into virtual fund-raising only online had one of his best fund-raising months last month in may, beating out the first time the money that the trump campaign

brought in. biden and the dnc raising over $80 million,million more than president trump and rnc pulled in for may. the trump campaign still has a lot more cash on hand, over 150 million more dollars than the biden camp has. the trump team is on track, stuart, to raise over a billion dollars this summer so far just in the past year. stuart? stuart: hillary, thanks very much indeed. i notice joe beaden is not going out there in public face-to-face where he could make another few gaffs. they're protecting him in that sense. hillary vaughn, thank you very much. i'm going back to the big tech giants. we follow them constantly. that is where a lot of money is flowing. new record high for amazon this morning. there is another story about big tech. some of these companies vigorously oppose president trump's new visa restrictions. tell me more, susan. susan: that is because they use

a lot of h1bs. tech giants use h1bs for workers that write code and l-1, transfer staff from overseas offices. we heard from apple's tim cook opposes this. ceo of google sawn day pichai. they said that this will not help the industry and country. tim cook, like apple this, nation of immigrants always find strength in our diversity and promise of the american dream. there is no prosperity without both. pichai of alphabet tweeting immigration contributed immensely to america's economic success making it a global leader in tech and google the company it is today. elon musk, in response to "the new york times" report of the executive signing order very much disagrees with this executive action. amazon by the way actually had the most h1b visas last year of any company and they issued a

statement saying that they didn't approve of this executive order. we also have a litany of, as you see there, a long list of tech giants, intel, microsoft, twitter and the like saying that they oppose this. now the migration policy institute says 200,000 workers will be blocked as a result of president trump's order. you talk about influence of tech giants, stu, the tech giants, code and products they make have been so successful, so profitable not only for the companies and countries were made and written by a lot of these immigrants, now, some of them u.s. citizens. stuart: that is the truth. you got that right, susan. by the way, we should tell everyone, we're speaking with homeland security's ken cuccinelli about mr. trump's visa restrictions. that is coming up in our next hour. that is next hour. okay. seattle officials, they want to end the autonomous chop zone after a violent and deadly weekend. watch this, please.

>> gun violence unfolding at night is not only wrong, it also is undermining and distracting from the message for change. we are working with community to bring this to an end. stuart: okay. i don't know how they're going to do that. clearly not the summer of love as the mayor already said. get this, radical left activist wants all images of jesus christ torn down. he says they're a form of white supremacy. mike huckabee coming up on that. i'm sure he has something to say about it. i know the governor. he will definitely have something to say about that. let us help you prepare a plan to protect your family, your loved ones, and your future. find a financial professional at massmutual.com wherever you make go,

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stuart: disney has announced a launch date for the streams

service in europe. lauren, what is the significance of that? lauren: okay. we'll enter eight additional european countries on september 15th. why is that important? when disney plus first brought their streaming service to you in march 24th, in two days in seven countries they racked up 2 million subscribers. all in as of may they have 55 million subscribers. so the fact that they're branching out in europe, going into netflix territory, that shows that disney is certainly, nobody was doubting they were a streaming player but they are even more of a streaming player right now. disney branching out september 15th, eight additional european countries. stuart: taking on netflix right over there. good stuff, lauren. take a look at the starbucks stock price, please. it is up a tiny fraction. they're launching a fake meat breakfast sandwich today. okay? that will be impossible foods, not beyond meat.

beyond meat's down by the way i should tell you that. down three bucks, nearly 2% down. here is the kicker, it is not beyond meat like dunkin' doughnuts breakfast sandwich. it is impossible foods that will be going to starbucks. beyond meat and impossible foods is not a publicly-traded company. got that. move on. look at this tweet from a far left activist shawn king. i can barely believe it but i will read it for you. yes, i think the statues of the white european they claim is jesus should also come down. they are a form of white supremacy, always have been, in the bible when the family of jesus wanted to hide and blend in, guess where they went, egypt, not denmark. tie them down. let's bring in mike huckabee, the governor himself. you got a smile on your face. i'm not happy when i hear this nonsense. what about you? >> only thing you can do is

laugh at these loons. first of all what an idiotic thing we're seeing all over the world with people tearing down every kind of statue, stu. in austin, texas, they defaced a statue of stevie ray vaughan a guitar player. blues player this is gone beyond anything we could have imagined. here is the real challenge, it is often said, it is true, a culture that doesn't understand its history is like an individual who loses his memory. if you or i woke up tomorrow and had not clue what our names were, where we had been to school, who our friends and family were, we would be lost and living in a world of chaos. when a culture doesn't know its history, it is living in chaos. we don't know our history. we're living in chaos. and these crazy people on the left are now becoming like islamic terrorists destroying every last vestige of art and culture and trying to erase history, even the part of it that we ought to embrace. some of it that we ought not to

embrace we ought not to forget. stuart: now the president is very clear on this he wants to stop it. look, knock it off. he wants long jail sentences for people who try to take down andrew jackson's statue yesterday. what i don't know what the democrats are saying. i have not heard a word -- heard a few words about police reform, heard nothing about taking down statues and zones all the rest of it? what are they going to say? are they going to stop this? i don't think so. >> i don't think so either, they have already pretty much surrendered to the far left. you have got the mayor of seattle calling that nonsense a festival, a summer of love and now with people being murdered in that little zone, even she's come around to realize it's stupid but she is still not doing it forcefully because she is so afraid of her own shadow. this election this year, stuart, will be a very clear choice between democrats who think this stuff is okay, and those of us not just republicans but the rest of us who say, if you don't have a society in which law is

respected and order is kept, then we are not a country anymore and we are on the precipice of being taken over by the radical revolutionaries. stuart: i just can't see middle america waking up in the morning seeing absolute chaos outside the white house. hearing the president say, knock it off, i will stop it. i can't imagine middle america approves of standing silent and looking on while this is happening. i just can't see that. middle america is going to the right, if you ask me. >> i think you're right. i live in middle america. i often say i live in the land of the bubbas, not the land of the bubbles like the four big bubbles of our country, new york, washington, silicon valley and hollywood. i can tell you people are disgusted, fed up with the nonsense. they are not going in the streets to march, because they don't want cars an houses defaced. they don't want to be called a racist, bigot, truth his people

have respect for other people, regardless of their color, race, ethnicity, but they don't have respect for lawlessness and anarchy which is what we're seeing played out on our streets. stuart: always great to have you on the show governor. come back real soon. >> got it. stuart: i have more on seattle, i'm told a big investment firm is leaving because of the unrest. ashley, who is this, which investment firm, where are they going? >> they're called smead capital management. they have more than $1.5 billion under management. they're an investment advisory company. they're heading out. they say they have had enough. they have will move headquarters from seattle to phoenix. the ceo says there is no downtown business community there today where they are located. he says recruitment is harder in seattle. the cost of living inside of the city is higher than phoenix. he also says there are rumors, this is only rumors, but this is according to the investment

company, that 40 story buildings were only 20% filled by october in downtown seattle. so that is the first of what could be more to come of companies saying they have enough and they want to get the heck out. stuart: ashley, not just the unrest and the zone making a move out. it is very, very slow pace of coming back to work in an office if. ashley: yeah, exactly right. it will cost seattle a lot of money. stuart: i think it is. ash, thanks very much. ashley: sure. stuart: ticket seller live nation announcing a new drive-in concert series coming up this july. that would be next month. we'll tell you how it is going to work. interesting stuff. more headlines coming out of the apple developers conference. we will have them for you. apple's stock this morning, new high, up six bucks at 365. my goodness me. we'll be back

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>> ian, freeze. stuart: jurassic, park, that was 1993. they ryan it reran it over the weekend. lauren, did it do well? lauren: sure did, t-rex of the june 2020 drive-in. jury as tick park movie number one after the box office after 27 years first released. it is playing a few hundred theaters mostly drive-ins, it raked in $517,000 last weekend. what i thought was phenomenal back in 1993, "jurassic park" was in theaters, over a year, year-and-a-half. imagine that happening now? it grossed $912 million. then it was of course beaten by "titanic". movies. stuart: drive-ins, fascinating

stuff. thanks, lauren, who would have known that. 1993, comes back again. it is big. live nation, they are launching drive-in concerts, repeat concerts. susan, how will that work? susan: starting in july, live from the drive h in. nine shows headlined by country singer brad paisley, nashville, indiana, from july 10th to july 12th. you can drive into the parking lots. maximum four people per car. two empty parking lot spaces between the cars. not only can you watch the actual concert itself and party and have tailgating parties in between. missouri, estimates they can fit in 1000 cars or so. will be charged per vehicle. could go as low as $125 per car. that is low as 30-dollars per person. not bad for a vehicle of four. $30 when was last time you paid

that amount for concert. you need masks when you arrive. you can take them off during the show. not just brad payly, pop star nelly, pink floyd tribute ban and outdoor hollywood casino amphitheater outside of st. louis and these sort of drive-ins. think of all the revenue lost because of the cancellation of coachella which brings in hundreds of thousands and south by southwest being canceled in austin. stuart: a pink floyd band? susan: tribute band. stuart: i could listen to the dark side of the moon again? wow, my goodness me. susan: exactly what i was thinking. stuart: i'm on my way. now this one, apple, the stock, all-time high, 365 riding the wave from the developers conference. i think you got something on that, susan? susan: announcement yesterday apple will make their own chips going into the 2021 mac computers to ship by end of this

year. listen to tim cook. >> now it is time for a huge leap forward for the mac because today is the day we're announcing that the mac is transitioning, to our own apple silicate. susan: wouldn't expect anything less. it they ended 15 year relationship with intel. think about it make their own chips go into the macs, ipads iphones and apple watches. they promise to be faster, higher performing. apple will make modem chips go into the new iphones rolling around f you're intel of the world, qualcomm you should be a little bit concerned, more than a little bit concerned. apple is controlling their end to end of the ecosystem by making their own chips and supplying more than 40% of the components that go into the iphones. this is exactly what steve jobs wanted, right?

stu, you remember him? he wanted control of everything. there will be cost cutting for apple as well. save them $150 on the new macs. if you think about it, this could be a new revenue stream or for the world's biggest company. they are a big guy in chips as well, and amounted they can make selling their own chips. yesterday you missed all virtual worldwide developers conference, stu. i think you like this, stu. virtual car keys on your phone. you can send it to me via i-message isn't that cool? stuart: whatever you say. i can wait for that. electronic keys, you don't put them in the ignition and turn the switch. don't do that anymore. i'm used toe it. i am used to it. i like it. susan: think about holding keys on your phone. don't need keys. put phone to the car and starts. stuart: as long as you don't

lose your phone. susan: if you send it by i-message, somebody else has your keys. stuart: it goes on and on, doesn't it? susan, we'll leave it at that. i have royal caribbean on the screen. there is news on the company. what is the news, ashe? ashley: suspending all cruises, stu, for their global fleet through september the 15th. we're still in june. no sailings on the global feet for royal caribbean, at least not until beginning the september the 15th. just really tough for these cruise lines who are burning through cash at such a high rate. not the first to doth but it is all about confidence and being able to persuade people that they should get back on a cruise and go and enjoy it after all things we experienced during the pandemic what a stock roller coaster ride that thing has been on. all the cruise lines, all the airlines, all the travel companies, up and down again all

over the place. the markets as of now still holding to a 200 point gain for the dow jones industrial average and the s&p, nasdaq also on the upside. we got to check big tech again, please. we got some extraordinary numbers coming out of them. look at apple, 365, up nearly seven dollars. apple, amazon, facebook and microsoft all of them hitting record highs as of today. they're rallying. the overall market rallying despite a lot of nasty, negative headlines. i'm going to ask white house chief economist larry kudlow, he is on the show shortly, i'm going to ask him about the damage control from the navarro statement overnight. the next wave of the virus, the impact of visa restrictions on the economy and maybe a new stimulus program, is it on the way? i will ask him all of that when larry kudlow is on the show. sticker shock in the dairy aisle. the price of cheese hitting a record high and we are on it. we will be back

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♪. stuart: you're supposed to see the clip there from monty python. you can hear it in the background. that is spam, spam, spam, spam. spam, okay? that is the canned meat stuff. i was brought up on it. america sent that stuff over to go england to feed us after the second world war and we ate it up. ashley, i understand america is still eating up spam? ashley: they used to serve it at my school once a week. spam, spam, spam. spam peas and sales for spam as

of june 17th, was up 7% across the united states. how about that? canned cooked pork. apparently a couple reasons. a, food prices getting expensive. especially price of fresh meat, we saw the meat processing plants shut shut down of covid-19. a cheaper alternative, people started toe look at their budgets. not just canned meat. in the u.s., just looking at these numbers. we've seen sales surge in the uk, they used to spam. germany, greece, japan, apparently very popular in south korea. it was up 50% in april and may year-over-year. who would have thunk it. spam the brits used to say, special processed american meat. that is what spam stands for but actually hormel introduced it in 1937. it was contraction of spiced ham. they came up with spam.

there you go. there is the history lesson. stuart: do you know where most spam is sold in the united states you? don't know, but i will tell you? hawaii. hawaii. big in hawaii. ashley: huh. stuart: there is a cafe that specializes in spam. it is in hawaii. i've been there i've been there. many years ago. ashley: of course you have. stuart: of course i've been there. from spam, let's go to cheese. no we're not going to do the cheese shot from monty python. we'll tell you about cheddar cheese prices on the rise. lauren, what you got. lauren: i never had spam. just wanted to put that out there but think of a 40-pound block of cheddar as a barrel of oil. it's a commodity. it trades very volatilely. it was about $2.60 a pound. consumers were stocking up and cooking at home. they were buying a lot of frozen food with cheese in it like pizza. draft mat i can move happening even as restaurants and catering halls use a lot of cheese were

closed. now as the restaurants, et cetera, opened back up demand for cheese is rising even more, and with it the price. stuart: got it. yeah, definitely got that. spam and cheese. here we go. that is a nice combination. now there is another company, we'll look at them right now. they're called sroom. a online used car seller. they have drawn a lot of attention since their ipo two weeks ago. they are down today 3%. they went public on june 22nd, i'm sorry, june the 9th at $22 a share. they have come a long, long way. paul hennessey is with us the ceo of vroom. cone gratlations sir, your stock has gone well indeed. i'm sure you're enjoying it but i am told there is a real increase in the sale of used cars. now you sell used cars. can you give me some numbers to

back up this claim after surge in used car sales? >> absolutely, stuart. thanks for having me. first quarter for vroom was an outstanding quarter. we grew our unit sales for e-commerce nearly 150%. revenue is actually growing 160%. so even in a pre-covid environment customers were turning to vroom to transact online. since covid vroom has done even better, the enthusiasm about a contact-free sales process, contact-free delivery is really more important than ever to our customers. yeah, we're seeing a real opportunity in online vehicle sales. stuart: so you think that will continue, even though with our easing up on stay at home restrictions? you see no dark clouds on the horizon? it is to the moon from here on out, is it? >> i wouldn't say to the moon but customers were certainly frustrated with the traditional

dealership model. they're seeing real benefits of a e-commerce model in vroom. i think there are structural changes. as the increasing materially and i think vroom will benefit from that. stuart: is there any haggling? if i came to you, i went to a conventional car dealer for a used car, there is a little give-and-take on the price. if i come to you for a used car is there any give-and-take on the price. any haggling? >> stuart, that is a real dissatisfier for customers, even if they negotiated a deal, they wonder if they got a great deal. with vroom it is about transparency and providing great pricing customers don't need to haggle because they know they're getting a great deal. they feel much more satisfied by using the vroom model. stuart: the answer to the question, no haggling at vroom. i got that. your big competitor i think is

car vanna. will you beat them? >> the space is massive as you know, stuart. 41 billion in annual revenue. it is also massively fragmented. car vaughn that and vroom are disrupting the status quo. i think we'll do really well. stuart: i think you're disrupting the status quo. i think you're here to say. how big you are is another story. paul hennessey, congratulations on the stock. >> good to see you. stuart: sure thing. president trump wants to put protesters who vandalize or destroy monuments in jail. brian kilmeade, calls attacks on the statue a war on history. he spoke to the president about it. he will join us shortly. we have the most popular truck in america for more than four days, the getting an upgrade. ford urn veiling the new f-150. we have a preview for you.

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stuart: all right. the rally still holds. we got a lot of green all over the police but the dow is up only 110 points. let me show you the big tech companies. i want to take them one at a

time because there is fascinating information here. officers of all, apple, a new record high. 365 on apple. by the way that is the most valuable american company. apple is valued at $1.58 trillion. next is microsoft. that stock is also hit a new high -- i will go with amazon. amazon is next. 2757. amazon is now worth $1.3 trillion. by the way, alibaba, which is china's amazon, is valued only at 600 billion. microsoft, that company is now valued at $1.53 trillion. another record high there. as for facebook, nowhere near the trillion dollar mark. it is at a new record high or very close to it. it is worth only $690 billion. how about that? i also want to tell you in our next hour larry kudlow will join us. i will ask him all kinds of questions about the economy, the virus and big tech too and

navarro's statement as well. all right, we're momentarily, just a few seconds away from being joined by brian kilmeade. i'm going to count us down. you have to be very precise now. five, four, three, two, one. it is now 10:51 eastern. that means brian kilmeade is ready to join us. he is the host of the brian kilmeade radio show. brian, sit up straight, here we go. you are really upset about what happened outside of the white house last night and the take-down of the andrew jackson statue or the attempted take-down. go at it, brian, i know you're not happy. >> think about this, you have 1600 pennsylvania avenue, the white house. 230 years old, we're doing a feature what it meant to the country. the burning of the white house by your former country. the rebuilding in the 1950s. it was literally falling apart. across the street is a man who used to live there, andrew jackson, built the portico and big columns in front of him. he was not perfect, a democrat,

the first one. he was impactful. he changed a generation t was jack sownian era. as i'm talking to the president he is talking about the big quest to pull him down in new orleans, his stat tu. he won the battle of the new orleans. he is a self-taught military general who was fighting for this country at the age of 14 years old as a courier because that is all they would take him because he was so young. he went to jail when he got caught. he became a judge, a lawyer, a real asset to his country and these people, who skateboard for a living or just hate this country full-time, decided to put chains around a statue that the whole country stopped to dedicate, try to pull it down. thankfully he was as tough as the statue as a person. it didn't move. and now the president's passed an executive order. stuart: wait a second, weren't you in the white house, interviewing the president, walking around the white house

about an hour before this unrest at the statue and this attempted formation of a zone? what did the president say to you at that point? >> we were talking about the statues and andrew jackson specifically. stuart, you will see the video. we actually have it where andrew jackson's portraits between us. his bust is to the right of us. i had no idea in broad daylight they would be looking to set up their own autonomous zone outside a defiled st. john's church and have hundreds to show up to rip it down. think about that. stuart: wait a second, brian, the president came out real strong, look we'll not have this. we'll have long jail terms for the people who did that. so i know where the president's coming from. but i have no idea where the democrats are coming from. do you? >> by the way outside tom cotton, can i see more republicans stand up for our history? stuart: right, right. >> lincoln, grant, francis scott key. stuart: somebody has got to come forward to stop this nonsense.

>> we always look for something where both parties can get together. this is it. guys, we're going to vote on this. this will be done by a vote. we're going to talk to counties and committees. we'll see things to be revisited. no longer represents our town, new york, is named, is a controversial name. yale is a controversy hal name now. everywhere you go, guess what generation 2020. there were imperfect people living today and there are imperfect people living yesterday who just happened to have a made a tremendous impact on the planet, on the country. that's why they're memorialized. not because they're perfect. it is because they did something extraordinary. stuart: yeah. i will change the subject completely, brian. recreational vehicle makers, rv people, big surge in demand since the pandemic started but, i think, didn't you just get back from an rv trip? you're smiling. did you have a good time? you want to tell us about it.

>> never thought i would do it but i want to take my great pyrenees down with us. the family was unsure about flying right now. i looked into it. i got an rv, a win any paying go. it is 40-foot. i thought i will figure it out. 1600 miles later. i kind of figured it out a little. when truck comes by it moves on the road. but to have a living room with you, it gets ault of seven miles to the gallon. but when gas is only $1.99, you know it makes sense. but it was a great family thing. you know, my son relieved me a little bit but i never thought i would do it. when i saw the stats that it is up 300% across the country. they can't make them fast enough because the staycation, family together, not going to europe, not going to the bahamas, not going to argentina. they're staying in america on the road. it was certainly something i never thought i would do. i thought it was really cool. stuart: i'm glad we're talking

about it because that is really cool. brian kilmeade. congratulations brian, see you real soon. >> thank you, stuart. stuart: we have another big hour coming up for you, white house chief economic advisor larry kudlow will join us shortly. i will ask him about damage control from the navarro statement about china overnight. maybe i ask him about the nextwave of the virus and a whole lot more. he is on the show shortly. we'll get more details of the spread of the virus, when dr. fauci and other medical leaders testify before congress. that is moments from now. we will bring you headlines. the president left the white house earlier today. on his way to arizona, where he will look at the border wall. he threatens to suspend key visa programs. the acting deputy secretary for homeland security, ken cuccinelli will tell us why the president proposes to do that. we will be back. and it was the first time that i realized i could be earning interest back on my money.

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eastern time this tuesday morning. we have been watching the nasdaq all day. it opened at another fresh high. just goes to show how those big techs are really leading this market. right now, the nasdaq is way up. 10,147. that's where the nasdaq

composite is. that's a new all-time high. i'm going to put some big tech names on your screen. they have all hit record highs this morning. apple, microsoft, amazon, facebook, all of them record highs this tuesday morning. and again, let me tell you, larry kudlow coming up on the show shortly, we hope. happening this hour on capitol hill, dr. fauci testifies on the surge in recent virus cases. now, edward lawrence knows what he's going to say, has seen his prepared remarks, and edward, you, sir, are going to give us the bullet points, aren't you? reporter: i certainly am, stu. dr. anthony fauci is going to say they have had positive test results with remdesivir, even more positive than seemed to have been in the past on how that's treating the most severe patients. also, nih is working on other treatments through antibodies from donors who have had the coronavirus and working through blood treatments that way. he's also going to say that it's very rare to have a virus that

started in animals, then jumped to humans and spread among those humans. also in front of the committee, the head of the cdc. now, he is going to say they saw health providers in one month with enough demand for medical -- personal medical equipment for the entire year, equals the same as their yearly demand, showing the need for some of that ppe manufacturing to come back to the united states. they are also going to say on testing, 22 million tests for the coronavirus have been given. they are averaging now 400,000 to 500,000 tests per day for the virus and finally, the head of the fda also there, who is going to say they have seen no transmission from food and food processing to the general public. also, that food packaging to the general public. now, that hearing expected to start any minute from now. stuart: i've got a feeling there's going to be some questioning about a second wave, maybe a second lockdown. i think he will be questioned about that.

i suspect the democrats will try to put some, what would you call it, some space between him and the president. am i right? reporter: exactly. very critical, the democrats going into this, the head of the committee actually very critical of the response of reopening the government so quickly, also on the testing. they want to see more tests go out, maybe contain certain areas there. you are going to see them try to pin dr. anthony fauci possibly in a corner, trying to say the economy may be open too quickly. we'll just have to see how this goes. but again, very tough questions from democrats coming today. stuart: here it comes, thank you, sir. see you again real soon. i'm going to put one particular biotech firm on the screen for you. inovio is up 16%. that's a whopping great big gain. ashley, why up so big? ashley: because they just announced another contract with the department of defense. they are going to get funding to the tune of $71 million from the

department of defense. they are going to be manufacturing a hand-held device that will be able to deliver an experimental vaccine. the department of defense haven't exactly said, an undisclosed, if you like, number of these devices. the vaccine itself, we don't know what it's called but it's in phase one clinical trials. this is not the first time the dod has worked with inovio. by the way, the stock is up 363% year to date. that's why you are seeing another big gain today. stuart: 300%. i didn't see it coming but there you go. thanks, ash. next, we will deal with the apple conference, their developers conference kicked off monday. goes on all week. look who's here. dan ives. dan, welcome back. look, let me cut this short because i know what you're writing here. you are saying that apple is going to make their own chips, you are saying airpods are going to get surround sound. and the ios 14 is apple's

introduction to 5g. you like it all. is all of that, those three areas, is that enough to put apple way above $400 a share and soon? >> look, i think this is just the appetizer to the entree which is iphone 12 and 5g. i think when you look on the other side of this dark valley, that's really the catalyst. 350 million of 950 million iphones worldwide are in a window of an upgrade opportunity. not upgraded in three and a half years. that's where you get to a $2 trillion cap in the next three to six months and $400 plus stock as apple continues to get re-rated despite the dark clouds. stuart: i take my hat off to you. you have been right consistently about apple and other stocks, too. now you are saying $400 a share plus and a $2 trillion valuation. okay. we love to see that. i want to talk to you also about tesla. your firm just reported that

their cyber-truck now has an incredible 650,000 preorders? that big? what does that mean for the stock? >> now, look, it's a $100 refundable preorder. so you got to look at 30%, 40% conversion is massive. this could be potentially 200,000 units first year. it speaks to why it's so important where that next factory is within the u.s. we think austin, texas is likely where musk and tesla move to. this is just going to be another piece to the tesla puzzle on the ev semi side as they continue to expand. right now this is a stock, we call it 1500 bull case as this is just a core way for investors to play a transformational ev play. stuart: would you call tesla the best car company in the world? >> look, i think today, if you

look at ev and you look at where they're going, i would call them the best next gen car company in the world. i think the head scratcher to traditional auto makers in europe and the u.s., they just cannot catch. remember that musk dna, that continues to be what they're doing and obviously ev is only 3% penetrated today. that's why the stock continues to move higher. stuart: again, you have been ri right. i wonder if you're right on tesla going to $1500 a share. dan ives, you always keep it short, sharp and to the point. we like that. we love it that you're right. come see us again soon. thank you very much, sir. >> thank you. stuart: my goodness me. $400 plus for apple, $1500 for tesla? how about that. one more check of the big tech companies, please. a lot of them, four of them have been hitting all-time highs. microsoft now partnering with johns hopkins university, using their artificial intelligence

technology to help with new medical treatments and data management. microsoft's stock all the way up to $202 per share. believe me, folks, i did not see that coming. amazon putting $2 billion into a venture capital fund to help the environment. jeff bezos says the money will go to quote, sustainable and decarbonizing technologies. new high for amazon, it's up 57 bucks right now, over 2%. $2,771 per share. more good news on the housing front. lauren, people are -- what? people are paying their mortgages again? there's a headline for you. lauren: i know. imagine that. this shows that we are recovering from the virus and the housing and the job market are relatively strong. if you look at the number of americans skipping their mortgage payments which is called forbearance, that has dropped for the first time since march in the wake of coronavirus. these are numbers as of june

14th. 4.2 million homeowners hadn't paid their mortgages versus 4.3 million the prior week. so it's a decline. it's the first one we have seen in awhile. i spoke to an analyst who said of the homeowners who are requesting forbearance, many of them have still been paying their bills because you can, they just requested forbearance just in case but if things get better and they have their stimulus checks, they are still making at least some of the payments. this is all good that we are moving in the right direction. the wild card is what happens when the stimulus dries up. stuart: absolutely. that is good news across the board there. when people are paying their bills or more people are paying their bills. there's no way to look at it but that's good news. thank you, lauren. what about siemens and sales force teaming up to back-to-work products? susan: they are going to give employees data on their mobile phones to stay safe and efficient when they have to go back to the office. think of boarding passes for building and elevator entry,

also warnings when room occupancy limits are being met. that means there are too many people already in one room. employees check in and contact tracing might be available in the future if these emergency measures will be needed but data will be collected, many times per second according to siemens, then delivered to workers and managers via salesforce apps. many are slowly allowing their staff to return to work but only on a staggered and limited basis. so these tools will help them be safe at least when they have to go into the actual workplaces themselves. what about those that get to work from home permanently like the twitters, squares, facebook and slack, and even a swissbanc, they plan to increase the number of employees who don't have to return to the workplace. that's pretty much the trend, working from home permanently, especially we know we can do that any time. stuart: some companies have really just set up for work from home. tech companies are ideally set up to do that. susan: a bank? that was strange.

ubs. stuart: i have been locked out of my bank branch for four months. i have kind of managed to do all my banking on my phone. susan: wow. stuart: if someone like me can do it, lot of other people can do it, too. susan: trends can be accelerated. think about the general population. stuart: by the way, one quick thing here. maybe the market was watching dan ives a moment ago when he said the apple stock is going well above $400 a share. i have now got apple at $366, up more than $7. i think he may have moved the market. look at that. susan: i think the general consensus, cowan and the like, lot of analysts have rated apple at above $400, $405 is the street high right now. stuart: he laid out a very good case for it. thanks, susan. we have wire card on the air just a moment ago, a german payments company. that stock has tanked in the past few days because they lost about $2 billion. somebody has been arrested, is that correct, ash?

ashley: what a scandal this is turning out to be. his name is marcus braun. he resigned as ceo yesterday. lo and behold there was a $2.1 billion hole in the accounts and it came to light after ey did an audit and said wait a minute, where is this money. turns out that braun is accused of creating fake balance sheets, fake accounts and now he has been arrested. police in germany say he may not have worked alone, he may have had cooperation. this was one of the rare tech successes of europe. it's a payments processing company, wirecard, much vaulted, by the way, that $2 billion hole is about a quarter of the company's total assets. so he has a lot of explaining to do, mr. braun. at one point, two banks in the philippines were said to be holding that money and they said we have never had it, never had, you know, never even seen one penny of that $2.1 billion.

so mr. braun, it turns out, has a lot of questions to answer. interesting story. stuart: lot of explaining to do. that was the expression. you remember that? i know you do. ashley: of course. stuart: in a few minutes, white house chief economic guy, larry kudlow, will join us. i want to know more about peter navarro's statement on china, the china trade deal, overnight. mr. kudlow's take on what may be a second wave of the virus. all of that coming up this hour right here on "varney & company." all right. let's see what we've got for you right now. president trump is on his way to arizona. he's going to look at the 200th mile of the new border wall before holding a campaign event with thousands of people in phoenix. this comes as the white house moves to suspend temporarily work visas to help u.s. citizens find jobs during the pandemic. acting homeland security secretary ken cuccinelli will join us live to talk about that visa restriction later this hour.

overnight, protesters tried to tear down that statue of andrew jackson right outside the white house. president trump said hey, knock it off, or you will get punished. watch this. >> you can't take down george washington's statue and half of our country's named after washington. you can't -- we have to remember the heritage, the culture of our country. stuart: all right. you will get my take on the protests sweeping this nation after this break. and because we don't know exactly when this crisis is going to be over and we don't know exactly when the stock market will reach its bottom, we've got to be prepared for this to last a long time. if you assume that you're out of work for nine months but you end up only being out of work for... wherever you may go, lexus will welcome you back with exceptional offers on exceptional vehicles. get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. experience amazing

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do you think that the president sort of -- i mean, he obviously really wanted to hang on to this trade deal but given everything that's happened and all the things you just listed, is that over? >> it's over.

yes. stuart: it's over, yes. that's what white house trade adviser peter navarro told martha maccallum on fox news last night talking about the trade deal. navarro then backed off, walked away from the comment, saying the media took it wildly out of context. the president weighed in with a tweet saying the china trade deal is fully intact. hopefully they will continue to live up to the terms of the agreement. let's settle this with larry kudlow, the president's chief economic adviser who joins us now. larry, please give me some clarity on phase one of the china trade deal. where's it stand? >> the clarity is involved with the president's tweet last evening that you accurately quoted. the deal is fully intact. you know, that's been the reports coming from bams doamba lighthizer, one of the principal architects of the deal. actually, china has been picking up its game in the last month according to trade rep lighthizer. and i have been in several meetings in the oval with bob

and steve mnuchin and the president and others, you know, that's been our view. they have actually picked up their game. it's not just commodity buying, although that is picking up, too. some of the structural issues like i.p. theft, i mean, look, can i just say, if you are in the arena, if you are doing the media stuff a lot, you will let one or two get away. i think it's happened to all of us. i have known peter navarro a long time. hps he's a very smart guy. he's working hard for the president. he misspoke and i think he straightened it out. the trade deal is on. stuart: let's leave it right there. that's clarity. why does the president want to cut down on skilled workers? he's proposing this executive order on h1b1 visas. a lot of those people work at our high tech companies and they are needed in our society. why does the president want to cut down on them? >> well, look, there's a pause going on here. that pause is directly related

to the pandemic, collapse of the economy. i think that the president's view and i served on that task force and we agreed that we have to help americans get back to work first. that's the top priority. in particular, stu, if you look down, we made adjustments to the h1b, the h2jl. there will be some exclusions and waivers, first of all, but second of all, it's the middle income folks and the lower income folks that got hurt the most. minority groups got slammed during this pandemic contraction. i think this again, this is temporary through the end of the year, then it will be reviewed pending the outcome of the economy. i think he's on the right track here. stuart: look, if american companies cannot get the skilled workers that they need for whatever reason, if you cut off the supply of those skilled workers, you do slow down the

rate of economic recovery, don't you? >> i think in the long term you're right, but i don't think that's really our intent. i mean, our overall intent for immigration reform is to build back a merit-based system, okay. that's where we want to go. we want to slow down or even end the family chain system, okay, which has not been helpful to our economy and regrettably, there's been a lot of unlawful, illegal immigrants. now, the point, though, is this. let these companies interview and take wage offers from americans first. i mean, that's all it says. just start right here with americans. there have been some companies, not all, but some companies that have avoided higher priced american wages in order to get lower priced foreign wages. it's a bad arbitrage for the

united states. incidentally, in the h1b reform which i think will last the test of time, those people who have been offered the highest wages will have first dibs on the job. like a reverse auction. i think this is a necessary reform. you know, in terms of the wage scale, some of these h1bs, i know they're skillful, they're not necessarily interplanetary skillful. lots of people can do these jobs. we train well in the united states. but their wages are only about 17% of the median. we want to raise that up to at least 50% of the median. that's part of this reform. but most of all, let's help american workers first. let's look to the middle class and the low end wage earners who had been, in president trump's first three years, it was the low end wages, wage earners who had the fastest growth, higher than the top end. we just want to give them first dibs as we recover, reopen the economy, and as we go through this v-shaped recovery.

stuart: i'm going to give you a headline from "the washington post." it reads, i will tell you now, trump tells aides he backs new round of stimulus. i think the article goes on to suggest that the president is in favor of generous, that's his words, generous direct payments to people. any comment on that? >> look, i think number one, there will be a healthy discussion after the july fourth recess about the next move regarding economic policy. my hope is we move from rescue to economic growth incentive. by the way, the rescue has worked beautifully. there are green shoots sprouting up everywhere -- stuart: what about direct payment? >> -- the second half of the year you're going to get 20% economic growth and if we just get 5% in the first quarter of 2021, we will be back to the peak in the economy of 2019. now, to your point, i hear you,

i think the tax rebates or the direct mail checks are on the table. this is all pre-decisional. a lot of discussions going on. probably we would want to target those to those folks who lost their jobs and are most in need. that's the speculation on my part but i think that's where it's going. don't forget, please, the president wants incentive oriented policies. he wants a payroll tax holiday, provide incentive for people to come back to work. he wants a reemployment incentive to come back to work. he's talked about capital gains. he's talked about business expensing. he's talked about deductions for restaurants, entertainment, sporting events and sightseeing and tourism. we want this to be a constructive package and it may be that the tax rebates will be part of that. i don't want to say for sure, i don't want to say not. i know it's on the table. stuart: in 30 seconds, can you

tell us absolutely definitely no second lockdown? >> yes, absolutely definitely. you know what, there are some states that have some issues, no question. i look at my list here. arizona, florida, nevada, carolina, oregon, texas. i don't deny that. there's no question about it. on the other hand, the testing has risen astronomically so the case rate's gone up a bit. the fatality rate continues to come down. that's a very important fact. and stu, just for the record, a lot of people don't want to report this, the reality is we have had huge declines in the case rate, okay. colorado minus 30. the d.c., maryland, virginia area minus 31%. illinois, minus 36%. michigan, minus 80%. the new york metropolitan area, minus 20%. niece are --

these are -- so we are getting some decreases. we have a lot of experience now, we've got the right equipment and people have got to continue to practice, you know, good safety guidelines and distancing and masks where necessary. so there are just as many examples of the case rate coming down significantly as they are coming up. in fact, cdc tells me you've got 37 states right now the past week who are in very good shape, okay, all the trend lines coming down. you have 13 states that have some hot spots. i acknowledge that. but none of this requires another shutdown of the economy. there is no second wave. some are doing fabulous, some are still -- have to be very careful. that's the way life's going to work mostly as this economy reopens, it's going to be a v-shaped boom. i believe that's what all these green shoots are telling us, whether it's retail sales or jobs or apple mobility travel or housing demand or new business

applications. i think the evidence is overwhelming at this point. stuart: you got it all in there. v-shaped boom. thanks, larry. thanks very much indeed. see you soon. thank you. >> thank you. appreciate it. stuart: the market went up a little during that interview. we now have the dow up 251 points. you will get my take on what i'm calling the cultural revolution, i don't like it. the cultural revolution, next.

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[ indiscernible shouting ] stuart: all right. last night, demonstration in washington, it turned ugly. the mob tried to take down the statue of andrew jackson. they vandalized a church. they tried to set up their own autonomous zone just like seattle, right outside the white house. just look what's going on. these scenes are part of an attempted cultural revolution, a complete rejection of the past and the present. this revolution cannot be criticized. strict political conformity is the rule. no deviation allowed. if you're not on board, you're out, banished, shamed.

it amounts to a lockdown on free speech and political debate. there are statements you may not make. there are opinions you may not share. statue toppling, that's just the tip of the iceberg. they make the visual headlines which we have to look at every morning. below the surface, is the censorship that threatens anyone who doesn't conform. whatever you have said or written, even in the distant past, can and will be used against you. this gross intolerance is undermining all parts of our society. a federal reserve economist, the leaders of the poetry society, a principal in vermont, an nba announcer, an m.i.t. chaplain, a coach at oklahoma state, business executives, the editor of the "new york times" opinion page, all of them either forced out or forced to apologize. they didn't conform to the demands of the cultural revolutionaries.

as the "wall street journal" editorializes today, someone has to stop this. they are dead right. we know where the president stands. he's a free speaker and his message to the anarchists is clear, knock it off or else. but where, oh, where, are the democrats? they won't step out of their comfort zone. they will happily blame trump for talking about law and order but they don't step up for free speech and free debate. they won't say a word that the revolutionaries don't like. that's a mistake. with five months to the election, it is vital that our country freely address the chaos that we wake up to each morning. this is no time to suppress free speech. it's no time to walk away from the debate. freedom is written into our constitution, and both sides of the aisle should support it openly and forcefully. let's bring in someone ideally suited to respond to my editorial. man on the right-hand side of the screen, charles payne, host of "making money" on this network. charles, tell me if i'm going wrong somewhere. have at it.

charles: i think you are certainly heading in the right direction, stuart, but you mentioned the democratic party. i think you also have to add their allies in the mainstream media. here's the situation. they have created, they have created -- this is sort of the seeds they have planted and that they have cultivated over years and years of saying hey, this group over here completely, completely does not like you, completely is not going to work in your interest, completely wants to harm you. they have spread this message to generation after generation and then it explodes on the scene and the images that we have seen more recently, and the mainstream media coddles it. they never call it out. but any time someone on the right, particularly as president trump does something less egregious, it's the end of the world. these are anarchists who have taken this over. they have usurped this whole thing and i do blame the democrats for it. the answer is no, they won't stand up to it.

the mainstream media will never call it out. cnn would rather build a fence around their building in atlanta rather than tell the truth about this. so the consequences of where it goes, aun ash anarchism wants t complete disarray, complete crumbling of this nation. it's not about whether black people's lives matter, it's not about police reform. it's only about the destruction of america. that's been their aim for more than a century and this is the most success they have had in almost a century. stuart: i will move aside from that subject and move to the economy. i want to show our audience and you a poll. 85% of democrats are calling current conditions in the economy poor. 85% say it's poor. 65% of republicans say everything is good. now, that's a ridiculous political split, isn't it, charles? charles: yeah, it's been like that since president trump has been in office. even when we were posting a february record everything,

everything, including a surge in household ownership amongst millenials, a surge in household ownership amongst blacks and s hispanics, wage growth across the board, every time you asked those questions along political lines, it's the democrats who didn't like the way the economy was going. i could say this. you could be more specific. if i was a democrat living in new york city, i probably would be more dismayed with this economy, particularly if i wasn't one of those rich persons living on park avenue. if i was one of these folks in the democratic california, michigan, illinois, i would probably feel like the economy is not helping me. but that's certainly not a reflection on the efforts of the federal government. that's the efforts and the result of what's happened on the local scene. by the way, circling back to our original topic, though, it never gets brought up and there's never any true authentic accountability. stuart: absolutely right. i hope to hear more from you on this at 2:00 eastern time this afternoon when your program "making money with charles

payne" goes on the air. i will be tuning in. you will tell me all about it. thanks. see you later. couple of stocks, want to check them out for you. first of all, disney. workers at the most magical place on earth say they don't want to reopen next month. we will explain that for you. and president trump freezing visas for foreign workers to help citizens, u.s. citizens, get jobs during the pandemic. watch this for a minute. >> unprecedented level of effort by a president to clear the american job market of competition like this. stuart: all right. that was acting deputy homeland security secretary ken ku cuccinel cuccinelli. he joins us live on this program after this break. ♪ they line up by the thousands.

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we have to help americans get back to work first. that's the top priority. there will be some exclusions

and waivers, first of all, but second of all, it's the middle income folks and the lower income folks that got hurt the most. stuart: that's larry kudlow on the program moments ago, talking about president trump's plan to suspend temporarily some visas for foreign workers. ken cuccinelli is with us. ken, welcome back to the program. always good to see you. i put it to you that workers we are talking about here, they're not farm workers. they're not coming here to pick the crops in california. these are skilled workers which our tech companies actually need. if the tech companies can't get them -- >> they run the gamut. stuart: yeah, but doesn't it slow down the rate of growth of our recovering economy? >> in every one of the industries where h1b visas, the high tech ones you're referring to, stu, every single one of those industries have seen significant layoffs. so the idea that there aren't americans available doesn't stand up in the light of the unemployment data right now.

maybe in a 3.5% unemployment trump economy a few months ago, but in a 13.5% unemployment arrangement, that isn't the case. the president made very clear, larry said the same, the president is putting american workers at the front of the line to get jobs here as best he can, and one way he can do that is to use his legal authority as president to bar entry on a temporary basis of a variety of classes of these competitive visas. stuart: overall, big picture, is it your intention and the president's intention given your druthers, if you could do what you like, to lower substantially the level of immigration to america? >> that isn't what this order is about except to the end of 2020. that's a whole different debate that the president's been trying to get going in congress, but they don't seem willing to pick it up. you know, we'll see if anything gets jump-started that doesn't traditionally happen in an election year.

stuart: overall big picture, you want to reduce the numbers? >> certainly when you see unemployment go up like this, we would. that's what the president is doing here. he is reducing the incoming numbers by over 500,000 for the rest of this year, because of the explosion of unemployment among americans. those factors matter. you know, you view immigration differently at 3.5% unemployment than you do at 13.5% unemployment. certainly this president does. and he's prioritized getting americans back to work even if there are some other challenges that this causes that you note, stu. it isn't like this all happens smoothly. but the president has staked out his ground and it's for american workers in this particular context. stuart: the president is on his way to arizona right now. he's going to inspect i think it's the 200th mile of the border wall. would you say that with 200 miles of the wall in place, has that been successful in drastically reducing the flow of illegals into arizona?

>> yes, in the areas where the wall system is completely built, absolutely. so i will give you a nearby example. yuma, arizona, the wall system reduced illegal traffic by 75%. 75%. now, that's one of the most extraordinary accomplishments across the border with the new wall. others were maybe 25% and so forth. but what the border patrol agents will also tell you is it takes less of them to do their job and they are safer doing it because of the surveillance and the blockage of traffic. so it provides a whole array of benefits to security for our agents, national security for our country and driving the flows down. stuart: ken cuccinelli, thanks very much for being with us as always. >> good to be with you. stuart: yes, sir. come see us again soon. thank you, sir. going to check various markets before we move back to stocks. first of all, oil. look at that. $41 per barrel. that's an indication of growing economic activity as we recover

from the lockdown. how about the price of gold? up again, $1,783 per ounce. that's a gain of almost 1% today. solid gain for gold. paypal, they will reportedly offer direct cryptocurrency sales. they are following other digital payment services like square that allow you to buy cryptocurrencies like bitcoin, for example, on their platform. the stock is up 2.8%. nice gain. disney. they are moving to reopen parks around the world but some workers are not on board with that. what's the problem, lauren? lauren: yeah. well, if you look at walt disney world in florida, about 5200 workers there signed a petition saying you cannot open the magic and animal kingdom as you want to on july 11th because of the spike that we are seeing in coronavirus infections in the state of florida. as of today, there has been an increase overnight of 3,289 infections, bringing florida's

total to 103,506. florida is now the seventh state to have more than 100,000 infections. so there's a spike in florida and they are petitioning that disney doesn't open in time. stuart: tell me about disneyland in tokyo. lauren: they want to open and they want to do so july 1st. that would be four months after closing. you have to make a reservation ahead of time, saying the date and time you are going, and they are limiting guests to 15,000. so as of next week, hong kong disneyland is open, shanghai disney is open, and tokyo disney will be open as well. stuart: july 1st. got it. thanks very much, lauren. now this. it has been the bestselling pickup truck in the country for four decades. now the ford f-150 is getting an upgrade, rumor has it that there's an option for lay flat sleeper seats. i've got to get a preview

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and it's made by kohler- america's leading plumbing brand. we need this bath. yes. yes you do. a kohler walk-in bath provides independence with peace of mind. ask about saving up to $1500 on your installation. stuart: i have been waiting the whole show to get to this. ford motor company coming out with its brand new ford f-150. i happen to have one of these

things. they are the most popular truck in the u.s. for over four decades. look who's here. ford's marketing, sales and service vice president. mark, welcome to the program. good to see you, sir. >> thank you, stuart. thank you for being a customer and having me on. stuart: before we go any further, what's this about reclining seats like airline seats on a truck? you kidding me? >> our new truck that's coming out, our new f-150, we are bringing it out later this year so we are revealing it on thursday night to the world, it has a ton of great features. our pd team, our product development team, know these customers, they live with them on the work sites. our truck customers work hard for a living. you got to take a little siesta and you can lay flat. stuart: come on, you got to give me a preview here. you already admitted to you can lay flat. that's a big one. what else am i going to see? come on. you can tell me. >> this truck is going to set a new bar in terms of capability, torque, payload, towing that our

truck customers need. there are updates on the truck and continually improve the software experience of everything the customer utilizes with the truck. we will have a hybrid version to get great fuel economy and have an onboard generator that can power a work site or your home for a short period of time. we are also going to bring a full battery electric, complete battery electric pickup to the f-150 within two years. i have driven preproduction model. it will blow your mind how capable it is. we've got a lot to be excited about. stuart: i'm willing to have my mind blown with a new ford f-150. i just picked up on this. you've got an onboard generator. that -- >> yes. you can store the energy, a customer that's utilizing the truck on a remote work site can power their tools, you know, light up the area.

it's a really good feature that our customers said that they were really interested in having. we are going to have it on this new truck. i'm on the tour right now, visiting with some of our great dealers who have been open through this whole pandemic. i'm at lb smith ford in the great city of lemoyne, pennsylvania outside harrisburg. we've got a lot to look forward to. stuart: when does it arrive in the showroom? >> toward the end of the year. november, december. we will be converting over the plant in the fourth quarter. that's a big operation. we build the f-150 in both michigan and in kansas city, missouri. i can tell you, stuart, we build all of our trucks, we are america's truck leader, we don't build nif thany of them outside u.s. we believe it's very important to have our trucks built in the united states by united states workers, with our partnership with the uaw and every truck we sell in america, we build right here in america. we are very proud of that. stuart: okay.

that's a big selling point. that is a fact. certainly would help me buy one of these things. mark, thanks for joining us. we appreciate it. we will be looking forward to the great unveiling on thursday. we will get more details. thanks, mark. see you again soon. thank you. more "varney" after this. ♪ ♪ yeah ♪ ♪ y-yeah ♪ ♪ yeah ♪ hey, hey ♪ ♪ yeah we could never do what they do. but what we can do it be a partner that never quits. verizon is the most reliable network in america. built for interoperability and puts first responders first, giving their calls priority, 24/7. . . .

stuart: before we leave you i want to show you the two powerhouses of this market. first of all apple look at it!

new record high. apple is worth almost $1.6 trillion. microsoft, the other power mouse going up here, $203 a share. first time i've seen that up 1.25%. i'm done. my time is up, neil it is yours. neil: both those companies pay dividends. you get the best of both worlds. stuart, following up on your fine reporting, hearings going on capitol hill, dr. fauci, head of cdc. nothing moving outside of dr. fauci part of reason for surge in coronavirus testing we've seen increase in community spread. that is to be expected but again this spike in cases that we've seen remains at a bit of a concern particularly in texas. arizona comes to mind as well. that this uptick is noteworthy. but again you will hear a lot