varneyviewers@foxbusiness.com. it will be just susan and i answering your questions, taking your messages tomorrow. lauren is still on maternity leave having given birth to that baby girl. we'll update for tomorrow at the end of the show. time is up for me, neil, it is yours. neil: stuart, thank you very much. technology stocks, as you said, my friend, holding their own. tesla not joining them now continuing to dip further into bear market territory. we're keeping an eye certainly on tesla and nasdaq as a whole, on technology stocks. we're keeping an eye on oil. i almost did a double-take when i saw it climb over 64 bucks a barrel. this on dwindling supply and increasing demand. we'll get into that. it is pulling on the inflationary fears in the market maybe jerome powell will address. we're seeing a spike in a host

of commodities here. he might be perfectly okay with that, that this will not change policy direction. nevertheless, it is a fear. keeping eyes on capitol hill. senate in session, the house is not. right now the devil is getting this thing down, $1.9 trillion stimulus package. the way they're moving on this it could get pushed back with the procedures involved. edward lawrence on the latest here what is happening and why this could drag on make for a while, edward. what are you hearing? reporter: neil, this tells you how divided this is, vice president kamala harris is expected to be in the chamber for the vote to move the american rescue package on. that vote starting at 1:00 p.m. the congressional budget office out with the american rescue plan as passed by the house would add $1.9 trillion in pure deficit spending over the next 10 years. the hit would be $1.2 trillion to the deficit this year. senator josh hawley says today there is too much pork and not

enough targeting in the bill. listen. >> if joe biden really wants to do more why doesn't he focus his covid relief package on vaccine distribution and put the brunt of the package there? instead he is spending hundreds of millions of dollars on abortion providers and environmental justice? that shows you where his priorities are. reporter: republicans will drag this out to highlight all the other stuff still in the package. things that are not targeted for covid relief even though a few high-profile projects were removed. senator ron johnson says today he has 12 or 13 senators who will con with usually read amendments that could be added by both republicans and democrats to the american rescue package. possibly even get them to read the entire american rescue package plan out loud. that would add about 10 hours to the voting process. senior democratic aide tells me that the bill will be sent back to the house after it is passed because there are changes to it. >> this is congress working its

will. we sent our product. they will act upon it, apparently there will be some changes. it will come back to the house. we'll review it, send it to the president. reporter: just like that the house speaker could choose to amend the bill again and add back some of the things that were taken out. if that happens the bill would go to conference, if the house accepts what comes from the senate, it goes straight to president biden. either way the senior aide tells me the reconciliation rules apply, so a majority could pass it either way with either scenario. back to you. neil: thank you, edward lawrence. senator joe lieberman, former independent connecticut senator, former vice presidential candidate. senator always good to see you. it looks like this might be a tough sledding, maybe we get into the weekend with all the manuevers that delay this but it

will ultimately be approved but pretty much along party line votes. i know they're working on you know, alaska republican senator murkowski to try to get her to support this but, barring that, another part line vote on very big piece of legislation. what do you make of that? >> i'm disappointed it is going this way. i don't think it is the right way for the biden administration, not the best for our country. unfortunately, neil, i talked to former colleagues in both parties on capitol hill, they said the same thing, the other side doesn't really want to negotiate. a compromise is impossible. that is really not true but that is the mood they're, it is very posttraumatic time after the january 6th events and then impeachment trial. i must say this, history does tell us, i can say during my tenure, that a new president tend to get what they want from their own party but, it is not

the way it ought to happen. this bill should be less expensive than it is, still can take care of the most urgent needs of the american people. i hope that we can recover from the partisan sniping that is going to go on and going on now. so they can work together on the next big items like infrastructure. neil: one thing you know the whole washington process far better than i, senator. what is interesting here, is that the concessions here some moderate democrats wants, joe manchin chief of them, not hand out checks to everybody, i thought the savings would go off the cost of the total package but apparently channeled into other areas. it doesn't make the package any less than the $1.9 trillion tab. why is that? >> there is not a good reason for it. that's the way the administration, democratic leadership wanted it. it may go back to this tendency

that i saw the presidents i support, i served unboth parties. the incoming president tends to want to do something big -- [inaudible]. manchin and some of the other moderates did negotiate some changes but it looks like they are really clinging to the 1.9 trillion. oh, that is a lot of money, it adds to the deficit. some of it is clearly necessary in the short run, like, renewing the unemployment benefits but, it is not the way the government ought to run. i hope it can recover. not the way joe biden was a senator for so many years. he always worked across party lines to try to get good things done. that is what the country needs now. hopefully they do it. it has happened in the past. clinton started with a party-line vote. bush 43 went on to negotiate, compromise with the other party and get some big things done for

the country. i hope that can happen now. we need it. neil: you know, senator, we do know that with the adjustments they have made, who gets the stimulus checks apparently someone was working on the math, said it works out to 12 million americans who got stimulus checks last time, who might not this time. it got me thinking the whole purpose of this was to get americans to spend, i could see for those who are way over on income but this means now that a targeted area, that could have immediate effect is lost. i'm just wondering, how that happens, what that maybe says of this entire measure where half the spending is pushed into future years? >> yeah. well, it -- [inaudible]. particularly because the administration has made it clear that a infrastructure bill, investment in infrastructure, multitrillion is coming next. we need something like that. hopefully it can be bipartisan

agreement on it, you know, if you look at this 1.9 billion, there are certain things that are really critical now for people who are hurting, lost jobs -- [inaudible]. some people are really living hand to mouth every day but a lot of the other stuff really could be delayed. and done later. look, i'm not there. i don't know how the -- ended up with this result but looks like after a lot of partisan wrangling over the next few days which is not pretty, this 1.9 trillion package will pass. let's hope and pray that it helps the economy, most of all people really need it as we come out of the pandemic. it is not the way the government should run, really. neil: yeah. that is probably an understatement. senator, always great catching up with you. thank you very much. be well. >> have a good day, my friend. neil: you too. joe lieberman.

let's take a real quick look at the markets before i get to my guests right now. at least when it comes to the dow and those economically sensitive issues that dominate the 30 stockses we'll get stimulus a lot of money not properly spent, not properly channeled, focused, a lot bigger than need be, that is wind at the back for most of the issues within the dow, up now 187 points. we should also focus though on the comeback going on in the nasdaq, how long that holds is anyone's guess. most nasdaq issues gone deep into correction territory, i include the likes of facebook, amazon, apple, almost microsoft, down 7% or so from its highs. 10% constitutes a correction. the 15 to 14, 16% we're seeing in some of these other issues are still way lower than the 27, 28% drop from tesla from its highs here but looking at all of

that, tesla's run of the big premier names definitely in a bear market. those other issues are bucking that trend. we might point out here with the dow doing what it is doing, certainly what the s&p is doing, what it is doing, we now have a market that is trading at about 22 times forward earnings estimates. that is pretty rich. normally, you know, the average is closer to 15 to 17, depending how you want to look at it. these are levels we've not seen really on a sustained basis since, you know, the around the 2009-10 period. even then we got up to 15 times prevailing earnings estimates. now whether that constitutes a market getting a little ahead of itself, let's get into that with our guests, gary kaltbaum, kaltbaum capital management. fox news contributor liz peek is here. fox news contributor. liz, this idea it is a rich

market, even with the gyrations we've seen, do you think this market is trading at a premium? if that number is right, a ridiculous one. >> neil, i don't think it is at a ridiculous premium. i think probably the numbers you're talking about in terms of growth and s&p earnings are you know estimated. what we've seen over the past year and certainly in the past several weeks, economists are wrong time and again about the robust nature of this recovery. look at the manufacturing and services pmi, the purchasing manager indices that came out recently. way above expectations. almost every indicator of growth, they have been wrong on. i think, we're going to see s&p earnings surprise on the upside. so i think the markets anticipating that. investors are often ahead of the experts. i think that is what we're seeing here. neil: you might be right. i do note it is highest forward

price earnings ratio we've seen in a couple of decades. and, you're right, maybe some of this data, gary catches up with the reality that we're seeing in these multiples, but for someone new looking at the market, and buying in at these levels, we've always heard especially with technology, richly rewarded doing this, buy on every dip, if you did so today is good example, say tesla, you're well-served. but what do you tell clients? >> i agree with the growth prospects. i don't agree on the valuations. i think we're in the trees and some specific areas are higher than the trees and just remember a lot of this has to do with zero percent interest rates, negative rates in europe and printing of trillions of dollars. if the bond market keeps backing up in the yield, that will take valuations down. that is why i think you're seeing a hair cut right now in technology stocks that have their way for a very long time as rates came down. the good news is, it is a normal

correction. i think at the low today the nasdaq was down a little less than 10%. so no biggie. normal corrections for nasdaq is usually 15 but again when all is said and done if rates go higher, markets are coming down, valuations are still up there. i still remember bottoms in the market, sometimes you would get 10 times earnings and sometimes even less than that. so i'm hoping for one of those days but right now again, in the trees. neil: all right. you guys are encyclopedias of this stuff a correction is defined a stock falls 10% on average, bear market 20% or more from its heights. we look at this with individual stocks as well. tesla of course, the prominent name that has dropped close to 30% from its highs. when you look at those type of numbers, liz, and they might be isolated cases, tesla is an isolated story. people forget this stock has more than quintupled in a matter

of months so you have to look at it with a grain of salt but having said that do you see a potential spillover effect here? what is ailing tesla begins to feel the shake i don't have -- shake-off in other isolated nails or is that a different story there? >> all these companies have individual stories and tesla is particularly unique in terms of not being a software company, not being a company defacto benefited from the lockdown of our economy. i just want to kind of go back to this whole valuation issue. i would point out that, i mean i think tech is separate. tech is pretty expense system. i don't deny that at all, the "fang" stocks particularly so but the market overall has many segments that are unbelievely depressed. whether it is travel, entertainment. some of these sectors are you know, basically barely thriving. and i think what investors are looking at is, as the covid

numbers become better, as the lockdowns recede the economy has got really major recovery potential. again two trillion dollars in savings accounts that could be spent. i don't, i think there are awful lot of people will say, wow, i've got envaccinated. i will go travel. i will go out to eat. i will go to movie theaters. things they have not done in a year. overall valuations i was talking about. when industries are depressed and the earnings are at very low levels that's when multiples tend to be pretty high. again this is not, i'm not talking about tech. i'm talking about the rest of the economy. energy companies and many others that will benefit from a recovery. neil: you're quite right, that does change the multiple math if the rates stay at or near where they are. we'll sort out that in more detail, guys. i will alert to viewers before

we go to a quick break. we're getting some idea what jerome powell is saying in prepared remarks, talking about the pandemic at its effect on inflation. right now he said that before any of this happened, the economy was very close to the fed inflation job goals, hinting, obviously that was upended by the pandemic itself. the economy is still a long way from those fed goals. the job market has a long way to go towards recovery. you could term this a couple different ways. one, steady as she goes. you don't change policy or respond to the inflationary pressures by hiking rates or doing anything differently when it is still too early to say it has lasting value, or, could look at this as a sign back then we were well on our way to meeting all of our goals. we've come a long way since. so where are we? are we 90% of the way back, are we not? people are reading into that any wii way they can but right now

it has not moved market dramatically one way or the other but we're focused on jerome powell because his view is saying i will not do anything to disrupt the momentum by my forcing short-term interest rates at or near zero and buying up treasury notes and bonds to keep them low as well. so no change in policy signaled yet by federal reserve chairman. now the markets respond to that, both stocks and bonds could be interesting. we'll have more after this. ♪.

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♪. neil: states like texas, mississippi might be easing up on some restrictions alabama steady as she goes. governor ivy on the wires indicating that alabama will maintain and extend safety measures, mandatory mask wearing through at least friday, april 9th. some of those restrictions in

place, including mask wearing at least another month. at a time a lot of people getting restless in this country, seeing what is going on in states like florida, texas, mississippi, iowa with states easing up, removing all restrictions. they would like to see it when it comes to reopening schools. some are getting so frustrated they're suing their school districts to make sure that can happen. montclair, new jersey, is happening. lydia hu is following all of that from montclair. lydia, what is going on there? reporter: neil, montclair parents are frustrated after several failed attempts to return kids to the classroom. after president biden's announcement this week teachers can now get vaccinated, there are hopes maybe this would expedite the return but so far there are no signs. parents have gotten together and filed a class-action lawsuit in the federal courts. they're not asking for money. they're asking for a court order these schools be reopened saying

their kids are being deprived of their constitutional right to an education. some have started calling for the suits to be withdrawn now that vaccines seem eminently available to teachers in new jersey and across the country but the lawyer for the parents and one of the parents who is suing the school board says that is not going to happen. listen to this. >> filing the suit gives the kids a voice and lets us, you know, have a say hopefully in how and when school will resume. >> a moving goalposts with the teachers union in this district. yesterday, it is building safety. today it is vaccines. tomorrow it is other enhancements or improvement. the lawsuit is really important and effective tool. reporter: now even with the vaccines becoming available for the teachers, when reached for a comment the local union, montclair, local union for the montclair school district

representing teachers did not indicate they would be returning to the classroom anytime soon. instead they said, quote, while the vaccine will certainly assuage anxiety concerns, for personal loved ones safety, they go on, it does not change our opinion. we reached out to the school board, also the superintendent that is being sued by the parents for comment. they said they couldn't make a comment on the ongoing, active litigation. it should be noted, neil, the school board is also suing the teachers union over the return to schools, trying to get the teachers back in the classroom. so at this moment it appears at least in montclaire, as vaccines are becoming more widely available, the teachers union is digging in its heels and both parents and school board are turning to the courts for help, neil. neil: lydia, since you started you had one crisis after another to cover. this was not intentional. we did not mean to do this to you. but here we go. lydia, thank you very, very

much. before i go to my next guest, a doctor on the impact of all of this, i do want to let you know, you're wondering why we went from 150 to down six points. it could be a one-two punch based on comments from the federal reserve chairman, jerome powell said he would not move if they sees a spike in inflation. 10-year briefly hopped over 1.50%. now just under that. the two could have something to do with each other. the federal reserve might allow itself to fall behind the inflation nary curve as it is known. that could create whole another can of worms for people worried about the markets, what this means. obviously higher rates go on government-backed treasury, the more competes with the yield. you get off s&p 500 and now you got some competition for stocks, that might be a leap on my part. it explain as little bit how we went from a triple digit advance

to double-digit decline. back to kevin campbell, health physician, cardiologist. doctor, very good to have you. you probably heard frustration on the part of parents in montclair and other places too, this is popping up around the country, suing school districts for delaying opening up or in-person classes but the offset of that is ones that decide to keep things virtual are ones saying we need to be safe. do you think it is safe for kids to be back to in-person classes? >> i absolutely not only believe it is safe but i think it is essential to the health, mental health of our children. you know these kids, the american college of pediatrics says, come out and said that kids should be in school. the fact they're out of school does more harm than good. the fact that the, the teachers are now eligible for vaccination, i think that is

absolutely makes it even more safe. if you look at data, there were studies done in england recently, they looked at exposure risk of different occupations. nurses, front line health care workers were 50% more likely to be exposed to have antibodies showing they had actually had the virus in some form. teachers were down around 15%. there is other data that teachers are at no more risk than the general population with a few caveats. neil: so the odds of a teacher, or school administrator, doctor, catching it from a kid, how likely is that? >> you know i think it is no more likely than the general population. i think we know that kids are less likely to get symptomatic cases. we know that from examining all the data we have thus far. which means there could be a lot of asymptomatic children in the schools. so we have to be smart. i think, i like the ideas of keeping kids in pods so that you

can trace contacts, if there is a positive case. you know, the spreading folks out six feet apart. i think kids do have to wear masks right now until we develop herd immunity but i do think that, unless you're a teacher who is older, with multiple medical problems, high-risk population, i think that this is very safe. i think we need to do this or we're going to have a collection of children in the next decade that are, you know, suffering the consequences of not socializing in school and not getting a really good education face-to-face. neil: dr. campbell, before i let you go, i do want to get your thoughts on texas and mississippi and some of these other states that are loosening up restrictions. in the case of texas, virtually all of them. and going ahead and saying the mask mandate, all that goes as well. how do you feel about states that do that? alabama's governor says at least for the next month or so we still recommend the masks. where are you on this, doctor?

>> president biden just came out this week and says he believes we'll have enough vaccinations for every american by the end of may. if that actually happens, we get the shots in arms of americans by end of may let's say or end of june, we should have herd immunity with a matter of week to month after that. restrictions should be lifted at that time. it may be a little premature in texas and other things like that. i'm more of an advocate, rather than statewide mandates, doing it locality, by locality, county by county. not every location is the same. if you have an area that has a large outbreak, you will keep these in places, in place. i think opening places like texas is little risky and premature at this time. neil: dr. kevin campbell, thank you, sir. enjoyed having you on, explains a lot of this. as the doctor was wrapping up, i do want to pass along other

comments giving pause to the market rally we had been seeing. jerome powell is saying he would consider raising interest rates but these are among the things we would have to see. the fed would have to see max unemployment and inflation at 2%. neither of which we're near. and that part of his argument on keeping patience, it would have to be above that, in other words, not just meet that, but above that we're not either near that on maximum unemployment which typically means a unemployment rate of 5% or less. others said it is low as 3 1/2%. in other words, get to where we were before the pandemic hit. inflation would have to be at 2%. right now averaging about half that, if you look at retail inflation. so if we're to just use those guideposts, he seems to be saying we're nowhere near me having to move on any of this right now, for right now. stay with us.

♪.

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♪. neil: all right. these are two developments that are rattling investors right now. the fact that a 10-year is now at 1.53%. 10-year note. that is pretty conservative investment. put it perspective, back in the summer this thing was more than half a percent, .50%. it started, started the year at just under 1%. actually .90%. that is competition for stocks. finally stocks have run for the

money as alternative investment, one backed by the full faith credit for uncle sam is out there for the fetching. crude oil just under 65 bucks a barrel. these inflationary triggers if you want to call them back, these levels are low at the scheme of things particularly when you look at interest rates, they're backing up. that is true and not nearly at the level they were at. do not get me starts my wife and i buying our first home, 13 1/2% mortgage rates, a lot of you saying stop it, neil, we're not interested. fine but when my wife and i bought our first home in the 1980s it was 13 1/2%. it is a long way from there. a 30-year mortgage rate, 3.02%. again not the 13 1/2% that my wife and i paid for the first home when the 1980s when ronald reagan was president. enough about me. talk about observations about me.

gary kaltbaum rejoins us, liz peek joins us, encyclopedias both. i know the trend is as it should be, figures startle a lot of folks that are not used to them because we remember them a lot higher but the trend is unnerving stock investors right now. liz, how do you see the back and forth going? >> well, that is exactly right. it is the trend. inflation is still at a very, very low level, all the indicators, import prices, pmi prices whatever, are heading up. i talked recently to a private equity guy involved in many companies. he says every single one of them is facing some supply shortages, cost increases. they're all raising prices. we're back in an environment, neil, where companies are scrambling to pass along cost increases and we've seen commodity prices go up. the question is, is this just a

blip as some economists are saying stimulated by the relief package in december, possibly hiked again by this $1.9 trillion megaspending bill that biden wants to pass? then next year some of that relief or, props are going to be pulled back from the economy and see it recede? nobody really knows the answer. i think what we heard from powell today, from what i can gather, is patience. he is not going to do anything radical or soon, but i don't think investors want just that. they really want him to say, no, we're never going to again raise rates. you know what? he can't say that. somewhere down the road, chances are he is going to. neil: you know, he is being very cautious to liz's point, gary, indicating when he would pull the trigger. obviously would have to pull it sometime but the fact he would be patient, send a signal to others in the bond market, especially the bond market

vigilantes he might fall behind the proverbial curve and that is double jeopardy there. do you think he is okay risking that? do you think it is okay period risking that? >> i don't agree with anything mr. powell is doing right now. he is behind the curve. i'm a big believer in the market speaking and if paul volcker took over the fed today, he would be saying exactly what liz peek just said about passing on costs to consumers and prices going up. every commodity, except for maybe orange juice futures is skyrocketing now. i think jay powell is now in the proverbial box. he is boxed himself in. he has made the markets addicted to this massive money printing and zero negative rates. there is not much he can do. if you realize he said today, we're stopping money printing i think the dow would be down 1000 points before you say boo. the market may be taking over. if he falls behind, nothing is

good going to come from it. i wish paul volcker was around right now. he would be slowing printing, taking medicine now or gets worse down the road. neil: you are talking about the former federal reserve chairman paul volcker. liz, a little bit of inflation is always deemed okay, because it gives flexibility to employers raise prices more, have a little bit more cushion. are we in the comfortable inflation camp here, in your eyes? >> right now. the question is, where do we go from here? i think gary is right. this is just a lot of indicators this is just the beginning of it. i think powell's problem, kind of put that under a category is we have so many people unemployed. that is the fed's main mandate, is to move towards full employment. so i don't think he can raise rates here. i do remember back to 2015, 16,

when the economy was muddling along and janet yellen began to raise rates. i think it is interesting to see at some point in six months to a year, yes, job additions, job growth becomes pretty good. they take that as an opportunity to start raising rates. i can't imagine a world where this is normal. i think we'll have to get back to more normal interest rates at some point. neil: yeah. when we're back, guys, let me tell you about the first home my wife and i bought, mortgage rates. it is really a great story. it gets even better. guys, thank you both very, very much. so we're not in that camp. both of these fine guests are indicating if you're worried about a return to that, we're a long way from that. it is a trend that is not the friend. remarks jerome powell finished making at this "wall street journal" event did not ease any anxieties he might fall behind the curve on this that is one way to read it.

others could interpret it, might be final one on day's end, not too worried about this, why should they be worried about it. two-ways to go with 3 1/2 hours to go. ♪ ♪ ♪ ♪ ♪ metastatic breast cancer is relentless, but i'm relentless every day. and having more days is possible with verzenio, proven to help you live significantly longer when taken with fulvestrant. verzenio + fulvestrant is for women with hr+,

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♪. neil: all right. alabama not joining some of these other state has are lifting restrictions left and right and mask requirements and all of that. right now we're sort of looking at that as we are, the stimulus measure that is up for debate on capitol hill, certainly in the senate but the alabama development is a significant development in that governor kay ivey, by the way extended these measures, including mask wearing until at least friday, april 9th. congressman carlos gimenez from the beautiful state of florida. if you think about it all starts in florida, lifting restrictions

keeping most things open through the pandemic and it worked for the state. congressman, very good to have you. what do you make of the fact some other states are following in the case of alabama, a little more tentative, what do you think? >> look, it is up to each individual state. when florida was opening up a lot of people were criticizing it. i thought governor desantis did a fantastic job managing florida. some portions of florida opened up before other portions of florida. i used to be the mayor of miami-dade county. we kept things a little more conservative and it worked out right. it is up to individual states to do the right thing. i think some states are going way too far not opening up enough. we need to get our kids back to school. we need to get our businesses in open. what we did in the state of florida, we kept the masks on, we allowed businesses to open. if you go into miami-dade and other parts of florida, things

are pretty normal even though most are wearing masks. neil: most adhere to that, right? store owners try to recommend that, they can't mandate that. seems people honor that for the most part. how does it work in florida? >> look in miami-dade we still have the mask order but the way it works with florida we made concerted efforts to, what are the rules we need to establish to open up in a safe manner? that is what we did. once we opened up in a safe manner, it opened up in a safe manner. we were always able to keep our pandemic numbers down. we were always able to establish a baseline of a number of hospital beds, et cetera that were always available. we never got to a shortage of any, any facilities or respiratory equipment, or icu beds in the state of florida. we took a common-sense approach. we opened up the schools. our kids are back in school. our economy is doing a heck of a

lot better than most states. our unemployment rate is lower than most states because we took common-sense approaches. we want to be safe but we want to open up. we can do both at the same time. that is what we did in florida. i have to take my hat off to governor desantis. i think he did a terrific job, has done a terrific job in the state of florida. neil: asking floridians to look after themselves, do what's best. you're right, congressman. congressman gimenez, these are things he espoused when he was running miami-dade. we have other updates, interesting launch continues a private space initiative. this is the latest sign we're back. that is putting it mildly. it is going to start getting busy up there. how busy? after this.

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(woman) i don't want to look like this anymore. (man) what is happening to my body? (woman) why can't i lose weight? (announcer) you may be suffering from insulin resistance. measure your waist. females measuring more than 35 inches and males measuring more than 40 inches may have insulin resistance. to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com. once again, that's golo.com. ♪. >> two, one, zero. ignition. neil: all right. spacex successfully launching its long delayed, starlink mission. i think this thing had better

than 60 satellites on board to orbit around the world right now that could help out billions of those who will now be able to get technology and transmissions, in some parts of the world that have never known internet. that is a whole separate issue. joins us right now, best-selling author, fighting for space, pilots historic battle for spaceflight. uncanny read of space where we're going. amy, i was thinking of you of that launch, all the private launches we've seen, what is going on mars, everything else, we are back big time, aren't we? >> yeah. in reality we never not been back just some launches are more exciting than others. we've been very active in space, god, for a lot of years now. but, yeah, when you have a big mission that is launching a lot of satellites more publicly known, it feels like, it feels as big as it is which is nice. neil: i think what drew my

attention, we've always been very big on unmanned flights, you know, not as much, on, you know, human missions that is going to pick up. but we've got a lot more competition now. i mentioned mars a second ago. circling the red planet right now, our spacecraft for united arab emirates, china. china is aggressively exploring the moon, even the dark side of the moon. it is busy. how would you define space exploration today, the global interest in it? >> it is certainly a very interesting landscape as you said there are so many players. competition is great for driving innovation, especially something really big. where the united states is concerned, space is always kind of bin the pinnacle of american ingenuity. something the country put forward because of the space agency and apollo moon landings and competition. we can rise to the top to make

it it happen. with other players, other countries, the private sector, there is this interesting element bringing back that spirit, we need to bring this back, bring back the ingenuity and rise to the top again. it is becoming more on top of mind i guess. neil: amy, i'm sorry to cut this short. we're focusing on other red, not just mars but corner of wall and broad. thankthank you, amy. it could be the fact that 10-year is back up to 1.55%. oil prices are climbing. apparently nothing jerome powell said eased that angst. in fact some of his comments made it worse. we're on it after this. the gold standard, so to speak ;)

♪ ♪ neil: all right, just call it jerome pow. ooh. see what i did there? the markets dropping dramatically jerome powell was at this "wall street journal" event in which the fed chairman indicated he's okay falling a little bit -- he didn't say it in so many words -- to eventually get, you know, jobs humming and the economy humming, but some interpreted that as a sign he might let this get a

little too much as these inflationary pressures that are translating into higher commodity prices and a backup in yields on all sorts of treasury notes and bonds, that might run ahead of itself. he might fall behind the proverbial curve, and his message seemed to be, you know, i can live with that. that has the 10-year at 1.54%. putting this in perspective, back in the summer we were at .60, we started the year around .90%. so it's the trend, the upward push in rates that is really concerning markets. and keep in mind that yield is something that competes with the s&p 500 yield. it is technically higher, and the benefit of holding the treasury with that is you've got the full backing and credit support of uncle sam. a lot of people are seeing the potential that could be competition for stocks, dow down

about 281 points. keeping an eye on that and lots more with susan li as she crunches all the numbers and those caught up in the drown draft. susan: powell was saying everything that wall street really wanted to hear when it talks about transitory inflation conditions, and he's in no hourly to raise interest rates. take a listen. >> disorderly conditions in markets or persistent tightening in financial conditions that threatens the achievement of our goals. susan: yeah. so you just heard it there, he was concerned about the spike in treasury yields and reiterated that the central bank would only raise rates if they get to maximum employment in the u.s. economy which we are a long ways away from and if inflation got back to 2% and higher, stock markets and specifically tech hammered with the fast flight that we've seen in these 10-year treasury yields, and they are anticipating a sharp recovery in the economy after covid.

that's what treasury yields usually tell you. when they spike this quickly, that means they are anticipating a fast reopening. but wall street doesn't seem to be reasoning regarding what powell had to say, and he was really just going out of his way to be extra toish to say -- dovish to say we are in risk to hike inflation rates. still, you have the selloff, and it spiked during that question and answer period. amazon is one of the casualties, tech heavyweights are falling, and they might be paying two times what they've been paying the nfl to get more exclusive rights for prime video. "the wall street journal" saying amazon might pay a billion to the nfl in a long-term video including exclusive rights to thursday night games. another interesting tie-up is jack dorsey's financial payments company, square, they are paying around $300 million for jay-z's

music company, tidal, also joining square's board. a financial payments company going into music streaming, i think wall street has a bit of a concern about that diversification. here's one outperforming tech stock the, cloud warehousing company snowflake, they are getting rid of dual class shares, so all shareholders get one vote per stock. unusual, and they just reported earnings at the end of last year, neil, sales are doubling, 100% or plus, still, which is obviously very bullish. neil: yeah. a little bit of momentum there. susan li, thank you very much. we should pause here with the dow down here 263 points, the s&p and nasdaq in negative territory on the year. some of the issues to which susan was referring to had been up minutes before jerome powell spoke, so we could get some of that back. but for now, the nasdaq is in negative territory on the year. other developments we're watching, this stimulus measure. it's going to be a drawn-out

affair. if you were hoping to see this wrapped up one way or the're, you'll have to -- the other, you'll have to wait maybe through the weekend. blake burman has more. >> reporter: democrats are hoping to get this $1.9 trillion stick stimulus package at least when the process is over to the white house and president biden's desk over the next ten days. it's still in the senate, so that could potentially lengthen out at least the process there as republicans are trying to delay the vote there as long as possible. no matter how this plays out, if democrats have the support in the senate, it'll eventually go to the house and over here to the white house. the white house says this is their key focus, getting the package passed. however, it's interesting to note what also will be taking place today because at the top to have next hour, the president is going to be having a bipartisan meeting with house lawmakers on infrastructure. now, after the $1.9 trillion plan, the white house hasn't said what could come next, maybe it's infrastructure, maybe it's

their build back better economic plan, as they call it, maybe it's a combination of both. to that end, some democrats are already trying to get the president to include what they want in that plan, for example, recurring direct payments as a part of the next measure. i asked the press secretary yesterday about that possibility and right now they are noncommittal. >> i will say there are a lot of ideas that will be put forward. the president has already started engaging and talking with members and outside groups and stakeholders about what they'd like to see moving forward. but i am not going to get ahead of the agenda at this point. >> reporter: so first thing's first, trying to get this panel wrapped up in ten days, but this infrastructure meeting makes you wonder what might be coming next. could that be potentially the next big ticket item, that or a combination of infrastructure and something else that the biden administering is on. neil? neil: so it's a dumb question on my part, i just want to make

sure, blake, the infrastructure package and the build back america, they're two different spending measures? >> reporter: their build back better plan is what they essentially describe as a long-term economic vision or plan. the white house isn't yet ready the talk about what might be in that. as they say, they've got to get the american rescue plan, the $1.9 trillion plan if, done first. infrastructure potentially separate from that. it's a big question, neil, exactly where the biden administration plans to go next. keep in mind we haven't even talked about tax reform, something else that they want to do as well. there's a rot of big district -- a lot of big ticket items, and it sounds like they're potentially talking them them now. neil: or how to pay for it. thank you, blake burman, in the middle of all of that. in the meantime, progress on the vaccine front, record numbers of vaccines are making their way to mesh americans. -- to americans. jonathan serrie with the latest

from atlanta. >> reporter: hi, neil. the u.s. has administered more than 80 million covid vaccine shots, at least 60% of the u.s. population has received at least their first dose of vaccine at this point. statements are expanding eligibility as the supply increases. for example, indiana and michigan will start vaccinating people 50 and older, and california is setting aside 40% of new vaccine doses to insure access to low income communities. the department of health and human services has ordered states to make teachers and school staff eligible for vaccination. pennsylvania and wisconsin are giving teachers priority for the j&j jack seen while -- vaccine, while cvs facilities in florida are vaccinating younger people following federal guidelines. dr. fauci said as large numbers of americans get vaccinated, the country can expect a gradual return to normal. take a listen.

>> i think by the time we get to the fall with the implementation of the vaccine program, you're going to see something that's noticeably in the direction of going back to normality and very likely get there by the end of the year. >> reporter: but in order to maintain this trend, dr. fauci says america needs to do a better job slowing the spread of these new highly transmissable variants. neil? neil: all right. jonathan, thank you very, very much. as jonathan was speaking -- has nothing to do with him, by the way -- we're down 350 points. i had a chance to land on a transcript of the federal reserve chairman's remarks at this "wall street journal" event. what i found curious was he made reference to the disorderly market moves that would be a concern, but he didn't offer any steps or measures that he might take. my takeaway, just mine, is that he would acknowledge things would to go crazy in the market, but that he wouldn't necessarily respond to that in a measure that would be exclusively

because the markets are going nuts. that's my take, that doesn't necessarily mean anything, but maybe interpreting those remarks and the fact that interest rates have backed up to the degree they have with the 10-year now well over 1.5%, it's feeding fear on top of fear. we've got scott martin, dan geltrude. dan, that was me making the leap on his acknowledging right now that disorderly market moves would be a concern but that he might not concern himself with addressing it right away. does that worry you? and is that a good posture to take? >> i actually think it's a good posture, neil, because i think jerome powell actually needs to step back a little bit here and not overinvolve himself with the way things are going. ultimately, this is going to work itself through primarily driven by what happens with the vaccine. because as the vaccines get into

arms, into the arms and we're going to unleash this economy and get back to, hopefully, what was a prepandemic economy, things will work themselves throughment so i think -- through. so i think jerome powell is taking the right position by actually sitting back and waiting right now. neil: you know, scott, i take it from jerome powell that, obviously, interest rates are backing up. i'm sure, you know, he doesn't like to see that. he can address that as he has in the past, it's actually been his modus operandi, i'll buy up, you know, all types of treasury instruments from short-term bills over which i have direct control, 3 and 6-month, 1-year bills all the a way up to 10-year, 30-year notes and bonds. normally that does the trick and yields stay low. not now. what do you make of that? >> yeah. he'll buy 50 years if you've got 'em, neil, probably 100-year bonds if we would be able to

sell them to the fed. look, i think dan's right. i think this is a period of transition. i don't think it's fear. i mean, look at the backdrop of this. we finally are maybe getting some inflation anticipators that we've been -- indicators that we've been chasing like a ghost for ten years, finally getting an economy that's going to open to a nice degree here in a few months or a few quarters that's going to be awesome for everybody. and we're seeing a gradual steepening of the interest rate curve and a normalization of the interest -- something we've been chasing for a couple years now. so the fact that this is suddenly a shock to equities is a little bit of a head-scratcher. so what i think the takeaway is, neil, is that the fed will do what they can, and they'll say all these things and maybe today they won't say the right thing, but the curve is going to do what the curve is going to do. i think the 10-year's probably going closer to 2% which is still below where it was precrisis, still below on average anytime in the last 10-20 years.

the market shouldn't be that freaked out about this. neil: clearly it is, dow down about 412 points. you know, dan, the basic backdrop for all of this is an improving economy, things are looking good. a lot of companies are talking about optimism for robust sales this year, you know, some of the big chain stores, big box retailers and target, walmart, a host of others very, very optimistic about how things look for the rest of the year, kohl's the latest among them. we're seeing big plant and equipment expenditures on the part of very big players, united airlines buying 25 of the 737 max planes. you don't do that unless you're optimistic, but turn-around certainly in travel post the pandemic, so the backdrop is good news, right? or is it something more, you know, involved that i'm missing? >> no. it is good news which now begs the question, neil, do we need

$1.9 trillion of stimulus? and the answer is very clear, we do not. we need to certainly help some people in certain sectors, no question. but that much stimulus we don't need. and jamie dimon was actually talking about this earlier this week related to this is too much stimulus. because the economy, once we get those shots out, is going to take off, and that's why we have a reasonably good chance of going into an inflationary period. because the one marker that's missing for us to really be at that point is getting unemployment down. and that is going to happen once people are vaccinated and getting back to work. so i think the market has to be very careful about what they wish for. they seem to be very pro-stimulus, but in the end that may not be a good thing for

them. neil: you know, this has been disproportionately technology, scott. what do you make of that? >> well, it's transitory. i believe that it's going to be a great buying opportunity in tech, neil, sometime soon. probably not today, probably not tomorrow, pick a day, april 8th, if that's not a weekend. the reality is there needed to be a transition. last year besides say, march and april when we hit that record low, tech was the place to be, and it was a super easy trade. all you had to do was buy the qqqs in the nasdaq, amazon, google, microsoft, all the stuff we owned then and still own, and so there has to be some unwinding. the trend was straight up and to the right. there's going to be a transitory phase here, but i still believe in tech, i still believe in the companies i'm in, i still believe in the zooms, the docusigns, the teledocs, because i think they have businesses that are reliable and part of our future. so when you get these drawdowns

that are happening right now, if you're a long-term investor like many of our clients are, you've got to buy into them. neil: all right. guys, we'll go into a little more detail later in the show. in the meantime, a quick break here. just giving you a look at the corner of wall and broad. the nasdaq is in negative territory now on the year, and these are all in response to competition on the way. we've seen these little flirtations before where the 10-year note jumps a little bit. it gets a little arcane here, but we've got competition for storks in the form of the 10- for stocks in the form of the 10-year note. that might no not seem like a generous level, but the fact of the matter is it is higher than you can get just investing in a proxy for the s&p 500 going off the dividend yield that is lower than that. now, if you still think the markets are valued, you're convinced that it can do better than a 1.5% return. if you're not, you know that that return isn't guaranteed in

stocks, but it is buying treasury securities, then you say i'd rather keep my money than risk losing my money, and right now i'm getting more for my money investing in boring old notes. that is the battle going on as we speak. we'll play it out and what could be happening in the next two hours and 45 minutes. ♪ -- through the door. ♪ and who are you hiding from? ♪ it ain't no lie to live like you're on the run. ♪ this isn't just freight.

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neil: all right, before we open for business here and get into this segment, i do want to alert you to selloff on the corner of wall and broad, the dow is down, nasdaq is this negative territory for the year. i told you already about a lot of them or that are getting very close, technology stocks, to bear market territory or a decline of 20% or more, tesla is down about 30% from its highs. and now we're learning that kathy woods' etf has entered a bear market itself. so we're keeping an eye on all these developments as jerome powell finished up a "wall

street journal" event in which he said he will be patient when it comes to all of these forces right now. his priority is to get a maximum of jobs going into the i economy, and if that means ignoring some of these other adopts, so be it. -- developments, so be it. he did indicate that the fed does not want persistent tightening in financial conditions. in other words, the knee-jerk reaction the federal reserve has had in the past to respond to the developments, inflationary pressures, whatever you want to call them, by automatically tightening rates, that will not be his. so, again, you can weigh that a variety of ways. right now more selling than buying based on that view of the central bank chief. keeping an eye on that, also keeping ap eye on positive news on the vaccine front and states reopening left and right, texas among them which really led this wave this week by essentially scrapping all, all restrictions in the state and essentially returning to 100% reopening including getting rid of the

mask mandate. all of this to take effect next week. count representative gonzalez, the democrat and texas congressman concerned about these developments and whether the governor is acting too quickly. congressman, thank you for taking the time. >> thank you, neil. neil: your concern is that it's his particularly dropping the mask mandate, right? >> that's correct. it's against all cdc and medical expert recommendations around the world. masks work. our numbers have gone down, our hospitalization rates have gone down, but i continue to lose people every single day to covid-19 within my district. so removing the mask mandate, i think, is a foolish idea that will9ly cost -- ultimately cost lives. thankfully, some of our businesses are still mandating masks, but i think, you know, we all want to open up the economy and open up our state and have a robust comeback, and we are going to do it, but let's do it in a smart way that's going to save lives and keep people

healthy. neil: before i move on to other concerns you have about the new administration's immigration policy, i did want to get your thoughts on states like your own, you know, that have looked at this, mississippi as well, and the success that florida's been having where it's maintained a much more ayes, sir uly open policy -- aggressively open policy than other states and doesn't have the infection rates and problems that states that took much more severe lockdowns into effect. and they're using that as sort of, like, the barometer here. if it worked in florida, it can work for us. >> yeah. well, it seems to be the luck of toes, of the coin toss. and we can't leave our health to that luck. clearly, masks work. they've been proven to work around the world. and it shouldn't be a political issue, it shouldn't be a partisan issue, it should be a health measure. and we all want our economy to open up in a robust fashion, but we can't do it at the cost of

public health. and that's all i'm saying. we want our businesses to open and open fully and have a robust texas economy the way we've always enjoyed for generations, but let's just have smart ideas while we do it and ideas that are going to keep us healthy, safe and alive. neil: you know, congressman, you call it as you see it, i commend you for that. you criticize the republican governor, you also criticize the democratic president -- >> that's right. neil: -- and joe biden's immigration policy that you called catastrophic. what did you mean? >> yeah, let me clear that up, i called catastrophic the idea of releasing migrants into border communities. i didn't call his immigration plan catastrophic. i know somebody quoted that out there, that's not appropriate. but i think new arrivals and new migrants that are showing up to our border and are being processed and released into border communities across the country would be catastrophic. we are in the middle of a pandemic, we're in the middle of a health care crisis in this

country, and we need to treat everything as such. i think we should have out of the box thinking, ideas in terms of how to deal with migrant seekers -- i mean, asylum seekers. we should have processing centers on the southern border of mexico, we should have situations where migrants can go and ask for political asylum in their home country in embassies and consulates around the world where we can secure them, their safety for them to ask for asylum in their home country, and we have to come to terms with the fact that over 80 of asylum seekers never qualify for asylum. and, but they all are absorbed into our economy when they show up. so clearly we have a labor shortage. we need a holistic approach. we need asylum seekers to seek asylum in their home country or neighboring country, and the fact that those other 80% that never qualify is are still getting into our economy tells us that we have a labor shortage. we need to have better programs,

more of a robust guest worker program for people to come and work in our country and go home. we cannot continue growing our economy if we're not growing our population, and certainly the migrants that come to our country do a lot of the hardest work that keeps our economy robust and growing. we just need an orderly fashion, and simply coming across the border, being processed and released is unacceptable, and it's not orderly and safe. neil: has the president responded to your concerns? >> yeah, we're in communication with the white house, and i think they're getting a better understanding. but like i tell folks, i don't need somebody from the midwest or the east coast or the west coast to tell us how to deal with our border issues. we've been dealing with border issues for generations, we understand everything that happens on the border, and we have the solutions. i think the white house and this administration needs to engage members along the border more and get our perspective and learn from our community. we know what the solutions are, and if they come down there and talk to us and really see things

head on and in person and have long conversations instead of just showing up for photo ops the way we've seen for many years, i think we can have real long-term solutions. these shouldn't be partisan issues, they should be american issues that we deal with on our borders. neil: yeah. you're right, though, with both sides, we have to find a way to solve this. congressman, thank you very much. all rightment keeping an eye right now on the selloff at the corner of wall and broad, a lot of it based on a good economy. things are so good right now that rates are back up. things are so good that a lot of firms, businesses that talked about doing more investing, buying more things and planning for better days ahead, when you're looking at that and looking at the backdrop of an economy that's picking up steam, rates will rise. today stocks will fall. ♪ ♪ the magical mystery tour.

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♪ ♪ >> welcome back to "cavuto coast to coast," i'm hillary vaughn. house democrats are being accused of turning a blind eye to big tech chen they canceled conservatives and giving platforms a pass when they violate a user's freedom of speech. the top republican on the house judiciary committee, congressman jim jordan, tells me in an exclusive interview that twitter still owes them answers over how they handled president trump's tweets. jordan asked them this summer to hand over documents detailing all the internal communication that led to president trump's tweets being fact-checked and flagged, but twitter has not turned it over. so today jordan ising is asking them -- is asking them again. fox business got a first look at the letter that gives twitter a two week deadline to respond.

house committee chairman jerry nadler could subpoena the company, but he refused to sign on to jordan's letter. congressman jordan tells me democrats are being selective about when they care about big tech's abuse of power. >> when twitter's making editorial decisions like saying president trump's not going to be on their platform, but they'll let the ayatollah tweet that he's going to strike a blow against america, where's the consistency there? and americans see it, they understand it, they know it's wrong, and we should at a minimum get rid of this section 230 protection. so so this is fundamental, and this it's why we're pushing to find out what exactly bitter's doing that's -- twitter's doing, and we're pushing democrats to say let's actually work together and end this can suggest dell church. >> reporter: and jordan has also asked the house judiciary committee to hold hearings on cancel culture but, neil, he tells me that democrats so far have been radio silent. neil?

neil: all right. hillary, thank you very much for that, hillary vaughn. update on this selloff going on here, the stimulus and developments in washington, d.c. that have little to do with it. virtually any and every sector is down. energy with oil down over $64 a barrel, i notice a number of energy etfs are doing quite well right now. market watch reporting that the vanguard energy etf is up about 2%, the energy select sector spider fund up about 2%. and we're seeing a host of others climbing in concert with the i higher oil prices, especially with that jump over 5%. energy stocks benefiting as well, and that is mitigating what would be even a bigger selloff in the dow if not for the energy components and their gains. so let's go to scott martin and dan geltrude back with us. this overdone, scott? what do you think? >> well, let's see here, overdone for the short term, neil, and probably for the long

term a buying opportunity. you know, this is the tough thing you've got to think about if you're sitting at home, and it's hard because we're emotional humans, at least speaking for myself. which means you freak out. i've gotten a lot of texts of people talking about their accounts as i've been waiting for this segment. but you've got to look long term, and you have to realize it's darkest before dawn. so in things like energy and financials, i think you hang on to these. but things like tech, i think you have to look at these areas as potential times to start adding to these positions. neil: you know, dan, when i look at it, a trend -- i hate to say a trend, because sometimes three or four days counts as a trend, and i don't want to overstate it. we started out okay in the morning, futures activities look okay in the morning, and then it's, you know, tumble city as the day ensues. and the catalyst certainly -- i'm not minimizing the comments, you know, out of jerome powell and how he might have said things here, but it is a

pattern. what to you make of that? >> well, what i think, or neil, is to scott's point related to emotion sometimes here, i think when it comes to investing mixing in emotion is not a good thing, and people have a tendency to be overly motional when it comes to the market starting a slide. and then you see the selloff and then you start looking at those bond rateses and you say, all right, maybe it's time to diversify and make the jump now. and of course you can't do that. you have to sticking with your long-term -- stick with your long-term strategy because as you move away from that, you start to make decisions that are not based on the fundamentals. and that's what starts to happen with the markets, that's what we're seeing today. neil: you know, scott, the only difference, lightly diverge from dan with great respect -- >> let him have it. neil: yeah, right.

where the yield on the 10-year note is north of the yield on the s&p 500. where we've had these prior dips and the stocks have come back, that was not the case. now, that might not be a huge distinction, but a distinction nonetheless. does it trouble you if it maintains or if this gap, in fact, widens between the 10-year note yield and that of the s&p 500? >> no, because i think that's another opportunity where you just have to look -- and i agree with everything dan said. i gave him a golf clap there because you have to realize those are opportunities. when those diversions get so wide, they eventually revert to the mean. and so we did live in a period when things were so favorable for equities, as i talked about in the last segment, neil. other than, say, march and april of last year, it was a pretty darn easy investing year. it's incredible to think about. so now we're in this period where we're transitioning. and one other thing that i think dan touched on just a bit ago,

we have printed so much money and we have so much stimulus, and we have an infrastructure spend that's coming down the line, that's what i think is pushing up interest rates. we have all these bonds out there that have flooded the market, and when you increase supply, price goes down, and so there has to be an adjustment to that fact. neil: you guys are thick as thieves. god forbid someone tries to say something different -- >> i'm just following the script. neil: yeah, yeah -- [laughter] i understand -- >> well, neil, if you don't agree with me -- [inaudible conversations] neil: you're right. but if you're over 3% now for mortgage rates, very, very low i grant you, but as an accountant, dan, sometimes numbers when they hit a round number, they prompt a change in behavior. actually, it might propel more activity in home buying and all that. how do you think this sorts out? >> i don't think where the mortgage rates have moved so far is going to have any impact of any significance right now. however, if the mortgage rates

do continue to rise, you may see some cooling off on the price of real estate. i mean, that's just the natural trend as rates come down, real estate gets more expensive for the buyer, and you have the reverse happen when it goes the other way. neil: all right. well said. and i'll e gail you guys on when i got my first mortgage, i don't know if i told you guys, it was a lot higher. thank you both very, very very . great seeing you. before you were born there, scott. all right, the dow down 406 points, other catalysts working on stocks and with the 3.02%30-year mortgage rate, what does this portend for the economy? it's a good economy. we forget that. after this. ♪ now that we've found love, what are we going to do with it? ♪ now that we've found love,

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neil: you know, i often wonder if anor thing rattling wall street is the plans of the administration to go after wall street, gary denseler -- gensler, to president's choice to head the sec. charlie gasparino keeping an eye on that. >> it's clearly rattling them. i can tell you wall streeters are a little worried about gary gensler, and i would just say this as well, republicans in the senate are worried about him more than i've heard on other sec chair both -- you know, i've been covering this a long time, democrats, republicans. the word from the republicans is that they are really concerned that he is going to not just be the watchdog of wall street, but the watchdog that presses for

corporate america to adopt progressive causes. an interesting exchange yesterday during his confirmation if hearings with pat toomey, the senator for pennsylvania, where mr. gensler described materiality, what must be disclosed in such broad ways. it's clear that he wants companies to start disclosing stuff about their adherence to progressive causes like clean energy investments, diversity, how much money they may give to, for social justice causes. also how much money they give to lobbyists and other things. so it's clear there's going to be a political bent to this sec chair. what i understand, what i'm getting from my sources on capitol hill close to the senate is that the republicans plan to fight back, neil. they're going to do that mainly through the appropriations process. remember, the sec is funded by the senate. they need 60 votes to approve

the sec's budget. that's where they believe they could hold -- the republicans believe with a 50-50 divided senate, they could hold gensler's feet to the tour. they're also going to mount a public campaign. i think you're going to hear more from pat toomey in the weeks and months to come about that very issue. i will say this, the sec may go leftist on these issues, it may force a ton more disclosure. they're going to get tremendous pushback from the gop senate on this and maybe even some democrats. i can't imagine that senator manchin from west virginia, a moderate democrat in a red state is too happen that the sec's going to be spending so much time forcing companies to say how many green jobs they created as opposed to putting out proper disclosures that help investors. that's where we are right now. it's going to be very interesting to see this issue. gensler is clearly going to bring a political tone to the sec, more than i've seen in

other sec chair. and he's going to get pushback. pat toomey would be good to get on the show to talk about this. from what i understand, he's going to be leading the charge. ing neil, back to you. neil: all right, thank you, charlie gasparino. session lows, the dow down about 512 points. they've been racing into bonds, fixed income investments, they have not been racing gold though. gold is not benefiting from this. oil certainly is, energy etf are, but gold and related mold ities are -- commodities are not right now. the nasdaq within just a percent or two of an official correction, already dropping 10% from its highs. stocks that dominate the nasdaq a are into bear market territory or at least correction, tesla chief among them. right now that is down 30% from highs reached a couple of weeks

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♪ neil: all right, a broad-based selloff that has a lot to do with jerome powell and commenting on some of these

inflationary spikes or at least higher inflation numbers that we've seen, certainly showing an improvement in the economy and a backup in bond yields that he would address that. but right now fears that he's falling behind the curve on that and seeming to indicate he would put up with a lot before doing anything is being read as a tacit sense that maybe, maybe he could be losing control of things. hard to say. it's an aggressive selloff with the dow down 639 points, the nasdaq at or around correction territory, a bear market do you constitutes a slide of 20% or more. components of the nasdaq are there already. not everybody is benefiting equally or getting shellacked equally in this environment are. for example, oil, oil-related etfs, energy-related etfs, they're doing just fine, thank you. not so gold, typical harbinger of safe haven when something like this happens, but noted today. all right, in the meantime, let's take a look at what's

happening on the vaccine front. this is undeniably good news, no other way of interpreting it, and the very latest on that front with gerri willis. >> reporter: neil, that's right. so president biden promising that we'll have enough vaccines for all adult americans by the end of may, but right now the problem is scheduling that vaccine. it's as hard as getting front row seats to a springsteen concert. today we're out at the westchester county center here where about 1500 people a day are getting vaccinated. but when you look at the state of new york, the track record there is really middle of the pack compared to the rest of the country, about 23,000 people for every 100,000 new york state residents getting vaccinated. one 12-year-old, sam, wanted to help. he and his dad david started a web site called vaccinehelper.com. listen. >> [inaudible]

>> reporter: so the way the site works is that you input information on their web site, and they put it on the state web site using a program that then pings that url repeatedly until it gets an appointment. it's helped a lot of people. in fact, 1,000 people including me. neil, back to you. neil: all right. ing thank you very much for that, gerri. we're going to take a quick break here, bringing your attention to this selloff with the dow briefly hit about 700 points. all components, save energy, doing well. if you like energy and the supply and demand now favors demand with oil prices up to a high today of $65 a barrel, benefiting the exxons and some of the others. but also benefiting a lot of the energy etfs. but they're the exceptions and far from the rule right now. we should also take you through

the rate world here. a lot of this began when the 10-year note crossed 1.5%. it has since backed up to close to 1.55% or just shy of that right now. we see 30-year, a 5-year, 1-year, 2-year, all of them beginning to back up. so the notion seems to be if jerome powell has any sense of control of that, so far it's not working. now, he has said he'll do everything he can to keep rates low. i'm making that leap here because he has not changed his policy sets which included buying treasury notes and bonds. that might be going on as we speak, but it is not having the effect it has had in the past. he could force them down in the past. they're not going down. ♪ ♪ get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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stuart: all right. charles, see what you can do about the selloff. i tried. charles: after jerome powell. this is "making money." this is a swing and a miss n a famous owed to baseball casey at the bat, the fans would hope that casey did something grand to end the game. there was no joy in mudville, mighty casey struck out. today the market is mudville and mighty jerome powell struck out, sticking with too