maria: thank you so much for joining us i will see it this weekend. james freeman and brian brenberg it's been an honor being with you. have a good friday. "varney & co." begins right now. take it away, stu. stuart: good morning, maria and good morning, everyone. what a downer, the president's speech last night gave no credit at all to president trumps warp speed vaccine development which is surely a huge positive coming out of the pandemic. and we have to wait till july 4 before we should be able to get back to celebrate? and then only in small groups outdoors. it seems he was to keep us cooped up for easter, but the checks will be going out as soon as this weekend. lets get to the market with more on the

presidents of speech later. the markets as of now bigelow drop for the nasdaq, s&p down, smoking for the dow industrials after setting a series of record highs. look at the yield on the 10 year treasury. it's back above the 1.60% level. that's what's upsetting big tech as of this morning. and the whole of the nasdaq, frankly. big tech is on your screen now, on the downside and the rise in the yield on the 10 year treasury has something to do with that. other stocks of notes, i have the list. apple at the top, down a dollar 93, $120 a share. coupang, gamestop, see what they are doing now as they have been volatile. that's their pre-market quotes. forget bitcoin-- don't forget bitcoin, when i came to work it was around $56000 a coin and

now it's 55900, so not that much movement. that is the financial coverage we will present to you in the next three hours. here is the video showing migrants lining up to cross the border and it shows them paying off their cartel handlers. this is still not a crisis according to the biden team, but there is the video of the boatload coming across to america. separately, our own chris jenkins reports 204 migrants tested positive for the-- for covid. new york governor cuomo faces a criminal investigation and an impeachment trial. it's a full-scale new york state revolt. this looks like a revolt and it is. a riot in portland overnight after the mayor turned full circle and now he's in favor of spending more money on

the police, writers went to work. friday, march 12, 5 days till date-- a st. patrick's day, two weeks to easter and four months before july 4 when we may be able to get together in small groups to celebrate outdoors to celebrate independence day. "varney & co." is about to begin. ♪♪ stuart: get ready, indeed. but get right at it. president biden delivered his first primetime address to the nation to mark when year since the virus was declared a pandemic. he didn't sound all that optimistic. he says normality is still far away. roll tape. >> if we do our part, if we do this together, by july 4, there's a good

chance you, your families and friends will be able to get together in your backyard or your neighborhood and have a cookout and celebrate independence day, small groups can get together. things may get worse again as new variants of the virus spread. >> we have work to do to ensure everyone has confidence in the vaccines. stuart: a good chance markets can celebrate outside, not till july 4, i don't think america will wait that long into-- look around. the public is way out front of this lockdown president. more on my promise. back to your money took the markets this morning showing a mixed picture mostly lower especially the nasdaq down 212 appoints. big tech is under pressure. tell me more. susan: we have the yield as you mentioned pushing ever closer to

1.6, which would be the high for the year making stocks especially tech stocks look more expensive and looks a lot more risky. still, that's not deterring a lot of investment money pouring into by stocks with the latest bank of america survey this morning more than 31 and a half billion dollars poured into equity stocks last week, taking out $15 billion so selling bonded almost $2 billion of gold. also they are chasing value because we saw the second-largest ever weekly inflow to chase the value names like travel, banks and industrials, finally outperforming the tech stocks for the first time in a long time and value outperforming growth by almost 10 percentage points of our 2021. buying stocks, the value names based on real page name and the recovering economy. stuart: okay. big tech left hand side

of the screen on the way down this morning. apart from that, show me gamestop, please. up 5% this morning, 273. mean the stock drama clearly continues with game stock investor roaring kitty, 100,000 shares. what are they worth now? susan: roughly $27 million now, look at stocks opening up about 5% of premarket, not bad on a friday. $27 million after he doubled down with 100,000 shares at the end of last month. looks like a smart maneuver for roaring kitty. we are still roughly around 20% for record low of $327 a share for gamestop at the end of january at the height of the reddit gamestop saw. no trading halt yesterday, seven on wednesday. is important to know gamestop as outperformed the rest of the meme stock place.

gave stock has been holding up despite the fact we saw huge 10% nasdaq selloff by aggression. ryan owns 13% now of game stock-- gamestop. his tweets moved the stock. i won't show it because we really can't show it on television. you can judge for yourself. it was an interesting may be some sort of message he tweeted yesterday. stuart: that is called a tease, susan. [laughter] stuart: have a look at coupang, the amazon of south korea, terrific debut looks like they have momentum again this morning , up 7%. susan: yesterday the stock closed below $50 apiece at the end of session, roughly $10 less than opening price which was above $50.

it represents more value for investors. still, the amazon doordash, is to graham combination rallied over 40% in the first day debut over the ipo offer price of $35, so it's worth $80 billion, most 10 times what it was worth three years ago making the founder a newly minted billionaire. he's a us citizen, harvard business school dropout now worth over $8 billion. shows the great story of wealth generation here in this capitalist system in the world. we did see another huge week for the global tech unicorns, not just coupang about roblox up over 50%. shows they are still looked on the money out there especially trying to chase these unicorns. stuart: a bunch of money out there indeed. trillions, i do declare.

let's bring in kenny polcari. what is with the nasdaq, kenny? i mean, up one day, down the next, back up again. is it all about the yield on the 10 year treasury? >> i think it's couple of things, it's about the yield. i think it's about overall nervousness in the market that we are a bit ahead of ourselves and it is adding that inflation story because as much as they tell us yields are going up and inflation won't rear its ugly head, i don't think investors completely believe that. they are on the edge. they want to believe it and many have days like yesterday where they take tech names higher in the minute there's this much of a concern or that yields go up to 1.6% suddenly they get nervous and take money out of the nasdaq. the nasdaq has had four or 5% movement in three days so certainly just taking money out of it

on that concern. overall, i don't think the volatility is done by any stretch because i still think inflation and higher yields are coming. it's just the pace at which we get them. stuart: almost everyone in our audience has a piece of big tech stocks appear if you are an investor in whatever form you probably have a little piece of amazon, apple, facebook, alphabets. should anyone be selling >> not at all. if you are j.p. morgan are bank of america you also own tech there's tech everything out there today, but when you talk about apple or microsoft specifically, as a long-term investor i would say no, must the story completely changes , fundamentally the story changes. there is no reason to. i keep saying this, why would i ever sell apple, i just buy more on days

when it comes in and you buy it down for 10 or 12 or 15%, why wouldn't you buy more and just keep it as a long-term investment? the last thing you want to do his panic and it feels uncomfortable and sell everything, absolutely not. stuart: fairpoint. i think most of our viewers will be holding for the long-term. thank you for joining us see you soon. next, talking texas. it is open for business, but austin, texas, says not so fast. the mask mandate stays in place there. the state is suing them. we have the mayor of austin on the show to respond. tiki barber is going to join us. i want to know when we will see stadiums will of the fans. didn't that's central park. if it were up to president biden it would be way into the summer before we get crowds of people back together again.

i think we need to open up more, way before that stay with us. this is the friday edition of "varney & co." ♪♪ ♪♪ ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ (vo) ideas exist inside you, electrify you. they grow from our imagination, but they can't be held back. they want to be set free.

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but we have real movement for novavax, a vaccine maker that's a shot is 96% effective against the original strain and that stock is up 14% with a nice gain. president biden announces new directors for vaccine eligibility. when he is he saying all adults can get the shot who wants one? susan: may 1, that's pretty soon. may 1, for all adults 18 and up can get a shot because there should be enough doses to vaccinate everyone by then, which would be two months earlier than forecasts. they were anticipating may be full vaccine doses by july, of this year. .-dot also means maybe we can get together for a july 4 barbecue. i'm sure you will host. small gatherings only with biden emphasizing the wrist to most americans who are not elderly is very very low. there will also be a new

website to help people find nearby vaccination sites. stuart: i think the rest of the country's way out in front of this president's. we are holding small groups and celebrations already and we certainly will for easter, that's just my opinion. come on in, dr. marc siegel. would you make of that, july 4, 4 months away before we can get outside in small groups took what you make a bad >> first of all i don't think he's looking at how warm it was this week. i was ready to get outside to get my barbecue dusted off for this weekend. i think once again president biden is it taking into account the enormous mental and physical toll of all of these choke holds on as most of which don't have public health of value. they don't decrease the spread of the virus because it spreads within households still. to give july 4, date i

agree its month later than we should be talking about. i like the idea we may have 300 million people could be vaccinated by may 1. i think it's overly optimistic, but i like it, but it's dependent upon the manufacturer's. it's not the president in the lab making vaccines. that the hats off to j&j, merck, pfizer and motor. then it has to do with people agreeing to take the vaccine. we can't coerce people to take the vaccine, it has to be voluntary because there's a low death rate associated with it. i think the vaccines work. stuart: on that note, president biden took jobs, pardon up pond, he was critical of president trump's handling of the pandemic watch this, doctor. roll tape. >> a year ago we were here with the virus that was met with silence and spread unchecked,

denials were days, weeks and months that led to more deaths, more infections, more stress and more loneliness. stuart: all right, hold on a second, doctor. president biden-- she wasn't pregnant a year ago and this is what he tweeted: we are in the midst of the crisis with the virus. we need to lead the way with silence, not donald trumps phobia and fear mongering. do you blame trump the way president biden is blaming trump? >> of course not and he shall look at the timeline, march 13, a year ago tomorrow president trump called it a national emergency a year ago and invoked the stanford-- stafford act and asked for $50 billion at a time when there was only a few thousand cases in the us and he put together a coronavirus task force of the top scientists and started the road to operation warp speed for the vaccine they are using now.

it should be called the trump vaccine instead of saying there was no program in place. there was a vaccine involved and we got the military and a lot of therapeutics with scrutiny all throughout the loneliness and depression he is talking about, again a lot of that has to do with lockdowns more than the virus itself. stuart: dr. marc siegel, thank you for your continuing coverage of the virus, pandemic and the lockdown. c use them. by the way, cdc and dollar general will team up to speed up the shots. dollar general is all spread out across the country is nick? susan: , in the hard to reach parts as well as america so moral overall places is where your mind-- find more than 16000 plus dollar general's across the country. could possibly be near wirral communities. dollar general says they expect to help deliver 10 to 13 million vaccine doses a month fo

capacity wouldn't that be good news, stu? stuart: look, i really think the time is coming very soon where anyone who wants a vaccine can get to a vaccine, fairly quickly appointment, scheduling i think will improve and i think everyone can have a vaccine fairly soon. that's the way i see it. next, netflix-- this could be a problem for me, looking to crack down on password sharing. futures, look at them, we have the dow jones till up a fraction, but the nasdaq is way way down. the opening bell is after this. ♪♪ ♪♪

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stuart: check the futures, still mixed picture with dow jones up a little and nasdaq down a lot. gary kaltbaum enjoins us. would you think, gary, 35000 on the dow jones, here it comes? >> i said that a couple of months ago and i think if it continues with the vaccines

skyrocketing, the virus is crashing, the world is opening up and we still have gargantuan money printing by the central banks like we are in a gargantuan depression right now and that's fueling this and i can get will continue, but there is some negatives that interest rates keep spiking up and it's affecting growth spots right now. i think they will probably come on again. i think yesterday it was probably the start, but obviously with rates spiking again today it's a doubt a bit. stuart: both you and i remember march, 2008, when the dow jones plunged to a low of 6500. 13 years later almost to the day we are at 32500 almost, almost unbroken the bull rhino. can you remember a 13 year almost unbroken bowl run before and tell me why it's not over.

>> is somewhat on the unprecedented aside. let me give you the best way to explain this. look at what these great american companies do with the vaccines and how quick they got this thing down. it tells you how great our corporations are, actually world also, they are just on-the-job and if you believe in the progress of america and the business world, you have to own the stock spur the longer term it. we will get bear markets again, but overall we just continue to move forward, progress moves forward. look at technology advances just in the last year adapting to the virus, great stuff all the way around, sir. stuart: real fast, we keep trying to explain the downside movement in the tech. whenever we get a dip we explained what by same long-term interest rates are going up.

is something else going on as tall big tech? >> absolutely. they had a gargantuan run. apple market limit is over $2 trillion and i think amazon is close. sometimes you have to hit a wall when valuations get high and earnings have to catch up with the valuation and usually that just takes time and that's why the stocks have gone this way for about seven months. there's nothing wrong with that. stuart: i'm not selling microsoft's. i keep asking you for personal financial advice and you keep giving it. >> microsoft and google are the two biggest tech names right now and i would keep those. some others i'm not so sure, but those two are front and center for me. stuart: gary, you are one more my personal financial advisors. gary kaltbaum from open up florida, thank you for joining us become a good time at the beach.

we have 20 seconds before we open the markets. 10 seconds before he presses the button rings the bell and off we go. you know the schedule and when we open the one thing to look for is the nasdaq. real volatility in big tech and all technology stocks recently. we will try to figure out what's going on. we have opened the market on a friday morning and we are virtually unchanged for the dow jones. 34485 was the close yesterday and right now it's 32500, just hit it. s&p, down a fraction. the nasdaq composite should be down much more than that, one and one 3%. we will take you to big tech demo-- actually put it on now. does the problem for the nasdaq as they are all down 1% or more, all

over the place this week, up and down on a regular basis, down this friday. coupang was the big south korea amazon amount of public yesterday with the direct listing, up another 5% this morning $51 a share. that your coupang quote. tesla, a lot of volatility. a fire broke out at their factory in fremont, for any. any damage? susan: luckily not much which is good news with a fire contained in a few hours. no workers or firefighters were hurt. apparently the plant has a history of fires and is currently under investigation for possible clean air act violation. fremont makes all tesla models and speaking of which we did hear this week that prices are going up a bit for the smaller base model by maybe a thousand or

$2000 a car, but $10000 par top of the line s sedan. stuart: 668 on tesla this morning. of the electric car market is getting hot. susan: actually this reported 300% jump in deliveries and we know projection will slow down a bit in the first quarter and it will come in a bit less than their other chinese competitors like nio so they are looking to make may be 12 electric cars or so. we do know that they will be raising extra cash hong kong by collective $5 billion or so. stuart: is honda going to do something in the electric vehicle market or extend its footprint there? susan: they are looking to release a much too electric new suv models by 2024. the world is going electric as gm said they will be all electric by

2035. feel like honda is playing a bit of catch-up by announcing new electric models but we have not heard the company saying we will go all electric by a certain time lines. stuart: not yet. thank you. netflix, we all know someone who uses someone else's password. but, network-- netflix is cracking down. susan: deafening not you, rights do? stuart: wait a minute, i use the family password. it's a limited number of people. i don't think i'm cheating here. susan: you might be if you don't live in the same household. netflix is cracking down on some users, which they typically do each and every year. it's not something new, but you may get a

message on your screen next time you try to login saying if you don't live with the owner of the account you need your own account to keep watching soap netflix no space where sharing happens i'm a roughly a third of all accounts according to one analysis. netflix has not carried in the past. they have raised prices each and every two years or so by a dollar or two like this year. netflix has over 200 million global subscribers. stocks have underperformed this year so some people say they may be getting more vigilant when it comes to cracking down on password sharing if you don't live in the same household. stuart: getting vigilant, but if they insist you get your own account, how many people will do that? who knows. susan: i think you can afford your own netflix password, stu. stuart: icann, but i'm not cheating by sharing it with my family. i'm moving on, susan.

i'm on dangerous ground and you know it's. you are big on this all-star investor cathie wood putting her on television for a couple of weeks now and she says tele doc's quote a powerhouse. is it now one of her top holdings. susan: remember in january it was trading closer to my $300 in its come way below under $200 and cathie wood do room of the moment is doubling down buying more shares which may have rallied in the stock yesterday. she's also adding another 632,000 shares in skills which is a mobile game platform and she's also been when it comes to bitcoin and i went this headline from this morning, micro strategy one of the companies buying bitcoin along with square and tesla, they bought another 262 bitcoin for $15 billion in cash.

stuart: okay. i don't think that affected bitcoin's price, but duly noted. this is another one-- you get all the show these days. dock you sign down big. they did well during the pandemic, what's the problem. susan: i guess by on the rumor and sell on the news because-- you mentioned great quarter 42020 and they say 2020 guidance was going to be better, but i guess wall street not impressed. they have almost already tripled in the past year with a definite winner of the lockdown. that's when you can't go face to face to sign your documents. stuart: i use it and so do a lot of people. i have someone do that thing for me. my turn, i have a list of movers took first off, alter announced their ceo is stepping down as of june.

the president, davey kimball replaces her, but the stock is down 8% and that's probably because the company reports lower sales and lower profits. posh mark online marketplace secondhand goods with the stock tumbling 18%. the company issued a week sales outlook, ceo says demand is down in the states with tighter covid restrictions. 19% down. l brent, victoria's secret people surging, 7% gain. susan: the owner of victoria's secret and bath and body works says the business is recovering faster than anticipated so they are issuing higher guidance and sales between quarters buying back another half billion dollars of stock giving out dividends at reinstating dividends and hand out to investors. looks like lace and

sentiments scented bath candles are doing well so far in 2021 for them. stuart: but a stock buyback and a dividend increase works wonders. susan: you are going to touch the lace and satin, okay. stuart: not touching that with a 10-foot pole. 10 year treasury yield, where are we? 1.61%, probably not good news for big tech. price of gold is below $1700 an ounce. bitcoin current quote 56200. oil, $65 per barrel in the national average for a gallon of regular gas 2.83, $2.83 a gallon. do you remember when president obama addressed the border issue? we will refresh your memory. bold that only stresses the need to drop

politics and fix our immigration system once and for all. stuart: june 30, 2014, it was a crisis men, but it's just a challenge now. look what's going on at the border. they are lining up to come across with the former acting dhs secretary chad wolf on this program today. the city of austin refuses to lift their mask mandate, does that hurt their city when the rest of texas is really opening up? i will ask the mayor. he's on the show, mayor steve adler coming up. ♪♪

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stuart: well, a live look at the sixth avenue in new york city. still looks deserted even though the temperature is 60 degrees and we are hearing about one major bank getting people to come back to work in the office towers in midtown manhattan. this is a big deal and its braking is. susan, spell it out. susan: goldman sachs ceo in a zoom town hall meeting said he expects workers to come back to new york city before the summer. of the reason he says is because they are on boarding a new class of analysts and interns that have to come back into work in the office and said it's the best way to get them connected to goldman sachs, but if you listen to what he has set in the past he thinks making a special investment banking, yet she will eventually have to go back into the office if you work at goldman sachs and as for david himself he's been working throughout the pandemic from the manhattan headquarters.

it's very different from big tech companies where you can work from home remotely forever in some cases at some companies, but when it comes to investment banking, i mean, it's mostly built on relationships and you have to face clients and talk to them in person. stuart: and it's those fancy lunches in midtown manhattan that helps a sealed the deal so you have to be there face to face. may be a white wine this blitzer is as about as alcoholic as it gets these days. all right, texas, open for business with all restrictions listed, but the city of austin keeps the mask mandate in place. okay the attorney general of texas is suing austin about the mask mandate and look who is here, the mayor of austin, mayor steve adler. welcome back, your honor. does it hurt your city if you have a mouse mandate i think until the middle of april when

the rest of texas is opening up? >> i don't think so at all i mean wearing a mask doesn't stop businesses from opening. a dozen to stop getting more children in person and schools. if anything, it will remove the risk associated with those things and give us a better chance of holding onto that. i think it is something that actually helps-- something or businesses asked me too do. stuart: it doesn't seem like austin is a part of texas. it seems like it's a part from texas with the different ethic. the rest of texas seems to be let's get back to work, let's get on with it, but you're wearing a mask, you are anxiety, businesses are saying keep percussions in place, doesn't seem like austin is a real texas city. >> i don't think that is a true. i think that creativity in the spirit, the

innovation is something that is shared around the state, but i gets concentrated in austin. i don't think wearing a mask is particularly a big deal, i mean, if you separated from the politics, which you have to do, it's just not that big of a deal. stuart: but encourages that atmosphere of anxiety. everywhere you go people are wearing a mask, you can't communicate or see their facial expressions and adds to the element of anxiety. one quick question, your honor, all the people coming to austin from california, are they bringing their politics with them? are they the ones assaying mask up, take precautions, the anxious? >> i don't think so. i think people select to live here because of the culture we have. it's been a long time, austin's catchphrase has been keep austin weird. you can buy it on t-shirts and i think

it's always meant that it's okay to think outside the box here. i think that's one of the reasons why we have one of the highest rates of startups per capita in the country. this is a city that has a relatively high tolerance for people taking risks and being different and i think that is one of the reasons why the city does so well. stuart: your honor, we appreciate you being here today. thank you. mayor steve adler, come back soon please. >> thank you. stuart: the get this our own edward edward you think he is, he's actually in austin, texas, which is a big tech destination. so, which a big tech names are moving to austin despite the mask mandate? >> you actually have 154 companies either expanding or moving at our tech related into this area during the

pandemic. we are talking about names like apple, employee 5000 people in their new plant opening. tesla, 5000 people when their plant opens. samsung looking at possibly expanding 1800 jobs in this area and we are talking about austin, texas. >> why not call texas hill country silicon hill. this is where we know that if you keep bringing that talent or the companies that need talent, it will keep going and we will continue the trend. >> ibm general manager of global strategic alliances jason kelly said people are the key. ibm moved operations here 50 years ago and kelly is wondering what took everyone else this long to find this area on the map. the mayor said he told me state income tax reasonable cost of living especially when you come from california plus the incentives given by the county in

this, it just makes sense for tech companies to circle the city plus the mayor said people just want to live here but back to you, stu. stuart: that completes our austin, texas block for the moment. thank you. let's go to new york where the governor, andrew cuomo, listen to this, the police have launched a criminal investigation and the democrats are launching an impeachment trial. the man is in serious trouble. our-- i will ask gregg jarrett if our governor is toast. pursed a tesla hailed as a hero for features that helped a driver escape a carjacking. we will tell you what happened next with a live look at six avenue, may be a few more people as you see, maybe it's because it's a 60 degrees and the weather is improving, maybe. higher-- hardly the sign of a majoring opening up though, we will be right back.

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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 stuart: we have the video, look at it, tesla driver escaping the armed carjacking paired take me

through it, please is. susan: he credits his tesla model 3 for saving his life with features like the door handle, exterior can arise-- camera and the feature that allowed him to sit in the car stationary while still in drive, he said it all helped him to escape in the victim is a 15 year navy veteran the carjacking taking place in florida and tesla's door handle if you look, they are hard to find which meant the carjacker had to lower his gun for a split second, which was enough time for the driver to escape by hitting the gas pedal while still in hold mother we were talking about your bullets striking the car between the front passenger door in the victim in this case thinking the lawn mask on twitter saying thank you the car was a huge part in saving my life. stuart: given a chance to get the gas pedal-- not the gas pedal, but the accelerator on the tesla it takes off. good stuff. thank you.

checking the markets because there's a nice gain for the dow industrials up 120 and a moderate loss for the nasdaq down 147. big show ahead, tammy bruce, karl rove, chad wolf and steve hilton and i have a message, folks, i'm not going to wait until july 4, to recognize their independence and freedom as the president expects us to do. that's "my take" and it's coming up next. ♪♪ investments, key portfolio events, all in one place. because when it's decision time, you need decision tech. only from fidelity.

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with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) ♪ everybody's working for the weekend. ♪ everybody wants a new romance ♪♪ stuart: working for the weekend by loverboy. [laughter] pretty good way to start the 10:00 hour with, on a friday morning, i'd say. and good morning, everyone. yes, it is 10:00 on the east coast. straight to your money. a nice gain for the dow. it has reached 32,600. but a sharp fall for the nasdaq. not as bad as it was, down 1.1%. big tech, that's the problem for the nasdaq. all of them on the downside in pretty significant terms. i see there that facebook is

down 2%. the 10-year treasury yield, that's the problem for the nasdaq and for big tech, moving up this morning, 1.61%. just in, the latest read on consumer sentiment. this could move the markets. susan: good number. end yep, higher than anticipated, 83.0, that's higher than economists' forecast. looks like consumers are feeling a lot more confident, and how much more confident will they feel when they get those $1400 checks as part of the $1.9 trillion stimulus plan. you know, stu, because consumers obviously very important to the u.s. economy, representing about three-quarters of gdp. stuart: yeah. and those checks could, repeat, could be arriving this weekend or certainly early next week. well, the consumer confidence number did not affect the market. we're still up about 13 only the dow, and we're -- 130 on the dow, and we're down about 160 on

the nasdaq. thank you, susan. now this. well, there goes easter. according to the president, we have to wait until july the 4th before we can get together. really? has the president seen what's been going on already in texas and florida, indeed, much of the country? in his address to the nation last night, he said there's a good chance you'll be able to get together in your backyard to have a cookout to celebrate independence day. small groups only, outside, and you have to wait four months? what a downer. how pessimistic. the president's speech reflected the state of democrat politics; stay anxious, live in fear and, above all, let the government stay in control of your life. so out of touch. look around. it's early march. in so many parts of the country, we are already getting together to socialize. this country is ahead of its own

president. my prediction, we will not wait til july the 4th to socialize. easter, spring only a couple of weeks away. we'll be traveling, meeting, celebrating in family groups inside and outside. that's the way it's going to be. do you think we're going to stay huddled up for patrick's day next week? -- st. patrick's day? sorry, mr. president. if we're four months early, many of us want to take back control of our lives. we want to return to the freedom our constitution guarantees. we're not waiting for july the 4th to exercise our independence. at least i'm not. second hour of "varney & co." is about to begin. ♪ ♪ stuart: friday morning. tammy bruce joins us. the president's speech did not, in me at least, inspire positive confidence going forward, as they say. of how about you?

>> yes. you know, our friend laura ingram noted it sounded like a funeral speech. and this is, i saw this across social media and multiple different platforms, all kinds of different people, different politics, different ages being surprised and a little taken aback at this tone and at the message which you covered very well in your monologue. look, this is an opportunity. and what the government should always want to do is have legitimacy, is be able to set a table where americans are agreeing with the president. but what this showed us was that this is written -- it sounded like -- with talking points and a template maybe by a millennial who hasn't been out in the world for a while because he was saying things that would, you know, months old. and americans are like, wait a minute, we've already moved past this. over a dozen states have lifted their restrictions. businesses may still apply some ricks, but americans --

restrictions, but americans are saying exactly what you were saying. look, i'm now this charge of my life. i'm not waiting for you to tell me what to do. that's now the failure of the democrats. they've created an environment where americans now are even more suspicious and more rejecting of what they're being told because it doesn't match the reality of our life. he said at one point, you know, trust dr. fauci. i mean, like, which version of dr. fauci? there's been flip-flops on every major issue. i personally just got the first pfizer jab, and a lot of people -- like, over 94 million americans, almost 20% of americans have been jabbed. and there are side effects. we're making this commitment. we know it's serious. and we're not doing this to wait for uncle joe to tell us that we're going to wait til the 4th of july which, by the way, is a symbolic date. there's no science involved in anything that he said. cases are down by over 70%.

hospitalizations, deaths, etc. and it's only going to get better. but it really is a shame that the american people, myself included, looked and thought this man is not even remotely in touch with the nature of what's happening in the country right now. stuart: tammy bruce, have you got something about millennials? do you think they're a generation -- [laughter] anxious about the pandemic? i picked up on what you said there, tammy. >> well, look, i think that there is -- yes. when you've got a messaging, and it's worked. the messaging, fear porn as i call it, it works. there's a reason why training works, cults happen. you can inculcate people with a certain sense of fear. and younger people might not have a good sense of the nature of the american spirit. and, you know, it's been a very difficult time, and at the same time, of course, i think with

schools, school being out, their generation getting out of colleges which is, of course, infected with the woke framework and victim hood and punishment, it's a generation that's going to find out that we're all individual, we all matter, that america is a compassionate, considerate country. young people are going to find that out as they get a little bit older. stuart: yeah. get off our backings. tammy, always a pleasure. especially told. thanks for being here. >> thank you. stuart: let's go straight to our next guest. david bonnson. i want to talk to you about the president's speech last night because he wants us to wait til july the 4th to entertain in small groups. that's a long way away. i don't like the sound of that,

do you? >> no, and i don't really understand it for the life of me scientifically or politically. i think he had a chance last night to basically come out and say what everyone is already doing and where everyone is already headed which is you can have some normalcy in your life back. and it wasn't just that he said you can do a cookout on 4th of july which, as you point out, is four months too long, too late, he said but not in large groups. even then after herd immunity, after successful vaccinations. it's like these guys don't even want a victory from the things that have happened from all of our collective efforts. but really, stuart, the point i want to make to listeners this morning is that the entirety of this, independence and liberty and normalization, at this point is out of the hands of policymakers. it's out of the hands of the president. it's up to us.

we will go back to our offices, we will go back to our churches, we will start dining in restaurants. that's what this has always been about. the politicians have capitulated when the people have said enough is enough. the science and health and safety is overwhelmingly on our side. it's time to go back to work and actually cherish this thing called normalcy, community, the energy that gives us meaning in our lives. stuart: stop asking for our freedoms to be restored, take back our freedoms. do it before our independence day. that's my bottom line, and i think it's yours too. david, thanks very much for joining us this morning. very important. >> thank you, stuart. >> appreciate it. check the markets. why not? big tech, as you saw on the left-hand side of your screen, in trouble this morning. nice gain for the dow, you're at 32,600. i think that is a new high. we've got some movers, some market developments. susan, wrap it up and start with

boeing. susan: yeah. probably helping lift the dow today on a friday. boeing is up after getting an order for 24 7 737 g grom an --tsromn i itmenttment southw deat dea t dhat w dhattop st day.erda eing ceiet cs t cs tecover er eralal - - a aba g inng inng the direc dir, closon, closo a antit antit groun grounccrodini "the to "thll stree journal its its financialrm ceo resignsiing thigs mor mni the bit b of ourbulebunc forfo arli eecially iyn tha t chineseines mar andnd its relationlatishithith beijieingj. also in thathat rotationn back i valurom t a growth,rowt finafiials likorgan trading up today, and it looks like bank of america says it's based on the second highest inflow of investor dollars going into value plays last week. makes sense with higher yields. and finally, ulta beauty cutting

its outlook for the year, the ceo mary dillon is stepping down in june, david kimball is stepping up. stuart: i think it's the cutting outlook for the year which is really hurting ulta as opposed to the lady stepping down. susan: yeah. stuart: roblox and the latest, please. susan: we're still trading around $50 and below, that's $10 less than the opening price yesterday which was above $50 a share which might represent some value for investors. still the amazon, doordash can, ins cart of korea rallied over 40% in its debut. nowst it's worth $80 billion in market cap, ten times what it was worth three years ago, and making its founder a newly-minted billionaire. don't you love this wealth

creation, stu? u.s. citizen, harvard pool dropout, he's now worth over $8 billion. and it's another huge week really for global tech unicorns versus roblox, up over 50% now from its reference rate after its listing this week. kathy wood buying 500,000 shares. but this is inspiring a lot of foreign companies to list here in america. we talk about grab, that might be a $50 billion spac deal and also another instacart competitor as well. stuart: to answer your question, susan, yes, i do love wealth creation. i just wonder what aoc and bernie sanders have to say about it. [laughter] susan: how about elizabeth warren? stuart: and elizabeth warren. sorry, i missed her out. [laughter] president obama i would not hesitate to call the border situation a crisis back in 20

the 14. roll tape. >> we now have an actual humanitarian crisis on the border. in recent weeks we've seen a surge of unaccompanied children arrive at the border brought here and to other cups by smugglers -- countries by smugglers and traffickers. stuart: well, the surge of migrants even higher now. we've got it on tape look at that. why won't president biden call this a crisis? former acting dhs secretary is here to respond to that in just a moment. more riots in portland, oregon, after the mayor of portland announced more funding, more funding for police. there's the response. live report to coming up for you. first though, covid relief checks starting to go out very soon. karl rove warns that this could backfire. he's going to explain that after this. ♪ ♪ -- the dipper bell brings 'em back home. ♪ blue collar in his bloods --

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to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com. once again, that's golo.com. ♪ stuart: psalm story, dow up nicely, nasdaq down strongly. you're up almost 200 points for the nasdaq -- off almost 200 points for the nasdaq. ulta beauty leads the list of losers, down 10%. workday, lumina, jd.com, they're also big losers. next case, stimulus checks. they are headed out. susan, when do they arrive? >> this weekend for some that have set up their direct deposits with the irs, and that's just the first wave according to the white house. the checks will be are deposited and mailed throughout the rest of this month. the majority of americans are eligible to get these $1400

checks, but no money for anybody that makes over $80,000 a year, stu. stuart: bottom line is the checks are in the mail -- [laughter] they're being wired as we speak, and they're going to get there real soon. okay. i guess that was the positive from last night's speech. the only one, in my opinion. all right, let's look at this headline. it's quite long, but i'll read it for you. dems nix gop if spending bill improvements. it's popular now but voters may regret the $1.9 trillion expense by november 2022. who wrote that? karl rove. welcome back to the programment. >> thank you, stu. stuart: do you think these $1400 checks will backfire? i would have thought they'd be wildly popular. >> well, look, 75% of americans are going to get these checks, and how many of them are going to say why am i getting these? i've got a couple of friends in south carolina, two retired ladies, they got their $600

checks, and their first response was why did they send them to us in and think about this, the united states senate turned down an amendment to deny checks to felons. people who have been in jail for a year. so they got in there before covid started, they're going to get checks. college students are going to get checks. they refused to go on record and say we're going to deny checks to illegal aliens. so i think people are going to say, okay, fine, thanks for sending out the money, but did i really need it? and what's going to really bring this to a boil is the fact that this bill is so expensive, and people are going to say did we really need to spend 1.8, $1%9 trillion to deal with this issue? in the bill vaccines have between $14-20 billion worth of spending. if you take all of the health-related covid-19 issues in the here, it's between 100-16 billion dollars total the, everything. $1.8 trillion total. 8.5% or less of the bill is

actually devoted to covid x. think about this. this is an emergency, right? we spend $1.23 trillion this fiscal year, that is to say by the end of september, but we spend $692 billion under this emergency bill over the next ten years. we spend $458 billion in fiscal year '22, $114 billion in fiscal year '23, $63 billion in fiscal year' 24 and so on. really, an emergency, and we're spending money for the next decade? stuart: yes. but you're assuming, you're assuming that we're all economically rational. i could easily understand we get the economy going and it is going to go gangbusters throughout the rest of the year, and president biden's going to say, see? we spent all that money, we spent it wisely. we got the economy to recover. i can make that case. >> well, yeah, sure they will make that case. but ordinary good sense of

americans will say, wait a minute, i'm doing okay, why did we give me a $1400 check? my college kid, student, got a check. people in prisons got a check, illegal aliens got a check. we've got $350 billion going to state and local governments. and this is going to -- remember what sort of got people energized about the 2009 stimulus bill when they found out we gave money to solyndra and the company went belly up? well, under the state and local government we had an more than, right? -- emergency, right? california will send this fiscal year with $19 billion in surplus, and this will give them more. my state of texas, we will receive $16 billion. i met yesterday with some of the leaders of our legislature who are trying to figure out how do we spend $15 billion without putting it into the baseline of the budget, what are one-time expenditures that we can spend this money on. new york city, we normally have a funding mechanism, there's $26

billion in this year for urban transit systems. we have a normal process of how we normally divide that up among all the urban areas in america. this bill, because chuck schumer is the chair -- is the heeder of the senate -- leader of the senate, gives new york twice the normal percentage it would get out of that $26 billion. it's going to get $8 billion, it would normally get less than 4. what's happening there? we're taking money from states like -- cities like reno and indianapolis and atlanta and oklahoma city and giving it to new york to give them twice the share they deserve to have. that kind of stuff is going to stink x. then we get out to supplemental unemployment, you're right, we're going to have a growing economy, but you and i both know it's going to be because of the private sector. the unemployment insurance has a plus-up. $300 more a week for everybody who theys on unemployment. even the government admits that mean over 1 million people won't be working who would otherwise be working, and that means the unemployment rate is higher than it would otherwise be.

and you're going to have small business people all around the country saying i'm trying to hire, but the government is paying people $300 more a week on top of what they normally get for unemployment, and i'm finding it hard to attract people to come to work. stuart: you know, karl, that white board really works for you. i can't do it myself -- [laughter] i don't have your expertise, your why not board exper -- white board expertise -- >> well, do you have a second more? bunch of stuff in there that has nothing to do with covid. $86 billion for a union pension bailout. $4 billion for a loan program that says if you are black, brown or asian-american and a farmer or rancher, you can write off 120% of any you have from the u.s. department of -- any loan are you have from the u.s. department of agriculture without an asset test because of your race. and we've got $120 for k-12 education, and the cdc says the cost of covid to our k-12 is

between 9.2-31 billion, and we're going to shower the teachers unions with $100 billion in surplus cash that they're going to be spending for the next decade can. stuart: you're making me mad already, karl, and i'm trying to calm down for the weekend. that was good stuff, karl, and we appreciate you being here. we really do. >> thank you. stuart: thank you, karl. next case, the prime minister. he has met -- the president. he has meant virtually with the leaders of australia, india and japan this morning supersusan on a varian city issues whether it's economic or border issues. we know india and china had recent skirmishes, china overreach when it comes to the south south china seas. the four nations do have semi-regular summits and these information exchanges, stu. stuart: all right. we got it, susan, thank you very much, indeed. short and to the point there about the qald, as they say.

very good. california's governor newsom insists his state's battered economy will, quote, come roaring back despite the draconian lockdowns. steve hilton is skeptical. he's going the join us. speaker pelosi ridiculing republicans for focusing on the border. roll tape. >> well, i guess their dr. seuss approach didn't work for them, so now they've had to change the subject. stuart: former acting homeland security secretary chad wolf has a thing to say about that, and he will be here after this. mug if. ♪ -- now that i need you. ♪ where are you now that i need you? ♪♪

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kit stock. the number of unaccompanied children arriving at our southern border absolutely skyrocketing. speaker pelosi says the president's policy is working. listen to what else she's got to say. roll it. >> i trust the biden administration's policy to be based on humanitarian and love of children rather than political points or red meat for the republican base. stuart: okay. griff jenkins is on the texas side of the border. he joins us now. i believe lawmakers are heading down there to check out the crisis? when do they arrive, griff? >> reporter: that's right. bipartisan group. you have got republican senator john cornyn and democrat representative henry cuellar going first in a few hours to a facility about an hour and a half there where i am here in laredo to see that teen child facility that had to be set up. then they'll be here in laredo at texas a&m this afternoon to

have a round table with local leaders. let me show you what it looks like, let's go up to the drone team. you can see the international bridge connecting laredo with its sister city, move woe laredo -- knewway owe laredo, you can see very challenging. they have mostly single adults, a lot of males the agents tell me here. they're up 140%. now, one of the agents in this laredo sector who is part of the border patrol unit, vice president hector garza, was talking to me just a few hours ago, stu, and here is what he says that those politicians need to understand. watch. >> we want to make sure that we highlight that we're seeing a lot of criminals coming across, a lot of unaccompanied children coming across by themselves without their parents. and we're seeing a massive amount of family units crossing the border illegally. >> reporter: this after that news of 1 100,443 encounters.

and the news we got, new number, 204 have tested positive out of 1700 since they began testing january 25th. that's a 9.25%. now, congressman cuellar says that all these numbers are pointing in the wrong direction. here is what cuellar said. listen. >> i know march, april, may, june are the high peak. so, you know, we're about to see the numbers. if we got 100,000 for february, march is going to be higher. >> reporter: and, stu, one of the challenges here that these agents believe is the narcotics that comes through this area. you don't see the family units and unaccompanied children as much in this section, but it is a challenge, indeed. i talked to another agent i've known for many years here in laredo. i said how bad is it?

he said i've never seen it this bad. stuart? stuart: yes, and you're the guy who shot that video of them coming across the river by the boat load. you shot that video, griff, congratulations. dynamite stuff. mr. jenkins, thank you very much, indeed. now, take a look at this, the number of border encounters is higher than it was under president obama. and the obama administration did, indeed, call it a crisis back then. ful this administration still will not call it a crisis. chad wolf is with us, fortunately. he's the former acting secretary of dhs. chad, want to welcome you to the show. we've had video all morning long of them streaming across the border. you've seen the numbers. 20 the 4 tested positive for -- 204 tested positive for coi have. how are we going to stop this flow? >> it's a great question. i will say what's occurring on the border today is certainly a crisis. it was a crisis in 2019 when myself and my colleagues

addressed the issue in 2019, and those numbers are up today. we see them increasing over the next several months. so what can we do about it? there's a number of things the d. of homeland security can do -- department of homeland security can do. unfortunately, they have taken a number of our policies and procedures off the table, and they've replaced them with, as far as i can tell, a catch and release style approach. so they are sending a lot of resources whether it's border patrol agents, money and others down to the border, but they're not doing that to secure the border, unfortunately. what they're sending resources down there is to quickly and more expeditiously process these individuals so that they are released into the cup. it's a vastly different approach on how to not only secure our border, but also to operate our immigration system to one that's dangerous, and it's unfortunate. stuart: is it true that if a migrant sets one foot in america, they're here to stay, they never have to leave? is that accurate?

>> well, it's certainly true under the biden administration. again, we use title 42 which is cdc health authority over the last several months going well back into 2020 to turn individuals around in a covid-like environment because as your numbers indicate, a number of them were crossing with the virus. the biden administration has decided to stop doing that. both with uacs and a portion of family units. you mentioned there was a number, i believe griff reported earlier the number of family units has skyrocket from january to february. we talk a lot about the unaccompanied children, and that's a crisis, but the family units as well. we've gone from about 7,000 in january to over 19,000 just in february alone. that number will likely be well north of that come march. and what's occurring is they are simply releasing these individuals into the interior of the country. so, again, it's the wrong

approach. stuart: wait a second, do we know -- these unaccompanied minors, thousands of them -- do we know actually who's picking them up? do we put them on buses and shuttle them off to various cities and figure out somebody will pick 'em up? is that what we're doing? >> yeah. so it's a couple different fronts. so as the minors come across the border, as they're in mexico, a lot of them actually come to the border with their parents. their parents then choose to send their minor or their child across that border on their own knowing that they will get into the united states and stay in the united states. others send their children alone in the hands of smugglers, traffickers and others. so it's very dangerous on the child as they make the journey up. and once they get here, they'll stay in border patrol facilities. and right now why do we think -- why do we know it's a crisis? because border patrol has reportedly around 3500 children in border patrol facilities for well over 100 hours which is far beyond the time that they should be.

and that's not the fault of the border patrol at all. they are overwhelmed at the moment. and then they go to hhs facilities where they are released to a sponsor who in some cases is a relative or a parent. it could be a citizen or it could also be an illegal alien as well. stuart: indeed, it could. chad wolf, thank you very much for joining us on a very difficult and important subject. the we -- we appreciate it, sir. thank you very much, indeed. >> thank you. stuart: last night's speech from the president, the mainstream media had nothing but praise for it last night. watch this. >> i'll tell you the truth. on july 4th with your loved ones is the goal. >> and i, i think it was very moving. >> he is the guy we need right now. stuart: ah, they love him. all right. media watcher adam gillette has more on this in a moment. violence in portland, oregon, last night after the mayor announced more funding for

police. we've got a live report. i'd call that a riot. we'll be back. ♪ i'm a bad guy, duh ♪♪ this isn't just freight. these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises.

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stuart: here we go again, violent protes in portland. rioters set fire, smash windows as you can see. dan springer joins us. what's the problem this time, dan? >> reporter: you know, stu, it's portland. after relative calm on the protest front over the last month or so, portland absolutely exploded last night. around 60 people, call 'em anarchists, antifa, protesters, they're all dressed in black, broke windows, set fires and fought with federal police outside the courthouse in downtown portland for about two hours. police responded with pepper balls, flash-bangs and tear gas.

early in the day the group was protesting oil pipelines, they trespassed inside a bank with a security guard holding a gun on one of them. this was just hours after mayor ted wheeler announced he'll be asking the city council for $2 million to address record gun violence. remember, last summer wheeler joined the protesters at the federal courthouse where he was mocked by protesters and tear gassed by the feds. he cut the portland police budget by $15 million and kiss banded the violence -- disbanded the violence team. gun violence is out of control. on tuesday portland had its 20th murder of the year matching the total for all of 2016. last year saw the most homicides in 26 years and a record 890 shootings. in just the first two months of this year, the portland area has seen 278 shootings. so wheeler wants to bring back and rebrand the gun violence reduction team and add civilian

oversight. meantime, many of the downtown businesses remain boarded up. in a recent survey, 62% of the business owners said downtown was no longer safe. and a national group said just a few years ago ranked portland as the third best place to invest dropped city down to number 66. former mayor who is back as a top adviser says changes must be made. >> you make sure that we are arresting folks engaged in criminal activity, that the d.a. is able to prosecute them and that the courts are able to adjudicate them. >> reporter: so it looks like defunding the police has been a total failure in portland, and now nine months later there's a move to refund the police. stuart? stuart: i shouldn't laugh, but i have to. [laughter] dan springer, thank you very much, indeed, sir, appreciate it. all right. let's have a look at the markets. what are we doing this friday morningsome we're up for the dow, 150. still down on the nasdaq, 185.

big tech, let's look at that. i think the yield on the 10-year treasury moving up, that put pressure on 'em because those big techs are down. susan: especially crossing 1.6 president this morn -- 1.6% this morning. particularly tech stocks look riskier and more expensive. but still there's a lot of money chasing and pouring in to buy stocks. the latest bank of america investor survey tells us more than 31.5 billion dollars poured into stocks last week. that's a lot of money. and they took out over $15 billion out of bonds. they sold off more than $2 billion out of gold. also the second largest weekly inflows ever chasing value stocks, banks and industrial names that are finally outperforming the high-flying growth tech plays. in fact, value outperforming growth by almost ten percentage points this year. overall though if you look at the last few months according to bank of america, you see nearly half a trillion dollars --

again, these are large numbers that we're dealing with -- half a trillion dollars, stu, going to tech stocks, emerging markets and bonds. people don't want to miss out on this move. stuart: like we've said frequently -- susan susan yeah. stuart: -- we used to talk about hundreds of billions of dollars. now it's trillions of dollars. supersuperyeah. stuart: and we, you know, pops up every day. trillion here, trillion there, you're really talking big money. i want take a look at novavax. surging, i think 7% gain is a surge, susan. [laughter] susan: yeah. stuart: that vaccine's going to be good. >> trillion here, trillion there. yeah, so we're talking about 96% effective when it comes to preventing covid cases of the regular strain for novavax. pretty good. that was in line with the moderna's efficacy of their vaccines. novavax also around 86% effective when it comes to protecting against the more contagious u.k. variant. but here's the problem or, it's only 55% protective against the

south african variant. that was a smaller trial. these are the findings in a late-stage u.k. trial. novavax can look for fda authorization here in the u.s., and the vaccine could be cleared for use as soon as may. but the sticking point is if the fda wants novavax to do trials of the vaccine right here in the u.s., that'll take a few months longer. let's hope not. stuart: i think very soon we're going to be flooded with all kinds of vaccines and doses all across the country. pretty soon anyone who wants one will be able to get one. susan: may 1st, hopefully. stuart: verying, very good thing, no question about it. will these cardboard fans -- look at them -- [laughter] be a thing of the past. well, they are in texas. tiki barber here on on the return of -- on the return of fans to the stands. then new york governor cuomo,

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♪ stuart: if the dow jones average closed where it is now -- closed where it is now,32,623 -- it will be the 13th record closing high of this year. and it's only march, what is it, 12th or something? that's quite a performance. all right. take a look at boeing because that is a clear standout. it is a dow stock. they got more orders for their max jet. the stock is up 3.8%. that contributes about 70 points to the dow jones average. more trouble for governor cuomo in new york city. knew new york state -- in new york state, i should say. new york democrats have launched an impeachment drive. and this is just breaking, just happening right now, just hearing about it, congressman jerry nadler, democrat new york city, is the latest to call for

cuomo's resignation. gregg jarrett joins us now. gregg, they're coming at him from all sides. criminal investigate, impeachment. is he toast? >> oh, he's finished. he'll never hold political office again. yet cuomo seems to be preoccupied with hanging on to the reins of power as governor when he should be concerned about potential criminal charges and prison. under new york law, groping and fondling a person's intimate parts against their will is called forcible touching. it is a crime, stuart, and this is exactly what the sixth accuser has reportedly described. if the allegation is true, if she is a credible and competent witness, then andrew cuomo is in serious legal jeopardy. on top of that, he's got the federal investigation into allegations that he and others in his administration falsified data to cover up nursing home

deaths that he caused in order to avoid a federal investigation. that is arguably obstruction of justice, it's fraud, it's conspiracy. the problem for cuomo is he's got no friends in albany or elsewhere. he has always ruled through intimidation and threats and retaliation. people capitulated for years because they feared him. they don't fear him anymore because of these allegations. he's been renderedded as a leader weak and imto tent. so -- impotent. as i say, he's in serious trouble, and the least of his worries is hanging on to power. i predict that sometime soon he'll probably, under pressure, resign when he faces real threats of impeachment. stuart: let me get this right. there's a criminal investigation, the police will investigate. do they then put their case, if there is a case, to a grand

jury? and the grand jury then looks towards maybe going to a prosecution in open court? is that how it works? because if it ever gets to open court, that's a real problem. 20 seconds. >> oh, it is, it is a real problem. it would be referred to the district attorney in albany to make a decision to send it to a grand jury or not. based on the evidence. and then you also have the attorney general of the state of new york has the power to to doe same thing. stuart: gregg jarrett, thank you very much, indeed. appreciate it. see you again real soon. big show, big hour still to come. steve hilton, tiki barber, adam gillette. after a year of restrictions, we're finally taking our freedom back. that's the subject of my take coming up, top of the hour. onalg and unmatched overall value. together with a dedicated advisor, you'll make a plan that can adjust as your life changes,

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>> we are not doing this to wait for uncle joe to tell us we are going to wait until the fourth of july which is a symbolic date. there is no science. this man is not even remotely in touch with the nature of what is happening in the country. >> the entire d of this independence and liberty and normalization at this point is out of the hands of policiesmakers. time to go back to work and cherish this thing called

normalcy. >> this volatility by any stretch, i think inflation and higher yields are coming. the last thing you want to do is panic when it feels uncomfortable. >> america and the business world, you need to buy stocks for another turn. >> stuart: it is 11:00 on the east coast of america. friday, march 12th all day. big tech is down 200 points. we are back 130, here's one of

the problems for big tech. the yield on the big treasury going up again. big tech takes a hit, we are up to one.62% on the ten year right now and in a few moments we will show the impact on big tech. we are rapidly reopening and i love it. i enjoy getting back to face-to-face conversation without a mask. you can't communicate if you don't have a full view of the other person's face. i like seeing people smile. i want to be social again. don't laugh. i know i'm not the most social person but i did break bread with a couple people, but i realize i missed the exchange of views around the dinner table. zoom is not the same. i want to see fans, real people return to sporting events.

cardboard cutouts are one thing, the war of the crowd brings real excitement to sports. the texas rangers will allow 100% capacity at their baseball games. good, lead the way, texas. what i want more than anything is for our society to be released from his anxiety. the media is full of scare stories that has made a safir society. america a fearful society. that should change. treatments work. vaccines work. thanks to donald trump we are well on the way to being a well protected society no matter what president biden says i see a change of mood in this country. spring is almost here and we are upbeat and we are positive. why? because this is america and after a year of restrictions we are taking back our freedoms, taking back our freedoms, very important. it is a wonderful thing. the third hour of "varney and company" is about to begin.

i need steve hilton. i have been renting for the last couple minutes. another guy with a british accent. and you call the speech incoherent. >> in style it was incoherent. that was pretty laughable to start with. it was substantive incoherent. there was been designed to give one impression but the reality is different. all these dates were thrown out, we're going to be independent and another part of this is we may have to put restrictions, on may 1st.

everyone is eligible for vaccine. it is eligibility. what does that mean? the whole thing was designed to give the impression of someone who's in charge and in control but actually knows he's not. stuart: you live in the state of california and your governor, gavin newsom, is counting on a strong recovery after the pandemic. role that tape please. >> california, we are not going to come crawling back. we will roar back. stuart: roaring back. what is your response to roaring back in california? >> reporter: the man we just saw landed my beloved california, the state i love, my home with the worst pandemic

performance of any state. look at any measure we had the strictest and most stupid lockdowns, the worst unemployment, the worst and longest enduring school closures, the most ludicrous reopening rules, the whole thing has been a disaster and on top of all that the actual result in terms of fighting the virus has been a disaster where we had a worse result than florida which had no lockdowns and elderly population. there is a lot to come back from. i think california will come back but no thanks to him. if you look at all the pre-pandemic policies coming out of the administration, it is one party rule, you still have all those barriers to business success and economic growth whether it is the stupid regulations in inhibiting housebuilding or new construction factory, the big one which is the massive cost to the state and its budgets.

the government unions that funds democrat politicians like gavin newsom. every single year the cost of that eats into the budget that should be spent on things like protecting people investing in science and innovation, the structural burdens built in. california is resilience, great go getting attitude. i think finally will come back despite gavin newsom not because of what he is doing. stuart: look at the headline from the new york times. i will put it on the screen. the best bagels are in california. i don't know if you are fired up but do you want to weigh in at all? >> it is a highly provocative move. that was the new york times, la-based food writer. it is in berkeley across san francisco bay. i did notice after that, around

the block for that particular bagel, when it was shut down by gavin newsom, doing better. we should be pleased about that. stuart: i didn't have a bagel until i was 26, 27 years old when i arrived in new york city. we didn't have a in england in my day. >> the one that did crop up in england, once i tasted the real thing in new york i realized how inferior all the others were. for me the new york one. stuart: bagels, and cream cheese. we will be watching you on the next revolution sunday night at 9:00 pm eastern on fox news channel. thanks very much. check back with the markets and why don't we bring in brian. we have a lot to go at with brian particularly big tech. what is going on here?

is there something more going on with big tech than just this thing about rising interest rates, rising yield on the 10 year treasury, something going on i don't know about? big tech has stalled. >> i want to speak in an english accent but i am ticket he. this morning. there's a lot of tech stocks, consumer staple tech, go-go high valuation tech, and cyclical growth type tech. people would be making a mistake if they paint it with one broad brush. apple can be viewed as a value stock in some circles. same thing with microsoft where you see what is happening with other high flyers, maybe tesla, some of these higher flying

software companies in a higher interest rate environment they are going to be under pressure and we have already seen. more to that, the daily gyration is about the indecision chasing momentum. people thought they missed the tech did and that is why they are buying them yesterday and selling them today. that is not much of a strategy in our view. stuart: you wouldn't be selling, if you own big tech like apple, amazon, facebook, google, microsoft, you wouldn't be selling them but would you be buying any more, this is another dip. >> one day doesn't make a dip. companies outside of this week, dramatically underperformed, now maintain your position. we have more 5 to 10% correction, we would positively be adding them. stuart: it has worked well so far.

we congratulate you on that. you have a son coming by the way. come on in susan, what do you have the big movers of the day? >> the best bagels on planet earth are in new york city. let's talk about satin and lace. the owner of victoria's secret at bath and body works says sales are going better than so far this year. they are raising guidance, they are going to restart paying on dividends to shareholders and buying back half $1 billion in stock and that means the stock price goes up. let's check game stop rallying up 10% at last count, and after we 7 but we saw wednesday but roaring kitty is one of 1000 shares which you double down on worth close to $29 million with that surge over game stop

shares this friday, tesla going the opposite direction looking at a selloff taking place after reports of a fire at a factory late thursday contained in a few hours and no injuries reported. jpmorgan hit a record high, looks like rotation and that does include financials like jpmorgan and amc entertainment say 90% of their us theaters are back up and running, reopen, limited seating but isn't this good news that maybe we get back to some semblance of normal life once again. stuart: i would like to go to a cinema again. i used to do it regularly. i would like to go back. >> you would leave your house? stuart: i got out of my house. i used to do that, surprise surprise. thank you.

so long cardboard cutouts. the texas rangers just announced they are reopening at full capacity this season. that means real people in the stands cheering on their team, real people, real sounds. tiki barber comments shortly. the media couldn't get enough of president biden's speech last night. watch this. >> i will tell you the truth. on july 4th with your loved ones is the goal. >> i think it was very moving. >> he is the guy we need right now. stuart: lots of bonding over the president. is that journalism? we are on it, we are talking about it and we will deal with it next. ♪♪ can't take my eyes off you ♪♪

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stuart: big speech from the president last night and the media wasted no time praising him for it. role tape. >> i think it was very moving. i thought it was important he talked about that july 4th goal. >> he put that on the calendar as well. >> people will be looking at their calendars with some hope. >> we all do our part by the fourth of july we might be able to celebrate independence day together which would be incredible. stuart: you really have to laugh. july 4th, we look forward with hope. get to florida or texas to see what is really going on. the gentleman on the right-hand side of the screen is adam gillett. the media loved the speech but to me it seemed more like political activism.

is that what journalism has come to these days? >> unquestionably. you couldn't have pr team to advocate year policies as effectively as cnn and msnbc of the washington post do for biden. how outrageous were biden's remarks? the classic example jumping in front of a parade and pretending to be leading it. he wanted to have 1 million americans vaccinated a day, that happened before he took office. he bragged about linking up merck with johnson & johnson, they started under the trump administration. next to you know biden will claim credit for peace with israel and claim he had a successful reality tv show on nbc. there is no trump accomplishment that biden won't take credit for. stuart: about this july 4th, maybe we can get together in small groups outside and holy bbq, outside, july 4th. that looks to me like an absolute down her.

>> everything we hear from the cdc, everything we hear from this administration is a downer. they suggested perhaps after vaccination we could get together in small groups outside with other vaccinated people. all that is encouraging people to do is not get vaccinated. what is the incentive to get vaccinated if we can't have a return to normalcy? we need to move forward, we need to get vaccinated for we need to get beyond this pandemic and we need government to get the heck out of the way. stuart: we need journalism to return to its professional routes and so far it shows no sign of doing so. what happens down the road. tell us, take us to the future. >> you know where it goes. journalists become less and less popular, get taken lesson was seriously. they are playing to a fragment it media landscape so all they do, write fanfiction stories their audience wants to hear. they can't be taken seriously.

instead of being regulated by the federal communications commission, they should be regulated by the federal election commission. they are nothing but advocacy for left-wing candidates and left-wing causes. stuart: you packed it all into 2 and a half minutes. thanks, come and see you again. we better get back to big tech and look at how they are performing. they are all way down. the house is holding an antitrust hearing right now on big tech and its grip on the news industry. hillary von is following this. >> the headline is microsoft and google are publicly trading bars today, brad smith, came prepared with fighting words against google, have a negative impact on news organizations ability to make money as part

of that is driven that google dominates the digital ad space and they were the biggest winner in terms of benefiting from the shift to print advertising to mostly digital advertising. news organizations often have to go through google's exchanges to place ads and pay google fees and it is ironic that google in return profits off of news organizations, they are struggling to make a profit off of the ads they are placing on their sites. he is not alleging google is doing anything unlawful, but the government needs to step in and fix this glaring issue. when the company is dominating a space that has a negative impact on an industry the government cannot ignore it and needs to step in. they are calling this testimony from brad smith self-serving

and inaccurate. they are saying they have done a ton of work to help the news organizations navigate the changing industry. they have given billions of dollars, two news organizations to the ad platform. the bottom line is they are saying microsoft is using this testimony today to distract from recent scandals that plagued their companies like the solar wind pack and overlooking and trying to distract from, this is what google is saying microsoft is trying to distract from vulnerabilities on platforms, exposing thousands of their customers to packing. stuart: that is fascinating. there fighting each other and that is a news headline, good stuff. i wonder if this applies to me. netflix cracking down on password sharing. let's get something clear.

i only share the password within my limited small family. not my big extended family. >> who pays for the membership? it is not you that has a problem, probably the kids. >> you can come back with biting comments. a crackdown on some users which typically they do in the hundreds each and every year. you may get a message on your screen saying if you don't live with the owner of this account you need your own account to keep watching. netflix knows password sharing is happening, it is a reality and roughly a third of all accounts are shared according to one analysis and netflix hasn't really cared in the past but they are more focused on growing those subscriber numbers, they have been raising prices by a book or two like

they did this year and data have been increasing revenue per user but the stock has underperformed, the s&p 500, they may be more vigilant when it comes to cracking down on password sharing. if you are paying for the account it is not you that is not paying for the account. it is your kids, millennials but once mom and dad to pay. stuart: i am a legit guy. i am a legit guy. let's get at real clear here. got to go. at&t thinks hbo subscriptions are about to take off. how many people do they think will sign up? >> stocks reflect how bullish these numbers are, 120 million to 150 million for hbo max by 2025. that is double what at&t had guidance for in 2019 so hbo max proving to be more popular than expected, looking for 70 million sign ups by the end of

this year and spending 60 markets outside the us and they will also lower cost version with ads starting in june. hbo max shook up the movie industry at the end of last year by releasing their blockbuster simultaneously on hbo max streaming and in the theaters and that means they pretty much killed the cinematic release window, started with the wonder woman sql on christmas day and we are looking at 120 million to 150 million by 2025 compared to disney plus which got 232,260 million by 2024. is a comparison. hbo max a year out, half those numbers. stuart: thank you very much. here's the headline for you. closures have put us through hell. bring back in person teaching. i school student wrote that. great stuff and she is coming on the show coming up shortly.

today marks one year since the pandemic shutdown golf but now the players championship is back and in action in florida. we gave ashley the tough task of reporting on the golf course, we will talk to him after this.

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>> hey, hey, i am busy right now. call you later. i am busy right now, call you later? >> yeah, did i call you? >> yeah. you don't remember? no, no, you called me. >> i did call you. >> i will call you later. stuart: that was funny. that was gronk pranking tom brady, you call someone in fact like they called you.

people are having fun with it. tom brady will be back next season of the quarterback for the buccaneers. the team had a deal, a 4-year agreement on a contract expansion. extension i should say. texas rangers have announced 100% capacity at their stadium. they are opening up the real people in the stand in large numbers. tiki barber is here. let's see that now. >> the greatest bromance going on. fans are coming back but president biden says only in small groups outside by july 4th four months ago, away i should say. what do you make of that? >> it feels like it is time. i don't know that everyone is going to feel comfortable going to large venues or sporting

events, opening full capacity, has gotten rid of the mask mandate but that doesn't necessarily mean 50,000 people in the ballpark for the texas rangers opening game against the blue jays. that is where the country is headed. so many people have been vaccinated. one in four adults have been vaccinated. there is a comfort level that is starting to pick up. not that you are being reckless, but i do feel like the on cost we felt when it was at the height of the pandemic has started to subside significantly. stuart: we got to get the fans back, sport is not the same without the more of the crowd. they have the excitement of the sporting event. i do disagree with you. i think we should be going back, we should be going back

to sporting events now. you should have the freedom to go back. i want to see people go back in large numbers. i don't want to wait four months before i can celebrate independence day outside with a couple of people. >> i don't disagree with you fully because here's the thing. people are going to have -- people should have the option to go to sporting events if they want to but it is no more prevalent, watching march basketball in the ncaa college basketball tournament that is going to happen in just over a week. what makes the ncaa tournament so profound and exciting is the fans, the excitement, the unexpected 12 seed upsetting of for seed or whatever it may be an without fans it doesn't feel the same and so i know the risk is still there. the virginia cavaliers got knocked out of the tournament not by a loss but they have contact tracing and have to withdraw themselves from the semifinals of the acc

tournament so we know it is still there and still something to be worried about but fans are starting to feel more comfortable and they miss it. there is a monetary side of this, e-commerce standpoint that damaged a lot of sports around the country. stuart: if i was rich enough i would buy you a ticket and would sit next to you at a basketball game, maybe even -- >> are you vaccinated? stuart: about to be. to a jab near you. you are all right, thanks for being with us. not to talk golf for a minute shutdown during the pandemic, the players championship in florida was shutdown in mid tournament but one year later as of now it is back. come on, ashley, terribly sorry about that tough assignment

sending you to a golf course in florida. what is the mood down there? >> it is great. isn't it great to be alive and it is so beautiful, this time last year, the second round of the players championship shutdown because of covid but the second round going on just fine. it is different, the capacity down to 20%. the maximum capacity would be 50,000 per day. 20% back to 10,000 the quite a few fans out here are loving it because they are not spiking the crowd. there is that benefit. the tickets for all four days sold out in 45 minutes. the average general emissions ticket is $80 so the demand is there. for the players the players said consistently they miss the fans. i spoke to jared rice, executive director of the players championship who said players and fans are happy they could get back out here. listen.

>> players are enjoying it. a lot of tipping of the cap and most importantly our fans are being responsible. we ask them to consider new protocols out of necessity like wearing a mask, washing their distance, washing their hands. ashley: there you have it and signs everywhere remind people to play it safe. what is interesting is the interaction or lack thereof between players and fans and they say no hide fives and no autographs but if a player does a fist pump to you you can welcome response but i haven't seen many of those. rory mcelroy has some tips and 7 over 79, asking to leave the court today. stuart: stay right there. i understand that, see you soon, thanks very much. we are talking about are we, the bombshell interview with harry and megan.

but the connection to a popular sitcom, role tape. ♪♪ that is the way we all became the brady bunch ♪♪ the brady bunch ♪♪ stuart: not sure i get it but we will try to connect the dots after this. ♪♪ ♪♪ the story ♪♪ of a man

shingles? camera man: yeah, 1 out of 3 people get shingles in their lifetime. well that leaves 2 out of 3 people who don't. i don't know anybody who's had it. your uncle had shingles. you mean that nasty red rash? and donna next door had it for weeks. yeah, but there's nothing you can do about it. camera man: actually, shingles can be prevented. shingles can be whaaaat? camera man: prevented. you can get vaccinated. baby, call the doctor. camera man: hey! you can also get it from your pharmacist! 50 years or older? get vaccinated for shingles now. 50 years or older? (man) i'm a verizon engineer, part of the team that built 5g right, the only one from america's most reliable network. we designed our 5g to make the things you do every day better. with 5g nationwide, millions of people can now work, listen, and stream in verizon 5g quality. and in parts of many cities where people can use massive capacity, we have ultra wideband,

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stuart: we get this from michigan. all adults will be eligible for covid vaccine starting april 5th and there will be a mass vaccination site in detroit from michigan moments ago. this is big for parents. cdc director lorenz key said they can operate safely under the new guidance, part of the opening up deal. let me show you this op-ed from

the new york post. highschooler, closures have put us through hell. bring back in person teaching. let's bring in the author of that piece with molly murray who joins us right now. i am very much in sympathy with what you've got to say. let the teenagers mingle again. my question to you is what was the reaction to your piece? >> we need to get students back in school, we can't make these excuses anymore. we need to get back in school or we are not going to get back to what reality was. and we need to get students back in school. we need to start teaching them again. stuart: do you want it to go

back like it was, and someone is fairly close to you, not wearing a mask, teachers out front, you want to go back to like it was. >> it is the comfort of knowing what it was. i want to go forward with all that. stuart: asking about your whole generation, is there a strong level of anxiety among youngsters like yourself, teenagers, about the virus. >> i hope when this is over when will this be over. so much left to questions. so many resources.

if the first quarantine didn't work, what makes people think the second one will. if we get kids back in school the transition to getting life back to normal will be that much easier. stuart: i believe you are a student at our lady of mercy academy, a sophomore. what is like in your classroom at the moment? >> we are going to school five days a week and i'm grateful for that. it is different definitely. it is more quiet. everyone would be alive and chatting. it seems like people forgot how to socialize from the quarantine and people going about their day. it is just school. no excitement to it anymore. stuart: i want you to know most of our viewers are fully in

favor of what you've got to say and hope you win on this one. thanks for joining us, we appreciate it. >> thank you, mister varney. stuart: mister varney, that is really good. i want to get back to that brady bunch tees that we delivered earlier. susan, can you tell me what the brady bunch has to do with oprah's royal interview? >> reporter: i didn't know myself but those chairs you see harry and megan sitting in word designed by the actor who played peter brady in the brady bunch in the 70s show and he designed those chairs from his furniture line, $54 outdoor club chairs, selling out after the opera interview was televised. $554 for lawn chairs. stuart: i don't care about the price, the chairs were the best part of the interview.

stay there everybody. friday feedback is next. ♪♪ ♪♪ when you would be here in my arms ♪♪ ure. ♪♪ at edward jones, our 19,000 financial advisors listen and work with you to create personalized investment strategies to help you get back to drafting dreams and building your future. edward jones. it is time for investing to feel individual. just over a year ago,

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stuart: what a shame there are clouds over miami today but thought we would take a shot from the great state of florida which is truly opened up. let's bring in susan. let's get on the friday fever and we start with a comment, a question from sherry oh cranley. we wonder where ashley has gone. we miss him, his humor and quick wit. hope he is coming back soon. ashley is on the golf course. come on in, ashley. are you going to stay there the whole weekend? ashley: i would like to think so. i'm not far from the course itself so absolutely why not? thanks for sending that question. she's not my mom.

>> tough assignment there. stuart: collectively. all right. enough with a quick wit. this one comes to us from robert hall who writes i still do not understand bitcoin. suppose i bought bitcoin at 20,$000, it goes to 40,000. i will buy a tesla for 40,$000 and pay with bitcoin, who issues the 1099 on the capital gains? let me answer this one. bitcoin issues for 1099, the irs does have a question on the tax form to see if there were any transactions and i am also told that the irs is spending an enormous amount of time on this trying to paper trail and track down the bitcoin capital gains because they say it has become the new underground economy so now you know.

you pay capital gains taxes. we've got a video message from a man who calls himself the sultan. role the sultan's tape please. >> the sultan here in the old pueblo. my question is do you think etf would be a good way to play the marijuana and crypto markets. appreciate your input, thank you kindly. stuart: that one is for you. >> i was expecting more of a pull theme for the sultan but i would say there are cannabis etfs and they do well with more states legalizing marijuana. stuart: that is the way you go

with an etf? >> it helps to insulate you from the ups and downs because they are volatile stocks. the redit rebellion has caught on as well. stuart: the sultan, i happen to know is a huge beatles fan and i often correspond with him about the beatles. you are on camera. ashley: phil mickelson over here, sorry. stuart: really? ashley: behind me. stuart: watch out. if he is an error in swing you are in trouble. bobby says this is for susan. when does she think it will be time to move out of the covid play? will there be a signal? >> the 10 year treasury yield is probably an inflection signal for everybody on the market, one.6 this morning at the highest and closest to a year. you've seen the selloff and this rotation from the lockdown winners especially big tech to the travel stock, the hotels

and even boeing and the financials. that might be a telltale sign but it depends what you mean by covid plays, the vaccine doing very well like moderna and the like. you have to differentiate the different terms. stuart: this one is for you, ashley. from bill ramsure who says i love your show but i hate needles. can you stop saying get the jab every time you say this ice cringe. ashley: i don't mind using the term jab, it is the milieu to me but if you want to say shot it is fine but i cannot stand seeing someone getting the needle. i am squeamish and i look the other way. it is not my thing. stuart: i am exactly the same. one last one that comes -- not sure who it is from.

nigel farage, how good he is. keep sending us your feedback please and there will be more varney after this. ♪♪ this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

[announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming.

and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ stuart: i just have time to get this n. the e-mail from jim. it is a very simple e-mail. he writes this: nigel farage,

boom. nigel never disappoints. agree with you. we're big fans of new nigel. he's short, sharp, to the point and knows how to address a subject succinctly. who else do you want to see more of on this show? please let us know. time's up for me for this day and this week but, neil, it's yours. neil: thank you, my friend, very much. all right. we're following a couple of things that we're right now just following up on as well, stuart, what's happening to stocks and this 10-year. they almost move in opposite fashion. and i'm not talking about the dow, but more the nasdaq which goes into the red every time this thing gets near or at or above 1.6%. once again at these levels, holding those levels. and while economically sensitive issues dominate the dow, tend to respond favorably to this, it hurts technology stocks. there really isn't a consistent rationale for that. but by that as it may,