jackie: welcome back. my thanks to mark tepper and steve forbes for joining us for the entire hour. that will do it for us. "varney & co." is coming up next. i'm going to send it to stuart. stuart: good morning, jackie. good morning, everyone. i have to say fed chair powell speaks a good deal more clearly than some of the predecessors, he's easy to understand and this is what he had to say, the economy is getting stronger and money will continue. with result? a spike in long-term interest rate with the yield on the 10 year treasury moving up, i think the highest in over a year, right now 1.74%, big jump in yields. the result is a big selloff on the nasdaq.

bottom line, down 200 points on the nasdaq, tech heavy and technology does not do well when interest rates rise. big tech clearly clobbered again, all the big name big tech companies are down premarket this morning. bitcoin, not that much price movement with the bitcoin $50000 per coin. overall, today the financial markets are all about the rising interest rates. mortgage rates are going up also. we are all over it. what a mess, the europeans have made for themselves, 17 countries a suspended inoculations with astrazeneca vaccine and many are imposing new knockdowns. in contrast with america, we are rapidly opening and vaccinating millions today. thank you, president trump. you that only individuals making more than $400,000 a year would see a tax increase , then.

now, we hear its families making that money. there's a big difference between individuals and families. a lot more people get caught in the tax net. we have a big show. you will see a john kerry without a mask on a flight. what would happen to you if you did that? you will see the administration circling the wagons protecting the administration, you aren't allowed to see shelters taking in thousands of children, no cameras. is thursday, march 18, the president's first formal press conference is a week away, but "varney & co." is about to begin. ♪♪ stuart: that's of the who.

kind of a day late there, but who's counting. that is six avenue, new york, cold and deserted for 9:00 a.m. on. the biden administration limiting what border patrol agents share with the media about the border search. they will not let anyone into those facilities. listen to this. >> is the white house dhs instructing border agents to refuse right along requests from reporters, because that's what a lot of folks on the ground are hearing. >> coordinated through homeland security and i pleaded them for additional questions about the logistics. >> our borders used to get ride along and you all came in and promised to be the most truthful and transparent administration and you all oversee the department of homeland security, so if you all wanted to grant access to the press, can't you tell dhs to do it?

>> we fully support transparency and i encourage you to talk to the department of homeland security or press access or what you are looking to accomplish at the border. stuart: yeah, where's the transparency? that reporter asking those questions was from fox news. more on this later in the show. let's get back to the main story of the day how the markets will open. look at this, the nasdaq down 217 points. if you look a big tech, again, you will see them on the downside. susan, explain it all, please is. susan: looking at the 10 year yield this morning i'm a week at the highest in 14 months, crossing through 1.75% and it's not really the race itself but the pace, the fast pace of the increase that's been a real surprise on wall street. many people thought it would get to make maybe one and a half percent by the end of 2021, but here we are already 1.75% and we are only in

march, so the speed has been a wake-up call for the market and with also surprising in yields are spiking despite the fact you heard the federal reserve chair in the press conference going out of his way over that two hours to say there will be no interest rate heights until 2023, that's two years away and that's even if inflation as we call it gets about 2%, which is their mandate and they forecast lower gdp numbers with the growth of six and a half percent and if that happens that would be the fastest since 1984. stuart: i presume that the strong growth is assumed to produce inflation and that's one of the reasons-- susan: you heard over and over again that it doesn't matter if inflation-- they aren't going to raise interest rates so i don't know what the problem is. i think it's a good sign yields are going up because it's indicative of a stronger economy and a reopening the.

stuart: may be investors don't trust that the feds said yesterday and it don't believe his outlook. maybe that's what's going on here. there's a lot of tea leaf reading after that press conference. let's bring in john layfield. are you worried about inflation down the road because the fed chief is forecasting a strong economy? >> i have been worried about inflation, suite a little bit yesterday and reading about transitory inflation i feel better now than say let's-- last week. the biggest issue with low interest rates when you have no shock absorber in the system is serious you have a systemic stock-- she shock like raising rates into an economy which is hurting which is a double whammy on the economy and that's like inflation are so paralyzed when you have interest rates almost zero, but when you look at what inflation is called right now, the

petrochemical industry, that will be fixed in the next couple of months, the semi conductor chip shortage will be fixed in the next six months, the biggest is the cargo containment backlog, that will be fixed first part of next year and you look at things like airline fares, once you see airlines put back into service, you have a ceiling on fears and airlines so you see a transitory effect that's inflation going into 2022, that is positive for the market. stuart: okay, a transitory look at inflation, that's it. john, when a talk by the vaccine maker pfizer. the stock doesn't seem to have done much, it's a $35 a share still and yet it's the major player in the vaccine business. i know you like the stock. would you bide at $35 and if so, why equipment i bought it around these levels at about more, so yes, i would be a buyer with 4.3% yield and that

will go down a bit once the company spinoff the yielding itself but you about $41 million in revenue and you will have about another $10 billion to split the revenue off the back of a biotech about 15 to 25 billion, i just don't understand, you have a pandemic that has shut down the world in your minimal indexing of a pfizer, the stock has not moved people are acting as if it's an accounting one-time issue for this year, but it looks like with the pandemic you could have booster shots and you created a model of taking it into public use which pfizer did to the current infrastructure system and i think pfizer is up , i think it's a 50-dollar stock this year's. stuart: he is on videotape, 50-dollar stock this year, pfizer is currently 35. we will hold you accountable there, john. >> i hope i'm right because i own it.

stuart: your clients hold you responsible and accountable, so our viewers will also. thank you. we have some economic news out early this morning. weekly jobless claims came in at 770,000, that's how many people file for first-time benefits last week, up 45000. 770,000 is a very big number and it suggests there's problems for employment in this economic recovery. it was something called the philly fed index released early showing a gain for manufacturing, numbers from the mid-atlantic states doubled from the previous week. i call that bullish, the market not responding. the thing about the futures market today is the nasdaq, technology taking it on the chin with nasdaq down about 230 points at the opening bell. on the border, patrol agents reportedly gagged by the administration. don't speak to the media

, deny all ride along this. the media's not happy. wash this. >> why have we still must see images in the facilities since there are photos from that area why not release those? >> if you all wanted to grant access to the press, could he tell dhs to do it? stuart: some of the media getting feisty with jen psaki. we may ask her what happened to transparency. former acting dhs secretary chad wolf says the border is on fire and he's going to say that on this program this morning. it's an opening piece, quote bidens were on the working class, economist peter morici rotate and he joins us next. ♪♪

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stuart: just joining us this thursday morning, i'm afraid there's plenty of red on the left-hand side of your screen. now look at big tech, they are the casualties of higher interest rates, all of them down and percentage terms. let's pick out google. they are buying up office of space and data centers this year. susan, where will they buy and how much are they spending? susan: $7 billion in total. a boolean will go to california and the rest across 18 other states and that includes the cities like atlanta, washington dc, new york and chicago which will create around 10000 new full-time jobs across america.

google parent company off of that actually paused on any real estate spending last year during covid, but google with $100 billion on the balance sheet and the need for space to grow in compete its cloud business means they are going out to spend. google and the rest of the tech giants are probably the only ones that have the most money on their balance sheet to spend and are probably the best position to take advantage of a cheaper commercial real estate pricing. they say they plan to return to work in the fall, they expect workers back in the office is at least a three days a week. highbred model starting in september which i think a lot of companies will adopt as well. stuart: maybe they are putting brownie points with various estates, look, we are adding jobs in your state so if a senator tries to regulate them or break them up they can say look what we brought to your state. susan: i'm looking at it from a capitalist perspective because they sate commercial real estate

is cheap, so why not get a deal while you can. stuart: i'm a political cynic, you know that. hears this, how about this this thursday morning, from peter morici, op-ed, bidens were on the working class. peter morici joins us now. old on a minute, peter, we are setting it-- sending out $400 billion worth of checks largely going to working families. there's a huge new tax credits for working people are working families in this covid relief bill is wildly popular because we are checking money around. what is this about a war on the working wait till you see act number two, childcare packs could has to be paid for. mr. baden $1,400,000,000 in new taxes. think about how he's going to do that. you attack capital gains and essentially that will attack the high-tech industry

creating jobs. he wants a green new deal, you know when you shut down oil wealth like he wants to do, we basically don't get people to use less gas and we just import the stuff. steel jobs go out the window that way. you just did segments on this network on the border, a lot of those folks instead of coming here as political refugees, asylum seekers , they will slip into the labor force never really show up for their herein and compete with residents and citizens, legal residents and citizens for jobs, i mean, no matter where you look about every one of these progressive policies is antibusiness and a job killer. stuart: i agree with you, peter. i do agree with you, but i have to point out that it's very popular. when you chuck money around-- stuart: look, if i walked around the newsroom-- excuse me, i'm sorry. >> if i walked around the newsroom now and i

started to send one to replace stuart varney and here's a check for $10000, do you think i would have a lot of support from your staff? stuart: yes, a lot of support. >> and that's what uncle joe did. he went to george and said if you give me these two democratic senators, you will get $2000 in the mail, but he can't do that forever so that's because of the bonds he has to sell to finance this is stuff. is driving up interest rates and our chairman powell has learned you don't tighten and say you are taking you say your are not tightening while you tighten. he's buying fewer bonds this year from last year and is a consequence the treasury rates are going up. that will slow recovery. we will have a great spring and summer. of markets will boom and people are going back to work in the fall, but wait till the chickens come home to roost. you watch chuck schumer and joe biden swept next

winter when the economy is going back to obama speed. you will see swept all across their brow. stuart: that next year is right before the 2022 elections in november, of next year and maybe you are correct, maybe then the left will have a political problem. this year, no. peter, you make a good case, t b t b aitbout reing stuart brt b b---- stuastuaarney, don't do that. >> how about replala i instead. uart: thank ythou. you h you youhirs? trs?rs? th e officiallyic pushing back thehe filing deadline. susan,ow lon hg to be ,owowucow extra time tve tve? san: an extra month, month, whii needause i am a procrastprocrastinator. now you can file may 17 insteastof april 15. givespaye the irs crs it a tghgh

ar for cor cidor it is the new federal deadline that you need to to check with state tax deadlines which are different and they may have not changed from april 15, so not all states follow the same filing deadline is the federal government. you can also apply for an extension to file taxes with the us government, but as you know you can only get the extension if you don't zero taxes. will you will get rate along with it, usually not. stuart: that's the first thing i checked. if i had to pay, do i have to pay now and the answer is yes. thank you. what am i saying, thanks for joining us. this lady is always on the show. look, the nasdaq is down 219 points, that's the big news from the financial markets and you will hear more about it after this. ♪♪

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stuart: we are all concentrating

on the nasdaq, which is down sharply, but we should remind everyone that dow jones has gone up eight of the last nine sessions ended the s&p has gone up six of the last seven, pretty close to record higher pre-much across the board accepted the nasdaq. look at microsoft, the biggest loser about that dow jones 30 stocks at this moment, down about 350, that shaves 26 points off the dow industrials. dr barton is with us as we are about to open the markets where do you stand now on big tackle? you've consistently said by them by them by them and now every time you get the slightest uptick in long-term rates they posit get stalled off. where do you stand now? >> i'm still a buyer. i added some after yesterday's said announcement. i added some exposure to tack to the cues in particular the nasdaq index in particular and

you may recall years ago , we were sitting in the studio long before the pandemic and we had a run up, temporary run up to on interest rates and we were talking about how that was impacting the markets and we kept saying, hundreds-- .1 basis point doesn't matter much to big tech in terms of how much they will spend, you susan and you talked about google's a big spend and i think what we see now is just some rebalancing every time that happens, it's a good place to buy stuart: we have been reporting a lot on this chip shortage. it's turning-- asserting the auto industry and technology generally, so should investors think about buying the biggest chip maker in the world, taiwan semi conductor?

>> absolutely and i'm adding to my position here, we are down to about $117 after hitting $142 in the stock just last month and may have had a pullback while they are running chockablock, making as many chips as they can. to be fair, taiwan semi only gets 3% of their revenue from the auto industry, but they have had some meetings with big automaker saying they are going to ramp up production and that will help them out. we are looking at what happened here during the pandemic on the automakers pullback the production requests from tyrell-- taiwan sydney so they moved some production capacity to other things, smartphones, computers, ai and other areas. they are going to rotate back into that and they will rebound big. this is a nice pullback,

actually a pretty big pullback if you own stocks, play 5% pullback. i think we can gain that back this year and it could be a stock that throws you off when in half percent dividend while growing a nice 15 to 20% the rest of the year. stuart: taiwan semi conductor. dr barton likes it. he's bought it and he thinks it's going back to 140. we shall see. we will bring you back to check on it way before the end of the year. thank you. now the opening bell will be ringing in about 30 odd seconds when we open up the market this thursday, morning march 18. time really flies, it just knows really quickly. perhaps it's when you get old that time really flies. for susan, it's radically different, it goes slowly, but we are

almost ready to see that guy press the button. there he goes. he's clapping. he will reach down, there you go and thank you. i like to give running commentary on how we start the market every day. [laughter] we are often running. thursday morning. we open in the red of the dow industrials. not a huge loss, probably. remember, we closed about 33000 yesterday, so there is pullback this morning and right now down 50 points, 32957. in percentage terms a bit bigger loss on the s&p, down about two thirds of 1%. show me the nasdaq. on looking for red, down 1.3%, down 177 points. nasdaq is backed to 1347 i never thought i would say that, back to 133.

big tech is down across the board and have opened sharply lower. i went to show you amc because 98% of all theaters in the country will be open by tomorrow very very limited capacity, but they are opening and that's good from a 5% game-- game. gamestop is at $213 per share, up 2% the reason we are showing your tesla, they are facing federal investigation over michigan state police vehicle crash. with this about? susan: tesla model wide crossover was operating on autopilot and crashed into that stationary police car on a highway in michigan. this is the second collision in a week in michigan involving a tesla. thankfully, no injuries. the 22-year old driver did get a ticket for driving on a suspended license.

this adds to the more than one dozen crashes and they are currently looking into the tesla cars at autopilot system. autopilot comes as standard with all tesla's, full self driving where the car literally drives itself and it costs an extra $10000, but you still need to keep your hands on the wheel for about but it's the autopilot that's being investigated with a lot of regulatory investigations since 2016. stuart: tesla stock 685. i went to look at williams-sonoma, that's a pandemic winner. their sales went up as people updated their homes and appliances. more to the point, will meet-- williams sonoma predicts continued to strong growth after the pandemic ends, good for 14% gain. five below is a discount retailer, revenue up 25% year-over-year and they also predict a strong continuing recovery when

the pandemic ends, that's good for 3.6% gain. peloton and adidas teaming up to create an athletic apparel line. will that be called athleisure? susan: have you call it? stuart: the american-style adidas. susan: in a weeks time we'll get the peloton adidas collaboration starting march 25. that's in case you needed more athleisure spandex. unisex styles and the apparel line will be on both company websites and also in select adidas retells stores, sports bras, daughters, hoodies starting from $30 to make $85 and both companies say it's only the beginning of more collaboration between the two in the future. stuart: remember, please, susan my family is watching and any suggestion i wear spandex will not be well received.

susan: not an image they want to see? stuart: let me look at the dow jones winners. no surprises, big banks are well represented or j.p. morgan, goldman sachs, when you have long-term interest rates rising, that's good news for the banks and both of the big guys on i-uppercase-letter. among the 500 stocks in the s&p index, here is the gainers, again the banks are well represented. as opposed to the nasdaq , which is heavily geared towards technology, the biggest losers are technology the biggest winners include american airlines at the top. american airlines at $25 a share. susan looking at dollar general and to send out apparently stories on them both. susan: both our earnings stories coming in a bit light, dollar general sales becoming stronger two and 2020, but the problem's guidance for this year with dollar general cae in sales will

fall about four to 6% in 2021 because lower sales and discounted groceries and goods with vaccines rolling out and reopening in the economy needs people can go out maybe by higher end products. cannabis producer sundial always one of the most actively traded stock, second-most this morning. also read it favorite-- reddit favorite and that it successfully restructured its company when you are showing the banks and i think things are being today, people need to remember banks and financial makes more money when yields go up, they make more money on doling out loans and credit. stuart: by the way, if you notice the bottom right-hand corner of your screen the dow jones reached $33045, a new intraday high. susan: the dow jones hitting-- dropping or adding another 1000

points, fastest in the dow jones history, only took about four weeks or so and that 1000 points was the fastest in the dow jones history. stuart: i remember when the dow jones first went above 1000, early 1970s took it didn't get back to the 1000 level and tell the early 1980s. of those were the days, let me tell you and now, we go up a thousand points in a few weeks. extraordinary. tell me about facebook. i think they are maybe imposing new penalties on some groups. is it a crackdown on the capital hill ryans? susan: forms of like-minded users, the group, a function on facebook and its main page but facebook have their own internal investigations and showed 70% of these top 100 most active us civic groups or toxic, talking about hate speech, this

information, harassment and also the "washington post" reported facebook was horrified after discovering a small fraction of its 3 billion user base around the world was responsible for more than half of the vaccine misinformation, maybe facebook should look at how they treat those algorithms-- treat those algorithms. they are sort of reaching on the app itself and on their website. stuart: i'm looking at the movers today and i can see carnival, it's a perennial big mover. why-- i guess it's up today, yes. susan: just went away bullish on carnival upgrading the stock to buy calling it a $42 stock in future so they are lifting the price target from $20 to 42, 100% up because they only get better long-term prospects with more vaccines and people getting back to cruising. carnival has some of their international

itineraries set to sell this month, which is a bullish sign. counter trade to this is clorox, he was downgraded to neutral, so they are cutting to $189 because first of all it's a tough comparison to last year when everyone needed clorox wipes and you couldn't find them. stuart: the clorox wipes, know them well. we have seen the extraordinary success on the vaccine, that's america. extraordinary successful here. in europe, i'm going to call it a vaccine failure and i say it's another reason to say thank you i'm a president trump. you will hear that again in "my take" top of that power at 11:00 o'clock. john kerry calling this photo in bunch of malarkey, but remember when he told us mask wearing was about setting an example?

watch this. >> you cannot have president of the united states set the example for people not having a mask and making it into a political issue. stuart: that within august, 2020. will heal-- will he be on america's no-fly list after sitting without a mask in first class on a commercial plane? sounds like another example of rules for you, but not for me. ♪♪

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stuart: do we see any green? yes, we do with the dow jones up 50 points at back about 33000-- in fact 33076 is a new intraday all-time high. show me list because the stock is up a fraction,

surprisingly because ridership is up. last week was their highest writer volume. they are doing well. bank of america making the case against bitcoin. how dare they? susan: one of the few. they are same bitcoin is not a great inflation hedge or store value. bank of america says despite his popularity among retail traders, bitcoin has several major problems that may hold it back in the long-term. one of the biggest hurdles in their view is the complex nature of crypto mining and how hard it is to use in transactions, which will probably limit its use and they also say bitcoin is not tied to inflation more to risk assets and it's really too volatile if you want to use it as a store of wealth in the future and the only thing driving bitcoin now is i guess

retail demand and the grayscale bitcoin trust which is retail driven and they need to buy a lot of bitcoin supply so i think there's a lot of foam oh-- foam oh in the market. stuart: i understand. susan: fear of missing out. stuart: i got it. we talked on the show a lot about miami possibly becoming a or looking to become the first city to invest heavily in crypto. our next guest is trying to make it happen, the editor of block news following the bitcoin block chain industry. he just met with the mayor of miami and the founder of ethereum. frank joins us now. so, you held this freeway meeting. did you convince miami to become the first city to invest in crypto? >> stuart, thank you for having me on and greetings from magic city. he's worried about volatility as well.

they are interested in making this move. it was a productive meeting, interesting meeting. they want to buy bitcoin as part of their sort of you know investment capital that they have, but they need to make sure that it sort of is a volatile as per state law so they need to work on state law. changing it and getting other levels of florida government on board, but they want to do it. they are also moving forward-- stuart: look, i understand they are interested and i understand you are interested in getting them into crypto currencies, but your big problem is not so much state law, it's the taxpayer money if it goes into highly volatile asset, the taxpayer may end up losing his or her shirt, that's the problem. no mayor of any big city once to have that kind of catastrophe on his hands. >> absolutely not, and

it's the same question corporate ceos are grappling with and thinking about whether or not to put bitcoin on their balance sheet. the flip of the question is do you want to be the ceo or mayor sitting on cash that's getting-- that's the other side of the coin, no pun intended. speaking of taxes they want to move forward with accepting bitcoin as a form of tax payment, which they have recently put out a request for proposal to get a vendor to help them do that, so they are moving forward. stuart: they are moving full steam ahead. does that imply a real commitment to getting into crypto at some point in the near future? did they make a real commitment to do that? >> absolutely. they have a crypto team, which they launched in january. that team has basically moved forward with three different pillars. the first is to actually

build it use cases on top of the ethereum block chain which is significant and the second pillar is accepting bitcoin as a form of tax, which they are close to doing a looking for a partner to get that done. i know they are close with gemini so that could be the partner in the third element which to your point because of the volatility may be difficult to clinch is actually invest in bitcoin itself. stuart: frank, interesting meeting you held. i wish i could have been a fly on the wall. thank you, sir. quick check of the big board, please, because we have turned green for the dow jones, 33027. 10 year treasury yield focus of attention, up to map 1.74%. price of gold picking up -- no, down a bit, $7 down at 1719 per ounce.

bitcoin, $57000 per coin oil still falling, $62 a barrel and the price of gas keeps going up, $2.88 the national average, 65 cents higher than exactly one year ago. coming up, dhs secretary refuses to call the situation at the border a crisis. listen to this. >> tremendous rise in surge of individuals coming to the border. when you call it a crisis? >> i'm not spending time of the language we use. i miss spending time on operational response to the situation at the border. stuart: chadwell says the facts on the ground are overwhelming. in fact, he says it's the border that's being overwhelmed. he joins me in the 11:00 o'clock hour. the checks are out and some people think they know where the money is going to be spent.

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stuart: the money is going out. so, where will it be spent? we have several surveys that's at least some will go to bitcoin. come on in, susan. susan: end of the stock market as well. we know 90 million americans have gotten their 1400-dollar checks in the direct deposits yesterday. yes, a lot of the money will be spent and invested. dortch a bank-- coach a bank says it will be invested. $40 billion will be put in the stock market and crypto courtesies like bitcoin. more than 60% of the money, 60% of $40 billion will go into the bitcoin. i found a back shocking, that's actually more than stocks with the majority of the money going into crypto training-- trading. the reddit brigade gets

a lift when there's more stimulus checks. retell traders are a force in the stock market accounting for roughly 20% on the trading volumes. i saw a credit saying 30% especially the past 12 months being stuck at homes and now 1400-dollar stimulus checks. any part of that surprise you? the fact that most of the money will go into bitcoin shock to me. stuart: that was a surprise, but a lot of people come up to me on the time saying what about bitcoin and these are retail investors. i get a lot of that and i'm sure you do. susan: i would say probably the millennial younger traders are putting more money in the coin than the stock market. do you agree? stuart: i do have some contact with younger people. you would be surprised. tell me about starbucks a. susan: yes. stuart: what is this about their shareholders rejecting that

executive pay package? did the board not want to give them more money? susan: it's rare, so only 10 companies from what i saw of the s&p 500 companies have rejected the proposals for executive pay at their shareholders meeting. this is a rare rebuke of these million-dollar pay packages. originally starbucks said they would pay kevin johnson their ceo 1.8 million for this year and then he will get a lucrative deal when he comes to retention bonus about to $50 million over three years in the shareholder said actually, no, we had a top 2020 restaurants are closed so why should he get that much money. stuart: fair enough. thank you. still ahead on this program today pete hegseth and chad wolf. second arm "varney & co." next

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[announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ ♪ ♪ come on, come on, listen to the money talk ♪♪ stuart: good morning, everybody. it's 10:00 on the east coast of the united states of america. still deserted, a rainy sixth avenue, new york. let's get straight to your money. this is what's going on. green for the dow but only just. big red for the nasdaq, down nearly 200 points. ing big tech, that's the problem for the nasdaq, dropping sharply all across the board.

looking at percentage declines, especially microsoft, down $4, 1.7%. and here's why, the yield on the 10-year treasury coming in now at 3.75% -- 1.75%. higher yields, bad for technology stocks. just in to us right now, susan's got the numbers on leading economic indicators. what have you got? susan: we were looking for growth of .3%, and if we look at the leading indicator for the month of february, i haven't9 exactly found the numbers, but we had a strong the fed index this morning -- stuart: up .2%. susan: .2% in the month of february, is so not bad. i mean, we're still growing, which i think is a good,s positive sign that the reopening continues to trend along. stuart: not terribly quickly but, yeah, we're still growing a little bit. let's bring in ashley webster. suntanned ashley --

ashley: good morning. stuart: off the beach. more gang rates, what's that -- mortgage rates? what's that number today? ashley: the mortgage rates this week for freddie mac, 3.09% up from last week at 3.05%. so the headline here is mortgage rates continuing to inch higher. construction has also declined for two months in a row which means that the extremely low inventory numbers have been made worse. so competition for homes right now is off the charts. we know the story, stu. people outbidding each other just to get that home. but the the mortgage rates getting a little bit more expensive on that monthly payment. stuart: you're right, ash, and the home builder stocks all went down, again, in percentage terms. right now the overall market, but i'm still noticing nasdaq down 200 points.

ashley, thank you very much, indeed. all right, everybody, now this. ah, talk about a protection racket. this administration is actively circling the wagons so we can't see what's really going on. case in point, the border. all those children streaming in, you are not allowed to see the conditions under which they are being held. camera as not allowed inside the shelters, and reporters not allowed to ride along with the border patrol. you're not allowed to see ap rementions, you're not allowed to see what our money is being spent on. you are not allowed to see the results of president biden's disastrous border policy. officially, this is about protecting the privacy of the migrants. come on. but it's really about protecting administration policy from scrutiny. the biden team does not want to see kids in cages, remember that? this is wrong. candidate biden campaigned on open borders and now we're not

allowed to see the disastrous consequences. and we can't ask questions of our commander in chief until his first press conference, and that is a full week away. jen psaki refers questions about border access to the department of homeland security, and they won't answer questions. this is called the run around. claim to be transparent but close up tight when things are going badly. nothing changes until, one, the media starts to do its job and, two, the administration comes clean on the border. don't hold your breath. the media is still in love with president biden, and the administration will never admit to the disaster at the border which is their fault. second round of "varney & co." is about to begin. ♪ ♪ stuart: texas governor greg

abbott told sean hannity the biden administration is not allowing state officials into their border facilities. you've got to listen to this. >> i have called out the biden administration for not allowing us boo these facilities -- into these facilities, for not addressing the covid situation of these children as well as the welfare of the -- as well as not even having facilities capable of taking care of these children. the biden administration is not prepared for the massive inflow of humanity that's coming to the lone star state. stuart: ben domenech joins us this morning. it's great to see you again. what's your answer to this? we're supposed to get transparency, but we're not allowed to see anything. your reaction, please. [laughter] >> well, first off, i think that your open really, you know, explained what is going on very well, stuart. the truth is that this is a completely unprecedented situation in terms of actual lockdown on a story, a lockdown

on the truth preventing people from actually being able to cover this story with any kind of transparency. can you imagine what would have happened if of this was the response under president trump, that as soon as the media started paying attention to a problem, as soon as democratic politicians started talking about kids in cages, they just said, well, you can't take any pictures, you can't have any access, you can't tour any facilities. that's absurd. it's completely out of the bounds of any kind of governmental activity, but particularly in this instance when we all understand that there's a crisis going on. and i think this just displays how completely backwards the biden policy has been toward the border where they thought that they could just change everything under, up do everything that the previous administration had done and have no consequences to deal with. instead we're having the logical consequences of what they've done, and what is that? it is an unprecedented surge to

the border that looks like, according to the government estimates themselves, a surge that has not been seen in two decades in terms of the level of any kind of migration and of people who are coming across. and that's something that obviously is of concern to the public and deserves to be covered. the journalists deserve access, also government officials as well. stuart: and journalists should start asking some serious questions. some are, by the way, but not all of them, and i want to see that really opened up. i'm going to switch gears for a second, ben. i want you to take a look at this headline. st it's from "the root," which is a digital a magazine. this is following the deadly shootings in atlanta. whiteness is a pandemic, that's the headline. what on earth -- it seems like there's a rush to judgment after the atlanta killings. what do you say about this? >> you know, i wish i could say something other than this is just a racist headline, it

really is. and unfortunately i think that we're in this climate in which these types of identitytarian approaches to covering storieses are going to be just par for the course. everyone's going to use this type of language and this type of framing on the left in a very irresponsible way. of course, no white person other than the criminal involved had any responsibility for this horrible act. and instead of seeing people as individuals who have the capacity for both, you know, very good and very evil behavior, this is something that assigns villain item y to an entire race and color of people in this sense. and that's something that is completely un-american and irresponsible and wrong. and we should understand it as such. unfortunately, we live in these times, stuart, where we have accepted a lot of these types of framings of stories as being something that is completely

acceptable and fine. and that shouldn't be our attitude towards it, because it's completely irresponsible and wrong. and it assigns some kind of moral, you know, consequence for the behavior of one evil individual to an entire color of people within a completely backwards not just, you know, un-american, but unenlightened way. stuart: ben domenech, thank you for being with us this morning. we appreciate it. thank you, sir. all right. let's get back to the markets, left-hand side of your screen you'll see the nasdaq is down 230 points. big drop there. gary kaltbaum joins us this thursday morning. all right, gary, interest rates are rising, big tech is falling. is this way it's going to be? anytime you get a rise in rates, the at grit ims algorithms kick in, big tech gets sold off? is this it? >> yes.

and it's big tech/growth. it's not just the rising rates, stuart. would have three years of massive outperformance by growth in tech over the value area of the market, and now value is front and center with the outperformance. you're seeing it day in and day out. you're having days where the dow is flat today and the nasdaq's down 230. we've seen days where the dow was up 200 and the nasdaq was still down. so it's just the flip-flop of what we saw over the last couple years. but let me be clear in the long run, growth always wins out. you find me a company that the does $3 billion in sales here and two years from now can does $6 billion? there's your big winner in the market. i think this is still a opportunity of them to -- a ton of them to come in technology, health care and those arenas. stuart: you predicted 35,000 on the dow. you made that prediction -- i think it was a up couple of months ago. we're mow at 33,000.

kudos to you, gary. i think -- you're still holding up 35,000 this yearen on the dow? >> yeah. +35. it was about 28,000 when i said it to you, and it has to do with the virus crashing, the vaccine skyrocketing and the opening up of america as well as a lot of the rest of the world. and that's where you're getting the down type stocks doing best. also interest rates going up on the long end is really helping financials, and that's a big part of that arena also. and todays with nasdaq down 230, i think the biggest winners are, like, jpmorgan and goldman sachs. so i do believe the dow, but there's repercussion. i think the nasdaq still underperforms to a certain extent, and if rates go over 2% on the 10-year, 2.25%, it's going to get tougher. mr. powell is way beyond the curve. he said we're still going to

print $125 billion a month and keep rates at zero which is absolutely insane. stuart: careful of the use of the word maniac, gary, this is family program. [laughter] thanks very much for joining us from orlando, florida. the great state of florida. all right. i want to bring susan into this one because we've got news, i think, on apple. look at it down, 2% -- susan: 2.5, yeah. apple's leading the techs lower, the yield crossing its highest point in 14 months at 1.75%, so that makes tech companies look more expensive, and they look riskier if you're getting guaranteed money on 10-year treasuries. apple also planning a new line of ipads as early as next month. amazons also down in this tech selloff today, and amazon, we know, is making its first appearance at a big digital advertising event, kind of like the up front in television where you show you off prime advertisg

space. amazon is now a big force in digital advertise thing, competing with google and facebook, and that's a big maneuverment of tesla selling off after that car crash on autopilot, a collision in michigan. nhtsa, the federal authorities, investigating the second crash in a week's time. and other big tech losers here because a lot of this money coming out of big tech and rotating into what we call value plays, the banks are winning today. look at that green across your screen. we know that banks, stu, as you know, they make more money giving out loans when yields go up. stuart: yep. and when the 10-year treasury goes to 1.75%, big banks go up with them. 1, 2, 3 percentage points, big gains. susan, thank you very much, indeed. the climate warrior, john kerry, prefers to fly by private jet. remember this? >> it's the only choice for somebody like me who is

traveling the world to win this battle. stuart: well, now he's being caught flying commercial maskless. full story for you just ahead. california governor newsom claims the far right is behind the move to recall him. watch this. >> they are supporters of qanon conspiracy theorists, white supremacist groupses. that's not -- that's factual. [laughter] stuart: so now 2 million california yaps are conspiracy theorists? lunatics? one l.a. restaurant owner pushing for his ouster, she will join us. i'm going to ask her if she is a conspiracy theorist. it's all coming up for you. ♪ ♪ ♪

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♪ stuart: just joining us, almost one hour into the trading session i see a little bit of green for the dow which is, by the way, hitting a new intraday high, tons of red for the nasdaq, down 224. i'm going to show you the biggest losers on the nasdaq. not sure if i know any of them, but there they are. the bottom one, tesla. that's one of the biggest losers on the nasdaq. it's down $24, 3.a 5%, 677 is your tesla quote of the moment. change the subject. top officials from china and the u.s. meet in alaska today. it'll be the first face to face meeting since president biden took office. susan, come on in, please. that is -- i'm seeing commentary that china's going to ask us to roll back trump policies. is that accurate? susan: yeah. the thing is though i saw a lot

of commentary in quotes from the chinese officials and the chinese side that they don't have a lot of hope for this meeting in alaska. frosty might be appropriate for the setting of this meeting as well, and that's according to the chinese ambassador to the u.s. so no public agenda for these discussions between the world's two largest economies, but we know that the secretary of state, antony blinken, he's already condemned china for its encroachment of freedoms in hong kong, human rights abuses and also overreach in the south chai china sea. so both sides aren't hoping for a lot of, shall we say, common ground. biden himself is not in a hurry to reverse the trump china policies of either trade sanctions and tariffs, lifting those, even the mutual visa restrictions or the technology ban. so a lot of people wonder how well these two will get along, these superpowers, the next four years under the biden administration. stuart: and i wonder if hunter

biden's name will be brought up. i suspect not. all right, susan, thank you very much, indeed. let me turn to christian whiton, former state department official. welcome back to the show, good to see you. i'm reading "the new york times" which says today the u.s. is moving to a more competitive posture with beijing. what do you think our new relationship's going to be? >> yeah, i think that's completely wrong. i think what you're seeing is a a lot of kabooky. basically, had the secretary of state go through this theatrics of supporting our i licenses. this is an -- alliances. this is an a exact replay of the obama administration and then they go to china for the real diplomacy. contrary that we're going to give them a lecture on human rights, there's no common ground, this isn't going to be a pleasant meeting, i think you're setting up for a much softer policy on china if you look at what this administration has

done in other areas where it's basically a replay of the obama administration, and you don't have a planeload of very senior chinese officials who go to alaska in late winter for a lecture on human rights. i think they're going to try and key up a summit between president biden and xi jinping, the chinese leader, and also talk about changes to the relationship. stuart: do you think there is a hunter biden card to be played? >>, probably in the sense the chinese are extremely good at collecting information that is adverse to people. i mean, they stole the entire library, what's called the fs-86, these are detailed security forms that everyone who has a security clearance from the u.s. government has. they love that sort of incriminating information. and the idea that hunter and all of his trips within china sort of conducted himself in an exemplary manner that wasn't reflected in his conduct in the united states seems outlandish. it is likely the chinese have

compromising information, and it's still very unclear if he has separated himself from all of his financial engagements on the mainland. it's not going to come up in alaska, but you do wander if it is a leverage point. stuart: then there's north korea. kim jong un's sister the, powerful lady, issued a warning to the administration. do you think north korea's going to start giving us problems again? >> i think so. it's been a very unusual period, nearly four years, where we haven't had a nuclear weapons test or a long range ballistic missile test. part of that was because of the extraordinary and unusual diplomacy that former president trump engaged in. you know, you have the administration somewhat inexplicably reaching out for talks that could be the prodding of a left-leaning government in south korea that wants desperately to engage the knot. they probably should have just let the sleeping bear sleep, but they have sought negotiations reportedly through the fabled new york channel. they haven't gotten any response yet except for the somewhat

bizarre message back from kim's sister. stuart: yeah. somewhat bizarre message, got it. [laughter] thanks very much, indeed, christian. we always appreciates if it. good -- appreciate it. you can call this, if you wish, california crazy. a group in the golden state is considering, quote, the effects of shouting on rides as theme parks reopen. you bet your life that we've got that story for you. can't miss. cancel culture comes to the climate debate? yeah. my next guest was banned from speak at duke university after students revolted. bjorn lomb berg couldn't take it. he's here with his story after this. ♪ ♪ -- like the ceiling can't hold us, like the ceiling can't hold us. ♪ this is the moment, tonight is the night we'll fight til it's over. ♪ so we put our hands up like the ceiling can't hold us ♪♪

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♪ stuart: still a story of red and green. green for the dow, up nearly 100. red for the nasdaq, down 200. now look at this one, lordstown motors sinking on news that the sec is looking into claims that they may have misled investors about production, timing and orders. lordstown doesn't have a product

yet, but they still claimed they had orders for it. down 9% this morning after a sharp drop in previous sessions, $13 a share, lordstown motors. now then, let's get to the banning of certain views on campuses. my next guest was scheduled to speak at duke university. climate activists and professors tried to get the speech canceled. with me is bjorn lomborg, mild-manneredded, soft kind of guy, good man. he's an environmentalist. i mow that you were eventually allowed to speak, but you take me back. why did they object to you speaking in the first place? >> well, good to be here, stuart. so my sense is that a lot of these guys just don't want us to hear the real arguments on climate change. look, climate change is a real problem. but if we keep telling people this is the end of the world -- which a lot of people actually believe -- we are likely to waste enormous resources,

trillions and tens of trillions of dollars on panic. a lot of people don't want you to hear the unpanicked version of how we should tackle climate change. that's why they said we shouldn't listen to lomborg, and we shouldn't be allowed to have anyone listen to him. stuart: okay. you eventually did make the speech, i believe. what was your reaction? i mean, were they reasonable towards you? >> well -- no. they didn't even show up. so, look -- [laughter] the reality is they want only to have this one track; namely, the world is going to end if we tonight fix climate change. but what i actually showed is the exact data from the u.n. climate panel, the guys who are the gold standard on climate change. what they tell us is, is that global warming is a problem in 50 years if we don't do anything about climate change, the impact will be equivalent to, say, losing somewhere between 0.2-2% of global income. now, that's a problem. but remember, by then each one

of us will be 363% as rich as we are today according to the u.n. so instead of being 363% as rich, we'll only be 356% as rich. yes, it's a problem, no, it's not the end of the world. that's the kind of information we need to hear and should be allowed to hear especially on campuses. stuart: you're not a climate kept you can. you are a climate -- skeptic. you are a climate policy skeptic. that's what's going on here. >> exactly. stuart: what astonishes me is. sop of the people involved in the u.n. climate committee were the very people trying to keep you out of duke. am i accurate saying that? i think i am. >> yes. and fundamentally -- remember, this is only part of the academic community who wants to push to take on climate policies so much that they don't want to have anything but the scariest arguments out there. they want to convince people that the end is nigh.

and remember, a recent survey actually showed around 28 countries in the world, including the u.s., that 49% of all people believe it's likely or very likely that climate change will end civilization, will be the extinction of the human race. that's silly. that's nowhere near what the u.n. climate panel is telling us. it's a problem, you know, 2% in 50 years, maybe 3 or 4% by the end of the century, yes, it's a problem. no, it's not the end of the world. and treating it as the end of the world means we're going to run around being very scared, we're going to have a lot of kids being very worried, and, of course, we're going to spend lots of resources on policies that'll only do a little good. stuart: but i put it to you, bjorn, the extreme lists are losing credibility. -- can extremists. how many times have you've got 10 years left, 5 years left, 15 years left and nothing really happens.

i would have thought that the climate guys would now be losing some of their credibility. have they lost some credibility? >> well, the funny thing is that numbers game has been going on since the '70s. remember in '89 one of the leadingup advocates was -- u.n. leading advocates was telling us by the year 2000 climate change impacts would be equivalent to a nuclear war. an all-out nuclear exchange. and, yes, that deadline passed and nobody seems to care. we were told that the u.k. and all of europe would be plunged into an ice age and, you knowing, catastrophes like the third world war by 2020. didn't happen. it is not to say that there's not a problem, but it is to say that there's a real issue with this extremism, with this alarmism that tells us the end is nigh without thinking about, look, we actually fix many of these problems. much of this, of course, comes from the argument of saying what would happen if, for instance, sea levels rise and nobody does anything?

but, of course, the reality is we know people actually make smart and relevant policies that are very, very cheap like hollands has done. and so the predicted impacts that are, like, 187 million people are going to get flooded actually turns out to be, no, 15,000 people are going to be flooded if we are just reasonably smart. we need that information, and that's, of course, why we shouldn't allow this cancel culture to be dominant in u.s. education system. stuart: bjorn lomborg, you make far too much sense for the climate crowd, but we're glad to have you with used today. come again soon. now, there's a big argument going on in new york about when do wall street employees, the big banks and the offices, when do people come back to their offices this summer? well, wall street, i believe, has a plan. what is the plan, susan? susan: i'll tell yaw what the -- you what the excuse is, their saying -- they're saying it's time to onboard the next generation of bankers and

interns which usually, of course, they do after they finish college in the summer months. so jpmorgan says that hundreds of its interns are set to work in the lender's new york and london offices in the coming months. citigroup will begin inviting more workers back to its offices starting in july, and they expect 30% of their north american employees to return throughout the summertime. goldman sachs, we mow this, has also -- we know this, has also said it hopes to have more staffers babb in the summer, and wall street contrasts with the tech industry saying that the you can work from home forever in some cases. it's a face to face, client-focused business, relationship matters and that does require some palm pressing in person. so i think the feeling on wall street is, essentially, everybody's coming back to work in the office. one tidbit for you, stu, just crossing, goldman sachs is looking to move some of their asset management business to florida, and they're looking for hundreds of volunteers from

their offices to move to west palm beach. stuart: volunteers? [laughter] susan: isn't that great? stuart: they'll get flooded with people. yes, good for them. all right, susan, gotta move on. as covid restrictions ease, people want to get back to traveling more. i believe, ashley, come in, there's a new survey, and i'm not -- i'm usually a bit skeptical about these surveys, but what does this one tell us about people going on vacation this spring? ashley: well, it tells us 50% of americans are already planning a trip this spring. this is according to a survey done by trip adviser that also showed that millennials -- makes sense, the younger group, the most eager group to go traveling with nearly 60 making plans. overall, of the trips being considered, 34% are for international destinations. i thought that was quite high.

66% for domestic destinations and at least 21% say they're looking for outdoor, socially distanced trips avoiding cities. but, you know, the favorite, near the beach especially in florida, mexico and the caribbean. why not? stuart: yes. all right, ash. there's this, there's this, an astonishing number of people looking to sell their homes this year. i don't know whether there's another survey, i think it is, but the number, i know the number, it is astonishing. [laughter] what is it? stuart: it is. 20%, one in five homeowners are looking to put their home on the market this year, again, especially among younger people you know, that's according to this survey by caldwell banker that shows mortgage rates continue to create a red hot sellers' market. about 31% of homeowners are motivated, they say, to consider

the move after finding out, basically, their home was worst a whole lot more than they thought it was in this market. another 30% say they are being motivated by the work remote model. in other words, they can go anywhere they want if they can work remotely from home. 57% plan to actually move to a different city or even a different state, florida, texas. stuart: if 20% sell their homes, that is a bonanza for the realtors. i hope they're watching -- [laughter] and i hope they believe the survey. it is, it's huge. thank you very much, ash. more than 50 million americans across the southeast bracing for severe storms after, what, 21 tornadoes touched down? janice dean will have the forecast for us. and rules for thee but not for me. climate czar john kerry caught with his mask off on a commercial flight, no less. yeah, we've got the story after this. ♪ ♪

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♪ stuart: well, just look at that dow jones industrial average. it crossed 33,000 for the first time yesterday, powering up some more this morning, another gain of over 100 points. that's a new intraday high. at the same time, we've got a big selloff on the nasdaq, a big selloff in big tech. microsoft, alphabet, amazon, facebook, all of them down in percentage terms. that means they've got a big loss. the yield on the 10 is-year treasury has climbed to 1.75%. 1.74 at the moment, earlier it was 1.7 a 5. big tech suffers when rates go up. got that. a series of tornadoes ripped across the southeast and more severe weather is on the way. janice dean is with us. question: how dangerous are

these storms going to be, and who's going to be affected, janice? janice: the southeast and the mid atlantic, and we've got heavily populated neighborhoods like 30 million people could be impacted by some of these storms. we saw reports of tornadoes, two dozen reports of tornadoes within the last 24-48 hours, and you can see where we have a tornado watch still in effect for parts of the florida panhandle, up towards georgia. and there are the storm reports over the last 24 hours. the damage is quite incredible in parts of alabama. and i am concerned that we're going to start to see things start to crop up again in terms of tornadoes especially in the afternoon, that's when we have the instability, the daytime heating sets in ahead of this cold front that is traveling across the east coast. so there's the severe threat through this evening with kind of a hatched area for parts of the carolinas. that's where we think there's a good chance, a high probability of tornadoes. people need to be on alert from florida all the way up towards

the mid-atlantic. and when i talk about, you know, that time of day where we typically see the severe weather, it's usually in the afternoon hours, even into the evening and sometimes into the overnight. so know what you're going to do the, have a way to have your watches and warnings, weather radios always a good thing to have close by. also want to make mention behind this some snow for some of the big cities, it'll be a quick mover but, yes, it will be cold must have for some snow and then, finally, it will be offshore. not a big, blockbuster snowstorm, but certainly enough to bring some snowflakes along the i-95 corridor. especially those tornadoes as well, stuart, we'll keep you updated throughout the day. stuart: is good to have you on the show. snow coming to the northeast. janice, thank you very much, indeed. [laughter] we will see you again soon. janice: you're welcome. stuart: all morning long we've been showing you this, john kerry caught maskless aboard an american airlines commercial flight. ashley, looks to me like rules

for thee but not for me, right? ashley: indeed, it does. now, look, that photo, if you look carefully, shows john kerry with his mask actually hanging off one ear as he reads a book in first class in spite of a cdc mandate, by the way, requiring masks on all flights. he's the czar, he should know that. kerry, by the way, refuted this aim imagine and said it was -- image and said it was just for a moment. but once the photo was posted online he responded with a tweet saying this: feels like there's some st. patrick's day malarkey afoot on twitter, he says. let's be clear, if i drop my mask to one ear on a flight, it was momentary. i wear my mask because it saves lives and stops the spread. it's what the science tells us to do. malarkey, that starts like president biden's response. the passenger, by the way, who took the photo gave a statement to fox news dripping with

sarcasm saying this: i salute our very presidential envoy for climate for not flying private, but instead the flying first class commercial with the rest of us common folk. and while he can't bring himself to follow his own party's mask restrictions, we should cut him some slack. being an elite hypocrite, it's hard work. you've got to love it. but the passenger does say that kerr i was wearing his mask while at the boarding gate but took it off shortly after boarding on the plane. american airlines, by the way, says the crew did not observe kerry without a mask and were not alerted by other customers, but the airline said it would be looking into the, quote-unquote, incident. stuart: all right. we're done with that onement. [laughter] we've played that. ashley: yep. stuart: ashley, thank you very much, indeed. want to move on to amazon. ooh, look at that, barely above $3,000 a share. they are actually testing out new delivery vehicles. you see those vehicles absolutely everywhere in america these dies. well, they've got some new ones

coming along. what's so special about them? susan: they're all electricment amazon has invested $2 billion into these vans, so they're now testing them in san francisco. now, the start-up here, you're seeing the vans on your screen there, they've raised around $8 billion since 2019 from investors and, yes, that includes $2 billion from amazon. and amazon has also agreed to buy 100,000 of these electric vans, and they have a range of 150 miles per charge. well, they are big, right? they're not as fast and nimble as the tesla model 3. amazon has already said they have been operating thousands of electric cars around the world, and they delivered 20 million packages using electric cars in north america and europe last year. stuart: okay. here they come. you're going to see a lot of them. susan, thanks very much. california's governor newsom, he blames the recall effort on far-right groups.

watch this. >> they are supporters of qanon conspiracy theorists, white supremacist groups, that's not -- that's factual. stuart: okay. more than 2 californians have signed -- 2 million californians have signed up to recall him. one of them is my next guest, a restaurant owner in los angeles. obviously, i will ask her are you a white spectrum if cyst? are you a conspiracy theorist? we'll deal with that after this. ♪ ♪ our retirement plan with voya, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... giving us confidence in our future... ...and in kevin's. voya. well planned. well invested. well protected. it all starts with an invitation... ...to experience lexus.

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stuart: i'm sure you remember this, we played this a lot. california restaurant opener angela marsden breaking down when the state shut her restaurant down but allowed a movie catering to go on right next door. she is now supporting the recall movement against governor newsom, and she joins us this morning. angela, welcome back. very good to see you again. >> hi there, thank you. stuart: governor newsom blames this recall effort as the result of extremists or white supremacists. >> yeah. you know -- stuart: you're not happy about that.

what's your reaction? >> it's funny you bring this up, because i just saw this a couple days ago and, quite honestly, i've never been political in my life. the first protest i ever went to was in december. and it was gut-wrenching. i didn't really realize how dirty and low politics goes. and putting that out there was so hurtful to me because we'd have all these businesses that have been shutteredded, we have all these people on unemployment. and by the way, talk about racist, why don't we ask him if he has racial issues, i mean, small businesses employ the most women, the most minority, and we are the ones that have been shut down, we have been literally killed off while he just goes to the french laundry and eats. i mean, it was hurtful when i saw that that's what they're coming out with. 45% of the recall is democrats and independents which, by the way, i'm an independent.

so it was hurtful on a personal level because i'm not a politician, but i understand, i guess, this is how they play the game, you know? stuart: just give us a sense of the mood of people in california. because restaurants are now open, what, 25%. but elsewhere in the country -- florida, texas, etc. -- they're fully open and business is booming. so what's the mood in california? >> well, a lot of mixed emotions because a lot of businesses don't have the patio space and going in 25% is still not enough to sustain their bills, but it's hope. it's hope that we're moving in the right direction. and a lot of people too are, like, well, who are we going to vote in next? there's a big fear of are we going to be able to find the right person to help turn this around now that we have the recall coming, which is very exciting. i be the chatter's -- but the chatter's who are we going to vote in, you know? for me, i have to admit yesterday was an amazing, glorious day.

[laughter] it's the first time since this whole thing, it was like a magical moment yesterday for me because i'm blessed, i have a big parking lot that my landlord was kind enough to let me turn into the patio that you saw, and we had 25 people allowed inside. so i literally reached my goal capacity for the first time in a year yesterday. stuart: good. angela, if i was in california, if i could, i would come to your restaurant, and i would spend huge, and that would be a guarantee. i hope you really do well, angela, because -- >> thanks. [laughter] stuart: come and see us again soon. angela marsden, she's all right. we've got another big hour coming up for you. louisiana senator bill cassidy, former dhs chief chad wolf, pete hegseth, all of them on the show next. together with a dedicated advisor,

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>> that is why inflation is so arrows with interest rate at 0. >> massive outperformance by growth and tech in the value area of the market. >> the market is going to boom, people will go back to work but wait until the chickens come home to roost, watch chuck schumer and joe biden sweat next winter when the economy goes back to obama speed.

>> the fed announcement, i added some exposure. what we are seeing now is the rebalancing of the dow and the nasdaq and every time that happens is a good place to buy. ♪♪ stuart: not really familiar with that particular song but you are looking at a rainy sixth avenue seen from street level as opposed to looking down on it. the dow up 101 points. 11:00 eastern time, this is thursday, march 18th. check your money, up 100 on the doubt, down 180 on the nasdaq.

i want to show you jpmorgan and goldman sachs, they are dow stocks, both of them up very nicely. that happens when long-term rates go up, big banks do well, they are accounting for 100 points of the dow's 100 point gain. banks pooling the dow up. here is why big tech is down so much, the yield on the 10 year treasury has gone up 174, 175 earlier. when that happens big tech self off and that is happening now. now this. vaccine success in america. vaccine failure in europe. another reason to say thank you to donald trump. a year ago the trump team invested enormous amounts of money developing and buying vaccines with his administration bought hundreds of millions of vaccine doses for america but europe delayed. they didn't spend the money, they didn't by the vaccines. byerly this year america has three vaccines on the market, pfizer, moderna and j and j. the europeans relied on just

one, the vaccine from astrazeneca. then came disaster. astrazeneca announced they could only supply half the vaccines promised in this week at of 8 million doses given 37 people encountered blood clots, europe, quote, followed the science and 17 countries promptly halted vaccinations across the board. confidence in european medical authorities is sinking, many people are reluctant to get any vaccine and much of europe is on lockdown as a third wave arrived. what a contrast. in america they have a good chance of fully reopening by the summer, we are close to giving the jab to anyone who wants one in the mood is upbeat and positive. trump did this. president biden is cashing in all the good work done by the previous administration. where would you rather live?

lockdown vaccine failure europe or dynamic vaccine successful america? no contest. thank you, donald trump, the third hour of "varney and company" is about to begin. i really want you to see this. stick through to the end. a comedian uses st. patrick's day to mock cancel culture. watch it. >> happy st. patrick's day. is that okay? did we dig up something on him? what did he do? we okay with the color green? is that are it? pot of gold? shouldn't have a part of gold because he is fortunate and

worked hard and made money so he has to give his gold to everybody else? stuart: that was good. that made the cancel culture laughable and that is what we need. i think hegseth left as well as he captured it really really well because i am up to here with cancel culture. go ahead. >> it captured the uncertainty we all feel about looking over our shoulder saying what's next? because i have no idea. if you told me 20 years ago abraham lincoln would be canceled because of the movement of black americans to say he didn't do enough for black americans i would lose my mind, you don't know if dr. seuss was the most recent target as i read to my kids, there is no way that is possibly true. take something like st. patrick's day, give it 5 years, give it 5 years, they may find

something on him. his redistribution of gold not sufficient enough to keep the pot for himself, those pesky leprechauns don't redistribute enough. the list is amazing, the only thing you would have to play 6 degrees of kevin bacon to connect all those things to gather. how do you connect these things? the only thing that is a threat to drew brise, gloria, and george washington is somebody on the left thinks they are offending somebody else. this comedian is so right. what do you watch comedy? i go to stand up a lot because you want to laugh, you want to cry, you want to be offended. you know it is going to be offensive and crude but reveals truth you otherwise can't talk about, that is why comedians have to leave the charge and here's an example. you have to be able to speak. stuart: the first thing to do when you want to counter this is laugh at it, ridicule it and

turn around and say you are 100% wrong, you are wrong. can't say sir. >> they, they are wrong. that is are you can say. that the only of inclusive language. you laugh at it, you mock it and you carry on and that is what you do with cancel culture. stuart: we will have a good time laughing at it and that is a point. you are not getting off that lightly. listen to this. major institution, major institution. they say there is no good reason to own bitcoin the sides price speculation. they say it is not going to be widely used as a currency and not a hedge against inflation. they are big institution. are you getting worried about your bitcoin holdings? >> price speculation is a wonderful reason to hold

bitcoin. they are right about that but of course the big banks hate bitcoin because bitcoin exists to replace big banks. of course they are openly going to reject it. bitcoin wants to put banks out of business, remove the third-party payer. when you talk about it not be a store of value or currency that's not true. it has seen ups and downs and has been a roller coaster but it steadied a little bit. one bitcoin represents 100,000,006 oh shes. you can break it down in 100 parts, like a penny or nickel or dime. it is easy to conceive of a system where bitcoin is fractions up and you are paying for small fortunes that don't deviate in value that much in the future and bank of america too threatened by bitcoin can't do that kind of research. they need to reject it. if we keep printing trillions

upon trillions of dollars and never have a plan to pay for it, bitcoin's amount never does that, it is an automatic check on inflation. stuart: i worry the central banks of this world will turn around and say we can't have this, it will stop it. you won't be smiling. you have until may 17th to declare your capital gains to tax authorities on your bitcoin's. april 15th. if you made a profit you will declare your capital gain. and i declaring this you on live television? >> only if you sell it. until elizabeth warren steel that off you. we are out of time. i am going deaf with the

producers. back to the markets, still the same position. heather joins us now. the nasdaq is responding to this rise in the treasury yield. what happens if the yield on the 10 year goes to 2%. what is going to happen to big tech? is it going to plummet? what do you think? >> the value of bitcoin will go higher but he will have more capital gains to pay but if you overlay a chart of the 10 year with those big tech names, amazon, netflix, google, and when interest rates rise, we saw an immediate snapback

yesterday, for almost attorney, they said 2024, but not any time soon. the bond market saying not so fast. it may control the short end of the curve but don't control the long end. stuart: should i hold my microsoft or sell it? >> microsoft is not one of these names that definitely benefited from the shutdown and then very well but as we reopen the economy people use microsoft but you will see a selloff that has gone up 300%. stay away from home, they want to get out of the house, people

are flying, united, american airlines, the cruise ships getting funding and doing well and that will continue. as long as we get past covid and the vaccines doing well. then you see participation from other areas of the market like a dow which is doing well despite the nasdaq. stuart: i am out of time but we are out of time, see you. next case, the us facing its biggest migrant surge in two decades but don't call it a crisis. role tape. >> tremendous surge of individuals coming to the border. >> i'm not spending any time on the language we use. stuart: chad wolf serve as acting dhs secretary under donald trump, he's calling it a crisis and he is on the show next.

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only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ stuart: let's be clear biden's border crisis is what it is and to address that i want to bring in chad wolf. forgive me for going straight at this but i want to show you video from 5 years ago in europe. remember the army of migrants crossing europe of years ago, 2015, tens of thousands marching across europe, and eventually germany let them in. i want to know if we are facing a similar situation today in america, and central americans marching towards america. i we in the same situation?

>> we saw this in 2019 with the surge. the difference is the policies and messaging coming out of the biden administration is encouraging central americans and others from all over the world to come to the southwest border knowing if they cross the border they will remain in the united states during their immigration proceedings which we know the vast majority don't show up for. as long as the messaging and incentivize mass migration you will see the crisis we see on the border today. stuart: why can't we take our cameras into those tent cities to accommodate these youngsters, our cameras can't get in. we can't get in now. >> such a great question. the question is what are they trying to hide and that is why these decisions are made not

only at senior leaders of the department but also at the white house. my guess is if you were to ask cvp and other folks, the folks that are doing the work, they have no problem showing those facilities but they decided not to let the media in which is unconscionable. of the trump administration had done that there would have been article after article after article how we are trying to hide the ball and do something else but throughout this entire crisis there has been almost no media, officials barred from talking, lack of information and lack of transparency, one of the hallmarks the biden administration had run on was to bring transparency and unity back to government. this is the opposite of that. stuart: i am sorry we are short on time. we have to say goodbye but you have another engagement elsewhere coming up soon but thanks for being with us.

we appreciate it. i am going to stay on the border specifically texas. it has become the ground 0 for the migrant surge so we go to casey steagall. what is governor abbott doing to address this obvious surge? >> he is surging resources and staffing to the border but continuing to point out this is not the job of the state or local agencies, immigration and enforcement of the border belongs to the federal government and i was listening to that interview with secretary wolf talking about access and it has been really difficult on the ground to track some basic numbers especially the figures we have been looking for either daily updates of the number of total migrant children currently in us custody. we know this is a fluid

situation. we are asking for these numbers every day. this isn't our first rodeo but it has been a challenge because either we get a no comment from our trusted forces, people on the ground that we rely on and we have for years and years and years covering the border or they say they can't provide us with anything more than what is already on the website and the data is dated. the reason for that unknown but local and state leaders are eager to talk like this mayor. listen. >> the shelters operating day in and day out are full and we are being told by the border patrol they are going to be releasing as many as 400 families into our communities perhaps each day.

>> meantime the first wave of buses filled with 200 like teen boys arrived at the dallas convention center site designed to serve 300,000 as we told you. other locations bursting at the seams. additional federal sites are being examined, possibly military installations to open up additional overflow facilities. stuart: see you again later. back to your money to cover the markets. nice game for the dow up 140, down 170. susan is watching google. >> amazon and google, across 19 states from office space and data centers including california, atlanta, dc, chicago and new york, this will come with 10,000 full-time jobs. along with higher treasury

yields that make tech stocks, getting guaranteed money on 10 year treasury. the electric stzrok maker they have been ordered to respond to accusations of misleading investors, accusations by hindenburg research who are the same research house that forced transfer milton, and selling off half of their steak and that is why there is a big drag on the stock, dollar general waiting for sales to fall 4% to 6% with less demand for discount groceries and goods and hopefully reopening in the economy and money coming out of big tech guess where it is going, a lot of green in banks and financials which makes more money on loans they give out when yields go up along with rate and travel stock rallying as well for this rotation from

growth to value. alive as well. 33,000, only took five days to get from 32,000 to 33,000, five days, compared to what you told us earlier this morning, only crossed 100,000 in the 1970s. stuart: i started commenting on the stock market in the mid-19 seventies. i came on board to a tv show after the dow first hit 100,000. it dropped after the 1973 capacity on oil prices and didn't get back to 1000 until the early 1980s. imagine a 10-year spread where the market did virtually nothing. you can't imagine a situation, and the young folks can't

imagine a situation, you can't imagine it. >> you are right. a lot of the new millennial traders haven't seen a big market, stock market crash. they haven't really learned the lesson, and how does that feel for you? stuart: i love it. microsoft is a dow stock, i am cheering it on. i was not happy in the 1970s where you had to figure out where to get my money and there's no good answer. i am glad you missed it, susan. thank you, susan. look at nascar, the race in atlanta this weekend, they are calling in the big dogs to screen for covid. there are dogs that can sniff it out. we've got the story.

two totally different realities. texas and california. one wide open, the other heavily restricted. kevin faulconer running for governor of california. does he think it is time to open everything up in the formerly golden state? i will ask him because he is on the show. ♪♪ lately, it's been hard to think about the future. but thinking about the future, is human nature. at edward jones, our 19,000 financial advisors create personalized investment strategies to help you get back to your future. edward jones. no one likes to choose between safe or sporty. modern or reliable. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences

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stuart: this is what you have to deal with in california. an editorial from the la times that reeves as follows. send in the crowns. the recall circus is returning to california. regrettably, terribly the recall attempt against governor gavin newsom appears to be headed toward an election. come in please, kevin faulconer who is running for the governorship if there is a recall after that vote. is this what you are up against? the la times, the major media out let in la says regretfully, terribly the recall is going to happen. what do you make of that? >> great to be back with you. millions of californians feel differently. and rightfully so. the strength of the recall

effort, democrats, independents, republicans coming together to sign that recall petition in record numbers thomas and clear and compelling message that it is time for a change of leadership at the top of california. neil: if the media in california has bitterly opposed to anything on the republican side of the fence as the media is in new york or boston or dc is it the same in california? >> we have to cut through all of that and that is a fact of life is a problem republican, majority democrat city. knows how to win in big cities. we will take that same approach to california because i talk in terms of common sense and when you do that, when you talk about reducing homelessness, when you talk about keeping neighborhood safe, fostering a

business climate that will support and keep california jobs that is what is important to californians. stuart: governor newsom blames the recall ever done extremist, white supremacists. to me that sounds a little desperate because it is obviously not true. >> the facts speak differently. democrats incentives republicans, these are families from across california. they are tired of being open and shut without based on science, they should be in a classroom learning but aren't in california because the governor provided leadership to open our public schools. that is who is signing the 3 competition and that is why he is going to qualify, it will be successful. stuart: how about the comparison between politicians in florida, texas, and california, governor desantis,

governor abbott turned around and said open up. not that we will take the risk but we have the backbone to do it. do you have the backbone to say in california opened up, get on with it, take the risk that you want to take. >> absolutely. i have been saying we can reopen safely. we can do that and we prove it that we can do it. our restaurants were doing the right thing in terms of customers, keeping their employees and customers safe. our governor shut them down again. that is what has been so frustrating in california, it has not been based on science and that is why you are seeing so many californians say enough is enough. stuart: kevin faulconer, appreciate you being on the show now and in the future. let's have a look at disney, the stock 193 is your quote, they are reopening disneyland

in california with significant restrictions. i want you to join us on this. what is this about warnings against screaming on rides. ashley: you do that you spread the virus. there is a response to this. the california attractions and parks association says amusement parks should be reopened saying no covid outbreaks have been linked to parks and are built in controls to combat the spread of the virus including people screaming or shouting while on rides. the group released a set of guidelines detailing how parks can operate with optimum safely with regard to yelling and shouting, the group says this, quote, face covering usage and or modifications to seat loading patterns will be required, to mitigate the

effects of shouting but additionally, they face in one direction, no problem. the trade group says 43 of 48 states, allow them to reopen and they said could come on, california, you got to do the same thing, social distancing, seating people in specific groups, they are very effective and safely measured. stuart: it is the opposite of texas and florida where businesses are allowed to open and let you take the risk that you want to take. in california -- thank you. two words, you dealt with it. back to the markets. i am showing you apple will be showing you apple momentarily because susan, are we going to be seeing new ipads? >> as early as next month, april.

apple is running a refresh of the faster chip made by apple itself and better cameras. this is the top of the line ipad which costs roughly $1,000 each and some will use it as a laptop instead. apple sold over $8 billion during the holiday period, the most sales for ipads since 2014. meantime you will have a lot of skepticism but i will tell you anywhere, facebook is showing off its mind-reading wrist device, signals from your brain, augmented reality keyboard that will replace the mouse and keyboard in the future so facebook hopes to incorporate this technology into their ray-ban smart glasses in the future which are expected sometime this year. stuart: let me turn this around. you surely are skeptical, just

a little skeptical about a mind-reading watch, aren't you? >> you have to be. you oversell it. remember when we talked about the amazon wristwatches that can read your emotions and you yelled at me for 5 minutes saying that is not true. it is not true. stuart: do you want some watch to read your mind? that is another question. >> we would be happy if the other half did once in a while. stuart: that is all right. you are all right. now this. president biden wants to change the filibuster. it would make it easier for democrats to push through their radical agenda. what are the republicans going to do about that? i will ask louisiana senator bill cassidy, republican, coming up next. march madness officially tips off today. the tournament will be the most

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>> reporter: you need to give your cat a mike for the game. you know, when you are doing games from home, anything can happen. he is a good boy. stuart: no broadcast is safe from unexpected interruptions, even the nba. and be a commentator's cat, he says he feeds all four of his cats during halftime to avoid interruptions. anything can happen when you work from home including the cat's tail intrusion. show me the sports betting stocks. we want to see them because march madness kicks off today.

grady trimble will join us from indianapolis where the games are going to be played. this is expected to be the most wagered on sports betting event in history we are told. how much money are we talking about? >> somewhere between one, and $1.5 billion but people are not betting the old-fashioned way filling out brackets. they are not doing that like they normally would because there's not as much. pressure from employees, coworkers because people aren't going into the office as much as they have in the past but let me show you these numbers. here's where people are betting in a big way. online sports betting sites as well as physical sports, both of those up massively compared to the last march madness tournament two years ago if you can believe that and then here is part of the reason this is such an event because there are so many games to bet on but

also because sports betting has been legalized across the country since 2019. back summarily a handful of states that allowed it. now 20 states have legal sports betting so because of that they expect this to be a big deal so this pandemic has changed the way this tournament is played with reduced capacity. it is also changing the way we bet. don't know if you are a bracket guy but here is mine if you want to take some secrets off of this though i wouldn't follow my sports advice. i have illinois going to the finals and winning it all partly because our photographer, mike, that is his alma mater, but they are number one seed and i like winning. stuart: you are talking to the wrong guy. i have no idea about this but give me 24 hours and i might get back to you on this. grady trimble, sports betting. next case, nascar, they are recruiting dogs for sunday's big race in atlanta.

is that right the dogs can actually sniff out -- ashley: they can. a dog's noses remarkable. my dogs can sniff out a can of food from 20 miles away. they will be used at the atlanta motor speedway to detect covid 19 and do it among essential workers including nascar officials, race teams and vendors as they enter the track. after 30 seconds of screening of the dog smells the virus, the habit will be alerted and that person will be screened a second time by a doctor. this is a trial program that will not include the drivers although limited number of fans who are allowed to attend the race but earlier this year the miami heat, the nba said it too will use dogs to screen for covid so accurate are these dogs? according to a dog trainer in thailand they can detect covid

19 at 95% accuracy rate after 1 to 2 seconds of screening. remarkable. stuart: if accurate remarkable indeed. louisiana senator bill cassidy is going to be joining us in a moment. what is it like representing an energy states when you are the target of the greens? what is senator cassidy going to do about changes in the filibuster rule? i will ask them both questions after this. this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each with a time and a place they've been promised to be. a promise is everything to old dominion,

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stuart: the gas tax is used to fund the roads. what happens when carmakers go electric and people no longer need to buy that much gas. jerry willis joins us. i bet there's going to be a new tax. gerri: you are dead on. a vehicle miles driven tax. this could be 126% increase on the taxes you are already paying to fix the highways. this is not good news for folks and why is it happening?

at the entrance to the parkway, show us what is going on. one% of the vehicles out here, it will only get more through california, they were not allow the sales of powered vehicles so we expect a big turnover but who pays for fixing the roads? listen. >> i have been living through zoom school and the challenge related to it. >> reporter: i don't think that was our sound but i can tell you that taxes are coming. there is another reason that we have seen gas tax collections fall. even gas-fired diesels are more efficient than they used to be. the cars are 75% more efficient

than they were in 1977. folks are paying less in gas taxes, 2.one cents per mile driven compared to 3.2, 30 years ago. that is a big difference and now experts are telling us it has to be a new tax. we have colorado and utah experimenting with a new tax on vehicle miles driven tax, have to calculate how many miles you drive every year and i will say to you as i send it back that creates all kinds of privacy problems because how are we going to know? is the government going to look at eurodollar every year? will the car report on you? the possibilities are endless and amazing. stuart: endless and amazingly day tax on per mile driven. thanks for joining us. who is with us now? i will tell you. republican senator bill cassidy from the great state of louisiana.

you are an energy state, oil and gas are what louisiana's about. what is like representing a state where you are the target of the greens? >> target of the greens is a target on the back of hard-working americans who are making a product which is going to be used in if we don't produce it in the united states it will be produced in russia, or nigeria or iran. it is a weird sort of thing. you wonder if they realize americans and the world are going to use oil and gas whether we produce it in the united states. i hope they do. it is important for my workers and our country. stuart: i want to talk about the filibuster. democrats want to change the filibuster rules which will make it easier to push through

their radical agenda. it means if they do this, you stand on the floor of the senate and argue endlessly, talk and talk and talk against tax increases or any other piece of legislation. are you prepared to do that? >> i certainly would be prepared to do it and i could get some of my colleagues who would take shifts 24 hours to do so. it is interesting how they are justifying this saying we've not pass any legislation. you never pass legislation early in the congress in a congressional session because the committees have not given anything to consider. so if they are saying they haven't passed anything but nothing out of committee to pass it is a justification without a reason. it is frustrating, that is where they want to be. i will do whatever it takes to fight their agenda. stuart: i think it is a radical

agenda. i think it is green new deal, tax the rich, tax everybody in sight. that is radical. do you agree with me or am i going too far? at socialist scare? >> we are seeing two different visions. republicans cut people taxes allowing them to keep their money to make the choices they thought were right for them and we saw the economy go up so great before covid that there was record low unemployment, record high employment for every group. democrats have a different vision. they take our money, reward some people who are politically favored, filter it back down and we get some of our money back but a lot of it went to special groups particularly special groups in the democratic fringe agenda and they say that will help the economy. we will have a comparison. let you keep your own money or filter it through the government giving it to a few and then to the rest.

it will be interesting. i put my money on the republican side. stuart: we wish you well in the fight against this radical agenda. come back and reports was again soon please. senator bill cassidy republican. check that market, nice gain for the dow up half a percentage point. new intraday all-time high, 33,192. more varney after this. ♪♪ 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.

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stuart: don't ferret, send in your friday feedback stuff. send us a video mail or send us anything you like, varney viewers@foxbusiness.com. that's where you will find us, okay? the we take any and all comments. keep 'em short, you might get 'em on the air. one thing i want to say is david asman -- [laughter] who is sitting in for neil today, may not contribute to friday feedback -- david: i was just about to! i love the way you and susan li have this love/hate thing going on. [laughter] my wife and i are always laughing at it. it's great stuff. that's our particular favorite. i just thought i'd throw that in there. stuart: oh, i'm in trouble now, lad, deep trouble. [laughter] david: good to see you, my friend, thank you very much. we'll see you tomorrow. welcome to cra suto coast to coast -- "cavuto coast to coast." the