rotation out of big tech, and the april consumer price index is out at 8:30 eastern, final thought. >> we are asking if the text out of his real a prolonged or short-term blip, that is what i am worried about. maria: final word, adam. >> continuing to get his any revoked, history needs to remember him as the covid failure that he is. maria: "varney and company" begins right now. ashley webster is in for stew this morning, take it away. ashley: i am ashley webster in for stuart varney. the fbi says cyber criminal enterprise darkside is responsible for the attack on the colonial pipeline. we will have a live report from that pipeline.

the fallout from the hack felt across the country, long lines at gas stations is not all, gas prices continue to climb $3 to 299. president biden denies workers turning down jobs to collect unemployment but then announces a push to prevent it. we are on that story, stocks retreating from record highs as the selloff continues, looking at futures, the dow, s&p and nasdaq, the dow is up 300, nasdaq down 270 points. big tech stumbling after yesterday's selloff, apple, amazon, facebook, alphabet down one%, 2%, 3%. there is good news. the fda authorizing pfizer's vaccine for emergency using children as young as 12. yes, hollywood cancel itself. nbc says no to hosting the

golden globes over lack of diversity. why did they cancel a year out. joe concha takes that on. today we had larry kudlow, senator rick scott, todd pyro and nigel farrage. it is tuesday may 12th, "varney and company" is about to begin. ♪♪ ashley: a beautiful morning in new york city. the empire state building looking gorgeous against the blue sky. not too much blue but a lot of red. look at big tech. what is going on? apple down another 3%.

>> we are coming off of the worst day for the nasdaq is the middle of march, coming to the realization that inflation, higher prices is here, copper, food and one measure of inflation expectation, the highest in 15 years all the way back to 2006 and the calculus is whether this will force the federal reserve to raise interest rates, and looking more expensive, the nasdaq on one metric is priced at a historically expensive level of 26 times compared to the average over the last decade or so which was 17 or 18 so that looks a bit pricey and more so when yields and prices go up. ashley: interesting but the question is is it a buying opportunity. let's bring in luke lloyd to ask that question.

are you buying on the dip, apple at $123, a good price? >> this is a buying opportunity. important to keep in mind the nasdaq is only down 6% from all-time highs, the fear and panic i'm hearing from this kind of selloff is overblown. even dave portnoise tweeted the top stock market stinks. if you have a short time time horizon, long-term investors in this place, do you know what creates wealth? innovation, do you know which sectors the most innovative? technology. doesn't mean own the whole sector. it means only innovators and game changers of the future. one of the stocks we own that we added more to these levels is a am d, shaping gaming and artificial intelligence and

cloud computing, making it look more attractive along with other many other tech companies, we look to deploy any capital sitting on the sidelines before other investors do, rotate back into tech. ashley: to susan's point, inflation that hurts growth stocks like big tech. is that a part of your strategy going forward? >> not in the short term, last week we got horrible jobs number, money being printed for unemployment, a new -- raising rates anytime soon because they can't, still a lot of work to do to get where it needs to be. ashley: you say it is crypto currency but what do you mean by that? >> after bitcoin, things like dogecoin, this is what is happening. it is more than small penny stocks. small penny stocks go up a larger amount for the stock offering.

purely supply and demand, causing crypto currency to produce larger gains quicker. people found this out. elon musk is the best salesman in the world. he could sell a tank like the scene from wolf of wall street. what happened to doge the coin was a pure example of supply and demand, everyone bought into the hype and fold into the news. crypto that you never heard of, if you don't know the sucker in the room. ashley: that is basically the digital register safe play in the safe space. >> 30% of the ipo, a derivative play on bitcoin, and owning through cbtc and another etf out there in the market.

ashley: very interesting stuff. thanks for your insight, appreciate it. the colonial pipeline ceo of warning of fuel shortages following the cyberattacks, stephen, the company said they could start getting back some of this supply back online by the end of the week but how bad could this get with the knock on effect? >> the cyber attack now, a new wrinkle into a market that is on tender hooks. we are looking at the gasoline market, and to move from the refinery to the wholesale distribution center and move that from the rack to the local gasoline station.

during the pandemic, half of those truckers reported back to work. you add to that, pent-up gasoline is artificially boosted by stimulus checks and the volatility men trick here both between now and a few weeks at memorial day, the market is under threat. there is no immediate concern with regard to supply shortages, a lot being hyped. if we have significant prolonged shutdown of colonial there are other measures. there is an active market, put your gasoline on a barge and use it and ship it around florida and bring it to the

east coast. also a very active transatlantic market getting gasoline from the ara, and move it over into that area. ashley: are there other pipelines vulnerable? we have the colonial, many pipelines in this country. what is to say this group won't move on to the next one? >> let's say the group estate sponsored, a form of economic terrorism. the pipeline supplies four of every 9 barrels of refined product to the east coast, if that can come under attack, natural gas pipeline could come under attack. other pipelines come under attack, this is a direct threat, a new wrinkle, new volatility metric going into the active summary.

ashley: it is 299, how much higher does that go? >> a $0.02 move at the pump for every dollar move in all your, right now we could probably go another $0.10 higher given what we will prices are. ashley: that is pain at the pump. thank you so much. >> thank you. ashley: the cyber attack not only affecting the airlines. >> american airlines rerouting flights, jet fuel, two long-haul flights out of charlotte and that will affect one flight to hawaii. the pipeline services 7 airports directly, that does

include atlanta, where other suppliers are fueled, but others haven't been affected yet. southwest has been playing -- flying planes and nashville to make sure they have enough energy supply, united says they haven't been impacted at this time. american considered trucking or tinkering in fuel for airports that have been affected by the pipeline hack but minimal disruption, colonial pipeline said they would be up and running. ashley: now this, the fda made the pfizer vaccine the green light for emergency use for children as young as 12 years old. pfizer reporting 100% efficacy for trials conducted in that age group. that is good news, vaccine makers are down. looks like we will have a tough

start at the opening, 337 points, the nasdaq down 290 points another 2%, could be that kind of start to the day. businesses across the country struggling to find people who actually want to work. watch this. >> we will make it clear that anyone collecting unemployment, a suitable job, must take the job or lose their unemployment benefits. ashley: that is counterintuitive. larry kudlow, a strong response to this, he will join me later in this hour. chipotle looking to hire thousands of workers, not only increasing wages but giving them a path to climb the ranks. ♪♪

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♪♪ i like it ♪♪ i love it ♪♪ i want some more of it ashley: a play that song when they score a goal at home. tim mcgraw, not so much for the futures. they are all in the red, the tech selloff continues it is bringing everybody else down with, the nasdaq down 2%, the dow down 320 points, rolling

out a new plan to slow the exodus of overworked junior banking analysts. what are they offering? >> 40 grand sounds good, hopefully a third of the yearly salary, and wells fargo and credit suisse paying out for the 40 grand bonus starting this month for analysts, promoted to associates, global war for talent besides banks and cash balances, shortening the path to promotion, isn't that generous, you get extra vacations. jeffries offering tillotson and apple devices, the tim mcgraw song, i like it i love it, more time off would be great with more pay. ashley: no zoom friday, that is tempting.

chipotle is raising pay for restaurant workers reaching $15 an hour by the end of june, also introducing employee referral bonuses. 20,000 workers, marissa, will this lead to chipotle raising prices to cover costs, and the customer. >> >> to your question, raising the average wage for our employees to $15, for our manufacturers. ashley: how hard has it been to find workers? the president says it is not to do with unemployment benefits

but we hear that a lot of i hear it a lot. people i getting paid to stay at home. is that been your experience? >> our restaurant remained open through 2020 and the pandemic. and to join the company to remain open, different parts of the country are opening up, anecdotally, some people experiencing childcare needs for stimulus checks and the unemployment benefits. that is why they may not be returning, for us to chipotle, we have been so fortunate to have an attractive employment value proposition, not just the amazing wage increase, to all of our employees, there is a transparent pathway for 3 and a

half years to make 6 figures. ashley: people see these jobs as serving, food service, they don't look at it as a career but you are trying to turn that around. what kind of success have you had, trying to sell this as a career. >> we promoted 11,000 people into the system. when they talk about that the pathway, to move into a management position, and hourly management, the success we have seen is 11,000 people being promoted through the system and beyond that some amazing education program so for those

who want to pursue, they are able to do that, with 10 different universities, 100 different programs, technology, hospitality, culinary, agriculture and sciences so those who are involved, more likely to stay with the company and management. ashley: we wish you the best of luck as you go on your hiring spree, we appreciate it. thank you. california governor gavin newsom says the state has a budget surplus of $75 million, does this mean giving out more checks? >> $75 billion is not a bad surplus given california was one of the most severe budget

crunches in us history after devastating year of covid and lockdowns, booming stock market and better-than-expected tax revenues helped the bottom line, and and that was $50 billion, that would be a shortfall of a quarter, of the entire state budget, usually relying with capital gains taxes, strong stock market and ipos from air b&b helped as well. giving up the cash to californians, extra $500 to families with dependency, making less than 75,$000. >> good to have budget surpluses. it is run across the board, tech stocks suffering again, nasdaq down 170 points. nbc is canceling the golden

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>> let's look at futures less than 3 minutes from the opening that tells the story, nasdaq down again, big tech stocks on the move down, up 255, take a look at big tech stocks, apple, amazon, facebook, alphabet, google, microsoft all down one%, 2%, apple close to 3%. let's bring in david nicholas. give me some cause for soothing and calm. you think the selloff is far from over. i don't like to hear that. >> i wish i had short-term good news, the markets especially the tech sector, the pain of inflation, the 5 your breakeven number came out, 2.7%, if you

saw when janet yellen came out last week and said the feds may need to raise rates, that the economy doesn't overheat, the markets went bonkers. danielle improved the market cannot handle the truth about inflation. we see this tug and pull about the dow and nasdaq, it is benefiting from inflation, the nasdaq is being hurt by inflation so you feel money is going into the dow, coming out of the nasdaq and will continue the next couple weeks. ashley: earlier, don't play coin base, go with the actual coin itself, go with bitcoin but you say that is a safer way to play the crypto trade. >> tell me a crypto currency that has earnings i will change my mind. it has actual earnings. if we go back to a normal sense of valuing a company based on the profit every year it makes sense, safer way to play, crypto currency is not going

away, it will only get more popular. a company like coin base is direct beneficiary. our clients own the stock, we brought more on the pool that, if it gets back to its ipo price from $400 a share that could be a significant upside. i like a company with earnings. call me crazy, i like a company with earnings and growth. ashley: i would never do that. bonkers is a technical term, glad you used that. the market is open, already read read read and then black. nike at the top, followed by walgreens, boots alliance, the dow was off 270 points or there about, a drop of 3 quarters of one% out of the gate. let's look at the s&p down one and one quarter%, down 51, 52

points, $41.36 on the s&p and let's check the nasdaq where a lot of the big hitters in the tech world reside, nasdaq down 286 points, down 2%, 13,117. as we look at these stocks let's look at what is going on. how far do these stocks go down and that what point do you say they are goodbye, getting cheaper? >> we are at 6% for recent highs from the nasdaq and it all comes back to the fears of tapering interest rate increases in order to tame higher prices, we are looking at inflation for virtually everything, record lumber, record copper and oil prices are up 8% on average and tech stocks are usually value on future growth and the yields go up, that means they return more to make it look more

interesting for investors and that is why you are seeing the selloff in tech names but look at the casualty, kathy would in particular, the manager of the past year, her organization flagship fund is down 30% from their peaks and lowest since november. some say she has to beat the market in order to keep hitting all this money funneled in, if she doesn't she's losing her midas touch. ashley: great year last year, tough year this year so far and you have been looking at the other movers. let's begin with roadblocks. >> it reported bookings almost tripled in the first quarter of this year. also the first report since its debut last year and it is gaining activity, surging, more people paying -- playing games, some of the most popular titles, the company is robust

digital currency for their purchases and robots is outperforming the broader market selloff. to las vegas, it was higher than this in the free market, putting out there online gaming arm, being controlled by the nhl, a billionaire who owns the golden knights and winning among mgm into the casino place making up for the fact that other casinos have been hurt by covid so they are going online and betting on sports betting in the future, a quarter of $1 billion loss in the first 3 months of this year. see an upgrade. it is neutral worth one.6, and he mentioned nike, one of our performers today getting a thumbs-up from jeffrey, 192. it is up 40% from here and they are saying it could mean more people buying pants instead. ashley: wearing sweatpants

right now, they are very comfortable. thank you very much. we will leave it right there. let's look at the dow winners if there are any. amgen, nike as susan mentioned, nice price upgrade, 254, procter & gamble, jpmorgan chase, all up somewhat modestly, amgen the best of those up one%, the s&p, norton lifelock, eastman, win resorts, susan talking about that stock just up marginally, amgen up as you can see 3 quarters of one% and the nasdaq there are winners, adp, amgen again, activision blizzard, those are just eating out some of the games but the majority of stocks moving lower, the dow as we said earlier up 270 points. next one for you, pal and tear reporting a growth in revenue, pretty impressive. the question is why is it down

more than 3%? >> stock markets trade on future business and the second-quarter spring sale will be less than expected, slower than anticipated and that despite slower sales in the first 3 months and more client sign-ups which is impressive but very interestingly, the ceo said they are looking to buy bitcoin and accept bitcoin as payment, they made some good money off of their bitcoin holdings and investments, this is a big deal for them. ashley: it is indeed but as we say the stock is down 2%, 3%. let's look at tesla if we can. another drop this morning, down more than 4 and a half%. >> below $600 a share, they just announced this morning, some unimpressive china sales, 25,000 plus sold in the month

of april, that is a drop of 20% for march, losing seals month over month android is reporting the model 3 maker has decided against buying up more land next to their shanghai plant, the ongoing us china trade tensions means less need to build and export still you have elon musk always making news each day, he teased this out of the dogecoin, should tesla accept dogecoin for its tesla, bitcoin for their tesla and given that he single-handedly boosted dogecoin in the past 6 or 7 months. ashley: he called it a hustle, 2 million people have voted already, interesting to see what the results are. what more for you if we can, virgin galactic getting hit hard today, does this have anything to do with the potential delay of spaceflights?

>> they lost a lot of money, twice as much as analysts were expecting in the first quarter and richard branson's space company is evaluating a timeline for its next test flight because they need to analyze the wear and tear issues for its mothership, that's not good news so indefinitely pushing off test flights with branson on board, these longer delays for starting tourist flights. they have a lot of people signed up on deposits for 250,$000 tickets to get on board so when are we going to see this take flight? that has a lot of people questioning. ashley: we talk about it a lot but when will we see it. you can take a well-earned breather, thank you for that. lots to talk about. how facebook vows that is new instagram for kids will be safe but 40 attorney general are not buying it. they are trying to stop it from happening. the attorney general of

missouri, eric schmidt, is part of the group and he will join me later in the show. president biden is set to meet with gop leaders to find compromise in his next spending plan, good luck on that but bernie sanders is growing impatient. he says people want results no matter how. what is the solution? ran through a radical agenda with no bipartisan support at all? larry kudlow will be here on that and more next. 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.

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ashley: just 12 minutes into the session, drop on the dow, the s&p and nasdaq down one% but stocks are dragged on the dow. microsoft, boeing, goldman, home depot, those stocks

account for 50% so there are big culprits, boeing is down 3%. the tax hike, president biden plans to raise the capital gains tax to pay for his spending plan but new data shows that will make the us poorer in the long run. edward lawrence is in washington, break it down for us. >> making it rain over fair. you increase the capital gains tax so people think you are selling an asset might choose not to sell for a longer period of time to see if the taxes will swing the other way. then the states lose out on tax money as it changes hands, the realtor loses out and the inspector loses out. any workers you hire, it is a ripple effect so this is the

exact reason joel griffin says raising capital gains taxes will make the economy less wealthy over time. >> when you go ahead and tax a gain in someone's asset whether real estate or business or stock and you take that and handed to the federal government to spend that is less capital that can be reinvested into the economy. >> of president biden follows through on the plan, democrats in congress ram it through, capital gains tax would be the highest in 65 years and would impact states differently. if you look at this next map when you combine a raise in federal capital gains with existing state capital gains tax, red is very bad, the lighter color is less bad. you see the pattern, california, new york very bad, people are moving to places

like texas and florida where it is less bad for capital gains which could further accelerate that. ashley: new york and california standing out for all the wrong reasons, president biden will meet with congressional republicans to discuss possible compromises on the new spending plan, bernie sanders slamming the meeting, role tape. >> the bottom line is the american people want results, are republicans serious during the obama years? they talked and never came aboard. republicans want to come on board seriously, great. if not we will do it alone. ashley: we ought to get going, says bernie. let's bring in larry kudlow. bernie sanders a major leader in the party these days, couldn't care less about

bipartisan support. what do you say? >> this spread between the two sides is so enormous, the gop has an infrastructure package, could go up to $800 billion, majority leader mitch mcconnell and the democratic side has $2.3 trillion, the sky is the limit, and $3 trillion worth of taxes and republicans don't want to raise taxes. we have never, a us government has never financed interest by raising capital gains taxes. it has always been paid for with toll roads and things of

that nature, ez pass, private public partnerships, bonding and that sort of thing. they are so wide apart, unless they slice and dice, they can use one reconciliation for 51 votes. i see it as a large end. ashley: next big topic, the white house giving mixed messaging on the jobs report. role tape and i will get your thoughts. >> fear, can't find childcare -- >> anyone collecting unemployment who is offered a suitable job must take the job or lose their unemployment benefits. ashley: is it fear, child care,

people not just staying at home gathering benefits, a lot of mixed messaging, a lot of mixed messaging, >> when you look at president biden out there and let him freelance with the press it is always great son, no exception. i think get all the schools open. teachers don't want to teach, we are giving them hundreds of billions of dollars, that has something to do with it. the biggest part of this is overly generous unemployment benefits and overly lengthy unemployment benefits. the nfib small businesses reporting 44% can't fill their jobs and i will say this according to the papers this

morning, the president is now saying the administration will make clear that workers receiving benefits can't turn down suitable jobs. that is a change in their position and they should apply that to all welfare, social insurance across the board. there has to be a work fair provision in there. we've got to go out and look for a job, some of these states the governor rick desantis in florida have done so at the state level. i think the federal level should absolutely follow suit. i don't know how to read mister biden's proclamation yesterday but if he is going to enforce that, there has to be work fair, there has to be work requirements. otherwise you are defeating the purpose of it and this stuff runs out in september so you will see a big jobs boom and that will not just be a

coincidence. trust me on that. ashley: i believe you are right. thank you very much and we will see you later today at 4:00 pm on the foxbusiness network. thank you. as we mentioned earlier, it could soon be hard to find gas across the country thanks to the massive cyber attack on the colonial pipeline. we will tell you what that means for you and your wallet. 9 months or so after the riots that followed the police shooting of an unarmed black man in kenosha, wisconsin. businesses still rebuilding. we have an update on that next.

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>> reporter: my sister calls me and says something is blowing inside. within minutes it got bigger and bigger. within 20 minutes the whole place was engulfed in flames. >> i know the people who live here, this town is good people, all of them and they wouldn't do this. ashley: those were two business owners in kenosha, wisconsin who stores were demolishing rioters. 9 months later many other business owners are still

rebuilding. grady trimble is in kenosha. you are talking to an owner whose business was destroyed. has he recovered yet? >> this is it. b and l office furniture, you played a soundbite from scott carpenter, the owner and happy to say they are open for business and he is with me right now so they played that soundbite of him standing in front of the smoldering building, we met as you were surveying the damage for the first time. i'm sure it brings back not so great memories but you've been able to move forward pretty well. >> we reopened 15 minutes to the west at 7670 fifth street in kenosha and opened up a month and a half after that. >> reporter: you had a lot of help from the community, the city did grant program with the nonprofit partners and you had ago fund the account that raised 50,$000. what has that been like?

>> it has been amazing. the outpouring of love and support keeps going forward. would have been easy to give up and say we are done but when you have people reaching out wanting to help you, you almost have a duty you have to go forward. >> reporter: we are glad you did it was sad when we saw the building completely destroyed and they are back open for business nine months later. some happy news finally to report in kenosha. ashley: that is very great. good news indeed. thank you very much, appreciate that. still ahead, bill mcgurn, florida senator rick scott, rick grenell and todd pyro, big, second hour of varney coming up next. ♪♪

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the number on your screen. coventry direct, redefining insurance. ♪. ashley: hitting the ground running on this tuesday morning. thank you, mr. keith urban. good morning, i'm ashley webster in today for stuart. it is gone 10:00 here on the east coast. let's get straight to your money and as you can see, the market picking up where it left off yesterday. the dow off, coming back a little bit, still down 244

points. it is the nasdaq too, also tempering some of those losses, down just 94 points. down about the same as the dow, .7 of a percent. big tech again taking it on the chin for a second day but those losses starting to be reined in. microsoft down half a percent. apple down 2%, so on. amazon down a core of a percent. some money coming back into big tech. the 10-year treasury yield. that is on the way up. that can hurt the tech stocks as we've seen. historically, 1.7 basis points. yield 1.61% on the 10-year. breaking right now, jolts, job openings, susan, the number. susan: huge number, record high, 8.123 million in the month of march. that is 600,000 more jobs than economists forecast. they were calling for 7 1/2 million for the month of march

non-farm payrolls came in at a million a lot of jobs to be filled. finding workers is pretty hard right now. ashley: exactly right, susan. thank you. let's bring in our good friend, scott shellady. morning, scott, more than 8 million job openings, but good luck finding people to fill them, right? >> yeah. a lot of america is getting paid over 40 grand a year to stay home. the government is in denial of that, or, or, i put on my tinfoil hat for a second here, maybe they keep the rate going until september, so all the other businesses acquiesce like chipotle did to raise pricing up to 15 bucks a hundred so they can say we didn't raise them you raised them. they will keep going this as long as they can so they don't get plamed to raise the minimum wage to $15 an hour. ashley: i don't think you need

to wear a tinfoil hat to be on to something. you look good in it. scott what is going on with big tech? you're not apparently worried about the selloff? is this something you're not apparently worried about? >> you have to go to the root of the cause, if you worried about interest rates going from 1.55, to 1.65. i'm old enough like you 19.8% when you bought a car in 1980. i'm immune to see a little bit of a rise. a lot of folks are trying to get us to used to 2%, 2.25% 10-year. more you hear about that, the more people will be immune to those reactions. we've come so far so fast, by the way. markets are allowed to go down as well. this is all part of a healthy market when you start to see the selloffs. when it gets 10, 15, 20% you should start to worry. ashley: i remember 1982 getting a mortgage at 13% and thought i got a steal.

that is rings home where we're at today, to your point. peter doocy pressing while house press secretary jen psaki about unemployment benefits. listen to this scott. >> is the white house creating an incentive just to stay home? >> the majority of economist, internally and externally of the white house don't feel that unemployment insurance, something that was done at a time where to help unemployed people get through a very difficult economic downturn, during a pandemic is a major driver in our unemployment data. ashley: you know it is interesting, we've done a lot of stories. i myself, look 266,000 jobs added in april. that was it, scott. i can't tell you how many restaurants i've gone to or businesses where they have job openings. there was a restaurant in tampa, had nine openings. it was offering all sorts of cash incentives. didn't have one am aply.

can't find people. white house says oh, nothing to do with it. is it time to end these benefits now? >> absolutely. what is coming out of white house is pure schizophrenia. think about it, ashley. they closed the businesses down, close the mom-and-pop shops allowed them to be open which is still insane to be think about, allowing them to be open government is biggest competition to work? government is paying them more to stay at home. what is the government trying to do to small businesses? now, this is how insane things have gotten. they're talking about now, paying people their benefits through september today, to come back to work today. now by the way, i just want to remind everybody, that's our money. i got an idea to make them work today. stop the benefits today. stop spending our money today. this is out of control. the government is now in competition with small businesses that they shut down for a year and are barely alive

as it stands. it is outrageous. you couldn't make this up! ashley: you couldn't. you could put it in a script to hollywood, they would throw it back, not true, could never happen, but it is. scott shellady, as always, great stuff. carry on with the tinfoil hat. you look great. >> i will, thank you. ashley: appreciate it. house minority leader kevin mccarthy says there will be a vote tomorrow to out of gop conference chair congressman, congresswoman liz cheney. let's bring in bill mcgurn. bill, great to see you this morning. does this vote divide the republican party and hurt their chances in next year's midterms? >> well i don't know if it hurts their chances but it is a reflection of a division within the republican party. i think we know the outcome. i don't think they would have scheduled the vote if they didn't know the outcome and, there is a lot of

dissatisfaction with liz cheney in the conference. i like liz cheney. i support most of her votes and so forth but i do wonder at the wisdom of her picking fights with donald trump. that is what a lot of her colleagues wonder. they had a vote a few months ago and she won that. but i think people watched and saw this kind of persistent back and forth. in an editorial we had which was largely friendly to her, it did suggest prudence might have been the better part of valor by not engaging with president trump. ashley: which kind of begs the question, where you does donald trump play in all of this? it seems to me to, and as liz cheney found out you start digging your heels in and fighting trump, you're going to pay for it? >> yeah. look, i, i mean i think a lot depends on whether donald trump intends to run again. i personally don't think he will. it is very grueling to do. he is older now.

the prospect of another defeat i think would be humiliating. he not only has to get all the votes he got, which was very impressive but you know, another 8 million to defeat biden. i'm not sure he is going to run but i think he is never going to say he is not going to run because people pay attention to you when they think you're going to be out there. i think the best way for the republicans is not to attack him because he, he has a lot of support within the republican party. but just kind of ignore him and move on. right now they're finding that very, very hard to do. i again don't think donald trump is going to run but he retain as lot of negative power in the sense of being able to sabotage other republicans. ashley: is there a leader that is standing out to you right now and can they bring the party together? >> well, that's what we'll see. that is what will be the test, will they be able to move on in the direction. right now we definitely need a

republican clear and principled opposition to joe biden, not just around nibbling around the corners, well, we're for 600 billion here but not not 400 billion there, but have a principled objection what he is trying to do to put the government at the center of our economy. that is going to take a lot of work. ashley: yeah. it certainly is. we'll have to leave it there. be interesting to see how it all plays out. bill mcgurn, thanks for joining us this morning. >> thank you. ashley: all right. thank you. let's head to the colonial pipeline, why don't we. lucas tomlinson is there. lucas, do we know when the pipeline willfully come back online, do we know that? >> ashley, colonial pipeline says it should be back on-line by the end of the week by friday or saturday. already, we're so far, not had a huge impact on a fuel prices on the east coast and throughout the united states.

however, here in virginia, ashley, 30 minutes outside of the nation's capital, fairfax, virginia, outside of colonial pipeline fuel farm, 6% of the gas stations in commonwealth of virginia has run out of fuel it. has not been a major impact on airlines. in a statement, however, the american airlines is making changes to two of its long haul flights. american has not canceled any flights. american is saying quote, currently experiencing minimal operational impact for overall flight schedule due to the fuel supply shortage on the east coast, with two daily long haul flights out of charlotte impacted as a result. we're monitoring the situation, working around the clock to assure we have an adequate supply of fuel across our network. ashley, we've seen fuel trucks coming in and out of here as fuel is being moved. they hope to restore the service by the end. week as i mentioned. if it goes longer than that, ashley, they say it will affect

fuel prices. so far the impact is fairly minimal. just a few cents on the board. the colonial pipeline is responsible for nearly half the fuel on the east coast. the pipeline stretches 5000 miles from texas to new york. president biden set up a task force to protect the energy grid in the first 100 days. last year, gni warned pipelines could be hit by cyber criminals. while many lawmakers on capitol hill want to make sure the infrastructure like this behind me is protected from cyberattack, want to make sure those defenses are as this massive infrastructure bill that is going to president biden and capitol hill soon, arcly. ashley: all right. yeah the quicker, the better. lucas, thank you very much. appreciate that from the colonial pipeline. let's check the markets if we can. let's bring susan n you're watching l brands as we see the major indices all down but paring some of their losses but l brands, susan. susan: we're still about 1% down which is technically a selloff. so yeah, we have l brands down about 3 1/2% confirming they are

in fact spinning off victoria secret and bath & body works by august this year. in the future, bath & body works and victoria secret will be two separate companies. l brands received a lot of interest from multiple buyers. the board thought the spin-off would get more for the company than actual sales. makes sense. virgin galactic, 10 month lows. halted for volatility a few minutes ago. we were down 19% at one point. virgin galactic lost twice as much money in the last quarter. definitely delaying test flights especially the one with richard branson on board. callaway golf making more money and sales in the first quarter. they say demand for the products are unprecedented. people have more time to hit the golf links and hit the golf course, being locked down to enjoy the beautiful skies. check on the megacap tech names, apple, microsoft, leading losses that we're seeing on the broader

market. a big drag when it comes to the dow. s&p, nasdaq, since there is such big companies. when they fall they take the broader markets along with them. ashley: certainly do. wish i was out on the links today too. susan: we all do. where is stuart? ashley: hmmm, i wonder, probably on the fourth hole by now. anyway, susan, thank you very much. comedian dave chappelle has some advice for the woke mob. listen to this. >> no one can be woke enough. you're not going to nag people into behaving. in fact, if you continue with this tone even if you're right, you will be very hard to hear. ashley: he is absolutely right. we'll tell you what else he had to say including about eel loon elon musk. teachers union president randi winegarten dodging when asked about fox's martha maccallum about teaching critical race

theory in school. >> do i think it is wrong to suggest to children if they're white they belong to oppress sorry class, if they're black they belong to a victim class, do you have any problem with that. >> i think we should be lifting up all ethnicities. ashley: she didn't answer the question. education expert, naomi schaefer riley is here to take the union to task after this. ♪. nobody builds 5g like verizon builds 5g because we're the engineers who built the most reliable network in america. thousands of smarter towers, with the 5g coverage you need. broader spectrum for faster 5g speeds. next-generation servers with superior network reliability. because the more you do with 5g, the more your network matters. it's us...pushing us. it's verizon...vs verizon.

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all the students are vaccinated and when is that going to be? are you going to have everyone back in september, 100% in class five days a week. >> i hope so. >> will you require that every student who comes into the school is vaccinated? >> no. ashley: all right. well that was teachers union president randi winegarten. she hopes all kids, hopes all kids will be back in the classroom in september but she stopped short of saying it will happen. she hopes. let's bring in naomi schaefer riley this morning to talk about this. naomi, what do you think of winegarten saying she hopes kids willing back in school in the fall? >> well i love how she is pretending it is not in her control at all. you know, this is, she is watching from the sidelines but in fact she is not only influencing what teachers are doing on the ground. now we know she was influencing cdc policies coming out. white house. she is pretending now she has no control over what happens in the

fall. ashley: yeah. it is galling really. also ney moment my winegarten responding to critical race theory in schools. let's areit get your thoughts. >> do you think it is wrong to suggest to children if they are white they belong to a oppressor class and if they're black they belong to a victim class? h disused any problem with that. >> i think we should be lifting up all ethnicities. i don't think we should say one is a oppressor class or not oppressor class. i'm a big believer in celebrating diversity, actually look at, helping look at people's lived experience. ashley: well, she didn't really answer the question, did she, naomi? your reaction to that. >> not only did she not answer the question i find it really rich, a woman claiming to want to lift up all people just a few weeks ago jewish critics said

maybe we should open all schools, she referred to them as the members of the ownership class. the idea she does not want to divide people or unwilling to insult certain groups of people is absolutely insane. i want to commend martha for a great interview, trying to hold her feet to the fire. her answers on the 1619 project were absolutely outrageous. she was claiming that we're just really having a debate whether to teach kids you know, that a slave ship came here in 1619. no, we're debating the very foundations of this country and she is unwilling to acknowledge that. ashley: it is interesting, because the basic theory i guess that the existing system we have today is all set up under the guise of white supremacy and the system exists because of that. they want to teach that in schools. >> absolutely. she, the 1619 project is about teaching that america was founded because we wanted to preserve and protect slavery.

that is fundamentally untrue. it is been said to be untrue by historians across the political spectrum. she should not get away with this. but you know what? she is reading the polls. she is seeing americans across the country are outraged by this idea and she is seeing the popularity of teachers go way down, not just because schools are closed because what they're teaching when schools are open. ashley: yeah. i mean, how much of a black eye, how much power, what is the outcome, the impact of this, these actions by the teachers union that essentially kept kids out of the classroom when private schools gotten along very well, thank you very much? at some point, is there any long-lasting damage done to the union over this? >> you have to hope so. you saw the school board election in texas. hopefully the critical race theory stuff is going out the door but i think that reasonable americans across this country have become outraged at the

school closures. i think people on both sides of the political spectrum have really realized to a new extent how much power the teachers unions have. i think it is going to affect future elections. ashley: wow, let's see, let's hope, i think. naomi, thank you so much. appreciate it. >> thank you. ashley: appreciate your time. check the markets if we can. we thought we were coming back a little bit, no, the selloff is now underway again. the dow off nearly 400 points, also the same story on s&p and nasdaq too, down a little more than 1%. show me rite aid, doordash, they announced a partnership on demand of same day delivery of health and wellness products. not doing anything for the stock price. both stocks down. rite aid down 2 1/2%. look at pfizer, biontech, their vaccine has been granted emergency use authorization for kids 12 to 15.

kids could start receiving the jab as soon as thursday. pfizer up a third of a percent in a down market. biontech down 5%. the world health organization is issuing a warning over the covid variant in india. come in, susan, what are they saying? susan: they say it spreads more easily than other variants. it is already in 30 countries according to the w.h.o. variant b 1617, they say it preds more easily than other variants even those in the uk, south africa and brazil. india has reported 350,000 new infections, 3,000 deaths on monday alone. that is the total cases there of close to 23 million. now those monday numbers might sound scary, that is actually down from the recent peaks. in terms of vaccinations not a whole lot of vaccines around, only 34 million in the country, with a population over a billion, roughly 2 1/2% been given both doses of vaccine so

far. there is obviously dire need in india. ashley: thank you for that, susan. do have some good news. broadway is coming back a slew of productions including megahits. "hamilton," "the lion king" and wicked will be returning september 14th at 100% capacity. shows like "chicago" and "phantom of the opera" have tickets on sales. others will return later this year. that is good news for broadway. we brought you this video yesterday. crowds of migrants wading through the rio grande to cross the border. fox's bill melugin will join us live from the border in moments. hundreds of people streaming across the border. first, florida is fully open, governor ron desantis ending all remaining covid restrictions. what are other states not doing the same? i will ask florida governor rick scott after this.

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♪. ashley: the selloff continues. when you look at the markets,

the dow now off 500 points. down one 1/2% at 34,237. nasdaq down 1 1/2%. down 195 points. so a selloff, continues from yesterday. now this. look at florida's big cities are seeing some of the largest population gains in the country. jacksonville, 19% up. miami, up 13 1/2. tampa bay up 9 1/2%. who better to talk about all of this than senator rick scott, republican from florida. good morning to you, senator. are we seeing these big gains in your state because florida is open for business? >> i think it is part of it. our state is open for business. our schools have been open. that is what people want. people want to get back to a normal life. i finished being governor two years ago. in those eight years i was governor we cut taxes 100 times.

we reduced permitting time. we streamlined the regulatory environment. all this is paying off. people are flocking to florida. they do like our weather but a like a state that is open, schools that are open. we do have good weather. ashley: and are you, you know, the weather beautiful but what about the tax situation? are those people moving, senator, are you hearing many are from my-taxed states, new yorks, connecticuts, new jersey, maybe california. >> what is interesting is when i became governor i started recruiting companies all over the country but the easiest were gosh, cuomo is a great, he was my best recruiter because he kept raising taxes. i mean he is just been unbelievable for florida but illinois, all across the midwest people are coming to florida because they like lower taxes, illinois, new york, new jersey, connecticut, california, those are places people are moving from. ashley: all right, next topic for you, your governor, ron

desantis is suspending all remaining covid restrictions in florida. cases are down, senator. deaths are down. vaccinations are up. so why aren't more states taking florida's lead? >> i think a lot of these dem governors warrant to control your life. everybody can get a vaccine now. so why aren't the schools open? why aren't the businesses open? why can't we go back to church? some much states don't make sense. these democrats i've been up here two years, democrats want to control your life. they want to give you everything for free and then tell you how to lead your life. i mean, we all want to lead our own lives. i don't need the government to tell me what to do. i love my mom, i didn't like her telling me what to do. i don't want the government telling me what to do. the democrat governors want to be in charge, tell us everything. how did they get so smart about this stuff? ashley: well they didn't, bottom line, but senator, should we end

the unemployment benefits sooner than, you know, labor day, these extended benefits are going to continue? i found in florida many businesses just can't hire anyone because they can't compete with free cash from the government. >> you cannot compete with free. it is very hard to compete with free. and so when you're paid -- i tried to stop this a year ago. you can't pay people more money to stay home. you just can't do it. so i'm thankful now we have five governors, all republicans said in their states, that we're not going to continue to have the extended benefits because people need to get back to the work. it is better for the companies, better for the states, better for the families. people want to work but don't give them incentive not to work. i'm glad governors are doing it. i hope governors across the country will do this. ashley: all right. we'll leave it there, as always, great stuff. senator rick scott, thank you for chatting with us this morning. >> have a good day. ashley: thank you. you too, sir. let's take a look at this 2018

if we can from current deputy white house director natalie montalongof you're looking for a way to help look up the nearest i.c.e. office and shut it down. she was responding to a story about anti-i.c.e. protests in portland. that tweet has since been deleted. i wonder why. staying on immigration, we'll soon get new apprehension numbers from the month of april. i have a feeling it will be huge. mr. melugin is along the texas border in del rio. bill, you're talking to the border patrol down there. what are they telling you? reporter: good morning to you. they're telling us they're completely overwhelm manied right now and what they need are more resources, more manpower, they need the things right now. they told us yesterday they can't be everywhere at once. that is what we're witnessing here in del rio. you've seen live pictures of migrants crossing the river.

we have new video showing you, that is heartwrenching, how bad the situation is looking. we'll pull it up. you're looking at video of five unaccompanyied five children, all little girls, abandoned on a farm 30 miles south where we are right now, eagle pass, texas. this happened on sunday, on mother's day. it was 103 degrees out, incredibly hot. a smuggler brought them across the rio grande, abandoned them on the farm. the littlest girl, 11 months old. oldest girl, 7 years old. three of them from honduras, two from guatemala. border patrol picked the girls up to take them to share station. thankfully they did not need medical attention or need to be processed. they will be transferred to health and human services. thank god they were found by the rancher or they could have died in the heat. talk about how bad the problem is. this is the video showing live on fox yesterday.

on your network yesterday. of those migrants crossing the rio grande right here where we are, this is pa group of 52 venezuelans crossed in the middle of broad daylight, in front of everybody, walking into the united states, many of them with young children, many with infants, talk to us, they felt they had to get out of venezuela, come here for a better life. we talked to the border patrol number two guy today. deputy chief raul, said the smugglers are bringing them to this spot to distract them from elsewhere. >> they know if they tie up border patrol agents, the law enforcement partners, they can traffic narcotics, folks trying to evade apprehension in other locations. reporter: have they been successful. >> of course they have, yes. reporter: as you mentioned we are waiting for border patrol to release their numbers for the month of april sometime today. we are expecting those numbers to be very large here in

del rio. the deputy chief telling me wouldn't be surprised if the numbers here in april, in del rio aren't past, he thinks it will be 25,000. do the math on that. that is over 5,000 migrants per week. we're expecting big numbers here in del rio. keep an eye out for that. we'll send it back to you. ashley: bill, thank you very much. heart-breaking video. how cynical of the smugglers to use humans as decoys so they can smuggle their drugs and everything else in other parts of border. heartwrenching the border is wide open clearly, bill, thank you. check the markets. as we look, certainly the selloff is accelerating. the dow down 570 points. nasdaq off more than 200. the s&p down 1 1/2 percent. this is definitely a selloff that is picking up some momentum. let's move on, comedian dave chappelle goes off on the woke cancel culture and he defends elon musk. we have the video ahead for you on that.

funny guy, dave chappelle. first, gavin's giveaway, what? the governor of california handing out 1000-dollar stimulus checks right before his recall vote. coincidence? i think not. we have a live report from los angeles after this. ♪.

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♪. ashley: billy joel said it, easy money. that is what california governor gavin newsom hopes to give out to most state residents under his proposed stimulus plan. william la jeunesse is in los angeles. william, good morning to you. how much money would people in california get under newsom's

proposal? reporter: most people will get about $1100. gavin newsom has nothing on robin hood. look at the numbers. he said yesterday 2/3 of state residents will get a rebate, some more than $1100 each, including illegal immigrants, those earning up to 75 grand a year. >> so $12 billion in direct tax rebate. that is the largest year-over-year tax rebate that has ever been provided in any state in american history. >> because most of our revenue comes from the wealthiest, we're talking top 1% wealth in this state, is what provides much of the revenue. plus capital gains from the high, high stock market. reporter: making california rolling in money right now. 76 billion-dollar surplus, plus 27 billion in federal covid aid, allows it to pay that 100% of back rental payments, those who

did not pay the landlord, another 2 billion to cover unpaid utility bills. so anyone earning less than 75 grand gets 600. then 500 more if they have a child. but the money isn't free, but may feel that way. almost half the state's income tax comes from the often ridiculed 1%, who pay 13% state income tax. taking from the rich, giving to the poor, and middle class makes sense politically. facing a recall, voters receive their ballot not long after getting their check. >> it does kind of look funny. i think people, i do think people will see this as somewhat of a transparent effort to buy support for the governor. reporter: ashley, democrats in sacramento actually want more. they want to raise the state's top tax rate to 17% and oppose a 1% wealth tax. right now, however, it appears

the state has enough money. back to you. ashley: well that's something. but that probably would result in more people heading to texas and florida. oh, well, buying votes. apparently that is the way to do it in california. william la jeunesse. william, thank you very much, appreciate it. let's check the markets if we can because we've seen the selloff picking up some momentum this morning. indeed the dow off right around 600 points. down 1 and 3/%. nasdaq down 1 1/2%. the s&p down 1 1/2% a broad-based selloff is what we like to call it. look at home depot and boeing together, together these two stocks shaving 135 points off of the dow. they're definitely big drags. home depot down 3%. same story with bowing down 3 1/2%. susan, come on n you're watching roblox. susan: i am indeed. the kids videogame maker

reporting bookings almost tripled in the first quarter of the year. this the is first report card since its debut last year. gaming activity is surging. more people are playing games like and that is good news for roblox. palantir, looks like they recovered. the you heard the ceo say on the earnings call will invest, buy bitcoin and maybe accept bitcoin as payment as well. tesla made a billion dollars off their bitcoin stash and that is a positive thing. win by the way, speaking of positives, looks like they will spin off the online gaming arm. that is positive given they lofted a quarter of a billion dollars in the first three months of this year. seems like the future of casino plays like mgm and wynn are on line sports betting that is the future as more states allow it. ashley: that is the trend. wynn down nearly 1%. susan, thank you very much. nbc will not air this year's

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♪. ashley: all right. let's take a look at these markets. the selloff, the dow down 586 points. the nasdaq down 1 1/4%. s&p down 1 1/2%. a sell-off in big tech is certainly behind yesterday's losses on the nasdaq and today. check out apple, down 2 1/4%. apple down slightly a third of a percent. facebook down more than 1%. this also just in. president biden reportedly picked rahm emanuel to be the u.s. ambassador to japan. the president set to announce the nomination later this month along with a slew of other ambassadorship nominations. rahm emanuel, ambassador to japan. look at this. long gas lines in the southeast as gas stations start to run dry after the colonial pipeline cyberattack. you can see all the cars backed up. bring in ric grenell, former director of national

intelligence. ric, good morning to you. how vulnerable are we to more cyberattacks do you think? >> first of all, let's be very clear. this is the responsibility of the individual companies and so they have to be able to prove that their systems are secure. technology has given us an amazing advantage over the last 15, 20 years. many companies have taken that technology savings and pocketed the savings. what they really need to do is invest in cybersecurity. many companies have not done that. i don't think that it is the responsibility of just the government. certainly the government can benchmark what the problems are. help figure out who is doing this and push back on the governments that tend to be responsible for the individual but companies have to be able to say that their pipelines are secure. one interesting thing, ashley is, that because a pipeline is a

form of transportation this is not just dhs responsibility. this is also the department of transportation. so both of our secretaries need to be able to send teams there and figure out who did this, work with the companies, and also make sure that these companies are doing their part. they are responsible. ashley: well the fbi, ric, says the dark side a russian ransomware gang is responsible. so the question is will president biden hold moskow accountable? nothing happens on russian territory without the kremlin knowing about it. >> we know russia is a problem, i don't want to minimize russia is a problem but we need to make sure we're not constantly blaming russia. dark side we think is in eastern europe, possibly in russia. there are elements of it that are inside of russia. we don't need to simplify this down to all of sudden say that this is russia. i'm very concerned that the

chinese who are much more aggressive with spying and having spies in america on our politicians, on the local politicians that they love the fact, when our media and the democratic party jump to blame russia for everything. again i'm not dismissing the fact that there is a role to play here of russians inside of this system but it also is part of the eastern european dark web and so we have to make sure that we're working in conjunction with all of our allies to figure out exactly who did this, who is responsible but keep the pressure on china as much as possible because we know that the chinese have a much more aggressive spying and tactical push on the united states. ashley: right. quickly, i wanted to get to this issue, ric. israel's iron dome aerial

defense system seen intercepting a barrage of rockets from gaza. how close do you think this region is, you know, full-scale escalation, talks of a third intifada? your thoughts? >> i certainly hope that the united states government, jake sullivan, national security council, is pressuring their new friends in the palestinian territories because they have increased funding for them and look what we're getting. we're getting more attacks. we have to understand as americans that if we were getting attacks from canada or mexico those attacks would be over in a matter of minutes. we would respond quickly and we would not allow this to happen. and so, let's support israel. let's recognize where these rockets are coming from and make sure the united states is doing its part to pressure palestinian authority leaders to clean up their act and to stop using

bombs, rockets, terror, as a response. ashley: all right. we'll have to leave it there. ric grenell, great stuff as always, thank you for chatting with us this morning. >> thanks, ashley. ashley: thank you. checker the markets. we have a selloff on our hands. the dow off 570 points. s&p also down 1 1/2%. so there you have it. another day of stock selling. are there some bargains in the tech sector? we'll have to ask some investors their best advice on that. apple down as you can see 2% at this point. another big hour coming up we have nigel farage, joe concha, todd piro, the attorney general of police siri eric schmidt, one of 40 attorney generals calling on facebook to ditch a plans for instagram for kids. more after this.

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>> the us government has never financed infrastructure by raising income taxes, hard to believe something good will come out of this unless they spice and ice the packages. the amount of fear and panic i have been hearing is overblown. what works well is innovation.

what sector is the most innovative is technology. >> reeling from the pain of inflation. it is going to the dow, coming out of the nasdaq over the next couple weeks. >> you have to go to the root of the cause which is the interest rate. it is okay, markets are allowed to go down. ♪♪ dance to the music ashley: how can you not dance to the music on a beautiful day in new york city, it is 11:00 am on the east coast on tuesday may 11th. i am in today for stuart varney and let's look at the markets, a lot of red. the dow off 570 points, the s&p up one.5%. the big tech stocks getting hit again, down one% down 162

points. home depot, boeing, american express, disney down 3%, intel down 3%. let's see the 10 year treasury yield, and it is a two basis points. it is down 6.2%, and and does it worry you at all, something market needed, a little bit of correction? >> i miss seeing you in person. what you are seeing here is the culmination the last couple weeks. the big tech, the nasdaq hasn't been keeping up with the dow. the dow has been hitting new highs until way back yesterday.

you are seeing that selling spread out a little bit. i'm going to say the same thing since i met 5 years ago or 6 years ago. the economy is strong enough, you are getting innovation. look at the earnings that came out, those are the companies are growing organically and growing through acquisition. stick with the game plan, any major pull back in the market is an opportunity to allocate money. the markets run higher. ashley: you mentioned inflation, you are seeing it in many cases, does that alter your strategy at all? >> it doesn't. if it gets completely out of

hand then yes, if it stops the growth story in this country for the economy then yes, we have to revisit what we are doing and reallocate. where we stand has been gradual. inflation has been there a lot longer and that is coming into the headlines. what offset inflation currently, we still have ultra low interest rates, accommodated fed and an economy that wants to recover and recover quickly after the pandemic. we can deal with this now, and gradual inflation is fine, if it were to rain down on us. that is problematic to the market. >> what areas are you interested in, big tech is moving backwards. are those presenting buying opportunities? >> i allocated money this

morning to big tech, the big tech stocks and the s&p 500 which anyone watching the show at home. during the pandemic selloff, or any selloff, to panic and sell thinking you time up stop in time up bottom and get the right time. anyone watching the show at home, having enough capital assigned to any major pull back. if this is keeping you up at night, it is not structured correctly for you. you still believe in the company and the earnings report and i'm going to buy more or you can buy the entire basket but a selloff isn't something to run from. it is something to welcome and allocate more money.

ashley: it is an opportunity, great to see you, very bullish indeed. let's look at the cryptos, we will save that for next time. tell me about the theory him. what have we got on this? >> we dip below the 4000 market yesterday the highest level ever on record, and 56, 57, this is a new digital goal and momentum plays, when money is off the table when it comes to stock markets and risk assets money is coming, and we went past it, and to was should be looking at selling their cars for dogecoin. and the $0.40 territory, some

would say crypto currency, if you are looking for a place to hide out, they are coming off as well, looking at $1,817 from what i saw in the market selloff. ashley: interesting, crypto is always interesting. i viewers to look at this photo. it shows three university massachusetts students at an off-campus party without masks. that photo got them suspended from school, and now their parents are threatening a class-action lawsuit. role tape. >> this picture popped up. the university was swift and fierce interaction, gave my daughter less than 9 hours to move off-campus essentially making her homeless with no recourse.

>> the punishment has endured the last two month has been more than enough and the suspension is draconian, complete overkill. ashley: draconian and overkill. let's bring in todd pyro. you are a lawyer. do the parents have a case. >> i'm licking my chops, look at how the case was adjudicated at the college level, you and i both know college is have kangaroo courts, the same judicial safeguards as russia. if you throw the case into an actual court room where actual evidence is presented and debated, they have an excellent case and one of the key points, there was a celebration, it was inside, people did not have masks. in this situation you have an

outside party with masks, without masks, a situation where you are college kids at the end of the day, you have a bunch of older people going into nursing homes without masks and coughing, it needs to be brought to gather, did the college screen everybody, testing everybody at this party if they are accusing people of being part of the super spreader event, there are a lot of facts that were not necessarily adjudicated at the college court level which says we want to prove a point, we want to make an example of people so we will get to these poor kids who are trying to start their lives and their career. ashley: didn't the cdc although they flip-flopped day today, didn't they say was okay not a mask outdoors? >> does that count in this case.

>>, and it is a little bit different in march but the underlying principle, this doesn't travel as much outside, the virus itself is the same in march versus may versus two month from now. ashley: we are sure to follow the outcome. i want you to look at this dramatic body cam video. carrying a 4-year-old girl to safety, it is sickening, this reminds you of the 1980s new york, crime is on the rise. >> >> in the mid 80s, vacationing in beirut, if you recall in the

mid 80s lebanon was at the time and being dragged to new york city. think of what had to be happening on the news for 8 or 9-year-old into think new york city was this horrific place. it was a horrific police, and and people in the tri-state area flocked going to restaurants, theater, and in upstart news channel decided to pop up a studio a few blocks away. i was there in 1998, i was able to follow my dreams because new york becomes a palatable place if not an awesome case, people in my position in 2021, won't you to experience that and who knows if the city is coming back. ashley: is it down to bill deblasio? >> he didn't help but there's

an overall movement in all our cities which by and large are run by democrats, not all of them, there are -- democrat ones, intense liberal policies that ignore what needs to be done to keep public safety which is not number one goal as an administrator, you need to do that. that happens. >> broadway will be reopening in september, that is around the corner, how tempted are people going to be to battle crime-ridden street with homeless everywhere. >> this is a business channel, demand will be pent up at the beginning. we have sold out performances in the beginning. in the christmas season if you

don't have the tourists, in january, february or march of next year and broadway is in trouble. ashley: great stuff, thanks for joining us. >>, keeping a big ion big tech -- >> if you look at what is happening with the dow, 6 a points. and if you are engaged the volatility index now at its highest in a few months and that shows investors are concerned. higher prices for everything, record lumber, oil prices, and food is up 8% on average and that means inflation expectations are at their highest in 15 years, wall street is thinking that will force federal reserve to hike interest rates and take away

the punch bowl, price on future earnings are looking expensive, taking money off the table or into cash or holding out for better entry points. ashley: now look at this, drivers lining up at gas stations over fears of a possible fuel shortage days after the colonial pipeline hack attack, to stop our future attacks. and the uk eases lockdown restrictions was nigel farage joins a front opening report. hollywood canceled hollywood. nbc says you will not air next year's golden globes over diversity concerns. joe concha is next. ♪♪ there's no business like show business ♪♪ like no business i know ♪♪ everything about it is a feeling ♪♪

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ashley: look at these markets, selling off, down 500, 6 a points at a time, down 3 quarters of one% and 100 points, one%, they are moving lower though amazon up half of one%. the energy sector down on optimism over the colonial pipeline, as you look at big tech, microsoft down half of one%, alphabet down one and a quarter trying to come back a little bit, no doubt a selloff.

nbc won't air next year's golden globes, the network the latest company to distance itself from the hollywood foreign press over its lack of diversity. actor tom cruise sent back his trophies in protest, and you tried to call it ironic. >> it is ironic in the sense that nbc is taking a stand and you got to wonder what they take the stand if the ratings are what they were, 22 million people tuned in her in 202,119 million tuned in. the february show got 7 million viewers, 19 million, would they really be doing this, would they be where they were and look at the top of the food chain, not sure i see a lot of diversity, look at your own house before you start virtues signaling the golden globes of

all things. ashley: what if paltrow opening up about her quarantine indulgences, role tape. >> i was thinking 7 nights a week and making pasta and eating bread, i totally off the rail. >> that is awful, the guardian in the uk, in quarantine, these celebrities completely out of touch, right? >> insufferable as they are, you have a drug addiction, alcohol addiction, talking to your therapist, how do i get through this, and you think you have it bad, she was eating

pasta and bread, and you think you've got it bad, read gwyneth paltrow's bio some time. ashley: you are a little out of time, and you lost a lot of sleep over this, and thank you so much. now let's look at retailers if we can, nike just got a nice upgrade. who did they get that from. >> great to see that once again, nike is a by according to jeffries, up 40% from here, and we will buy a lot of nike sweat pants, checking on macy's.

ashley: let's do it. >> largest department store chain, build out harold square, and to build an office tower on top of the flagship store, and real estate, people will come back to the office and the city. ashley: they have those iconic escalators, the old wooden ones from years past, kind of a fun place, that is an encouraging sign and bath and body works will no longer be selling victoria's secret. that has been out a long time. >> they are setting off victoria's secret, two separate companies and they got a lot of

interest for multiple potential buyers and the board thought it would get more value than actual sale and in some ways still control the business, goes into the broad. ashley: write. not with a 10 foot pole. thank you very much. now this. brace for more cyberattacks, that's the new warning from government officials in the wake of the colonial pipeline hack, the report from washington coming up and 40 attorneys general signing a letter demanding facebook abandon plans for instagram for kids. eric schmidt says it is a matter of health and safety. ♪♪

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ashley: years of inflation lead to a broad-based selloff on the markets, down one and one third person, and the nasdaq down 56 points but trying to come back, the s&p down one%, fear of

inflation playing a role, big tech and the energy sectors leading the decliners. kenny joins us to talk about, is the cell and may and go away, >> >> a realization i have been talking about. what the fed is going to do, i behind the 8 ball, ahead of the 8 ball, is it stronger what they lead us to believe, is it going to continue to be stronger, whether or not what we hear tomorrow what investors in the market thinks about what it is versus what powell and the fed, most conflicting commentary coming out on all

sides of the administration, the conversation remains complex and confusing, when the market like is uncertainty and this is very uncertain. shoot first and ask questions later mentality. it is down better than 2%, almost 2 and a half%. the markets are headed that way too. it should be no surprise. in asia, japan is down 3%, down 4%. ashley: given that mood, is their bravery to use this as a buying opportunity especially in the tech sector? if you still believe in apple you will buy apple and now you can get it cheaper. >> no doubt about that. after the 40 years i have been in this business here is what i do after i see a day like this and a day like we saw yesterday. i would rather -- you are right, you can buy apple and a bunch of them.

i like to give the market a three day after a reaction like this to see because it takes three days and the market will start -- maybe this is the bottom and two days from now it will be higher but that is okay because that is what makes me feel comfortable but for the long-term investor there is an opportunity to go shopping. you shouldn't buy everything haphazardly but things like apple and microsoft and amazon that are core holdings in the portfolio absolutely, back up the truck. ashley: back up the truck, confusion and complexity, uncertainty, we got the message. i feel a little better now. thank you so much, really appreciate your time this morning and now this. >> i find that very concerning, 13 and under, giving free

services, how exactly will you be making money or are you trying to monetize our children too and get them addicted early? >> there is clearly a large number of people under the age of 13 who wants to use a service like instagram. ashley: that was ceo mark zuckerberg at the congressional hearing back in march, lawmakers were grilling him over a proposal for instagram for kids. now more than 40 attorneys general are taking a step further. in a letter they are urging facebook to abandon plans for that kid's apps, the attorney general of missouri eric schmidt joins us to talk about it. you signed that letter, what is your biggest concern. why are you not happy with this proposal? >> in the broader sense it would be a disaster for kids,

and that is why 40 plus attorneys general in a bipartisan way signed this letter as a warning that facebook that this would not be a good idea and a few reasons for that. the first is this would be an online hangout for sexual predators. you've got kids under the age of 13, very vulnerable. that the first peace. the second piece is facebook via instagram has a terrible track record when it comes to privacy and privacy for kids when they launch the messenger apps for kids, kids figured out ways to bypass parental controls and having conversations with people they shouldn't be having online and thirdly you've got this mental health issue. kids that young, there's a lot of studies that show it is detrimental to their mental health, their self-image, all those sorts of things processing that information at a young age via instagram, makes no sense whatsoever and we are urging them to reverse course. as you heard from that other clip, previous to me coming on

when something is free like this the person is the product they are selling in these kids are too young for that. ashley: the next question is what if facebook doesn't agree to what you are outlining in the letter and goes ahead, what recourse do you have then? >> all options would be on the table but this is par for the course for big tech. you see facebook recently have these forums on speech where you have the president of the united states, the 40 fifth president donald trump the platforms, censoring speech, the track record for big tech and facebook isn't good and i know i can tell you from experience the attorneys general will be watching closely. ashley: very quickly, young kids are so tech savvy these days, even those under 13 are all over social media. has the horse bolted little bit in this case is my question?

>> there is always issues to solve in that regard but what shouldn't be happening is direct marketing campaign to kids under the age of 13 again for a platform where sexual predators know exactly where they are going to be, advertisers know where they are going to be, we know the downside as related to mental health and self-image issues, this is a road that shouldn't be traveled which is why we should the letter. it is important for facebook to take a step back because that is much more important things than i think they are realizing and that is why we come together in a bipartisan way to issue that. ashley: we will see what happens and continue to follow it. attorney general eric schmidt, thank you so much for joining us today. appreciate it. all right. facebook issue in the response to that letter. we want to read it. it says, quote, we are developing these experiences in consultation with experts in child develops, child safety, mental health, privacy advocates. we look forward to working with

legislators and regulators including the nation's attorneys general. we will see what happens. and what they decide to do with instagram for kids. ashley: let's look at this live video of migrants crossing the rio grande in texas. this is live. we have seen this every day, never-ending column of people making their way north across the rio grande river into del rio, texas, in this case. we spoke with a reporter on the river earlier in the broadcast who said he showed a heartbreaking video of three, five young girls just abandoned by a smuggler in the desert, absolutely awful and this is ongoing, those are live pictures. now this was after the colonial cyber attack the fbi is mourning more tax are imminent. hillary vaughan is on capitol hill as the senate has been holding up hearing on cybersecurity.

what are the lawmakers saying? >> reporter: dhs cyberchief is testifying, facing a lot of questions about this colonial pipeline hack. he told lawmakers they don't have all the technical information they need to understand what actually happened with the colonial pipeline hack and also ran somewhere the targeted this pipeline could be targeting other critical infrastructure in the united states. cyber chief brandon wales is testifying right now. senator ron johnson is in that hearing. i caught up with him beforehand. he told me this shows the need for the federal government to share information with companies and not keep them in the dark especially when critical infrastructure is on the line. the white house said yesterday they didn't give advice to colonial on whether or not they should pay the ransom to the hackers because it is a private sector company but even though it is in the private sector the

shutdown is having national security implications. ashley? ashley: thank you very much. hopefully that pipeline will get to some sort of operation by the end of the week. now this. prime minister boris johnson's conservative party just won a new seat in a uk labor stronghold. the question is what lessons can us conservatives learn from mister johnson. we get into that with nigel farage. remember the destruction following the kenosha riots last year? role tape. >> my sister called me and says i think something is glowing inside. probably on fire. within minutes it got bigger and bigger. within 20 minutes the whole place was engulfed in flames. ashley: the good news is nine months later that business, remarkably, back open. grady trimble will have the inspiring update next. ♪♪

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ashley: it has been 9 months since his rights plagued kenosha, wisconsin and businesses are still trying to rebuild. grady trimble is there. you are talking to the owner of a business that was destroyed but has he fully recovered yet? that is the question. >> reporter: fortunately yes. this is b and l office funerals -- furniture, the new and improved b and l office furniture, total loss in the right last summer, scott carpenter is the owner. you literally rose from the

ashes thanks to community support. good to be back. >> great to be back open. the people in the community reaching out, the outpouring of love and support. >> reporter: what was it like to see that after such a tragedy. >> if it wasn't for them, giving you the love and support and helping you move forward after something like that, it would be real difficult but they were just greater. >> reporter: all of this happened last summer, the weather is warming up again, has the community healed or is there more attention? >> there is the possibility but the community wants to move forward and get past and see things change and see things better but we want to go through and have business as usual. ashley: back to business in kenosha, welcome news for community that has been through a lot in the last year.

ashley: very inspiring, uplifting report. take a look at this live video of migrants across the rio grande in texas, these are live pictures every day with you stream of humanity moving from central america north from guatemala, venezuela, honduras and so on moving across to the united states border and walking across the rio grande river in broad daylight. there were reports a smuggler was seen walking with them wearing a ski mask, but disturbingly we heard earlier five little girls abandoned by one of these smugglers in the desert, one of them 11-month-old, not even old enough to be walking, was crawling. very disturbing stories along with this. the border is wide open. with check the markets if we can and bring susan in.

markets are selling off, we are seeing selling, and big tech in particular. >> when it comes to big tech, we have recovery taking place in the nasdaq, look at the green on the screen, high growth stocks, there's investor appetite, fantastic earnings, howintear and buying bitcoin in the future. in these growth names, they should be selling off when there are higher interest rates expectations, that makes these big text look more risky and expensive. it shows bargain hunters up there.

>> apple at 123, worth and it will or two. now this, hold the presses, prince harry and oprah teeing up for a new tv story, we will tell you what it is about and when you can watch it. that is coming up and no new covid cases reported on monday in england for the first time in 14 months as the uk prepares to ease lockdown. nigel farage will have the reopening report next. ♪♪ the lexus is. all in on the sports sedan. lease the 2021 is 300 for $369 a month for 36 months. experience amazing, at your lexus dealer. in business, it's never just another day. it's the big sale, or the big presentation. lease the 2021 is 300 for $369 a month for 36 months. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds

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ashley: looking at the markets, broad retreat if you will, down 464 points, nasdaq down half of one%, the s&p down, certainly up off of session lows but a selloff and now this. >> this goes to a considerable step on the road back to normality and i am confident that we will be able to go further. doesn't mean we can certainly throw caution to the wind. ashley: that was boris johnson talking about downgrading the

covid alert threat level, england reported no new covid death monday, that is the first time in 14 months, the uk will lift more restrictions, good time to bring in nigel farage, how is the reopening going in your opinion? >> painfully slowly. single figure numbers for the last couple weeks and as of today, we are reopening at a snails pace, everyone vulnerable has been vaccinated, it is a great success compared to the eu but let's be honest boris johnson should have moved more quickly than that. >> more politics. boris johnson's conservative party won a new seat in a labor

stronghold, should us republicans be taking notes on this, something that he can take note? >> this is about the labour party in the uk and democrats in the us, our labour party in the last 20 years dominated by metropolitan london times with no link or connection to working-class communities and they hate our history, they believe in open borders, they were voting for me when i was leader of the uk and i was a gateway drug, to the labour party and voting for boris johnson and they are not going back, at the democrat party here, how far to the left that has become, out of control, border crisis, we have beaten

socialism in england, it is on the floor, i genuinely think if the republican party gets this right you can bite into those traditional blue collar areas, huge opportunities. >> you know donald trump pretty well, you spent some time with him recently. do you believe he will make another run for it in 2024? >> i was at mara lago over the weekend, he has lost a lot of weight, playing lots of golf, he was in terrific form, great humor, anyone that ever rights off donald trump or bets against donald trump generally end up doing badly. let's put it like this. all things being equal i hope he runs again in 2024 because i can't see anybody else the republicans can produce his level of charisma. >> there will never be anyone

like him again. fantastic to speak with you as always, really appreciate it, thank you. now this. prince harry and oprah teaming up again. what for? >> this time for mental health special on apple tv plus the me you can't see, it will feature regular folks alongside mental health officials and this will premiere on may 21st according to apple, long-awaited collaboration announced before the infamous sitdown with megan markel as well and speaking of royalties, not just prince harry but prince william and kate will also be participating to mark mental health awareness. ashley: there you go. thank you very much.

i generally get them wrong, how many grapes does it take to make a bottle of wine? not enough, but 300, 700, the answer in just a few minutes. . . are. i get as much fresh air as possible. good for you, but shingles doesn't care. because 1 in 3 people will get shingles, you need protection. but no matter how healthy you feel your immune system declines as you age, increasing your risk for getting shingles. so what can protect you? shingrix protects. for the first time ever, you can protect yourself from shingles with a vaccine proven to be over 90% effective.

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hi, i'm debra.

i'm from colorado. allstate. i've been married to my high school sweetheart for 35 years. i'm a mother of four-- always busy. i was starting to feel a little foggy. just didn't feel like things were as sharp as i knew they once were. i heard about prevagen and then i started taking it about two years now. started noticing things a little sharper, a little clearer. i feel like it's kept me on my game. i'm able to remember things. i'd say give it a try. prevagen. healthier brain. better life. ashley: all right. we ask you about he break, how many grapes to make a bottle of wine, the answer, 700. that is about 2 1/2 pounds of

grapes. each little grape get the juice out of it, 700 to make a bottle of wine. i was wrong. i said 500. check the markets quickly a selloff today. inflation fears hitting the tech market again. hopefully the pipeline gets fixed by the end of the week. cyclical stocks heading backwards. happy news and selloff pass it on to david asman. david: thanks, ashley. there are fears of socialism we have a lot to talk about. this is "cavuto: coast to coast." i'm david asman in for neil. the dow is now on pace for its worst trading day since february. we'll be asking our all-star panel whether businesses can compete with more government handouts. while it is red on wall street more green could be headed to