with this beautiful kitchen, and it's all thanks to sofi. ♪ maria: a thank you to edward lawrence and mark tepper. good to see you. >> >> pretty good victory when we were on the air. markets came back, dow industrials came back. >> good morning everyone. let's get straight to it, and the producer level up, the consumer price inflation upset the market yesterday. is a look at lofty producer

index numbers. a modest bounce across the board, down the thrills up 12 points. the dow is still up 12% for this calendar year 2021. the s&p moving 12 points higher, the real rally is in the nasdaq which had the biggest plunge. we are up roughly 100 points on the nasdaq when "the opening bell" rings this morning, on still takes us to the 13,000 level. here's the all important risk interest rate news with the yield on the 10 year treasury up one.68% despite the rapid rise of producer prices up 6% year-over-year and consumer prices 4% year-over-year, the yield on the treasury 168. look at bitcoin, at one stage well below 50,$000 was elon musk will no longer accept

bitcoin as payment for tesla cars. now he says crypto mining is bad for the environment, 50,100 is the bitcoin quote, dogease of the coin at $0.41, most of the other cryptos are down as well. a theory him, 3800. gas prices still going up. the national average for a gallon of regular is $3.03 even though crude oil is down to $64 a barrel. here's the story, colonial pipeline is reopening, reportedly colonial did not pay a ransom but the supply of gasoline is seriously interrupted, more states preparing a state of emergency. the president will address the pipeline issue at 12 noon eastern today. we take questions. face with several crises the president is under pressure to tell the country what he's going to do about gas prices. let's see if his handlers let him open up for questions

today. story of the day, money. the next 3 hours we will see if investors buy the dip and if they are buying back into the stock market will they keep selling crypto's. "varney and company" is about to begin. ♪♪ ♪♪ i can't get no ♪♪ i can't get no ♪♪ stuart: i can't get no satisfaction. throw in a little politics, at the moment i am looking at 102 point gain, brian belsky is with us, we always call him bullish brian belsky.

this is my intro. you are more bullish now than ever. you want to make your case? >> it is more jumping jacks morning that i can't get no satisfaction. with respect to the markets and fits and starts we have seen since the beginning of 2020 in terms of the momentum in both directions with respect to stocks and bonds. we won't make decisions on portfolios, strategy or market decisions on one or 2 days, we will look 12 to 18 months and see the market higher 12 to 18 months from now. we believe the fed that the inflation we see is transitory. we haven't seen proof of that that it has been a real move in inflation. the cpi index was up higher than everybody thought but that

was in april. the ppi was not as high as it was the last time. when you have the sub 2% environment and interest rates, stocks are heading higher, we upped the number to 4500 on the s&p, go ahead. >> you are telling us to react, don't jump on the selling bandwagon, relax. keep your powder dry. don't be concerned. >> be an investor. you the wonderful job talking about investing for the long term and bring great ideas to your viewers, the stock market is a market of stocks, that is why you should be building your shopping list in terms of technology companies that will be around 5 or 10 years from now. we don't know a lot of these. stuart: we've been doing this for 10 or 12 years and throughout those 12 years the markets have pretty much gone up. it has been a long rally. i'm waiting for the day when one of our market guests comes

along and says we've had a successful 10 years, now it is time to get out, time to move to bonds or wherever. i'm not hearing that yet from you. >> we are long-term investors we believe in fundamentals. there's a difference between secular and cyclical. we had a cyclical bear market that lasted just over a month, the shortest cyclical bear market in history and it sets the stage for the second half of our secular bear market we've been calling for in print and in the public since 2010 in terms of a 20 year bull market, we think that is the case. america is the best country in the world and that is why stocks are going up. not because people are willy-nilly in terms of money but we have the best assets. stuart: stay in there. thanks for joining us. we will move on to discuss the

crypto world. $365 billion wiped off crypto currency values, bitcoin, 50 grand right now. experience 3800. the bitcoin selloff. is this the elon musk bitcoin selloff? >> $300 billion overnight, isn't that incredible. elon musk, shocking the crypto world, tesla has suspended vehicle purchases using bitcoin, concerning the increasing use of fossil fuels for bitcoin money and transactions and tesla will not be selling any of their bitcoin so they are holding on to the stash they accumulated in february this year and this chart shows you consumption when it comes to bitcoin mining and that has surged, electricity, consumption for bitcoin money surpassing argentina's power views according to numerous reports,

bitcoin sold down at 46 last night but we are back up to 50,$000 a coin and that entry point was pretty small and short, dogease of the coin down 10% and telling the floor manager every day someone comes up to me to talk about crypto or dogease of the coin, they are that much in transit, crypto currency. stuart: when i see a third of $1 trillion in value was wiped out just overnight you realize you are talking very serious money in cryptos, just an extraordinary thing and they are all down today. let's talk inflation and for that we need to bring in the professor of economics brian bromberg himself. 4% inflation at the consumer level, 6% at the producer level, the fed think this inflation is just temporary. what say you? >> i say people pay attention

to what they see for prices on the store shelf, they don't pay attention to what the fed says and they are seeing some shocking price increases and for a lot of people it feels like across the board that is a problem because when inflation expectations get baked into people's thinking you get the self-fulfilling prophecy and this could take off in a way the fed has a hard time controlling so i hope jay powell is right. i hope brian belsky is right and it is transitory but the fact is all the spending going on, the planned spending this year, rolling stone theme song for this show should be let it bleed because all the red ink will keep the inflation pressure on especially as we restrict supply on the labor side. i'm more concerned about this because people are more concerned about it. stuart: i am with you on this. hold still for a second. i want to talk about the pipeline situation.

it is back online, do we know how long it will take for the supply chain to return to normal. >> it will take several days for fuel deliveries to return to normal. it was turned on at 5:00 pm eastern time, there will be service distractions during this restart and they will prioritize gasoline, diesel, jet fuel and the recovery won't be instant, gas prices touching $3 a gallon for the first time in 7 years, three out of four gas stations went empty so tankers might still be used to ship in oil, oil being flown into airports, global oil prices coming down with that restart. stuart: the president blames education for the cyberattack. watch this. >> what this shows is we have

to make a greater investment in education as relates to being able to train and graduate more people proficient in cybersecurity. stuart: is that the problem? lack of experts in cybersecurity? >> you wonder why people are concerned about inflation. they see gas prices going up and the president of the united states says the problem is education. the problem is the energy policy we are talking about going forward that will make energy supplies less reliable, that will definitely increase energy prices. this is that not living in reality things a lot of people get concerned about. does the president really understand what people are facing on the ground, what

businesses are seeing on the ground and comments like that tell me he does not. he's living in an ideological fairyland where every answer to every problem is some new government program. we don't need more cyber security education to deal with this issue. it is an energy policy issue, supply issue and if we talk about education get ready for gas prices to keep going up and up and up. stuart: he will reach -- urge the reopening of the pipeline to supply fossil fuels having closed another pipeline which the plots fossil fuels. quite a contradiction. we are out of time but thanks very much. >> logic nobody can unravel except the president and i don't think he can do it either. stuart: president biden places a major test, multiple crises developing on his watch. 's response is going to be closely watched.

vice president harris wants vice president harris's border will taken away. mark sounds off on that in the next hour. for all of you wondering what is happening to your money today look at this. that is a modest bounce. we will be back.

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stuart: if you are just joining us you are worried about the market and its recent decline. this is a very modest bounce.

and they took it on the chin the past couple days. modest bounce for all of them this morning is where we stand, especially microsoft is black to 231. it was 262, remember? apple's stock is down 7.5%, this calendar year at 123. what you have for me this morning. >> we have a floor for technology. i wouldn't call it a comeback, not falling any further. just for this week, and the nasdaq is down by 5%, from 2021, trading closer to the earnings. if you, why they run up so much this year, business is booming and with stock price coming down makes them look less

expensive. you have to remember apple is trading 24 times. the first 3 months of this year 24 times than it was trading, and sales and profits and businesses here. stuart: for the past 10 years, any dip in big tech, you ended up doing very well. you don't say this in television news but it remains to be seen buying the dip today will do that. >> if you bought it in march this year. you would have made 100% back your money by now. stuart: if only we could see

the future. i've got a vaccine update, two covid updates, the cdc has okayed pfizer's vaccine for youngsters 12 to 15 and by the way covid death in america hit their lowest level in 10 months. earlier this year it was 4000 a day, now the average is 600 a day, still bad but coming way way down. the first humans, 113 days in office. gas shortages, cyber security threats, the border is spiraling out of control, it is a long list on screen right now. senator marsha blackburn, republican tennessee joins us now. why doesn't the president answer questions on any of these ongoing crises? >> astounding he's not touching any of these crises and they are all of his making. whether it is a crisis at the cash register or the gas pump or the labor shortage, it was happening in the middle east,

the cyber attacks, all of this is of joe biden's making because he is perceived as a weak leader. this is the time to test him. the appearance -- you know, protection is reality. to our adversaries the perception is this is a week president who is not in control of the decisions his administration is making so therefore if you've got a cobol behind the curtains running the show, let's test them and see what response we are going to get. they know john kerry is all for iran. >> is the republican party strong enough, united enough to rollback, some of the things president biden is doing and hurting your country. >> look at the work we are

doing in the senate as we have looked at the so-called infrastructure bill. we've turned the attention to what is infrastructure. putting the attention there. we had a piece of legislation we were working on yesterday that deals with technology, pushed forward on cyber to remind them, that will deal with these issues, legislation would allow the national guard to be a rapid remote, to come around critical infrastructure and federal and state agencies when it has been a cyber attack. these things would be prudent for us to do, steps that we should take and the biden administration is not doing it and therefore you have this crisis that is of their making. stuart: the president speaks at

12:00 noon eastern, we will see if he will address the crises that are hurting the country. always appreciate it, thanks very much. join us to see how the market will perform after the big selloff. the nasdaq, nice news, up one% at "the opening bell". this one will make you think. is the american work ethic dying? covid laid off the country, now the biden democrats are paying people not to work. dan heninger will join us at the 11:00 hour. ♪♪

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if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! stuart: mcdonald boosting wages to $13 an hour across the board. stock is ever so slightly lower, amazon hiring 70,000 employees, they are starting pay will be $17 an hour, plus a signing bonus of $1,000 and new hires who show proof, and amazon, in f150s and other

models. amazon a little, ford motor company up a little. 3 minutes to "the opening bell". dr, you've always said to buy the dip. what is your advice today, by the dip? >> got to keep that it. those big tech stocks and numbers are phenomenal, we've seen 54% year-over-year revenue increases, 42%, it is 54%, facebook up even more. revenues are just continuing to grow into these places with monetary policy coming in. it will find where it is

treated best and these big companies dragging the rest of the market with it are still the answer even though we see problems like inflation, you're doing some handholding this morning,elg,ng peopl hangsendyo, otll otss s ae y er add iddtopooutotisi.si havehaouumd meme ct>>.ct>>ct>> iasasin batin theinlose ere i e way hd y ve , velse thfes&p oer aery key p p p me moy backrkck >> 20 secondyou. ich biich ted i bud y y >> if i are looking for short-term pop, i really like google right here. they had the weakest pull back

of all the big stocks. if you are looking for a long-term play i have to go back to microsoft which had pulled her -- beggar upside into the end of this year and next. stuart: i see a lot of green, see where you go from here. we will see you again soon. the bell rings and in 5 seconds this market opens. 5 brutal days of selling, lots of nailbiting nervousness, we expect a modest opening bell. we are off and running and hours up 40 points. look at that level, 40,600, that is where the dow is, and we still rally for the dow and it is moving back up this

morning but not that much. as for the s&p 500, that is slightly higher. europe.43%, 4080 is your level at the nasdaq is up one%. that is a bounce back, 13,150. it is up to 602. elon musk will not accept bitcoin as payment for tesla cars any longer. that rubbed off on tesla stock and it is down in the 580 range, and everyone is looking at the program now, look at it at their 401(k)s and thinking that the broad market selloff, is it over? where is it going from here. susan joins us with news of the broader market stuff. it is on your show. >> it was pretty ugly on the market so thank you for coming back, global selloff down to

six week lows yesterday, closing at the bottom and the fear gauge is the highest in two months, wall street is nervous, treasury yield back above 170 basis points, the highest we've seen in a month's time, they are selling in high-growth, high-tech because the stocks are more risky and expensive when you're getting guaranteed money and more money on the treasury bonds. we have wall street if you look at the bounce today, them is some encouragement when people are buying on the dip and bargain-hunting is taking place, that suggests we've gotten to a low point, and not willing to get back in. stuart: tell me about buying the dip in big tech, where are they now? >> i want to bring up apple, we get more confident and a thumbs up with jpmorgan reiterating the order on apple, the top apple analyst for 140 plus.

google is selected as cloud provider of choice for space x. you have to believe the stories of these businesses with tech names that have done very well over the past year with covid lockdowns and they proved it in the first quarter of this year with amazon predicting its third, $100 billion sales quarter this spring time. stuart: and it doesn't hurt the yield on the 10 year treasury is below one.7%. we haven't picked up 158 this morning, that helps with big techs. ali baba you know about the stock, it reported it is down 3%. >> the first 2 years, the profit was disappointing, they reported a loss of $800 billion, the most contributed by the antitrust record $2 billion ali baba was find in china. they gave a rosy upbeat forecast, the consumer is

recovering from soft bank, the most famous trade is ali baba in the early 2000s, don't worry about jack ma and ali baba. they are in it for the long run. air b&b, expecting a huge recovery in travel and i will speak to brian after the earnings, most of wall street is anticipating a big comeback with people getting back on planes and booking into air b&bs again. stuart: since the start of trading at 9:30 that was four minutes ago. we have a significant bounce, not a huge comeback by any means but the dow was up 140 points and a strong gain for the nasdaq. that is where we are. how about disney? >> the nasdaq is quite encouraging. stuart: i am encouraged when you put it like that. stuart: four minutes into the trading session. disney at 179.

they surpassed the 100 million subscriber level in march, parks are open, stock is up one% as you walk towards, that was that was disney for you? more movers, bj's, the costco competitor, membership programs undervalued. they upgraded the stock to overweight? big gain. oppenheimer stock up 20%, it is an outperform rather than a mere perform, stock is up one.8%. the electric car market in china, and electric cars in china. >> sevenfold increase, that is very good.

13,000 cars and a lot to like in this report card. the china market theme, electric car sales, and april deliveries dropped 25%, revenues -- tesla announced this week. 10 grand for sales driving features, the subscription model that is quite exciting. stuart: you mention elon musk and start thinking cryptos. whether they are responsive to the crypto decline. i have bitcoin, 50 grand, anything like that? >> you have coin base, in the

us, we do have one analyst calling the coin base, what you see, square was down as well around $170 million, some of these plays, 100 million counts trading, selling bitcoin and the like. stuart: let's be clear. we are now 7 minutes into the session, the dow is up 200 points, the nasdaq is up 163. all this despite a 6% gain in inflation rate reported one hour ago. it was bad yesterday and bad today, the market is rallied.

the dow is up 230 points. one thing is clear, president biden's handlers do not want him to take any questions. watch this. >> you guys are bad. i'm not supposed to answer these questions but i can't resist your questions. stuart: not supposed to be answering questions with crises all over the place, they only take 2 questions. two people literally fighting over gasoline. the panic is not going anywhere. prices are absolutely skyrocketing, what is going on with the used car market. ♪♪

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stuart: i know you are nervous after a selloff like we've seen recently, you're wondering where your money is going today, take some comfort in all the green on the left-hand side of the screen, the dow was up 130, that is a minor-league bounce back after huge losses. room sell cars online, posted revenue of $591 million, that is up 57% from the same time last year. take a look at used car prices, that had a record high in april, never seen anything like that before. george harrison is with us, the ceo of shift which buys cars to the consumer and self and

direct to the consumer. that is his business. tell me george, welcome to the program, great performance. why are your used car prices going up so much, why? >> demand in the market coming out of covid, people want to buy cars and there is a shortage of new cars with the chip situation, we are seeing growth in demand. stuart: why is it that older models are selling better, selling models from 2009 to 2016, they are going better and selling for higher prices. why? >> there is more demand in the market for older vehicles, they are harder to find, people willing to pay more, and then

you can buy any car between 0 to 10 years of age. and people are learning that we exist. the public and revenue, and buying online -- >> let me see how this works. if i'm a consumer i have a car, used cars want to sell it, do i come straight to you online and you tell me what price you're going to buy my car or, is that how it works? >> >> tell you how much we can pay for that car, and you will never see the car again. will that condition the coroner facilities, and list the sale

and to buy the car they have a couple options, fully transact the computer and shift to them and give them a test drive inside the car. >> the pandemic and ship shortage were the 2 best things to happen to you. would you agree with that? >> the pandemic pushed it 5 years forward. everyone expected, we are less than one% of the market. and you have a 5-year move forward in terms of growth and people think this way in the last year. stuart: remarkable performance at shift, george harrison, thank you for joining us, good story, thanks very much. speaking of cars, jpmorgan wants to update its entire fleet of electric vehicles,

update them to electric vehicles. it occurs to me that is this the start of corporate america going electric with their own cars. >> jamie dimon releasing compliance, the paris climate record, does include, in 5 years, 2025, not sure how big the fleet is, and if they are that concerned about their footprint, the blue big article, 30 to 40 investment bankers traveling daily crisscrossing flights around the world, think about emissions by taking those flights instead of doing it by zoom? >> tesla dropped back to 591

this morning. anything to do with tesla, can't buy tesla with bitcoin. >> elon musk may be shooting his own foot, $1.5 billion, and that takes the stock down too. stuart: dow jones average close to a 300 point gain and the level being 33,800. where is the 10 year treasury yield, got to ask every day it is down today, one.68% even though we had producer price inflation 6% higher over the past year. the price of gold with that inflation news that 1818, down $4 and the price of oil, the

pipeline getting back on stream, $64 a barrel, the price of gas keeps going up, we have a gas crisis on the east coast, $3.03 a gallon, the national average for regular and as we say every day that is one dollar and $0.17 higher from this day one year ago. every day we've been showing you the exclusive videos of migrants walking easily across the border. now we've learned the administration will resume construction on the border wall, doing what trump did, looks like it. washington state considered one of the most generous with unemployment benefits backfiring, businesses can't find people to work, same story and we've got the full report from spoke aim. spokane. ♪♪ ♪♪

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stuart: the dow is up 300, these are the winners, bowing in front, $7 higher, 3%, home depot, jpmorgan are the big winners on the dow 30. here are the winners on the s&p 500 headed by lam research, plenty of big winners, 3%, 4%,

5% higher on the s&p and the nasdaq is showing along rally headed by applied materials, microsoft -- microchip tech and xp on the upside, big gains, this is a rally. i am calling it a bounce back. we told you about businesses across the country struggling to find employees, government handouts really not helping. connell mcshane is in spokane, washington, washington is one of the most generous states in the country for unemployment benefits. what is happening? >> reporter: kinds of a booming economy in this area. we saw it when we stopped by ace hardware, people buying materials, do-it-yourself project in their homes and the owner said she would love to hire more workers but it's not as easy as it used to be. >> at least a year and a half

ago we could have 50, 60 applicants we would be weeding through. right now you're lucky if you get one or 2. >> why is hard to know, could be childcare issues for some people but local burger joint, the same exact issue, mike does feel he knows the main reason. >> i think what it is right now is it is as easy to stay home and bring home that much money as it is to go to work. >> he can't open his dining room because he doesn't have the staff to do so, it is sitting empty and starting to wear on him. >> it is personally frustrating. the business has been here for 20 years. we are to a point where it can run on its own. but it can't run on its own because i can't find the labor to let it run on its own. >> reporter: drive-through only at that particular burger spot. your point coming in his

washington state one of the most generous when it comes to unemployment benefits and massachusetts, if you count the extra $300 for the federal government it is possible for someone in this state to collect $1,100 a week on unemployment. stuart: that is 50,$000 a year. that is real money. why work if you can do that? i sympathize with those guys. great report, thanks for joining us. still ahead on this program today, will kane joins us and so does the attorney general of arizona and pete hegseth smiling away right there. and this. a crisis on the border. a crisis in energy supplies. a spending crisis, employment crisis and the president will not take questions. that is a crisis in and of itself. we will deal with it. hey, guys! they have customized solutions

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♪. stuart: all right. good morning, everyone. it is 10:00 eastern. straight to your money. i know you're wondering what's going on this morning after the big selloff recently. look at this. plenty of green. the dow is up over 1%, 380 points. it is on the verge getting back to the 34,000 level. very strong gain for the nasdaq, up nearly 1 1/2%. that is 184 points.

plenty of green. that is a bounceback at 10:00 eastern. i don't know how the market will close but it opened strong. the yield on the 10-year treasury going down despite news this morning of a 6% gain of inflation rate at producer level. 6% year on year. the yield on the 10-year treasury goes down a bit. strange. big tech taking it on the chin past couple days, rebounding very nicely today. apple up 2% at 125. the cryptos they're getting clobbered this morning. bitcoin dropped to 48, 49,000. now 50 ground. elon musk said you can't use bitcoin to buy teslas. that did them in, all of them. thursday morning, 10:01, ashley the mortgage rate number please. ashe ark good morning, stu, down

again, 2.94%. that is down from last week's 2.96%. it has been under 3% for the past month. as we see consumer inflation accelerate the good times may be threatened by summer. freddy says we could see the mortgage rates start to move higher by the summer. if you haven't refid for instance, better do now before it is too late. under 3%. not bad at all, stu. stuart: you and i shake our heads, good lord, under 3%. thanks, ash, very much indeed. we're about to get a gain of 400 points for the dow industrials. that is a rebound. ed yardeni is with us. ed, i want to look at inflation. 4% at the core level. 6% at the consumer level.

does that rate of inflation go up or down from here? >> inflation is back. the question is whether it's a transient phenomenon as fed officials believe or structural, kind of return to 1970s wage price spiral. i think it's a transitory situation. it will not go down from here for the next month or two but i expect 3 to 4% inflation rates in the cpi through the end of the summer. i think we come down to 2 1/2% or so that is the way i'm looking at it. stuart: could the market handle that, if we get 3 or 4% inflation rate for the next few months? will the market be okay? >> the market will okay depending what kind of a spin the fed put on it. fed officials got so deep into the idea of transient inflation, that is the way they will pitch these numbers. i think people had a closer look at the numbers that came out yesterday.

the knee-jerk reaction was sell stocks on the idea that inflation might be more structural. then on closer look, a lot of it was used car prices, lodging, airlines, a lot of it was a base effect situation where compared to a year ago prices have come up. by the way some of the pricing gains are really great for earnings. so, having some inflation come back, good for earnings. if the fed isn't going to respond to it by raising interest rates and the bond yield doesn't go straight up, slowly goes up. i think the stock market can do fine. stuart: okay. holding our hands, reassuring us big time. ed yardeni, that is your job and you do it well. thank you very much indeed. the dow up 410 points by the way. microsoft up five bucks at 244. all right, everyone, now this. at the end of a presidential appearance wednesday mr. biden said this about taking questions from the media.

roll tape. >> you guys are bad. i'm not supposed to be answering all these questions. i'm supposed to leave but i can't resist your questions. stuart: not supposed to take questions? at a time of crisis on multiple fronts the president hides behind his handlers. that is not leading. we've shown you video of illegals streaming across the border, clearly controlled by the cartels. it's a crisis. the flow has not been stopped. zero leadership. the president announces he will start funding the palestinian authority again. he will reopen the nuke deal with iran. now israel is showered with rockets, bought and paid for by hamas and the iranians. that is leadership in the wrong direction. the colonial pipeline, cyberattacks, there is a gas crisis up and down the east coast. the president said we're not educating enough cybersecurity experts? that's leadership? he already shut down one vital

pipeline. the economy held back by lavish government payments that keep workers at home, and held back by school closures, where is the leadership? at times like this the president should be front and center telling people how america will respond. that is not what we've got. when the president does appear he lacks vigor and clarity. his handlers call a wrap and he walks out. it makes people feel he is not calling the shots. that he doesn't know how to respond to the crises. the nation is drifting, the president's handlers should think long and hard what they're doing, protecting him from serious public discussion at a time like this is not the way to go. two hours from now the president addresses the pipeline issue. it is his chance to lead, take questions, mr. president and tell us exactly what your going to do. the second hour of "varney & company" is about to begin.

♪. stuart: will cain is with us this morning. will, i want to know if the president will take questions at 12 noon today, if not, why not what do you read into it? >> i doubt he will because it has been laid out for us quite plainly. jen psaki on a podcast says it is against the game plan. his message launderers are messaged with leadership changes in the republican party. all they can focus on anything tangentially connected to president trump. you just laid out a cascading list of problems that affect everyday americans lives, stuart. inflation, i would add to that by the way the cdc's moving guidance on masking and schooling and whether our kids are in school. a gas shortage. we can go on and on. a bonderrer invasion. we have a crises pointing affect

the lives of everyday americans, the response of the president, i shouldn't be, this is against the rules. i'm bad for taking your questions. i think he seems rebellious by doing that when the truth is i guess he is rebellious. he is rebel being against whoever is telling him not to. he has kiddie bumpers put up around what he can and cannot talk about. maybe he would tell the truth. maybe he would veer off into a store about corn pop. whatever is, somebody is putting bumpers around what he can say. isn't the operative question who? who is controlling what the president says? stuart: yes. is it his chief of staff. is it jen psaki. is it the vice president? is it bernie sanders? is it aoc? as long as the president doesn't address these crises our con of confidence that he is leading is diminished that is the way it is. will, before you go the pfizer

saying you can vaccinate kids 12 to 15, looks like vaccination of kids younger than 12 coming. are you as a parent a little reluctant yourself to get the your kids a jam. >> i am. i am. pfizer said in the latest earnings call, by september they're expecting fda approval for emergency use on children as young as two years old. why? why should my, why should my 10-year-old receive the vaccination? no data supports it that they are at risk. out of half a million deaths, 277 ballpark have been kids under the age of 17. and men, we've been told schools are not a great vector, schools can be reopen. the effort is shifting to herd immunity. dr. fauci wants us 70, 75% vaccination herd immunity rate. he will kneeled our kid to get us to that point s that the best interest of our kids?

i can read the data whether or not they are at risk or big vectors spreading the disease. i know they're not. what am i supposed to do on a emergency use, by the way the vaccines i have, i have been vaccinated. i understand balancing cost and benefits and the risks but over a long-term effect on an emergency use non-fda approved vaccine, why? i don't think they're making the case why my 13, 12, 10-year-old should be vaccinated. stuart: it's a question that a lot of parents and grandparents are going to be facing in the very near future. will cain, you're all right. thanks for joining us sir. got it. there is this. i find this astonishing, nearly a third of a trillion dollars was wiped out just overnight in the crypto market because of and elon musk tweet. if you are just joining us, this is big news indeed. susan has got the story. what do we have, susan. susan: goes to show elon musk is also the whale in the crypto markets as well.

he seems to move markets, prices, money all around the world. he shocked everybody yesterday, he tweeted this out, tesla has suspended vehicle purchases using bitcoin. he is concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions especially coal. he says tesla will not sell any of their 1 1/2 billion dollar bitcoin stash which they accumulated in february. he tweeted out this charge, electricity, consumption in bitcoin mining which has surged over the past few years. we reported that. electricity consumption bitcoin mining surpassing argentina's power use. bitcoin, we're at 50,000 once again. last night the dip was down to 46,000. it was a loss of maybe 12% from those highs. those above 50 grand. not just bitcoin, ethereum, xrp, dogecoin 10% plus lower last night.

cardnan was the outperformer, went up 2%. 2 1/2 billion dollars in one night you have to keep in mind we have run up so much, stu. stuart: didn't we know a long, learning time ago, that bitcoin and crypto mining uses a great deal of electricity? didn't we know? didn't he know that when he bought 1 1/2 billion dollars worth of bitcoin? susan: i think it has been reaffirmed, because there is such much interest in crypto because prices have gone up so much, a few thousand percent in the past few years that electricity consumption continues to just go vertical. stuart: yeah. he knew that months ago and now he is, oh, it is a terrible thing. okay. susan: i know you're cynical about this but there was a lot of talk on social media as well maybe he went short bitcoin. he was just talking down the price so he could make money off some of those trades. it was, it was being discussed on social media. but you're cynical. stuart: i'm sure it was.

and, i wouldn't want to speculate on what his real motive was. i'm just surprised that you know, that he did this. susan: yeah. stuart: why shouldn't i be surprised at anything he does? look at this the dow is up 436 points. you're back well above the 34,000, level. susan we do indeed have a solid, i will call it a solid rebound this morning after 45 minutes worth of business. there you go. next case, parents across the country fighting back against, critical race theory. now watch this. >> crt is racist. it is abusive. it discriminates against one color. we don't need your agreement. we want action and backbone to ban crt. we don't want your political advertisement to -- our children orb belittle them. stuart: i like the latest passion. we'll have the full video for you just ahead. not just a pipeline issue.

experts warn that high gas prices could be sticking around. we've got that story too. first, looking live at mexican marines apprehending coyotes on the border. oh, a live report from the border. next for you. ♪. experience capability, crafted by lexus. the remarkable gx and lx.

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makes it easy to switch and save hundreds. ♪. stuart: when i got up this morn about 3:00, i looked at futures. they all pointed south big time. in other words, there was supposed to be a continuation of the big selling. well the market opened, what, about 50 minutes ago and we moved straight up. look at this now. the dow is up 467. the nasdaq is up close to 200 points. that's a solid rebound.

susan's been watching the movers. what's with bumble, susan? susan: dating app, surprising a first quarter profit. paying users went up by a third. we're trading, we were trading below $43. we're back up a little bit. first time since its ipo we traded sub43 i saw seven investment banks cutting their prices on the stock. the reason, it's a great report card. to match's higher growth rate, bumble, the number two dating app losing ground. muddy waters made news, shorting lemonade, the online insurance company. lemonade reported a wider net loss, it is rare after gamestop we hear about short positions. i thought this was interesting. sonos making a lot more money instead of losing money, they can meet demand despite the global chip shortage. finally your beloved microsoft,

haven't talked the two days you were off, rosenblatt a buy with $301 in their view. there are sill some believers in big tech. stuart: who said it is going to $300? susan: rosenblatt, a trading outfit. stuart: love it. great outfit. susan: that is 25% up from here? stuart: yeah. that would be 50 bucks, yeah that is 25%. would i take that. never heard of rosenblatt. i think they're great. no question about it. roll on 300. here we go. the graphic tells the story, biden's border crisis. it is a crisis. agents in texas are overwhelmed. they're bringing in hundreds of state public safety troopers to help out. that is just in the del rio sector in texas. that is where fox's bill melugin is right now. bill what is it about mexican marines apprehending coyotes on the mexican side of the border? reporter: good morning to you. this is pretty remarkable, one of the first times we've seen

this since we've been here. show it to the opposite side of the rio grande where they are coming across. boom, a bunch of mexican marines came out of the brush apprehending them. also one or two coyotes with them. two men keeping away from the group. you're looking at the mexican marines, federallyies, mexican state police shown up. i can't see with my eyes. probably see on the zoom of the camera. they're questioning, speaking with migrants. two other men, possible coyotes detained away from them. if we pull up video yesterday. this is what they were stopping. we've been witnessing five days in a row. migrants crossing the exact spot across the rio grande. venezuelan migrants across with the little children and infants. we got a chance to do a ride-along with cps. pull up that video. they sent 500 state troopers just to the del rio sector, to

help the border patrol. the border patrol is incredibly stretched thin. they are trying to go after the human smugglers, drug smugglers there are pretty wild police pursuits because of those. we have a helicopter above us. we'll show you some of the pursuits. this is from star county, in the rio grande valley. a state trooper chasing a smuggler. they have scouts, one of them throws a log in front of the state trooper trying to delay him. another scout close as gate trying to delay the state trooper. perhaps most remarkable part of the video, they drive directly into the rio grande, let the car sink. as they're rafting back to mexico, they physically waive good-bye to the state trooper as they leave. listen to what ddps tell us what they're endowning out there? >> we're looking for everything. anything criminal activity related.

for the most part in this specific area, we see a lot of drug loads, a lot of gun loads as well, we also, and obviously a lot of human smuggling cases. reporter: i'll tell you pretty remarkable to see the mexican military doing. this the first four-days we're here. migrants were free flowing with no resistance from the mexican side. as you saw behind us, the mexican marines and military being proactive at least in del rio where we are. send it back to you. stuart: thanks very much, bill. that could be a remarkable development right there. thanks for the great video, bill. we appreciate it. bring in the attorney general of arizona, mark brnovich. your honor, welcome to the show. we've just shown our viewers video of mexican federals looking at the guys running the cartel. could this be the start of some kind of action on the mexican side of the border on the urging

of our government here? >> well, maybe you're an optimist, stu, i'm a little more pessimistic. i judge the biden administration what it has done. we know it has done absolutely nothing. it won't even acknowledge there is a crisis, catastrophe at the border even though numbers show otherwise. numbers released for last month, showed 178,000 people illegally cross the our southern border. to put that in context, the last april of the trump administration, april of 2020, there were 17,000 people apprehended. that is a tenfold increase. we've seen in the last three months, there has been 450,000, more than that actually crossed our southern border. so it is like the entire population of minneapolis, maybe kansas city crossing in three months. this is a huge problem, until the biden administration acknowledge as problem i don't think anything will be done. the fact that the mexican marines are trying to do something shows you even mexico recognizes this is a big problem

for them. but the biden administration is ignoring it. if they won't listen to us, won't listen to law enforcement, maybe they will follow the lead of mexico. stuart: have you heard anything from vice president harris who is supposed to be in charge of border policy? >> nada, nothing. it is absolutely terrible. i will tell you she is a former attorney general. i'm an attorney general. we're both first generation americans and you know she talked before about needing to see and feel people's circumstance to understand it. i asked the vice president, if you're watching, come to arizona. if you want to know what is going on with the farmers an ranchers, talk to them. if you want to know how law enforcement is being overwhelmed, meet and discuss with us. this is a huge problem. you alluded to stu, in the package. look the cartels make money off every single person or every single item that comes across the border. they're exploiting this situation. they're making money off the situation. this is a huge profit for them. we have groups of migrants

coming over, sometimes 80, 100 at a time, surrendering to border patrol, as border patrol apprehends them and process them, the cartels are literally smuggling pounds and pounds of drugs, heroin, cocaine, fentanyl across the border. this is not staying in arizona or the southwest. this is coming to a neighborhood near you. people are not being deported, 1.2 million people in the country are supposed to be deported. they're not. criminals charged with serious crimes are being released in our communities. it's a national security threat. it is a law enforcement crisis. and there is all sorts of fiscal consequences with all this money the biden administration is spending on housing and health care for people who don't have legal status. it's a disaster. this could have generational consequences on our economy. stuart: mark brnovich, attorney general of arizona, thanks for joining us this morning, responding to the news as it happens. we appreciate it.

we have disney. we brought you the story some time ago, disney is deleting racial politics training materials for new hires after public criticism. they retreated. the journalist who leaked the story, leaked the documents is here, full story coming up. is the american work ethic dieing? a good question, a big question dan heninger is asking in today's "wall street journal." he will detail the american work ethic, dying? really? that is a terrible story if he is right. dan is here. ♪.

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and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it. stuart: one hour into this thursday morning trading session. that's a big response to the downside move we've been seeing recently. look at that. the dow is up 500 points. the nasdaq is up close to 200. and the s&p is up 59. what did you say, susana? what was that? session highs on the dow. that's what we've got on the dow. session highs indeed, up 505. nasdaq is up nearly 200. that means a big bounce for big

tech. look at this. we've had serious declines in those major leagues technology companies in the last few days. last couple weeks actually and now a bounceback. not back to the old highs by any means but google is up 25 bucks. microsoft is up five. that is a bounce. not all the way back but a bounce. the yield on the 10-year treasury, very important these days. right now at 1.67%. maybe that explains some of big tech's bounce. look who's here. mark grant, of all people. mark grant is the guy who said, hold on i will say what you said, i will quote you with a british accent, dance if you must, dance if you will, but keep an eye on the exit door because it slams shut real fast. >> that's right. stuart: do you see the door slamming shut real fast so you can't get out of this market? >> i would say that people should be cautious in here. you know there are two kinds of

plays that makes sense to me. one is speculation which you're buying things, hoping they go up and two, are cash flow and yield plays which you can't get in bonds any longer. so i pivoted with the people i help. we're in some closed end funds, exchange traded funds, getting pleasant yields. as you commented this morning we have had a shift here. you have got to be careful and watch your portfolios. stuart: are there more down days like we've had this week, still to come? >> any, that we could have them. i think one of the things that is helping the markets immensely is that the with their $7.7 trillion in assets keep buying treasurys, keep interest rates very low. this has been great for the equity markets. it has been great for the bond

markets, and i don't see that changing anytime soon. we talk about inflation but inflation used to be a market mover. now it is a market influencer, if you will on the fed. it's the fed that is really controlling this and so these very low interest rates are certainly helping all the markets immensely and i don't expect that to change anytime soon. stuart: so is there a fight going on here? the fed, who is going to keep on printing money, keep on adding to its portfolio, versus, they used to be called the bond vigilantes? is there a fight back on again these days? >> there are no bond vigilantes these days because you can't compete -- stuart: look at that. that is a terrible thing. he was just in full flight, holding our hands making sure we're okay. bingo the shot goes down. bottom line, mark grant believes

that there are some more down days to come but it really depends on the federal reserve. in the immediate future, what is the fed going to do, keep on printing or what? watch that. the dow is up 517 points. that is one of 1/2%. that is major leagues gain. you heard about the chip shortage. well, one south korean chip maker is spending some serious cash to do something about it, and i mean serious money. who is it, and how much, ash? ashley: it is serious, stu. samsung says it will invest more than $150 billion. that's serious money. in chip production by the year 2030, the next nine years. the company will add a third production line that will come online next year. by the way more than 150 other south korean companies plan to invest $450 billion on chip production. also with the south korean

government pledging bigger tax breaks and low interest loans. meantime, as this is talked about, the auto industry, other industry sectors still struggling because of a worldwide chip shortage. something that the south koreans hope to cure so it never happens again. stuart: you know, tax day this year is may the 17th. that is awfully close. ashley: yes. stuart: i hear the irs says it could seize people's crypto assets. you want to explain all of this? ashley: yes indeed, good old irs. it says crypto is treated as property, not currency for taxes. they could seize crypto assets to settle unpaid taxes. the irs has been able to obtain data on crypto users via coinbase, cracken, but proving

ownership is harder when they are stored in so-called hardware wallets. crypto investors have been able to skirt taxes legally by borrowing against their holdings. the irs says every time bitcoin is converted to cash, technically that is a taxable event, not only in the u.s. but for many other tax agencies around the world. you know what they say about death and taxes, you can always count on them. stuart: you know what they say about pape trails. you always leave one, so watch out. ashley: yes. stuart: good story. the colonial pipeline, working to restore service but that is not stopping the panic buying of gasoline that we've been seeing at the pump all over the place. buying at the pump, we've got a report for you coming up.

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stuart: gas prices going up again. s national average for a gallon of regular is $3.03. by the way that is up nine cents in the past week. phil flynn joins us now. he is our guy on oil and gas this morning. phil, will high gas prices stick around and keep going up? >> i'm afraid, stuart, we'll talk about the good ol' days when it comes to gasoline prices. even though the price spike we've seen because of colonial pipeline may go away in the short term but long term we're headed for a higher summer of pries. joe biden is one because of anti-pipeline oil policy, it will go up. if you look at colonial pipeline, the risk we're adding to the supply chain, that is absolutely unbelievable. that is why gas prices will go up. a cost a lot more money for security for the systems. looks like crime pays. there is reports right now

swirling around, stuart, that colonial actually paid the hackers over $5 million to free up that pipeline. that is going to probably encourage other hackers to try to do the same thing because it looks like that money is going to pay. now the good news for drivers, stuart, we're starting to see colonial reporting that they are, their customers will start seeing some supply today. probably going to start at the beginning of the pipeline. they will see more at the end of the pipeline later in the day. at least the oil is starting to flow. but also too, we might get a memorial day break in price because it looks like we'll get a lot of gasoline supplies hitting at the same time. you've got the biden administration lifting the jones act, which will allow more supply to get into new york harbor. and at the same time, we're lifting those summertime blend gas restrictions in 17 states

which will let refine meet demand. supplies are on the way. stuart: you relaxed us all. i thought for a moment, phil we're headed to four dollars gasoline. looks like we're not. $3 for now. phil flynn, thank you very much, sir. check the markets, again, please. this is a solid rebound. up 460 for the dow. up 160 for the nasdaq. susan what is up with amc? why are you watching it? susan: it is up with a lot of other stocks today. gamestop is part of the meme stocks momentum with sizable gains. alibaba is going in the opposite direction underperformer after losing $800 million in the first quarter of this year. they say because they had to pay a 2 billion-dollar record antitrust fine in china. you know you had sales going up in the first three months, and reiterating sales will continue to grow this year. disney reporting after the bell today.

credit suisse calling it an outperform heading into the report card. watch disney plus subscribers numbers. looks like we're anticipating 109 million in total, over 14 1/2 million added in the first three months of the year. then i want to show you canada goose maker which makes those really expensive winter jackets, making money instead of losing money. on line sales strong, not enough lift and guidance for the full year in terms of sales. stuart: but we did still spend $209 million on canada goose products in the last quarter. that is still an impressive number. even if the stock is down. susan: i didn't know you were acanda goose fan. stuart: i am actually. they are great coats. mcdonald's i think they are boosting wages, i heard that, susan. mcdonald's is boosting wages. we're in this environment of $15 an hour. where is mcdonald's going? susan: for now, on average, looks like most employees will get an increase in the hourly

earnings of 10%. $13 an hour on average across the u.s. so mcdonald's also looking to hire around 10,000. they are also raising wages up until 2025. from what i see, 2024, it will be $15 across the board from what i see. amazon by the way is looking to hire around 75,000 new workers. they added almost half a million last year during covid. but business is booming as we know. online sales are much higher at amazon. they're looking to pay people to get vaccines. 100-dollar bonus to get the jab. stuart: i have to say, that when wages rise, you're paying bonuses to get people back, that is not all together bad, is it? susan: no. stuart: let's look on the bright side lear. susan: show as very strong economy. stuart: that the government is paying to you stay at home, but at the same time if that forces wages up, i'm happy. tell me about big tech as the dow is up nearly 500. i think we have a rally across the board. susan: we have some recovery

taking place. also thumbs up a vote of confidence coming from the analyst community as well as i mentioned to you. rosenblatt has given microsoft a thumbs up again reiterating it's a buy in their view worth $301. also apple being reiterated as a buy this morning as well. looks like big tech is coming back from being 5% down for the weeks. nasdaq, look at etfs as well, s&p technology etf is down roughly 5% on the week. the concern is over that treasury yield. as i mentioned to you we crossed 170 yesterday. the fastest inflation going back to 2008. coming off a little bit today. it also goes to show, stu, even if there is inflation, even if we have treasury yields higher. there is a price point, a value point for investors to get in. stuart: yep. it is a rally. got that. now how about this incentive to get vaccinated? one million dollars, yes, there is such an incentive is being offered.

we'll tell you all about it. disney deleting its controversial racial politics training manuel for new employees. there was public criticism. now those manuel, materials are gone. the journalist who leaked the documents is here after this. ♪.

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stuart: it's a rebound rally. not all the way back to the old highs, but certainly a rebound. dow up 470. nasdaq up 170. plenty of green this morning. we talked about onn this program how disney was trying to go woke. they believe that america was founded on systemic racism. they brought out a new training manuel. reportedly says new employees must educate themselves on the structural anti-black racism. they're also warned against being white saviors, all that kind of stuff. well they have deleted that employee diversity training program. it is gone. the person who release the documents, who created the situation, made it go away is on the screen right now.

that is christopher rufo. he joins us. after reporting this the program was gone in less than 24 hours. you did that. has disney contacted you at all about it? >> no, they haven't but after i released ply reporting it started to catch fire they released a really pathetic statement saying the reporting was distorted, claiming because they had produced films about black characters that they are committed to inclusivety t was a dodge. i think executives at disney realized it right away. sources within the company shared with me that they have now deleted their quote-unquote diversity and inclusion program from the internal websites, vindicating my reporting, showing that disney backed down. stuart: do you think that they came up with that kind of training manuel because they're under pressure from their own woke employees? >> yeah. i have heard that from multiple sources within the company but, this is a fashionable ideology.

i think what it does for disney is two things t appeases the activists within and outside of the corporation. but it also serves to deflect attention from disney's atrocious record using child labor, forced labor, thanking the governments of the peoples republic of china where they were enslaving uyghur muslims, a really horrific track record. they think they can white wash that track record. they think they can deflect attention away from that with these preposterous quote, unquote, anti-racism programs. stuart: speaking of fashionable ideologies, we have a mother in virginia sounding off on the loudoun county school board. >> crt is racist. it is abusive. it discriminates against one color. we don't need your agreement. we want action and backbone to

ban crt. think twice before you indoctrine nate such racist theory you can tell me what is or is not racist. look at me. stuart: i admire the lady's passion. she is going after critical race theory but they seem determined to impose this in our schools? >> yeah. it is really an obsession among k-12 educators across the country. the fact is critical race theory teaches race essentialism. collective guilt. the idea you're held accountable for historical crimes committed by people who look like you. many cases promotes neo segregation, separates children, separates staff members based on race and sexual or riddentation. it's a divisive ideology. parents are waking up to it are starting to push back. i admire this woman's courage. i hope there are many more to come. stuart: chris rufo, do not be a

stranger to this ma'am please, we want to hear more about these fashionable ideologies. good man. see you again soon. still to come onth program shortly, look at that, pete hegseth, dan heninger. that is a good lineup for you. there is inflation. a wake-up call for the markets, yes indeed, and a wake-up call for moderate democrats as well. i will explain that in "my take" which is next. ♪ did you know that geico's whole 15 minutes thing... that came from me. really. my first idea was “in one quarter of an hour, your savings will tower... over you. figuratively speaking." but that's not catchy, is it?

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be change >> we have to make a greater investment in education as it relates to being able to train and graduate more people proficient in cyber security. >> you wonder why people are concerned about inflation, they see gas prices going up and the president of the united states says the problem is education. >> dragging the rest of the market with it, still the

answer even though we see inflation. >> jumping jack flash back and forth with the fits and starts we've seen. america is the best country in the world, the best companies in the world, stocks are going up. ♪♪ stuart: we are playing a lot of rolling stones this morning, exciting music as you look over the statue of liberty, 11:00 eastern time, thursday may 13th. the dow is up 540 points, the nasdaq is up 180. that is a huge rally, very nice bounce back from the big selloff we've seen the last couple days. the bounce back in particular in big tech. they are all up significantly, microsoft up 6 bucks. apple is up 3. alphabet 30 bucks higher, still down for the week, big tech,

but coming back strongly this thursday morning which leads us to heather, our market watcher of the morning. inflation at the consumer level iv% year on year. the produce level vi% year on year. what is the federal reserve going to do about that? >> the federal reserve should stop buying bonds at a rate of $120 billion per month. back at the beginning of the coronavirus -- stuart: i am sorry, i am sorry, forgive me for interrupting on this topic, but if the federal reserve stopped doing this bond buying the markets tank big time, don't they? >> you will see a selloff in the marketplace. yesterday the market fears were because of that. in 2013 janet yellen and the

temper tantrum because if they stop buying all of these bonds, interest rates hit the head higher and you can let interest rates, short-term rates will be near 0 and start hiking rates, that is the definition of when we saw the temper tantrum under yellen in 2013 so the markets could decline but that is a natural thing that should happen. it is not -- it doesn't mean it is necessarily a bad thing. what is bad is having markets artificially inflated and having interest rates artificially low. that is the worst situation to be in causing inflation. stuart: you are an economist looking at this through the eyes of an economist. what we are seeing, asset price inflation is not good for the economy but think of this as an investor. there are 100 million americans with direct exposure to the stock market. of the federal reserve acts the way you think it should act, all those people lose their

shirts because the market really would tank. when does this happen? when do they start? when do we get out of this market? that is what i am asking? >> you keep listening to signs from jay powell, the fed is behind the curve, it is definitely inappropriate. you need to work with a good financial advisor to shift you out of equities and bonds when interest rates are higher especially if you're a baby boomer and retiring you can't get any returns in the bond market in savings so it is a negative because they don't want to take on the risk so you have to make some shifts and changes, i don't think we

should keep printing this money that has negative consequences long-term. stuart: now you know what people my age are nervous about. you laid it out the way you see that you appreciate that. the dow is still up 500, the nasdaq showing a healthy game. now this. inflation news was indeed a wake-up call for the markets. it should be a wake-up call for moderate democrats. time for them to realize the spending plan of their far left colleagues are a looming disaster. you can't check trillions of dollars into an already expanding economy and expect stable prices. and you can't expect the economy to come roaring back to pay people to not work. don't expect the socialists to care about this. if the poor get hurt by inflation the left demand bigger subsidies and more

taxation for the rich. their objective is not economic stability. their objective is radical change. the socialists don't care if you have to break a few eggs to make that workers paradise omelette. that is where we are now. the socialist tail wags the democrat dog pushing us further into financial crisis, strong words but relevant. it really is time for the moderates to speak up. if they don't pull their party back from the brink they face political trouble. tough to get reelected when you push the country into financial crisis. you have to realize the socialists don't care about this. bernie, aoc, elizabeth warren are the loudest voices in the democrat party no matter what the inflation numbers. and president biden, failed to turn back the left but it is crunch time.

he has to decide, to decide if it is really worth it. the third hour of "varney and company" roles on. ♪♪ dan heninger joins us from the editorial board, too late to turn this around. >> it is not too late. we have elections in the united states, we are going to have one a year from now, the midterm elections, there could be a significant transfer of power if the democrats lose the house of representatives. at the moment it is difficult to turn it around but your point was well taken.

the left simply doesn't care. how apolitical they can become in the pursuit of their ideological goals. and if moderates start worrying they will lose those seats out there they have to push back against what the left, the house and the senate are doing, there's an analogy for this but you are well aware of, the labour party has been moving further left if that is possible for the last five years, they have been alienating their own constituencies, blue-collar workers in england have been abandoning the labour party. that will happen to the united states if they continue on this course if they allow bernie sanders and elizabeth warren to keep going to the left. no question about it. >> >> is the american work ethic

dying, biden democrats paying people not to work. if that is accurate that is a terrible thing. one of my feelings about america is americans work hard, they like to climb the ladder, is our work ethic dying. >> >> resident biden says if you pay people and assuage they would go back to work. he was responding, there's been an avalanche of anecdotal evidence from employers, companies, large and small across the united states saying they cannot get people to come back to take these jobs whether $15 an hour or $30 an hour. we have just been through a year-long pandemic, workers

were told to go home, we are working through the effects of that pandemic and at the end of it, the democrats and biden giving you the unemployment bonus of $300, taking direct cash payments of people. during the welfare reform movements, direct cash payments are a disincentive to working. and they will do this at the end of the pandemic year in which people spend time at home, they looked at salary workers, working remotely, doing whatever they want and we are at a tipping point where a lot of people have decided i don't really want to work if i don't have to, it is unusual thing for the united states but the biden administration is doing precisely the wrong thing by incentive people not to work.

>> dan heninger, thanks for joining us, see you again soon. show me the markets. the dow is up 450, nasdaq is up 130. fedex is moving among other workers. and topics by jpmorgan this morning. and the package delivery companies, $300 billion wiped off of the crypto markets, elon musk at his tweets, tesla no longer accepting bitcoin. and took supply computing

resources, they will rely on the fiber-optic network, it is around 7 years and oil prices are against the colonial pipeline restart. chevron and exxon trading lower -- >> the fda just okay the pfizer vaccine for youngsters as young as 12. i will ask doctor mccarthy what he would tell skeptical parents. pete hegseth travels across the country, hitting the same story from business owners. >> talk about hiring employees right now. >>, it was not worth our time.

>> business owners keeping workers back, we ask him about bitcoin but first take a look at the big board. stay right there, huge hour of varney, politics and money. ♪♪ then i saw her face ♪♪ and i'm a believer ♪♪ ♪♪ i'm a believer ♪♪ i couldn't leave her if i tried. is is my granddaughter.'s cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement.

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stuart: it is time to pay the tax bill. i will join maria and charles, we will look at president bush's tax hikes, on may 17th, and we will see this. 460 for the dow, up 120 for the nasdaq, pretty big bounce from recent selling. greg smith, a comment about what we will see in the market after tax day may 17th, you're expecting some kind of pop, why? >> the markets have been extremely volatile lately. and bear stearns, the crash of

87, his simple comment was stops fluctuate and as i look around the environment today i feel we are in a 3s economy, sitting, spending and speculating. we have more american sitting on the couch is at home and companies can't get them back to work fast enough. people are spending whether on their homes or pets or kids and i think we will have a big boom in vacation travel and speculation in the market recently whether on silly stocks like game stop, crypto currency and fts and the collectibles market like comic books, watches and other things. i believe there is a bit of an overhang, a class of investors woke up this year, realizing they had capital gains last year. we have to pay the tax man, taxes are due may 17th next week so i question is there a lot of selling in the market of people raising cash who waited too long and cleaning out their accounts to pay uncle sam next week.

that is perhaps one phenomena and that might be going on in the market that folks aren't thinking about. stuart: you think there's a pop after may 17th which is early next week, the market goes up. >> i think the market will be strong. we all continue to hear about there is nowhere else to be, there is a big 4 in the market from all of dollars being printed by the government so i think despite the volatility we are witnessing if you continue to take a long-term view on equities, equities continue to work higher, companies are in great shape despite the hiring and labor headwinds and chip shortages and nuances we see in different industries, companies, balance sheets in good shape, we will see interest rates -- >> for 10 years, for 10 years we said if there's a dip in the market you buy the dip and if you had done that the last 10 years, you will turn out fine

and dandy, you will make money. are you saying it is precisely the same thing now, it is a modest dip. are you saying you buy it now and live to be very happy down the road? is that what you are saying? >> when i said to kathy would our trade is off the table right now and that probably marks the excesses of the market, we saw the innovation fund peak around 160 in february. trading around 100, we will see a pickup in the market and if you pick quality stocks, i recommend to all the younger people around me, asking for advice were to put their money. the market works higher, things will be okay. we will see good days ahead.

we see paying a price from the money printed around there so that is something our kids and grandkids have to deal with. we need to get back to a little bit of laissez-faire in the economy and let people get back to work because too many perverse incentives for people to sit on their couch even when companies -- >> the crunch comes when they -- buying all these bonds. >> rates are kept artificially low. we see a pickup in rates. we know inflation is coming and a difference between measured inflation, and prices over there. accommodation of all that money out there, getting back to spending.

and, where we are in years past. >> and things are looking fine. and the cruise lines are up. and mask rules for vaccinated cruise passengers. people who are fully vaccinated, only way to get on a cruise ship, they are allowed to take off their masks outdoors. a they are not in a crowd. can you believe this? if you are fully vaccinated you are a cruise out in the middle of the ocean, you can take your mask off outdoors. thank you, cdc, for that clear pointer to the future. sarcasm is a low form of with but sometimes you've got to use it.

boeing has a stamp of approval, max jet flights. ashley: we said this about the max jet, boeing sent notices to carriers telling them an electrical grounding problem has been identified, that will clear the way for a quick return to service, american united removed 60 jets from service. in april the electrical fix, good news for airlines who were anxiously awaiting to get those planes back into service before the late may start to the travel season. travel is picking up at the airport. they will return to service in november of last year after being grounded for 20 months following two fatal crashes in five month but the green light again for the max jet. stuart: airlines responding to the violence in israel. what are they doing? ashley: flags are being paused

because of escalating violence, between palestinian militants. american airlines canceled service between jfk and tel aviv, united calling off service for tel aviv from chicago and newark, delta airlines canceling its jfk tel aviv service. israeli airline l out says it plans to continue operating flights as scheduled and says passengers can change their flights if they don't want to take them without paying a fee or cancel in exchange for a voucher. flights from the us to israel on hold. stuart: thank you very much. thousands of gas stations running out of gasoline, panic buying and rushing to develop their tax. it is still going on even though the pipeline is reopened.

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stuart: it was a full blooded rebound from the market, we moderated that a little in the last few minutes. we were up 500 points plus on the down, it is up 390. we were up well over 100 points, 200 points for the nasdaq, now we are up 89 is a little bit of moderation for the bounce back as of right now, 2 hours into the trading session. elon musk says tesla will no longer accept bitcoin. that announcement really set the cryptos tumbling. the crypto valuation lost a third of $1 trillion just overnight. pete hegseth joins us. we normally talk to pete about the business in the economy, but pete is a bit coin guy. are they asking if they get a little nervous to see a selloff like this?

>> i am a bull when it comes to bitcoin. i'm not nervous. it is only 25% off the all-time high, allow for dogecoin, i am encouraged, a bank painting to be purchased for $13 million with crypto currency, bitcoin, someone spent bitcoin, on balance, acceptance of crypto currency going up, investors realize it is an option, to pay for things. will be currency in the near-term, still remains to be seen. we are not seeing a real falloff. that would be in the 30s the

40s, took a bit of a hit but it is better than racing to 125,$000, you are seeing real value in its ability to be -- to maintain its price. >> it was a bubble when it went to 64,000 but that is another story and we will discuss it another day. you are a true believer and that is a factor. you are a true believer. let's talk about the business owners you've been meeting across the country. a quick clip of what they've been telling you, people don't want to go back to work. role tape. >> they are having problems because they can't find workers to run their business, small businesses that don't have that loyalty are hurting. >> four positions have been open for 6 or 7 months, they've been no-shows. one of them told me it wasn't worth our time. >> some states are saying at --

noted the extra money. they don't want these extra payments. >> federal unemployment will not be there forever. that is a sliver of what we heard. a lot of people say a lot of employees come back thinking pay me under the table, i will work for you but don't want to give up the unemployment benefits. then you know they are not paying taxes, they pay taxes on their paycheck and get child care if kids who are still not in school, there are a lot of dynamic that play, cutting off unemployment is important, weaning off and opening back up, opening back up in schools and elsewhere, i never talked about that but give me the best ingredient. it is across the board, jobs to

be had, people not taking them yet if they don't have to. stuart: ridiculous quite frankly. 8 million job openings, the government is paying you to stay home. thanks for joining us. mcshane in spokane, washington, and they stay-at-home. >> pete it on this, these economic stories, a popular burger spot to paint this picture, it has been a staple in the city for 20 years. the owner says he was able to navigate through most of the pandemic, now he has run into a real problem.

>> can't find people to work and it has been frustrating, we are short for 5 employees. we've been looking for the last couple weeks. can't get people to come into interviews to apply. >> drive-through only for the time being, no indoor dining at all not because it is not allowed but there aren't enough workers. and announcement from mcdonald's, raising hourly wages but the minimum wage here in washington state is already high, $13.69 an hour, mike pay $15, listen to this. >> if you are making $15 an hour, taking home $300 a week through unemployment for covid and then get the additional $300 from the federal

government, is an hour. >> they are reluctant, no -- it is frustrating for guy like mike because he knows it is possible now for someone to collect the same amount of money he could afford to pay them if they worked full time. ashley: amazing, good stuff. here is a story i first looked at and couldn't believe, big banks are prepared to give out credit cards to people with no credit score, not sure what to make of that. ashley: what is it all about? jpmorgan chase, wells fargo, u.s. bank law plan to start sharing data on the deposit account, part of the government plan to extend credit to people who have no access to loans. expected to launch this year,

aimed at people who have credit scores. and applicants account balance over time, and overdraft histories, those who pay only with cash or debt cards or are new to the us, don't have credit scores. i was amazed at at this, an estimated 53 million adults in the us don't have traditional credit scores. other costly forms of credit, a plan to start granting credit cards and other loans. interesting to see how it turns out. liz: you can't do much with no

credit card. often difficult to get on the plane. thanks very much indeed. how about this one. this grabbed my attention. get the jab and you could win $1 million. we will tell you where that is about to happen because it is going to happen. colonial pipeline helped push gas prices over $3 a gallon, the president will address the pipeline issue a few minutes from now. questions. ♪♪ ♪♪ 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. (vo) conventional thinking doesn't disrupt the status quo.

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stuart: that is the drone shot of a gas station in atlanta, georgia, doesn't look like there's much of a run on gas but they've gotten gas at that

station, no lines at this point. live shot georgia. the pipeline is back online but it will take several days to get back to normal, near the end of the pipeline in new jersey the question, the pipeline starts in texas how long will the oil get to you? >> reporter: it could take two weeks or longer and that is why restoration is going to take time to get to the pumps, the fuel only travels three, four, five miles an hour so it is a slow process. we are getting an idea from colonial pipeline about an update on their restoration. this map shows it stretching from texas to new jersey, the green line shows area that are already operational, the blue lines are areas that will be operational at some point later today.

we also know that there are gas stations reporting outages as of 7:00 this morning from gas buddy, 71% of stations are without gas in north carolina. more than

markets i will start with the stock market was this is a bounds but not as strong as it was 2 hours ago when the market open. nasdaq is up 60 points. i want to talk about the cryptos because we saw a major-league selloff overnight. but coin at $49,000 a coin. i just got a quote on doge. this is about elon musk, a multibillionaire who made one tweet last night and brings the crypto market down to the tune

of $330 billion, that is a third of 1 trillion. wiped out value wiped out just by one man making one tweet, makes you wonder about the crypto currency. 49-6 on that coin. then we have india with a surge in what is being called black fungus in coven patients. we will explain that and the danger. teenagers getting clearance for the pfizer vaccine, school districts in chicago suburbs pushing to get students vaccinated at school is are the parents we will have a report for you. ♪♪ ♪♪

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stuart: it is getting better, cases are down, deaths are down. it is getting better. children 12 and up can get the pfizer jab.

grady trimble is just outside chicago. you are talking to parents. what do they say about having the jab for their youngsters? >> reporter: they tell me they are relieved and excited. i talked to a young man 13 years old named oliver who says getting the shot means he can get back to summer camp, back to school and back to hockey which he hasn't been able to do with the thought of covid hanging over him for some time now. >> it will allow me to hang out with friends without worrying about getting covid. >> reporter: in chicago some school districts are allowing kids to get the shots at the schools themselves. doctor whitney lynn is with us. what do you think of having schools administer the shot? >> a great idea giving open access to our children to get vaccinated. this gets them back to a normal life.

our children have not been just physically but emotionally affected by the pandemic so this gives us an opportunity to get back to the life they know. >> reporter: kids four and six years old. as soon as they get the shot you get them in line? >> we are the first to get the vaccine. >> reporter: the 12 to 15-year-olds are coming today and it is noticeable younger kids here compared to previous vaccination sites we have been to. stuart: the parents are ready to go, you saw it right there. now i did to bring in doctor matt mccarthy. i want to know what would you tell parents and youngsters who say we don't need it, we are not in the vulnerable group, it has not been fully tested and we don't like being told what to do, would you say to reluctant parents? >> i get those comments all the time.

this has emergency authorizations and they say it doesn't feel like an emergency for my child and what i say is this is about risk and benefits. if you have a child who has a medical condition that puts them at high risk for covid you want to get them vaccinated. if they live with somebody who is at high risk and is vaccinated you want to get them vaccinated immediately but for most kids the question is going to be why do i need to get this right now and the things that will put them over is this is an entry point to get back to normal life just like the reporter said, the child of 13 who is getting vaccinated is not doing it because he wants to protect himself from hospitalization like an adult would but so he can play hockey again and go back to summer camp. the risk-benefit calculus here is different than it is when i talk to an 80-year-old. i say this vaccination is going to allow you to do so many things you used to do so i also have young kids and plan on vaccinating his them but i understand why people are

hesitant at first. what is going to happen is over the next couple months you will see a lot of kids get vaccinated who will do fine and go to summer camp and that will sway a lot of people who are on the fence right now. stuart: you have no problems vaccinating much younger children, infants, toddlers, no problems vaccinating them? >> i want to see the data first but so far but i have seen is very encouraging. the most experienced vaccine researchers say they breathe a sigh of relief when a new vaccine has gone to 3 million arms and for pfizer and moderna these of gone into hundreds of millions of arms. we've not seen a concerning safety signal. the data suggests we are going to be able to confidently vaccinate kids of just about all ages and you were saying it is getting better, it is getting better because we have this miracle of the safe and effective vaccines and we should be extending that to kids.

stuart: i need you to deal with this. in india doctors are seeing an increase in something called black fungus in covid patients. tell us about that. >> before i became the covid guy i was the fungus guy and i study this, it is a one in 1 million infection was when i started popping up in india, turns out there is a triple whammy of what is happening over there. coronavirus infections cause the immune system to go haywire, then patients are getting treated with steroids that we can the immune system and there's this diabetes epidemic that weakens the immune system so this black fungus is all around us. most of us are protected by our immune system but unlucky patients in india have their blood sugar go through the roof because they are treated with steroids for covid, that leads to this infection, that is a really gnarly infection resistance to treatment and it can cause you to need surgery to get rid of it, people have their eyes taken out, brain surgery, it is a really brutal

thing, not something to worry about over here right now. it happens when the medical system collapses like we are seeing over there. stuart: we are glad to hear that, thanks for joining us this morning, appreciate it always. 11:55 eastern, time for the thursday trivia question. what is the highest grossing film of all time. the answer when we come back. a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq [sfx: psst psst] allergies don't have to be scary. spraying flonase daily stops your body from overreacting to allergens all season long. psst! psst! all good . .

stuart: okay. what's the highest grossing film of all time. i did not get this right.

the answer is, "avatar." released in 2009. it brought in $2.8 billion worldwide. ohio introducing a vaccine lottery. starting may 26th, if you get the jab in that state you're eligible to be put into a lottery, which will pay a million bucks five weeks in a row. how about that? my time is up. look who is here. david asman. david: it was his tar call, talking about all the serious stuff. it was all purple. that was in honor of "avatar." i hope everybody else saw that. if i am the only one i'm a sick boy but go ahead. stuart: david, i did not see the movie but i didn't know what the purple stuff was all about. david: i can't believe you didn't see a twentieth century fox movie but that is another story for