carry research, payload as part of a program with nsa. good story for virgin galactic. thank you to dig mcdowell, good to see you this morning. come back soon. we will see you again tomorrow same time same place. "varney and company" begins now, take it away. stuart: good morning, everyone. there is an entire industry devoted to figuring out what the federal reserve is saying. it is important to know that because the federal and the money. the fed watchers, thousands of them are focusing on just a couple of words from the fed meeting. some fed members suggested it might be appropriate at some

point to begin discussing adjusting the pace of asset purchases. in other words they might discuss raising rates in the future. at least that stopped the rot on wall street yesterday. there was a little bit more selling for the dow but not much. it was earlier this morning, we are seeing the dow off 10 or 15 points at "the opening bell" at the nasdaq on the upside to the tune of 50 points. bitcoin holding at 41,$875 a coin. that is a nice bounce back, this time yesterday 31, 31 this morning. elon musk stop the rot in cryptos within of skewered diamond tweet. there is on your screen. it implied it was not selling bitcoin yesterday. how much is the doge in the window with the words cyberthating.

don't have a quote for you, 2900 a coin. doge, $0.41. is the selling in stocks, is it start of a serious correction. in a series of phone calls president biden told israel's netanyahu, he expected a de-escalation, israel continued its attacks on hamas overnight, democrats are split, the far left wants to punish israel, republicans united in support of our ally. at home race continues to dominate so much of the political db. in chicago mayor lori lightfoot is upset at what she calls, quote, the overwhelming whiteness and maleness of

chicago's media outlets. she will only give interviews to black or brown journalists, no whites. we have an editorial on this. how do you stop skin color discrimination when you discriminate by skin color? thursday may 20th, 2021. "varney and company" is about to begin. ♪♪ stuart: why not start with the statue of liberty and cryptos. they keep making the news. susan is with us. looks like bitcoin is recovering. >> back about 40,000. what a wild ride yesterday. it would swing 10,$000 in 24

hours, 30% up and down day for the crypto frenzy once they cause a lot of outages on crypto exchanges. and when you saw a reverse upwards that had a lot of influential crypto investors like elon musk. kathy would, justin son, buying on the, holding, not selling and that was the inflection point. we are closer to 3000 again. dogecoin was below 30 sense, we are above that. the dogefather rallying the dogearmy this one, how much is a doge in the window, he calls himself a cyberviking.

there was also criticism on the wall street -- a shakeup in the crypto markets, people forced to sell. who was buying? a little guy in wales and a lot of complaints the big guy and money managers benefited in that wild swing. >> who called you diamond hands? elon musk called you diamond hands? >> i want to be called diamond hands. stuart: okay. we will get to it. let's check the markets, let's get back to stocks. brian belsky is with us, there is susan. come on in. i have to ask, is this the start of a correction? >> we don't think it is. we think it is more of a respite. we are in a news vacuum.

such amazing earnings growth that is very strong. we don't have a fed meeting until june, and read every single line in the fed statement and try to anticipate what you are going to do. they will start thinking about that but when that is who knows? the markets want to have a temper tantrum but it is too early. stuart: they always ask me should i sell? we have gone virtually unbroken for 13 years except for last year's pandemic panic, we've gone straight up. people keep asking me why not sell now and lock in the money? what is your answer to that? >> when you sit across the

table from a client and tell us client to sell they don't come back for a while. what you do is have a process and a discipline in how you manage money. do you peel back some of your positions and make a 4% position a 3% position? probably but you don't sell. we in this business try to talk in too many binary terms. that's not the reality of owning money and running a portfolio. you can settle your position and know the new up will be sideways for the next couple months but you should be rest assured that stocks are higher. a year ago the stocks are higher, 5 years from now the secular bull market is very much alive. stuart: can you tell us if the crypto craziness of the last couple days had any influence on the stock market? >> i think it had a positive influence on the stock market. i love bitcoin and crypto. is taking away the silliness from calling the end of the stock market. what we saw overnight with respect to what other people are saying about crypto and

bitcoin speaks to why it is not an asset class penetrating instrument that should not be part of a long-term asset allocation but a separate account. with all the speculation this is how manias end, this is clearly a supply driven factor, and the trading instrument and not an asset class. stuart: if bernie sanders gets all the tax increases he wants and democrats get all the spending increases what happens to the stock market. >> on the corporate side you want to buy quality companies, apple, google, netflix, morgan stanley, they are not going away. stuart: you think the market is going sideways, thanks for

joining us on thursday morning. let's get supportnoy touting the crypto coin safe moon. i asked him what is the difference between elon pumping up crypto and what he is doing? watch this. >> the difference between elon and i, he is a monster, he goes back and forth. i don't do that. i don't do it to pump it to get rid of it and have a long history of that. i will hold it for years, not months and promise you if i'm getting ready to sell it it will never be prefaced with everybody go buy it. the safe moon army we are strong, holding on. stuart: no pump and dump from dave on safemoon. let's look at the companies that report before the bell, retailers.

the consumer has a lot of cash, despite bj's stock price. >> they don't run out until september. retailer for bj's sales fell but less than wall street forecasts, they are hard to predict for them which is a good sign. displayed some good sales in the first 3 months of this year hiking outlook for this year as well and laughing against covid lockdowns last year, ralph lauren losing $75 million, the stock is lower and spammaker

demand, turkeys and much higher than before pandemic, stockpiling in the comfort food trend looks to continue. i did appreciate the fact you challenged portnoy on the new safemoon offering but i like elon musk elon musk didn't come up with his own coin and asking people for money to invest in it. stuart: that is true but i am holding this thing, not pump it up and dump it. >> he put 40,000 into it. in the bitcoin case. stuart: 40,000 today, not a great deal. this is an explosive story and you've got it. reports stemming from 2015 lawsuit filed against microsoft, this is about the mistreatment of female employees.

what is the story. >> women being abused or degraded on microsoft. mail boxes random boys culture that tolerates abuse and toxic behavior towards females, the explosive internal complaints was only uncovered, and a lot of insulting language in this is on the timing of the acknowledgment by bill gates and his affair with a former microsoft employee on the midst of his ongoing divorce, microsoft filed 248 complaints that is part of the case that was revealed, half of those cases were either sexual-harassment or gender discrimination cases that microsoft. stuart: no impact on the stock, microsoft at 244, there's been

something of a turnaround, plenty of red and green, down on the upside to the tune of 20 points but the nasdaq with an open of 60 points. the ceo of the colonial pipeline speaking out after he paid $4 million in ransom, why did he pay? because, quote, it was the right thing to do for the country. more on that interview coming up. this video of president biden driving ford's new electric truck, the lightning. is it affordable? ford on the show next. ♪♪ trelegy for copd.

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stuart: live shot of cape coral, florida where it is 77 degrees. a cloud on the horizon, certainly warm. futures, not a lot of green, some green. dow is up 30. s&p, solid gain 62 points. big tech not doing well but that is a bounce. not a huge bounce but abounds. apple 125. yesterday we show you president biden driving the new electric ford f 150 called the lightning. i want to bring in ford f 150

chief engineer linda young. welcome to the program. great to see you. i want to talk affordability. you have a base price on the lightning, i believe it is 39,974. that is the base price. that would be affordable but nobody pays the base price, do they? >> a lot of people do pay the base price and you are exactly right, 39,974 and that is before any federal or state tax incentives. in a way we can provide this vehicle to our customers at way more affordable level than ever before. stuart: you bet the farm at ford on electrics and you are in charge of engineering for the electrics. there is no turning back. is that right? >> this truck is absolutely awesome. we are able to take over a century of truck know-how, build on that giving customers reliability they would expect with the f-series brand but

also giving them awesome new things like enabled electrification, whether it is the performance, 775 torque, so i've hundred second the 3 horsepower with extended battery giving you 0 to 60 in four seconds. that is what president biden did the other day. it was a big hit. in addition you get so much more. make up our front that is wide enough to carry two, full-size golf clubs, suitcases if you want, have a tailgate in front as well as power generation for your entire home for up to 3 days if you want in a power outage. it is a great vehicle. our customers are going to love it. stuart: you are selling very well. you really are selling it well. i love that acceleration 0 to 60 in less than four seconds.

tell me about president biden. he's not supposed to drive vehicles. the secret service didn't want him to drive your f 150 yesterday but he got in and i believe he was told to for it and he did. did he experience that acceleration 0 to 60 in four seconds? >> he did. he told the world about how fast it was before we revealed it but i think he was going more than 60. that is how it goes, 0 to 60 plus, so smooth you forgot you had 60. >> as i understand that you'd suspended production of the current combustion engine because of a shortage of chips. how long do you expect that production halt to last? >> the teams working through a

lot of good work, conductors for the vehicles. i don't have all the details on that. the f 150, our plans don't change, we are still very much targeted to deliver our vehicles, spring up 22. stuart: thank you for joining us this morning. congratulations on getting the president to drive your truck, that's the best public relations for ford i've ever seen in my life. thanks for joining us, see you again soon. check those futures. this is the day after serious selling, modest bounce, some green, following bitcoin, this time yesterday, 32,000, this morning 42,004, that is about, "the opening bell" for wall street next. ♪♪

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stuart: where is tesla? that the premarket quote 573. they have a delivery date for their new model, the model-plaps plaid.

when does the new model appear and can usually what is plaid? >> the california fremont factory, the models plaid delivery, 0 to 60 in two seconds, that is incredible. the plaid model s was announced in february, the souped-up version 120 grand, 200 miles, 390 miles. stuart: what is with the plaid? >> the souped-up version of model as, the new name for the model s. this is the version the ghost 200 miles top charge, 390 i think. stuart: i thought it was a different design. obviously not. it is the speed, the acceleration. we've got 2 and a half minutes before we open the market. futures point a little higher

at "the opening bell," retailers reported this morning, put them on the screen please. they are not doing well in terms of stock price. they did well in terms of consumer buying but look at this. coles, ralph lauren, petco, bj's sharply lower this morning. two minutes to go before we open the market and here is d r barton. are you going to tell us one more time to buy the big tech dip? are you going to say that today? >> yes, i am going to say to buy the big tech debt. there are a lot of differents i like the homebuilder dip i really like and these retailers, some of the they are pulling back have a chance but in retail we have the haves and have nots. they haves have been crushing it and some of them like home depot and lowe's are looking nice on this dip as well.

stuart: everybody comes up to me and says should i sell? is this the start of a correction? is this the start of a correction? >> it is not the start of a correction. i tell you what it is the start of. it is the start of yet another round of strong bullish tendencies, all the support from the fed and government spending pushing back against the specter of upcoming inflation and the fact that people are getting out and spending, can they keep that up which we have german forces fighting. we are on the cusp of back-and-forth notion in the market that we have to deal with. that will end up higher. stuart: going to end up higher. famous words, not last words but words from you today. thanks for holding our hands through this yet again. you have been doing it for ten years.

"the opening bell" 30 seconds before we start trading. looks like we turned around first thing this morning all those indicators out, s&p, nasdaq all in the red, all turned around. that i would call a modest bounce after the recent big losses. the bounce started late yesterday afternoon with some reinterpretation what the fed was really saying and now we have a real turnaround. we expect the dow to open in four seconds on the upside. here we go. it is 9:30, we are in the green from the start. we still got about half the dow 30 in the red, half in the green and the dow seeking out a fractional gain up 23, 25 points. the s&p 500 is also higher to the tune of one quarter of one 12:45% and the nasdaq composite let's see where that is. it is up nearly half of one%.

that suggests to me that big tech is coming back. here it is. early trade, take me through it. >> did you look at that reversal yesterday? reversal for the future pretty dramatically, one%, the future at 6 am to the fact we've have open up is a very good sign. yesterday did you check the nasdaq? down one.7%. at the close is a drop of 3 points for the nasdaq. what does that say? there is dip buying, bargain-hunting taking place and a lot of money out there, the fed going may be, not sure and whether they take it back on the stimulus for hike interest rates and that is what wall street needed to hear. stuart: is about to the cryptos as well bitcoin around 32 grand as we speak, the bounce back indeed. coin bases up again today, the former crypto exchanger.

bush gave them and endorsements. >> coin base had a record low during the crypto route, barely above $200 so their coverage here calling a by, upside because transaction fees are pretty hefty if you've gone on coin base to buy bitcoin, that is $150 a pop each time and coin base which makes 90% of their sale from those transaction fees will continue to increase their business. to get back to bitcoin 42,000, it is like yesterday didn't happen, dropped below 30,000, we started at 42. it was -- ended in the same place we started. stuart: it all depends on the tweets coming out of elon musk. >> or china.

stuart: the china thing was a very big deal and that set the selling off. still think there's a chance of regulation coming to the united states which we are going to discuss shortly and that would hurt the cryptos if it ever came. let's have a look at virgin galactic. this is richard branson's space tourism company. it has a boost. it confirmed it will launch the test flight of the uss unity next week. not a bad gain, 23% up for virgin galactic holdings. l brands reported this morning, stock is up against other retailers are down. i bet they did really well. >> they made more money, pulled more lingerie at victoria's secret, sales jumping by a quarter, bath and body works played a huge jump in their sales as well, no guidance for the rest of this year.

we know l brands is splitting up the company, splitting up victoria's secret and bath and body works adds more value on their own as separate entities combined in l brand itself. stuart: tell me about only. this is old milk but it is not milk. it is an old based product. the ipo $17 a share. it is not milk, is it? farmers are upset about this. >> you have to provide an alternative. there are people who are lactose intolerant and once nondairy because it is a hormone. the ipo is valuing $10 billion and that makes two brothers who founded the company over $400 million richer but you have to look at the metrics, looks like the loss has widened so they are not making money at this point and from what i see, $60 million, they know that growth sold stocks these days.

that's not typical as we played over and over again, the branding. stuart: i don't think it hurt them at all, so out of the box as commercials go. that was a big hit i think. let's see where they go. let's see how they end the day. if the first treasury is $17 what is the last of the day? look at the dow winners, salesforce.com right up front, that is the biggest winner among all the dow 30 stocks. microsoft right behind, the s&p 500 winners, we always make fun of them, the spam company, they do a lot more, 5% higher this morning. nasdaq winners headed by no surprises, there is a surprise, cope part incorporated. you've got the other movers. i believe nvidia. >> the world's largest

chipmaker going overweight. they are calling it the $700 stock. roughly 50%. the reason, nvidia is king of gaming graphics and when it comes to cloud and data centers, in the right businesses something a lot more chips making up for the space that intel is not acquiring. stuart: we should include them in the list of big tech. we always list the five big tech companies. we should add nvidia. it doesn't have the market on the others but it is getting up there. >> $300 billion last count but on its way to $400 billion. the world's largest shipmaker overtaking until already. amd had a stock buyback that rallied that shipmaker and one more upgrade of note. have you checked typically? they upgraded the been maker calling a by. chipotle could have 30% upside from here.

stuart: i dismissed them as the purveyors of expensive rice and beans years ago and look at them now. how wrong can you be? >> mobile strategy restaurants reopening, that is helping other restaurants. stuart: i was wrong. check the big board, nearly 7 minutes and we are up 36 points, 33,927. we haven't shown use this yet, we will now. the yield on the 10 year treasury down one.65%. the price of gold we follow closely has been moving up recently, down a fraction but $1,872 per ounce. oil is down today, $62 per barrel. the price of gas is holding flat, not going up at this

moment, 304 is your gas price, crude oil $62 a barrel. i know what you are thinking. every time we go into one of the selloffs you say to yourself is now the time to get out? i'm not going to offer my advice. i will pass along the advice of the pro-plaps. get that later in the show. china cracking down banning the use of crypto currency. what does that mean for regulation in america? what would it look like if regulation does arise? we will get into it next. [ crowd cheering ] [ engine revving ] [ race light countdown ] ♪♪

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stuart: bitcoin priced at 41,$800, a different story from yesterday. cryptos took a hit after china cracked down on cryptos. the timing of china's announcement is in question.

edward lawrence joins us, did china put out this crypto restriction to pump up their own currency, that is the suspicion. >> could be right. we have drama and intrigue, bitcoin struggled yesterday, the chinese banking association warned against using viral currency but this is not unexpected because the chinese communist party does not like anything it cannot control so china's digital currency is not ready for widespread use yet so what it does is the opposite of crypto currency. the block chain technology, using the money and what it is for, china's digital you on will let the communist party to track where the money goes and who uses it and for what. the us is taking aim at crypto currency's for different reasons.

treasury secretary janet yellen, a new framework to regulate online currency ahead of the sec testified congress needs to step in and look at framing regulation aimed at crypto currency and saying we will look at what it can do within its authority. the confluence of events the us poised to crack down to protect investors, the chinese pushing back against what it cannot control because currencies like bitcoin and your favorite doge coin our efforts of the chinese dominating the currency around the world, that is the speculation. they may be pushing back. stuart: my favorite joke coin, let's get that straight but a fine report. more on this. venture capitalists at stanford university robert siegel joins us now. right off the top, will we see regulation of cryptos in america? >> absolutely not for a variety of reasons not the least of

which the current administration will want to first protect consumers from rampant speculation, potential abuse of the financial system and when you see such fluctuation, the market could be manipulated. previously might have been done by institutions and now it is done by people and unsophisticated investors being taken advantage of. it is coming. stuart: if there is pushback in terms of regulation coming because of the ransom paid to the pipeline? >> the ransom paid in bitcoin would show that's why bad actors want action on the crypto currency because it can be traced later. bad people and bad actors will use these instruments to get what they want and governments don't want bad actors to hold institutions hostage, corporations hostage. you are going to want to see

governments want to control that to protect companies and individuals. stuart: you say regulation is definitely coming. what will that regulation look like? >> hard to say. probably certain currencies lifted, will they be lifted, equities or assets into the currency. we talk about crypto currency, we are not seeing transactions being conducted with bitcoin our dogecoin or other currencies, it is just a store of value and if you look at equity, it will be regulated by the fcc. stuart: if it is regulated by the fcc as an equity does that mean the price of bitcoin comes down? >> it will probably be less volatile. that is the key thing. look at the fluctuations we saw yesterday. when you see as a change 30% in one day this is your speculation. we've seen speculation, this

kind of volatility limits the speculation side and government tries to focus on and trying to limit the bad actors we talked about earlier. stuart: i bet you get a lot of pushback when you stand up and say regulation is coming, don't you? >> whether you like or don't like it it is like gravity, you may not like gravity but gravity doesn't care. it is going to happen, the way the winds are blowing. the downside is you don't want to limit innovation. when you look at what is happening with crypto currency you might be enabling new forms of commerce much like we saw in the first internet wave in 1990. you don't want to eliminate innovation. i'm happen to have three teenage and early 20s children. they are talking about crypto currencies. they are not the most of educated investors. you want to protect the unsophisticated investors to ensure they are not taken advantage of by bad actors.

stuart: i would love to see what happens when you walk into your house and confront your teenagers and twentysomethings. you give us clarity and i love it. robert siegel. thank you, appreciate it. the ceo of the colonial pipeline speaking out saying why he paid that ransom in bitcoin. what did he say? >> interesting details. the ceo of the colonial pipeline learned it was in trouble on the morning of may 7th when the employee got a ransom note from the hackers on the control room computer. that is made for fiction and movies. the company vacated came to the conclusion he had to pay. that is counter to the fbi recommendation in these extortion attempts. the colonial pipeline ceo says he had to pay the bitcoin because he had to get the pipeline reopened with supplies up 40% for fuel and gas on the eastern seaboard. the company received the decryption tool to unlock a

system once they paid the bitcoin but it wasn't enough to immediately reopen and restore the pipeline system right away. it will take a few days. in total, $8 billion paid in these computer half last year. why are they focusing on bitcoin? what about fiber security? we don't have enough prediction of our important infrastructure. why can't that be part of the $2 trillion infrastructure spending plan? stuart: listen to this. following up from exactly that. in the wake of the pipeline hack we got this report that there are almost 500,000 open cybersecurity jobs, most of those jobs in california, florida, texas and virginia. i guess we don't have the people to do the job. that is where we are at this moment. listen to this one. i am sure you will have -- prince harry and megan markel claim they want their privacy but now we are hearing prince

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stuart: square space sells tools for easy website creation and publishing. the company made their debut on wall street yesterday. that made the founder, a billionaire. here we go again. how much is that man worth. >> love the great american capitalist system. despite a lackluster debut, square space's founder started the company from his dorm room in the university of maryland in 2003, he is worth $2.4 billion in its debut. not bad.

didn't raise any outside capital until 2010 which is unheard of in the unicorn space for 7 years. all you did was raise money, you raise money from yourself, your friends and family. what do you think of this lackluster debut? it went to a direct listing and ended at $48 below the reference rate, what we haven't seen because of these high technology, highflying unicorns that come onto the market and less than they raise money at on the private round. stuart: maybe a little reticence going into these ipos, we didn't see that reticence the 4 but now it is coming in now with the overall anxiety level in the market and that is my excuse to put it like that but here's one for you. the ceo of shopify is getting in on the corporate wellness debate. i asked is he sticking his neck out? is he saying no politics at work like the guy at base camp? >> it is a different case

because it is a much smaller company, shopify is the second-largest player after amazon and he has been ahead when it comes to social issues including the door floyd protest and the capital rights but in this case he says we are still a business at the end of the day, we are not government, quoting from his statement. that makes it difficult in his view to dismiss those who perform poorly. we are still a company, still listed and still adhere to business practices. stuart: got it, thank you. still ahead on this program today, moments from now, doctor mark siegel will join us, todd pyro, what do you think of this? it is a headline in the los angeles times, they claim lockdowns didn't hurt the economy. have a spoken to small business owners? they say the lockdowns crushed them. ♪♪

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♪. stuart: we could have chosen a different line there, bring me down. well the market actually at this market is going up. there you have it. it is 10:00 eastern. straight to your money. the market is going -- look at the nasdaq! 1% now. gaining ground throughout the

day. the dow is up 65, the nasdaq is up 144 points. that means big tech presumably is coming back strong. it is, not that strong but it is coming back. microsoft leads the pack with a 1% gain at 245. crypto, that is staging a comeback. bitcoin right now, $41,800 per coin. that is stocks. that is cryptos. ashley, come on in, mortgage rates. the number please. ashley: stu, rates rising this week, averaging a straight 3%. up last week's from 2.94%. we haven't been at the three level for many weeks. freddie mac says there is shortage of housing, disruption in labor, expensive building materials, the cost of a new home is being driven higher. that makes it more of a challenge for potential new homebuyers. 3% is pretty good for

fixed-rate. people are getting used to the 2 point somethings, stu. they have been spoiled. stuart: to you and i 3% is pretty low i would say. ashley: yes. stuart: one other indicator out and that is the leading economic indicators. susan what is that? susan: likely less than we saw in the month of march. from april to march were flat, unchanged. consensus was for an acceleration of 1.4. so slightly below forecasts. may be an indication there might be a slight slowing down taking place in some aspects of the u.s. economy. stuart: all right, susan, not much impact on the market. we still have a nice gain for the nasdaq. and now this. every time we get into one of these selloffs you think to yourself, should i get out now? well stocks have done very well for 13 years, except for last year's panic and the pandemic. it has been a consistent rally. if you sold in the middle of it, you may probably be regretting

it. look where we are now. stock prices are still very close to record highs. report corporate profits, strong consumer spending. the economy is flush with cash and the fed keeps printing by the trillions. what could go wrong? you know nothing goes up forever. you know after 13 years the odds are very strong that the glory days may be coming to an end. so you're nervous, especially those in the retirement years who don't care much for risk of the nest egg. i will not offered a vice. instead i pass along the advice of the pros. sell half, if you have say 100 shares of apple, suppose you do, sell 50. take your profit and leave your initial stake on the table. if you're apple stock was owned in a 401(k) or an ira, you will pay no capital-gains tax on your profit. if it is not in a pension plan, you will pay a 20% tax instead of what may be a higher capital gains tax if bernie sanders gets

his way. we've been through these scares before and the pros, certainly ones who appear on this program have consistently said buy the dip, stay the course. okay. but now after 13 years and these very uncertain times anxiety has reached a new level. it is the first question i'm often asked, should i sell? my answer is, if you really nervous, really worried, sell half, do like the pros do. the other question? should i buy cryptos, and my answer is? sure. if you're a gambler and prepared to lose every penny. second hour of "varney & company" about to begin. ♪. stuart: an experienced investor advisor joins us now. his name is ed yardeni. he is on the right-hand side of

the screen. what do you say? you're a pro, if you're real nervous, real anxious, sell half, what do you say? >> you should be able to sleep at night if you own a stock portfolio. very important to do that. i have no problems with somebody nervous taking in some of their profits, but then they will be nervous what to do with all the cash because the yield on cash these days is just about zero. so, there is no easy answer here, quite honestly. i would stick with the market because i think that the earnings as you said is phenomenal. there is tremendous amount of liquidity. we can't even get a decent correction out of this market. i hope i didn't just jinx it. i guess few weeks ago we had a 10% drop in the nasdaq but overall s&p 500 still remains near its all-time high as is the nasdaq. so i would, i would stay with the market. stuart: okay. i keep being told by just about

everybody that yes, there is a correction coming. it is coming. but nobody can tell me when. so what do you think? do you think that a correction at some point is coming and can you tell us when it might happen? >> stuart, i've been keeping a diary, if you will, of this bull market since 2009. i count 69 panic attacks. some as minor as the brexit panic attack. that was only down a little bit over two days but the fear of it was really quite intense. and then i actually view the selloff last year not as a bear market. just a panic attack t didn't last long enough even though it was wicked it didn't last enough. i don't predict corrections, the problem with that i tell you to get out today i have to tell you when to get back in, that is two

very tricky actions. stuart: ed yardeni, you do have a very good job of hand-holding. we're all wringing our hands here, anxiety, we're biting our nails, but you hold our hands and keep us steady. >> i try. stuart: ed, you're all right. thanks for joining us. see you again soon. >> thank you. stuart: look at the headline, from "the l.a. times." the evidence is clear, covid lockdowns saved lives without harming economies. it goes on to say i'm quoting again, lockdowns played a significant role reducing infection rates. quote, they had a modest role in producing economic damage. have they spoken to any small business owners lately? watch this. >> it has been a really tough time for the industry. it has been for a while. we've done everything we can to get ready. >> small businesses in california, what they have done, it's unthinkable and, to me humanitarian crisis. >> we're just trying to make a

dollar here and it's very difficult. >> i can speak for these other restaurants also. we're done. stuart: look, i want to bring in todd piro on this, he travels around the country, he has an opinion and a strong opinion. all these businesses are at risk. some of them are closing for good and "the l.a. times" doesn't see it. what are they talking about? >> stuart, the underlying thesis of this "l.a. times" article was that people chose to stay home. that's why the lockdowns weren't impactful on businesses. that is asinine. let me tell you something i didn't choose not to go to a restaurant for the last year. i was not allowed to go a restaurant for the last year. that applies to all 50 states. and to that clip that you just showed restaurants have been absolutely devastated. the millions of people that have worked at the restaurants devastated. so for an author to make that

claim is horrific. leads you to ask a question about the author. this is ultraliberal author for an ultraleft-wing paper. if you indulge me. i went on twitter, looked at some of his rise targets, they include employers, chambers of commerce, elon musk, ron desantis and greg abbott, of course fox news. this subpoena a business reporter who is not a fan of business success. stuart: i don't think democrats in general are in favor of business success. if you look around the country, i know you do, todd, this country is it full of democrat states which are very reluctant to get rid of restrictions and republican states which are gung-ho to get rid of restrictions to open up gung-ho. there is a political dichotomy in this country. >> it goes deeper than that, stuart. we talk about socialism. these individuals you mentioned are for the government paying for everything. if i had a nickel i said not really free even if you say it

is free on this channel we would all be gazillionaires on this channel. that is a fact. you can't give stuff away. the government can't just print money. i saw your segment leading up to my segment on the stock market. yes, nice to see the numbers go really, really high. stuart, my generation will need that money because stuff will cost a lot more because of inflation. just to attack this author one more time, if lockdowns aren't that big of a deal, stuart, why don't we keep everything locked down going forward? clearly according to him lockdowns no big deal. is that what he advocating for? stuart: and the government will pay for anything anyway, the rich will pay. it is as simple as that. hey, todd good insight there. come again soon. got to check the markets again please, we still have some green out there, especially the nasdaq. susan, you're watching cisco. what's the story? susan: we're watching cisco, the networking equipment-maker. they say what is old is new once

again in tech. came out ahead of sales in the first quarter this year. they issued weaker than expected guidance for the springtime. the company says its profit numbers are under pressure because of supply chain challenges. read between the lines t probably has to do with chip shortages. we were down more than this with a market open. a drop in sales compared to last year. no outlook for the back half of 2021. supply chain problems, other potential issues not good. petco brought in twice as much money as wall street had anticipated. also saying sales this year will be stronger. that means people are spending a lot on their pets. just a headline that crossed here. google plans to open google's first physical retail store in new york. they're spending billions in office space. that includes a brand new campus here in new york city. big cities are not dead. stuart: what will they sell at a physical store. susan: they have phones,

hardware, right? they have the net speakers. there are devices that they actually sell, pixel phones. have you heard of those? stuart: thank you very much. glad you told me. let's go back to susan and bitcoin. creep, not creeping back up. look, it is 41,800. that's a rebound. susan: compared to what it was 24 hours ago? remember we were poised to go through sub$30,000 a coin. that is a 30% bounce. a very volatile session. ether, the second largest cryptocurrency also at $2800 a coin. dogecoin, another elon musk endorsement this morning, stu, he tweeted this out, how much is that the doge in the window? then he had cyber viking in the graphics. cyber viking, that is something he likes to call himself as well, when it comes to tesla cars. he clarified that, just about an hour ago, this is my gaming laptop which is never had a

sticker until now. this is obviously a call towards the doge army and crip at the currency traders. that shakeout i mentioned to you, it is reminder for the little guys you can lose a lot of money. these trading markets are very volatile. there are complaints when you have this type of shakeout. the only people that can afford to hold their stakes, people like elon musk with deep pockets. stuart: exactly. he messes with the market all the time. susan, thank you. we have a new group and it is calling out woke corporations. watch this. >> nike is constantly political. why? cover. congress tried to ban nike's labor practice at thises. nike fought back with highly paid lobbyists. nike stop exploiting foreign labor. serve your customers, not woke politicians. stuart: all right. calling out the corporate woke brigade. the director of the group that is doing it will be here on this program today. the director of the cdc, seen

wearing a mask on capitol hill despite her own agency's guidance. dr. siegel takes on what is surely mixed messaging. it is not just a surge in migrants crossing the border. it's a surge of drugs like fentanyl. the inventor of narcan which helps people with an overdose, the inventor of narcan is on this program talking about the flood of fentanyl. valuable story, good information ♪. obsession has many names, this is ours. the lexus is. all in on the sports sedan.

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nasdaq composite. it is up 158 points. that is.2%, a very solid gain for the nasdaq. it is back to the dow and dow winners. there are 30 stocks for the dow industrials, is sales force.commodity in there with a gain of 2%. now this, we're getting a first-hand look at the multimillion-dollar drug smuggling operation at our southern border. alex hogan is in texas. you joins us a special op team for a narcotics steakout. tell us about it, alex. reporter: this is a busy time of day or night. as we joined them, we encountered human smugglers, paddling with their hands, to sneak across the rio grande river quietly. we joined the texas department of public safety. >> it's a very large river, very large area to cover.

why there are so many gaps exposed. it is hard to cover all the gaps. why the border right now, it is vulnerable. reporter: 80 people were waiting in the darkness to cross the river. crossings every single hour. trafficking we witnessed just earlier in a ride-along. take a listen. >> get out. the get out of the car. reporter: our trooper chasing down a suspicious vehicle, pulling out the weapon, finding five people inside. the number of migrant apprehensions increases. more stash houses are propping up. a orchestrated system transporting people from one location to the next. at one point our crew jumped out the cruiser took off on pursuit. we went through cow pastures to follow people who were fleeing officers. that is speaking to the human trafficking side of the story. but of course the narcotics side and the element of this issue

that we are seeing here just in the last two months, the texas department of public safety has seized about four million dollars worth of cocaine. stuart. stuart: alex, great report, thank you very much indeed. the border patrol people seized more fentanyl in the first several months of this year than in all of 2020. look at that. 6,000-pounds of the stuff as of april. this is 4,000 pounds for all of last year. dr. roger crystal is the inventor of narcan. that is a medication used to counter the effects of opioid overdoses. the doctor joins us now. have you any idea, look, coming across from mexico. i thought fentanyl used to come from the mail in china. i guess times have changed. >> what we think is both. there is it still a lot of fentanyl coming from china. but what we know mexico is able

to manufacture amounts of fentanyl. plays for huge demand of fentanyl for this country as a result of the worsening opioid crisis. we've now seen that just in two or three years, a dramatic increase in, opioid overdose deaths. but the proportion of those deaths coming from fentanyl. stuart: this has been hidden. the opioid overdose crisis was headline news before the pandemic. now its receded but in fact i think you're telling us that the opioid overdose crisis, and the opioid epidemic has actually gotten worse in the last year. is that accurate? >> absolutely. it has become substantially worse. we described this as a sin demic, we have a clash of the two crises with the opioid

crisis. because of issues impacting mental health because of covid-19, along worse access to mental health provision during covid-19 as a resulted in a huge increase in substance abuse, therefore opioid abuse, following from that, unfortunately opioid overdose. as a company pharmaceuticals we're working on a pipeline of products trying to counterthis growing pandemic, opioid crisis pandemic. stuart: narcan fixes a overdose problem, it brings people back, i hesitate to say it brings people back to life but it is a way of stopping death as i understand it. so i take it that the demand for narcan from police departments and health departments across the country, that must be sharply higher, doctor? >> yes. narcan nasal spray is a product we developed as a company.

i'm the inventor of that. it was approved in the by the fda in 2015 to save a life from a opioid overdose. it's a simple product anyone can use. anyone can be a first responder, several states here in the united states, people are able, in fact every state pretty much, you can get this from a pharmacist, you don't need a prescription, you there is mandatory coprescribing if you are prescribed an opioid, somewhat at risk after opioid overdose you must be coprescribed naloxone particularly in the form of the narcan nasal spray. what we're seeing because of the rise of fentanyl in illicit opioids we're seeing multiple doses of narcan nasal spray are required to even revive someone. unfortunately there is another issue about renarization someone can fall back into a overdose

initially survived. fentanyl is escaping the life-saving treatment that naloxone provides. we're working on follow on products, not just being complacent with how narcan is performing. stuart: dr. roger crystal, thank you very much for being with us today and filling us in on an important crisis which i think has been neglected for the past 18 months. doctor, come back soon, please. we appreciate you being here. >> thank you. stuart: thank you. back to the markets, that is how we work these things. we tell you the story about the news of the day in politics, always have money in the background. we do have a rally, especially for the nasdaq composite which is up 1.25%. coming up shortly, our next guest with some stock dividend plays. you got it hear this, in a time of anxiety, you wouldn't mind a stock that pay as good dividend, huh? real estate market hot, but surprising number of youngsters say they regret buying their first home. i wonder why.

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stuart: news flash. this is indeed a rebound because the dow had a session high, up 106 points. back to 34,000, look who is here. david bahnsen, the perfect guy of the moment. because this is the dividend guy. david, i got to tell you, with all this anxiety about this rally in the pullback, a lot of people maybe want to get out and they're looking for high-paying dividend stocks to get into. what have you got for us? >> well, there is a couple names we can talk about. i really think, stuart, it is important that we point out we just don't want high dividends. you want sustainable dividends. if a company is paying a high dividend now because the stock price has gotten beat up, because they cut the dividend like at&t did, that is not what you want. you want companies to have a good attractive dividend that can grow over time. that is all we do at the bahnsen group. really what i lot of investors need for growth and income.

stuart: who have you got that pay as high, reliable dividend? >> if you want to have me on for a whole hour i will go all through 25 names. since we only have a few minutes. i like verizon today. the reason i point that out is 4 1/2% dividend yield grown every single year, also because of the at&t cut i just mentioned. at&t decided to go out and run up the largest amount of debt in corporate america history to buy time warner, to buy directv. verizon said no. they're shedding off those content assets to focus on 5g which is a really great growth technology for the future. verizon has protected their dividend. the other one, we talked about a lot on your show is midstream energy, the oil and gas pipelines. the ticker is umi. it is paying almost a 7% dividend but you have all of these volumes of oil and gas flowing through the pipelines

and it is not worried about what the price of the oil and gas is. the business strategy is on volumes, we know more than ever after last week how much we need more pipelines in this country. stuart: your strategy is to look at countries that pay a strong, growing reliable dividend. has that worked for you and your clients in recent years? >> it absolutely has, stuart. here is the recent thing. when you don't own the hot dot issue, people say i might miss out on something. if you don't blow up from the hot spot issue it pays for itself, doesn't it? a lot of people think about the strategy you give up return. you do not. over extended period of time dividend growers, have outperformed non-dividend growers in the index. you recall when i was on your

show years ago when awrote a book the case for dividend investing, the utility sector has performed equally with the nasdaq over 40 years, when you count in the dividends reinvesting from the utility stocks. so the ups and downs of the big tech stuff, they're a lot more fun, a lot of people watch your show, they like that stuff, but if you want good consistent growth and income from it that will not be interrupted during bad markets i happen to think it's a superior strategy. i happen to know some people benefited from dividends of a company say blackstone. stuart: yeah. not naming any names but looking right at me. i will take my hat off to you, david. you told me, you recommended, on the air, i just took your advice from the air, you said buy blackstone. bx is the ticker symbol. i bought it 31, 32, yielding as you told me i think it was 6%. i love that dividend.

the stock promptly went from 31, 32 to 90 right now. so you gave me, thank you very much, david bahnsen, you locked into this program forever, you gave me a capital gain and a solid dividend payment as well. you're a great guy. bahnsen, you are a great guy. i don't care what they say, okay? >> thank you, thank you. tell my wife that, stuart. stuart: deal. david bahnsen, thank you very much. look at this, look at this 64% of millenials say they're unhappy with the purchase of their first house. ashley, why are they having homebuyers remorse? ashley: all sorts of reasons, stu. 15% of millenials were disappointed in the location they picked. 14% regret buying a home either too big or too small -- survey done by bank rate showed millenials, those aged 25 and

40, also had money complaints. 21% said their first homes maintenance costs are too much. 13% think they overpaid for their home. and that their mortgage payments are too high. 12% were also unhappy with the mortgage rate they were given. now realtors say ultracompetitive market has led to impulse buying. in some cases, especially among millenials apparently that has caused some regrets. you paid too much for a house that was too big in a location you didn't like with a mortgage rate that didn't meet your expectations. other than that, it was great. stuart: none of them pointed out the tax benefits of the mortgage interest deduction. good lord. you can't, no pleasing some people. all right. i want you to tell me though, about lumber prices, because we've done a lot of stories how price of lumber has gone straight up. it dipped back a bit. what is it doing now? >> it did.

lumber futures actually recovered some ground after you say, they dipped, seven-day selloff that saw prices dive as much as 29%. earlier in the year prices had been driven higher by a slew of things. transportation problems. massive demand from a surging home building industry. you combine that with a labor shortage at lumber mills prices went through the roof. the huge increase added $36,000 to the cost of a new home. it actually forced some builders basically postpone the projects, or ditch them all together. now it appears the supply and demand imbalance is starting to become more in balance. at least it is improving. stuart: got it, ashley. thank you very much indeed. mayor of chicago facing a lot of criticism for limiting interviews to just people of color, that's it. no whites. she says it is all about diversity. i wonder what lawrence jones is going to say about that? i will certainly ask him

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1-800-763-2763. that's 1-800-763-2763 stuart: all right, markets doing very well, thank you. up 105 for the dow industrials but the nasdaq standout indicator up 166, one 1/4%. that's the stock market. susan is covering the crypto market. tell me about bitcoin, susan. susan: bitcoin, bitcoin trade when it comes to equities, stock is back on. bitcoin at 41,000 and change. above the 41,000 level. we'll check on the grayscale bitcoin trust, which owns

600,000 bitcoins. for average bitcoin traders. tesla, the microstrategies of the world, square, these companies have huge cash piles to buy into bitcoin. then you have the blockchain and the bitcoin miners like riot blockchain, also seeing gains as well. what about that reversal in big tech, as you mentioned to you, the fact we still have yields holding close to 160. the federal reserve coming out saying maybe, not sure, we're going to tap back and raise interest rates. that is a lift for technology stocks at the end of the day, only down three points for the nasdaq. stu, you're still on track for a fifth straight week of losses for the tech-heavy nasdaq if that happens that would be the longest losing streak we've seen in almost nine years. you have to go back to 2012, the last time we saw that happen. stuart: nine years? that is a surprise. i did not know that, the worst losing week for the nasdaq in almost nine years. my goodness.

susan: we have five straight losing weeks, that would be the longest losing streak in nine years. sorry if i didn't articulate that better. stuart: no, no. did you see our interview with the lady who runs the engineering, ford f-150, the electric, the lightning? susan: yes. stuart: she told us that the new electric lightning goes from zero to 60 in four sections. susan: wow. stuart: you told us earlier musk's new tesla model, s played, can beat that, did you say -- susan: two seconds. 0 to 60 miles an hour. elon musk you saying june 3 record at the california fremont factory they will deliver model s plaid cars. fastest production car ever. 0 to 60 in two seconds. not bad. the plaid model s is delayed many months because of the chip shortage. it costs more, 120 grand.

top speed, 200 miles per hour. 300 miles range the charge you get. pay 20 grand for the faster model, the plaid plus. that has longer charge, 500 miles each charge which is pretty good. probably in this electric age. self-drive sergeant future for tesla, we know that, drivers, have you even "the wall street journal" report, drivers are tricking out their cars to do it now. just, we heard case of a man from illinois who was caught sleeping behind the wheel of his tesla car which was apparently on autopilot. this is something we hear a lot about according to cases. this autopilot car was going 80 miles per hour. the driver was asleep. that is dangerous, stu, we heard, as we know from the houston case. stuart: it is. i'm still amazed zero to 60 in two sections. can you imagine, just pinned to

the seat. can't move in the seat. susan: great technology. stuart: do you love it. a sweetish company, the oat milk company, oatly. they will go public today. the ticker symbol is o-t-l-a. we haven't got the opening price. what is the price? susan: opening price shares $17. i haven't seen indicated opening one. still 17. i think they're trying to match up the buyers and sellers. medium-sized ipo. that values oatly, the oat milk, non-dairy alternative that makes the company worth about $10 billion. values it at 10 billion at the $17 price range. it makes the two swedish brothers who own the company $400 million in wealth, not bad. here are the technicals and financials, losses did widen last year over $60 million. doubled from 2019. sales also doubled as well. oatly is trying to brand itself,

sell itself as environmental and social champion since cow milk produces more green house gas emissions. they have celebrity backers like oprah and natalie portman. stuart: no first trade yet. it will come at some point today. not seeing it yet. got it. we got a new group, calling out woke corporations. they have a series of ads. we have seen the ads, next question, what is next? i will ask the group's director when he joins me in our next hour. meanwhile the director of the cdc caught wearing a mask on capitol hill despite her own agency's guidance. dr. siegel joins us on mixed messaging from the cdc after this.

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♪. stuart: you like what you see, if you can see it, if you're on the radio, i will tell you what's happening, the dow is up 125, and the nasdaq is up 184, the s&p is up 31. that folks, is a rally. not bad. the cdc officials say they expect data from covid vaccine trials on pregnant women, expect the result this is summer. on children as young as six

months old, get the results of vaccine trials by the end of this year. meanwhile, pfizer says they have got a new vaccine in the works that can be stored in normal refrigeration. seems to me like good vaccine news all around. republican senators, they're introducing a bill to protect our covid vaccine intellectual property. president biden wants to give it away. hillary vaughn is with us on capitol hill. i bet democrats are pushing back against the republican, aren't they? reporter: we saw a lot of this play out with a hearing with katherine ty, making a case for of waiver, why it should happen. elizabeth warren said this waiver shouldn't be needed in the first place because she doesn't think companies, big pharmaceutical companies should have access to the patents in the first place to protect their product. the case am bass sore ty made why the waiver is needed, the

message to u.s. companies is this, you can be a hero but the pharmaceutical industry organization that represents companies like pfizer, like moderna, like johnson & johnson says, that message isn't enough for u.s. companies to, have spend billions in research and development to develop vaccines in the first place. they say this waiver would have impact on whether or not not big companies decide to get on the next vaccine development that may be needed in the future. that ultimately hurts everybody. but here is a statement from the group that represents the big three, they say this about the waiver, handing countries without a recipe book, workforce needed will not help people waiting for the vaccine. the better alternative to follow through on the president's pledge last week to make the united states world's arsenal of vaccines. this policy leads in the opposite direction. now republican senators here on capitol hill are wondering just that. president biden campaigned off

of making things here in america and benefiting u.s. manufacturers. they're wondering why he is not trying to put billions of dollars to ramp up more production to get these vaccines from the u.s. to these other countries safely. they're pushing back on the waiver. senator pat toomey said this in a statement. the biden administration should protect the intellectual property of american companies especially those that produced covid vaccines in record time. instead the administration is advocating foreign companies expropriate these pressures american assets. stuart. stuart: got it. hillary, good story indeed. now this, cdc director rochelle walensky caught wearing her mask on capitol hill after revising mask guidance or those vaccinated. dr. siegel with us, the man himself.

director walensky was fully vaccinated. why was she wearing a mask when the guidance says you don't need that. >> senate rules say you don't need to. the rate of positivity weren't below 2.5%. the argument, could be some around is no longer really bearing there. i think the cdc, stuart, i tell you why she probably did it although i can't read mines, they received a lot of pressure from the left for changing these guidelines, which by the way were common sense. if you're vaccinated it works, you can't get it, you can't spread it, very unlikely. even if you came in contact with someone who is unvaccinated could happen in the senate but very, very unlikely you're not going to get it. she is not sending the right message here. she needs to be a role model for her own guidelines. her guidelines made sense but they were delayed. should have come weeks before. they make total sense. no more mask mandates.

take the mask off. you're in a public place, take the mask off. you've been vaccinated. stuart: okay, just suppose there is a next time, another pandemic, should we go back to full-scale lockdowns? >> not at all. in fact we used the wrong model. i think what we've learned from covid we got to really figure out what the virus is, stuart. that is a great question. because those lockdowns were based on influenza, not covid. covid happenings in the area aerosolized. all you did destroying the economy you care so deeply about than and i do, you spread more covid. poorer people, couldn't get out, no place to go, spread covid within the households. completely backfired. we should not have them in the next pandemic. stuart: dr. siegel, thanks very much for joining us. clear-cut opinion we love it. >> thank you, stuart. stuart: another big hour coming up just for you. we've got lawrence jones, dan henninger, gary kaltbaum and

more. chicago's mayor, lori lightfoot says she will only give interviews to reporters of color. question, how do you combat racism when you take a racial position yourself? i'm dying to hear what lawrence jones has to say about this. i will ask him. after this. ♪ oh, i've traveled all over the country. talking about saving with geico. but that's the important bit, innit? showing up, saying “hello! fancy a nice chat?” then we talk like two old friends about sticky buns and all the savings you could get by bundling your home and car insurance. but here's the real secret. eye contact.

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(judith) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest.

(other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different. in your position and know the market is going to be sideways for the next couple months but you should be rest assured that stocks are higher a year from now. it is not the start of a correction. it is the start of another round of bullish tendencies we are on the cusp of. a bit of back-and-forth motion in the markets we have to deal with, we talk about crypto currency but that is not a currency right now. more like equity regulated by the fcc kind of like gravity. you may not like gravity but

gravity doesn't care. this will end up. >> the earnings story is not only strong but a tremendous amount of liquidity, we can't get a recent -- ♪♪ stuart: 11:00 eastern time, thursday may 20th. let's get straight to the markets. you will like what you see. i call this a rebound. the dow industrials up 150 points, roughly half a percentage point, the nasdaq composite straight up 182, a gain of one.3%. >> first positive day for stockmarkets. we had the weekly jobless

claims number coming down this morning and the fences we will continue this easy muzzy -- money policy, a lot of green onscreen, virgin galactic, one of the best performers up 14% confirming they are going through with their flight test next week, much delay, no richard branson on board. nvidia, the world's largest chipmaker, keybank, $700, up 30% from here. marijuana producer reviewing a deal to provide cannabis to the uk, and the by, $1,700, it is at the current levels. >> i was so wrong. look who is here.

kenny, the anxiety over, selling half of microsoft and don't need to do that. >> they are rallying nicely, they came out and made the announcement, didn't find anything new in the mindset, others want to continue the status quo, the market seems to be embracing, seems to be getting more comfortable with maybe it is time to have that conversation. as much, plenty of warning,

that is the first warning. they do think it is coming in the markets talk about what that means. what the potential change might be. stuart: here's what the fed said. a number of participants suggested that the fed might be appropriate at some point to begin discussing the pace of asset purchases. i could have said that. there might be a tight knit coming but that is basically it. >> that is not new news. on the other side, a bunch of them thing, at the masters senate, jay powell said it. there is a split building, but

the idea is they are letting you know they are hinting about hinting about thinking about having a conversation. that is the first warning. i think this is the first warning. there will be more to come as we make it through the summer but that -- i more comfortable that conversation will take place sometime in the fall. stuart: okay. we are all set, we are okay, nice bounce back, quick the anxiety, walk away from it. you've done a good job of handholding yet again. we appreciate that, thank you very much. dow jones industrials up 160, bitcoin 41,700, that is the stated play with your money, now this. how do you combat racism when you take a racial position yourself?

how do you oppose skin color discrimination when you discriminate by skin color? it is a contradiction at the heart of the debate on race and a glaring example just surfaced in chicago. the mayor, laurie lightfoot, says she will only give interviews to black and brown journalists, no whites. the mayor doesn't like what she calls the overwhelming whiteness and maleness of chicago media outlets so discriminate by skin color. this may seem a minor blip in the debate on race but it is symptomatic of the way the debate is being carried out. look what is happening in our schools, black kids encouraged to denounce whites, white kids shamed. critical race theory, division by skin color, you have to wonder what would happen if the mayor of chicago were white and refused to give interviews to blacks, cancellation at the very least. mayor lightfoot has at least come right out with it and it has not gone down well.

chicago's media is in an uproar and at least one outlet, the chicago tribune has pulled out of a planned interview. good. may the pushback continue. here is lawrence jones, my friend and colleague who joins us now. the mayor says her decision is part of a lifelong battle to fight for diversity and inclusion. seems to me it is the exact opposite. what say you? >> i was encouraged diversity of people, thought but when you isolated the skin color of someone, that is the height of racism, that is what you are seeing from the mayor.

>> are you going to get an interview with laurie lightfoot? >> i've been trying to interview her for two years as i have been covering what happened in chicago and when you talk with people on the ground they don't see her walking the street on the south side where shootings are taking place. if she want to focus on black and brown folks you can start right there. i tell people all the time, i am a black man, i offer different perspectives. we encourage diversity but when you isolate based on just someone's skin color and not the totality of the person i don't know what you call it but racism. >> you haven't got an interview yet with laurie lightfoot. is that because you work for fox? >> probably. i haven't been the kindest person when it comes to the violence in chicago because i'm speaking for the people that are there, telling their story. i'm not here to advocate for any political party or any side when it comes to city council. my job is to get the answer for the people and they want to understand why in the world does this continue to happen in

chicago and there is 0 outrage. that is concerning the people of chicago on the south side and if you want to inject race and it just because i know these people and talk with them they often say of the shootings were happening in those white neighborhoods in chicago there would be a mass surge to fix the problem. why is it not happening when it comes to black and brown neighborhoods? that is the real conversation people want to have. stuart: we have enjoyed your reports from around the country on the major issues of the day and you have been to california's venice boardwalk overwhelmed by homeless people. you saw it firsthand. i want our viewers to look at what you came back with. role tape please. >> i have been in california my whole life and feel like this is not california anymore. >> is it safe for families?

>> wire and the police here enforcing the laws here? >> have they been told not to? >> the police were defunded. lapd -- they are dealing with so much. stuart: the tourists, that is a tourist area as i recall. i don't think they will come back for that. >> a lot of people say they will come back, but the real issue is this is public safety. this is not compassion. a lot of these folks, you will see the full package of even the homeless people i have talked to are addicted, they need help. the problem is that help the city provided is one of giving them the needles to do the drugs, giving them something when they overdose, give them food every day. they don't give them the opportunity to hit rock bottom. i talked to one business owner on the strip for 10 years and he didn't really change until he had the rock-bottom moment. the city is not giving young people the opportunity to do them.

these are kids that are my age. it is a real crisis in america but putting them on the beach and saying this is okay making it normalized is not the solution. we reached out to the lapd talking about this issue and they said listen, we enforce the laws that are on the books. the fact the city council pretty much changed policies and ordinances and said it is okay, we have no laws to enforce. when we arrest people it is not our job to make laws and i think it is left at the feet of city council, the mayor's office as well as the governor. they have to do something about this. stuart: you are very good at exposing the mess. weldon, lawrence jones, tell us more anytime you like. thank you very much indeed. hundreds of police officers are now patrolling the new york

city subways. there has been a surge in stabbings. wall street journal guy dan heninger says we have to get back to law and order. a usd fighter calls out elon musk over his delayed tesla delivery. watch this. wife's car, broke? been waiting 6 months. i had a baby. i need a good car. let's go, elon. get me my car. stuart: got everybody's attention, putting musk on the stop but did it work? we have the story. first a conservative group launches a $1 million ad campaign fighting against those woke companies. we have seen the ads. what is the end game? where they going? boycotting those woke companies? we will find out next. ♪♪ ♪ ♪ (upbeat music) ♪ ♪

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>> american airlines rated the worst. american requires passengers to show id to fly but attacks texas's popular voter id law. coca-cola is getting political attacking georgia's popular voting law, to distract from years of dismal sales, nike constantly political, cover, congressional reports these was labor in china. stuart: it was an ad from the conservative group nonprofit group pushing back against woke corporations. the group behind the campaign is consumers research and the directors will help. we have seen the ads, you have run some. now what? do you propose to punish these

corporations with a boycott? >> the consumer's first initiative is a 7-figure ongoing campaign with a simple message to these companies but also corporate america across the nation. if you take positions on political issues you don't have expertise on and are not germane to your business to distract from failures and mistreatment of your customers you are on notice we are coming after you. stuart: you are coming after them in what way? >> this is a name and shame campaign, they will not be able to distract from mistreatment of customers, take american for example, rated the worst airline by wall street journal, lose the most bags, kick the most passengers off flight. we were able to confirm by reaching out to them that during the pandemic they continue to decrease legroom on their flights and this is at a time a multibillion-dollar taxpayer-funded bailout when the federal government and

still paid their ceo and 8 figure paycheck last year. we are not going to let them keep distracting from these issues. they need to serve consumers and stop trying to serve woke politicians. stuart: do you object to any ceo being involved in his or her company in a political situation? are you saying ceos out of politics period? >> they distract from mister into the customers and need to focus on creating quality, healthy products free from the taint of forced labor and treat their customers better and if there trying to distract with -- stuart: i got it but you are only objecting to one form of politics, aren't you? woke politics with what the ceo came out and said, not sure what they could say but anti-woke, took a political position directly opposite the woke brigade would you criticize them because they

brought up politics? >> any company that is trying to distract from their mistreatment of their customers by taking positions on issues that are not germane to their business, they have no special understanding of, they are now on notice we will come after them. stuart: so it is name and shame. are you going to call out corporations that still require mask wearing even though the cdc recommended that is not necessary? >> the nation's oldest consumer protection organization, we have a 90 when your pedigree for speaking up for the consumer in the market place. any time, to distract, that is what we are naming and shaming and we will stay true to that. stuart: thanks for joining us. name and shame. we appreciate it. that is a rally. 34,000, back to that. the market bouncing back from

this week's selling. with politics at work. they had to reverse that policy when they got a real backlash. spotify is pushing back against corporate wellness. what is the shop aify guy saying. >> the ceo, the government is not a government saying, we cannot solve every societal problem here, we are part of an ecosystem of economies of culture and countries but, and that is what we are focused on. and they handle racial and social justice issues. this comes after base camp

announces staff will no longer be permitted to engage in societal and political discussions. the issue, these employees, should play a key role in responding to these racial and societal issues where the ceos say we have no role in that at all. we are staying out of it. stuart: see if there is any backlash. earlier on the show we showed you that usc fighter who couldn't get a total of are his wife and he went public with his complaint. susan, take me through it. >> winning a usc fight and screaming for your car on espn. >> i said jokingly i will call him out after my flight. great idea. we just laughed about it. it was just a joke.

as i got closer to the fight, i'm going to call him out, why not? it has been frustrating, i've waited over 6 months. >> you heard his call out to elon musk after winning that fight. all you do to get your tesla early, crack some bones. he ordered a new car for his pregnant wife six months ago but has yet to receive it. musk got the call and he said he woke up sunday morning to text messages from multiple tesla dealerships asking him to return their call so he got his car. ask and you shall receive. stuart: the occasional intervention by musk is quite valid. >> to earn the car early is not easy to win a usc fight. you want to get in the cage?

stuart: no, thank you very much indeed. something on the prompter, i'm going to read it but have no clue what it is about. i believe it you. everyone wants those blue checkmarks on twitter. what is that? >> you are in those blue checkmarks on twitter and that means they verify you are stuart varney tweeting from your stuart varney account. what i found surprising is they stopped the verification process in november of 2017 but they are saying we are going to roll it out gradually over the next several weeks or so and it will be found in those accounts getting tabs on the service. i didn't know they actually stopped the service because i have a blue checkmark and people are saying how did you get that? most people could. you have to go through a verified user who then has the ability to verify you but they are going to the actual twitter company itself. stuart: in the unlikely event that i ever open a twitter account. >> you have one. stuart: the more unlikely event -- i know the show does but i

personally do not. we are done. before i get into trouble here. here is a number for you. 37 million people will travel this memorial day. that means packed hotels and restaurants at least probably. are there enough workers to keep up with this increasing demand. look at this. shootings in new york city up 79%, murders up 22%, crimes on the rise, are democrats being forced to face this. dan heninger says yes they are. ♪♪ trouble on the way ♪♪ i see lightning ♪♪

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stuart: 70 degrees in new york actually climbing from their but a nice day. the dow industrials up 200 points, that is a rally and the

nasdaq is up 210. if that's not a bounce back what is. 34,100 for the dow, 135 for the nasdaq. the eyeshop people. >> lost some of your audio. the house of pancakes opening a new brand of restaurant, a casual spinoff of the pancake chain with a menu targeting the consumer more like a takeout kind of brand offering 150,000 to the first 10 franchisees who opened a flip location at away to speed up the pilot so that is good incentive, they path this launch because of covid and the pandemic. i told you about this last hour, google opening their

first ever retail physical store in new york this summer where they sold those phones enclosed the deal and wearables up for sale, and the product they own and google speakers and this is housed in the chelsea neighborhood which is located in the same building, that people's new york offices, pretty close to the apple store. apple and google spending a lot of money for the new west side highway, thousands of employees here. >> let's see them come to new york city, dow is up 225, that is a rebound and a half. we are talking new york, violent crime surging, some police departments are being defunded, there's a connection here, here's the headline in the journal, law and order is back. new york's mayoral race is forcing democrats to talk about crime again.

dan heninger wrote that and joins us now. seems to me are saying democrats are being forced to face this crime wave. is that what you are saying, forced to face it? >> they are being forced to face it in new york city because we have a mayoral election going on here. you got to run on something. eight democrats are running to succeed mayor bill deblasio, the democratic primary is june 2, '02, right around the corner and that will effectively decide the next mayor of new york. they are out there campaigning and lo and behold, shootings in the city are up 80% over last year. you cannot turn sideways without seeing a story about a shooting such as last weekend in times square when two women in the 4-year-old got caught in the crossfire at 5:00 in the afternoon. we had the mayoral debate last

thursday, eight candidates doing it virtually and for a third of that to our debate they talked about guess what? law and order. they had to talk about the mayhem and they had to address it. most are men and women of the left, they want to defund the police but 3 of them, eric adams, the borough president of brooklyn, andrew yang who ran as a democratic presidential primary, ray maguire, former citigroup senior executive, are all running online and order platforms, the two leaders in the polls are indeed eric adams and andrew yang, the law and order candidates. it is on the surface in new york city. >> is that a simple response to the crime wave which is in itself a response to the defund the police movement? is at all interrelated? >> it is all interrelated. it has gotten out of control. the crime, just this week mayor

bill deblasio when he ran for mayor in 2013, one of the biggest issues in the campaign was whether to ban horse-drawn carriages in central park. just this week mayor deblasio ordered 250 cops into the subways to deal with the rising and rampant crime going on in the city. eric adams, borough president of brooklyn said he thinks the city is at a tipping point with crime. either we get our arms around and do something or it is simply going to drive the city downhill and put at risk a lot of things you are talking about. google opening headquarters on the west side highway, the city trying to come back, we've got the vaccinations to deliver new york city from covid but nothing at the moment to deliver us from the violence in the city so the people of new york in the primary june 20 second have to make a decision on which they want the city to grow, the crime in the streets.

stuart: it is crunch time in new york and elsewhere where their elections. dan heninger, great stuff, thanks for joining us, see you again next week. let's have a discussion of this, oakley, the oak milk maker, dairy people object to the use of the word milk because it is an old product, not how product, they are going public today, a lot of celebrity 7 doors this brand. of they opened yet? i don't think so. >> i don't think so but they priced at $17 a share. it probably increases the value, natalie portman, oprah, sells itself as an environmental social champion because cow milk produces more greenhouse gas emissions, $17 buys it a $10 billion -- that makes it two swedish brothers who founded this company $400 million richer. let's bring in a super bowl commercial, the money they paid for the advertising time was

worth it but you think it -- if you were one of these brothers, worth it to you? can we play it? ♪♪ ♪♪ no cow ♪♪ no no no ♪♪ wow ♪♪ no cow ♪♪ no no no ♪♪ >> okay. that was worth it. would you do it? stuart: it was brave and it worked. $440 million, you don't know me very well. >> you would do a lot. i should note the financials, beware of what you are buying, it is still bubbling during that time but losses double last year. stuart: losses doubled despite the commercial losses doubled, thanks. the ceo of bite dance, the parent of tick-tock is stepping

down before their big ipo. what is going on with this story? ashley: it is interesting. chang who cofounded bite dance in 2012 is going to move to another position in the company while fellow cofounder liang rubio will be the new ceo. a soul-searching letter to employees the chang said he could be more effective in another role adding he hasn't challenged himself to update his ideas and contests and concludes that he doesn't have the skills to make an ideal manager. a real mea culpa. that said it should be pointed out chang has led the company who success with tick-tock created the world's most valuable startup but he says i am going to step down, i'm not a very good manager. >> you don't hear that very often. we've heard this before. prince harry and megan markel

shocked the world with their oprah interview. role a bit of it again. >> concerns and conversations how dark his skin might be when he is born. and who is having that conversation? with you? stuart: prince harry is expected to drop more as he calls them truth bombs. i disagree with that characterization but they will display more truth bombs. we have a preview of it. hotels bracing for a summer travel surge. do they have the staff to keep up. we have reports that some hotel managers are cleaning rooms. a full report coming up. ♪♪

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>> that is where different connecticut. looks like a pretty nice day. the dow is up 300 tons that is a nice day. getting ready first summer travel demand, forcing some of them to turn guests away. lydia is in connecticut talking to the lodging association, creating a task force to find more workers. >> reporter: they are coming up with strategies for recruiting the next generation of hotel workers. the workers employed by the hotels, they are not coming back.

and the current staffing matters half of what they needed to be. the human resources manager is also working in the kitchen waiting tables and cleaning rooms to help out. listen to this. >> a lot of people doing double duty, folks working 60 hours a week, it is a difficult time. need to bring people back to work. >> leisure and hospitality sector is still down, we are also seeing growth and jobs in recent months, and effort to keep up with growing demand, in connecticut that attracts tourists. last weekend we saw a jumper

last minute bookings, able to fill 70% occupancy and expect that to climb as we move into the summer months and more of a return to travel and if they don't get more workers to help out and have a job as we get into summer months they might have to turn away bookings and customers, they are still navigating out of the pandemic and getting back to business. stuart: that is a desperate situation. more states bringing back work requirements for unemployment's, how many are doing that? >> the list is growing, reimposing work search requirements for anyone collecting unemployment benefits. at last report 36 states will now require anyone connecting financial aid to also search for a job to provide evidence they are doing so and 21 states

are planning to take it a step further by cutting off the extra $300 a week that president biden's relief package, they will do that this summer and it will run through september 6th. that benefit on top of regular state unemployment benefits is supposed to continue through early september. all of this good news for many businesses like the one lydia point out across the country, simply cannot find workers, they are looking to cut off the money supply and looking to find work as opposed to having the government pay them stay-at-home. stuart: not to democrat west coast. thanks. i'm being sarcastic and that is not appropriate. arnold schwarzenegger, making good on his famous promise. >> i'll be back.

stuart: arnold is back just in time for streaming day. check the big board, we are at session highs, up 307, we have a strong bounce back for stocks but the bounce back in bitcoin has stalled, 31,000 grand. my next guest says the bear market, the next bear market when it happens will be a monster bear. you don't want to miss this. that is coming up. ♪♪ ♪♪ i've got the power ♪♪ ork 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.

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>> they've opened for trading, and it started at 2212, it is up from that projected opening price. that is the latest quote we have, the dow was up one%. that is a rally. we will enjoy it. nasdaq up 241. a good time to bring in gary,

we are enjoying this rally and you come in with a warning. the next bear market will be a monster bear. good to have you on the show. spell it out. >> i called 35,000 hour. it can go higher as we break through that tie again. my biggest worry is two things i'm seeing right now. valuations in the trees but leveraged, picking up in record fashion, the amount of money borrowed by individuals and everybody across the investing spectrum is gargantuan and that tells me at the end of the cycle there is too much out there and that usually brings things down and causes bear markets to be worse than normal but i had a third part of the equation with all due respect to the presidency the biden

proposal that they ever get through would just crush upward mobility in the economy and you had those things together we could end up with 50% or so. stuart: that would be huge but any idea when this might happen or is it hanging over us in the future? >> we are in the late innings of this bull move and i think the eighth or ninth so i am thinking in the next year, i do believe we have another great gift, the market held strong support, another lift off right here. we will get higher prices in the months ahead but going forward, so many characteristics, i have studied every bear market, the two characteristics of that show up most are ridiculous valuations and ridiculous amounts of borrowed money for those valuations, you've seen so many areas that got levered big time, we are not there yet.

stuart: we consider ourselves warranted. good stuff. now this. prince william, air to the crown of england just got his covid shot. he went to a vaccine site, london science museum, queen elizabeth and prince charles, prince charles is the air to the throne received their shots publicly. they wanted to set an example. here we go, prince harry is going to reveal more truth bonds. spell it out, what is he talking about now? ashley: let me loose on this, the next stop on his whining tour is a new mental health series with oprah winfrey where he will apparently drop more truth bonds, the duke of sussex teaming up with winfrey for the me you can't see series which

will premiere on apple tv plus. since coming to the united states to protect his privacy harry has done nothing but go public to air his dirty laundry, trashing his family. america's constitution and complaining how hard life is while in his multimillion dollar home in santa barbara. it is all becoming a bit of a sad joke and frankly nobody cares. stuart: i think you are right it is becoming a sad joke. moving on. arnold schwarzenegger made a big announcement and it is national streaming day. are the two connected? ashley: yes. netflix announced arnold schwarzenegger will be headlining a new spy adventure series but it hasn't been given a name yet but the 8 episodes corrupted show, i didn't

realize this, his first tv project. the story is about a father and daughter working as secret spies but didn't know the other was doing it, that is the premise. we have to wait and see. this was announced last november so we don't have a date yet but great to see arnold back on tv on the small screen. stuart: let's get to the trivia question of the day. i do not know the answer to this. how many teeth does an adult have. i've got british teeth. might be a different number. we will be back. . .

stuart: all right, how many teeth does an adult have? 32. children have 20 baby teeth. they fall out, in come the 32 permanent teeth. now you know. jackie deangelis it is yours. jackie: we're so much better off for knowing. i'm jackie deangelis in for neil cavuto. big tech and strong jobs data are driving the market higher. our top story today, new evidence that covid leaked from the wuhan lab and the cdc director is now saying it's a possibility. what some lawmakers want from the white house. then outrage over an "l.a. times" column. why one writer is claiming