maria: have a great day, everybody. thank you to david mcdowell and mark tepper. good to see you both. >> good to see you. maria: right here we will keep watching foxbusiness. "varney and company" begins right now. stuart: i wish i had some of tepper's energy in the morning. i feel like a slug sunday. and how we economically, confirmation that the economy was strong earlier this year. able growth rate of 6.4%.

the flu vaccination rate goes above 50% of the population the layoff rate continues to fall, new jobless claims a post covid low keeps going down. confirmation that we are indeed spending big time, best buy reports strong sales this morning much in line with what we saw in the retail sector. the stock is still up. at this up, new numbers, add them all up and what you are looking at his mixed reaction on wall street. the dow is going to be up strong at "the opening bell" 160 points. modest gain for the s&p, 38% in the past year. and here is why, trend or yield back above one.6%, 600 my right

now. the 8:30 numbers showed an uptick in inflation, up goes the yield on the 10 year treasury, tech stocks take it on the chin. the new york times says president biden will submit a $6 trillion budget friday, 20% from the current budget, that is the spend in the president's tax and spend strategy. to the cryptos, bitcoin at 39,$560 a coin firm at that level. ethereum holding firm around $2,700 a coin, 2795 to be precise. i know of no new elon musk crypto tweet but if we get one we will see it real fast. more political theater coming today. the bankers make another appearance this time before maxine waters financial services committee. expect vigorous attacks on the banking industry. yesterday senator warren went after jamie dimon about

overdraft fees. thursday may 20 seventh 2021. "varney and company" is about to begin. ♪♪ stuart: i like that music just in time for me to start speaking, i don't repeat the breaking date of the morning. first quarter annualized growth rate 6.4%, jobless claims down 406,000. i call that the layoff rate 406,000 keeps on coming down. durable goods orders down one.3%, that is a wrap of the numbers, we received half an hour ago. brian belsky is with us market watcher this morning. what are your thoughts on that

data, that slew of data, what stands out to you? >> the consumer remains strong and that is what you take away from that. the gdp is a leg number from first-quarter. it is now almost june. you have to think about that but the durable goods number, that is a very volatile stream of data but it all points toward the economy continuing to do quite well and it is interesting we are lamenting about a 10 year treasury just hovering above 160. i can't talk more about how cheap money is and how we were so worried on this path to 2% in the first quarter and guess what? think the slowdown in the bottom market. stuart: they certainly have, 161 is the current quote. i know you like the banks and there's a real value in the financials, i got that but did you see what happened yesterday

on capitol hill? did you see the grilling the bankers got from the left? in that kind of an environment where the left is trying to make their social revolution, why do you want to put more money into the banks? >> the negativity surrounding financials and the specter of banks has been prevalent since 2008, can't seem to get off of the last crisis or let a good crisis get in the way of resurfacing that again. we never want the government to be involved in industry so given the fact these banks have done a wonderful job all over the world but especially north america with respect to what happened since the great recession this is more noise and theater than anything. stuart: it is certainly not noise and theater, you will see more of it today. before you go, are you still

targeting the s&p at the end of the year at 4500? it is 4200 now. do you think it is going to 45? >> we do and we think the market will continue to broaden up. we are small, mid and large cap stocks doing very well together. sectors will do well together, should be a value trade, growth and value trade and that is why quality growth and growth at a reasonable price will perform between now and year end. stuart: that is what we are looking for, see you again soon. now then a year ago, we would never have started a financial broadcast with a bit coin quote, fast-forward to the present and that is all we do, 39,600 is your bitcoin quote as of right now. the theory him -- ethereum at $2,800, light coin 196, doge not moving much in the past few days, $0.33 per coin, that is doge as we seek. chris heymeyer is a market maker in the crypto space as

they say. i know you think bitcoin at 60,000 was overpriced so do you think it will go all the way back to its low of 31, 32,000? >> 37500 is a good tactical point but it is bitcoin and if ethereum and they will be volatile so couldn't be a shock if it tested in 30,000. the 200 day moving average is just above where we are now, 40,500 or so. the markets really trying to figure out what is next. the selloff was healthy and good for the market long-term, long-term people think there's going to be continued government printing of money and government spending and a lot of creation of fiat currencies, those people who

are bitcoin believers long-term all believe it will go a lot higher long-term. it is doing its price action of trying to build a base but it is crypto and volatile. stuart: do you know if any cryptos in particular bitcoin, has it really achieved the status of to the point where it is being used as a currency. a medium of exchange? in some respects it has reached that level but generally speaking i don't think it has. >> you are exactly right. bitcoin in particular is not a good medium of exchange for a number of reasons, it is more like digital gold than it is currency. people should think of it as a place to have a little bit of store of value in their portfolio if they believe the fiat currency is getting debased so bitcoin in

particular is not a good instrument of exchange. stuart: what would be? of all the coins out there right now is there one you would call a good medium of exchange? >> there are stable coins. i personally feel that is one of the biggest challenges for regulators, central banks, what to do about stable coins. there are a number of stable coins that are basically digital dollars. stuart: give me a name of the stable coin? >> tether is tethered to the us dollar, circle coin, packs, and a couple others, all of those are tied to the dollar and people use them on their mobile devices and digital wallets in exchange for goods and services and move money quickly. stuart: we will try to keep in touch with that sector of the crypto marketplace because that may have somewhere to go. thanks for joining us, sorry i am out of time. we will bring you back. now this. back in february the chipmaker

nvidia unveiled new processes for mining cryptos and its earnings report yesterday, it solved $150 million worth of crypto mining chips and they expect sales this quarter to grow to $400 million. susan is here. what is this? carl icahn, this guy is a wall street legend. he's been around at least two generation. he's a multibillionaire. are you going to tell me he is interested in cryptos? >> it is a reverse for kyle archon -- carl icon, he could be getting into crypto currency and not just bitcoin but others like ethereum and other coins out there. he's calling people to say crypto is worthless, a little

wrongheaded. carl icahn called block chain and crypto ridiculous back in 2018 so in 3 years minds change but the reason he sees value in crypto is because parts of the stock market in his view are trading at ridiculous prices and carl icahn is a man who went home, when he found out donald trump was elected in 2015, starts trading and made tons of money off of that, stock market in the last few years, he's not the only guy getting into bitcoin. and other billionaire going through 70, did that as well. stuart: it is getting respectable. >> mainstream. stuart: not as a currency but as a respectable investment. >> value for now could be a payment system in the future for the transaction fees. stuart: let's get to retail sales. i want to talk about best buy, sales jumped 36%, shoppers

using stimulus checks to splurge, best buy looks to the future and raised its forecast for the year. that is why the stock is 3%. president biden has ordered an investigation into the origins of covid and admits it could have come from the lab in wuhan, china. that is a reversal. another reversal, facebook lifting the ban on posts claiming covid 19 was man-made, you are allowed to say it now but first we are going to talk to the governor of georgia, brian kemp, who signed an executive order banning his state from requiring covid vaccine passports. "varney and company" just getting started. ♪♪

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stuart: check those futures, the dow, must be a couple dow stocks doing well, up 170, nasdaq is down 21. let's look at big tech, the yield on the 10 year treasury of 161, big tech doesn't like the rising rate and only two of them, facebook and google on the upside, the rest are slightly lower. financials, bilski on the show earlier this morning, likes the financials and this morning they are all up. senator tim scott, pushing woke capitalism during the banking committee, cheering him on. watch this.

>> it seems confusing to me that one would say you are for capitalism but doing things that are inconsistent and cannot articulate a single reason why i oppose the law in georgia or funding or financing to all industry or manufacturers with guns. stuart: the south carolina senator tim scott left the ceos speechless. the governor of georgia signed an executive order prohibiting the state from requiring covid 19 passports. >> crickets after the question after the senator asked.

stuart: virtually speechless. covid passports, a government agency cannot ask for proof of vaccination. >> this is still america, the land of the free and the home of the brave, i don't feel mandated the pandemic is the way to get the american people to do something, i continue to encourage people to do that. it is a miracle, operation or speed. i don't think donald trump is getting enough credit for it. only a year into this our numbers are plummeting because the vaccine rates people know what to do now, but it is still emergency use. i am telling them don't trust the government, talk to your

doctor, talk to your local pharmacist, your faith leader or people in your family who have been vaccinated and make a choice for you and your children but we don't need state government mandating that and shouldn't have people that can't get services or go to higher education institutes, k-12 schools because they haven't been vaccinated. stuart: that was my question. our schools included in this? schools cannot in your state cannot demand proof of vaccination for students going into those classrooms. >> state run schools, that would be the case. stuart: you are urging them to stop teaching critical race theory, you say it is a dangerous ideology, with you 100% but why not ban it in your schools, other states have?

>> i wrote a letter to the state school board, some people understand how the process works in georgia. we have a constitutional officer elected statewide like me, the state school superintendent, there is a board that helps him govern, set curriculum in the state that i appoint so that is why i went through the process that i did looking forward to taking this issue up, the proper transparent way that things should be done and education versus national mandate president biden and a lot of radical people in washington dc are trying to slam down the state's through. we are not a racist state, we are not a racist country, we don't need to be teaching propaganda in our schools, we need to let local educators decide what the curriculum is at the state level in the local level and that is what we will do in georgia. stuart: governor brian kemp, republican great state of georgia, thank you for being with us. we will see you again soon as promised.

23 states at latest count dropped the extra $300 weekly unemployment benefit, you are on, about to be on. i want to know how much support in america, and -- >> the extra benefits. all 23 states decided to end the benefits, already states and in this quinnipiac poll they found gop members particularly men, higher earners tends to agree with the decision -- >> they are in red states. >> they are splitting is partisan life, democrats one think, gop members think another. what did you think of the

survey last night. 46% responded that they think president biden is too liberal. did you see that which is up from 36% in december of 2019. stuart: that is immediately shift. in december, it is may, and -- tells you. has shifted, and gratified to see it. a quick check of futures. europe 200 points, solid gain, a percentage point. moments from "the opening bell," our next guest says we are heading higher, stock prices higher for years to come.

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stuart: we open trading, the michael bull himself, why do you think inflation is just temporary?

>> it was a unique set of circumstances, the supply chain was rocked and industry is going through one time problem. it was a 1-time event. it was a write off and 1-time profit, good or bad things in the semiconductor industry. causing higher prices is going to continue in perpetuity. or is this going to get solved. same goes -- go ahead. >> i would say, at any point in our history, trillions of dollars in cash to the economy, which is recovering rapidly and growing at 6% the year. we've ever done that before,

with inflation at the end of it. >> inflation is not the measurement of this. will not make its way into the economy at a certain point it is just too much in dad's almost as a slowing mechanism rather than inflationary. stuart: you said this market heads higher for years, plural, years, multiple years still to come. make your case, you have 30 seconds. >> we are in a bull market, not going to be 10 or even 20% corrections before you end the end of it but we are in a new business and a new bull market and until we get over levered candidate bubble bursts the market is going to continue to trend higher and like i was telling you to buy the dip i prefer to buy the dips but if you got invested in the s&p 500 chances are you will do well for the next 3 to 5 years.

stuart: next 3 to 5 years, all right, we hear you loud and clear, in the near future. look at those futures, the dow is up 200 points, 10 seconds now. the bell is ringing. bingo, it is now 930 eastern time on thursday morning and we opened higher for the dow industrials. dow is up close to 200 points, 3400 on the dow industrials. i see all the dow 30 stocks, almost all of them are green, a rally for the dow right from the get-go, it is a broad-based indicator.

the nasdaq, virtually unchanged, a couple minutes ago it was on the downside, is a 0.4% perhaps because the yield on the train year treasury had 161. i was surprised to see the means stocks came back again, and on the means stocks explaining why these things came back? >> it is a blistering week. the entire week when looking at the performance up and amc up 51%, animal spirits what wall street is saying, record levels for stock market, in means stocks as well. and looking on social media and asking the wrong person and recognizing that and tilling

the shorts once again, and heaven they learn the lessons, they are popular on social media and colluded to kill your position. stuart: it seems to me some people put some money into game stop, they think ryan cohen is going to create underlying value for that company. and there has been a website, game stop, e-commerce sites in the future. it is a lot of talk again. it drives momentum. stuart: it certainly has. that was up 217 points. look at amazon down 10 points. jeff bezos getting ready to

step down, and we have a doubt when he steps down. why do i care? >> world's richest and then from the company he founded, rename recognition -- stuart: will that man walk away from his creation have no more input into amazon? >> probably not as executive chairman he will take a look at big ideas, it is the fundamental date for amazon and jeff bezos because that is when amazon was incorporated. 27 years ago. standing over the reins, he will stay on as executive chairman like when bill gates stepped away transitioning for executive chairman as well. >> i interviewed bezos in the 1990s. he laughed all the time. he was guaranteed to smile and laugh. >> you said this is the biggest ipo opportunity you've seen in your lifetime.

how much was it? it was $11 and look how much, let's talk snowflake, a data analytics software company, the stock is down, and it was interesting news. that is the interesting thing for steel, the cloud infrastructure company said warehousing & data, that is why stock is down, and the reason the guidance, amazon and google, the biggest customers -- >> that matters to me and investors but for you, golden state may not be as golden since a large cloud company

like snowflake, the headquarters isn't in montana because they had to find a place to list where it is going to be and that is where the cfo lives. stuart: the first line should have been get this. >> it is not moving because there had quartering in montana. stuart: look at williams-sonoma, blowout earnings, the parent company of west elm and williams-sonoma, 40% increase in revenue, money coming in and 65% of it was from e-commerce. unless the stock is down the third of one%. in video, always like to talk about this company. to some degree they are a bet on bitcoin.

they make chips for crypto mining. that is why. >> they made $155 million in the quarter we are in in springtime, $400 million for crypto mining ship, the main moneymakers gaining graphic chips where they make $2 billion in sales, 155, nvidia is in clouds striding off of what needs to be approved at the beginning of next month. stuart: it had a terrific rally. >> because of the stock split, a bullish sign. stuart: facebook, where are they this morning up a fraction, 14 sense, they made a big reversal. what are we allowed to say on facebook? >> if you post on facebook, you are allowed to say covid is man-made. and abrupt turnaround for facebook. they were censoring suggestions

that it was made in a lab but the white house is doubling down on investigations that might be a possibility facebook will no longer do that. >> almost a joke, all of a sudden it is okay to post on facebook the covid may be man-made. yesterday can't say that. >> when the administration was hinting it might be man-made, the previous administration that wasn't good enough for them to say maybe we shouldn't take down those post which is surprising. stuart: take a look at the dow winners. >> one of us has to be -- stuart: fired by being censored by these people in silicon valley. dow winners, boeing, the dow doing so well, this is up 3 and a half%, the s&p 500 winners headed by best buy, the still reporting retail sales. the nasdaq winners, micron,

t-mobile, fox corporation, intel, walgreen boots, big winners on the nasdaq. do you remember when donald trump said this about the covid's origin. >> came out of china, okay? whether people like to say or not everybody knows that. something happened, something happens. either they made a terrible mistake. probably it was incompetence. stuart: he said that a year ago and everybody laughed at him and said you are a conspiracy theorist. the biden team has reversed itself and is investigating. joy beha said he was lucky when he called it last year. they can't give them credit for anything. under growing number of voters the president biden is too liberal, bowing to the woke left is starting to backfire, good question. more varney next. ♪♪

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stuart: a nice rally for the dow up 250 points at 34,500. where is the price of oil? $66 a barrel at the national average for a gallon of gas is $3.04 a gallon. of the memorial day weekend coming up at the end of this week, memorial day gas prices will be the highest since 2014. the ceo of ford, jim farley telling foxbusiness how many orders they have for the electric f 150. >> the lightning, 70,000 orders so far.

a brand-new lightning, 40,000 for the work hall version, 90 grand for the easy addition. ford hasn't really delivered on everything during investor days so far. we talked about 40%, electric cars will be electric by the end of this decade, $30 billion investment. they are upgrading stock today which is why we are putting it at a 5-year high with the stock. when was the last time you saw $14? 2016 especially looking at the highest gas prices in 7 years. stuart: that is a 5-year high for that stock, that was 50 bucks. a long time ago. thanks. look at tesla, $618 a share, that is tesla and here is the tesla guy himself who frequently appears on this program.

he thinks tesla is going to $900 per share. we will get to that in a moment. i want to talk to you about tesla and elon musk and cryptos. is tesla the company, the stock, now to be considered a crypto company? what do you think? >> thanks for the question. if you didn't get the numbers first, $1.5 billion bitcoin and have to compare that to $17 billion cash on your hands, on your balance sheet, less than 10% and the market cap of $1 billion is the market cap. so bitcoin is not crypto, now if you look at bitcoin, that is

quite interesting, i referred to the tweets of the ceo, crypto currency, and something quite exceptional. they are trying to be in that space and two dimensions to that. it is a free market thing on fox news this morning. and bitcoin is even today, bitcoin owners, that is the market and, in the million run. >> >> $900 a share.

that is an easy thing to say. anybody can say it is going to the moon as long as you don't say when it is going to the moon. when will tesla stock hit $900 a share. >> it is always on a 1-year horizon, we did upgrade earlier this year. i wouldn't expect us to be there by february or march next year. the reason for that is production today is meeting demand like delivering the demand so my thought is simply combine all the additional capacity and be in a position to beat expectations in 2022, and 2023 and once it happened 900. stuart: $900 by february or march, thus spoke are on this

program on may 20 seventh. thank you, we will be following it. savings and investments, acorns are going to go public, but it is a stack, isn't it? >> a blank check, acorn will emerge with a deal of $2.2 billion already double the valuation at $1 billion a few months ago and expected to close on the back half of this year. the company looked like it was tracking a lot of celebrity backers, dwayne the rock johnson, and they have some metrics, they doubled their subscribers to 4 million from the fourth quarter, the first quarter but back deals of closed down and haven't raised that much money lately. i feel there has been a

stabilization in the trend. stuart: i believe acorn loses a lot of money and will lose a lot of money for a long time in the future. >> usually uniform money-losing. >> see if they get their 2 billion, thanks, susan. take a look at boeing leading the dow higher, they are dow stock, agreed to pay $17 million in penalties related to the 737 max jet production problems, stocks up 4% really helping the dow. flipping 100 one. the star of that program is coming up on the show. he is a house flipper. watch this. >> have you brought up the fact that they are not working on the house? >> i need more money. >> that is a huge red flag, he's not the guy you need. >> you have to make fast decisions, tough decisions and

keep emotions out of decisions. stuart: i will be interested to see how the house flipping business is doing in times like this. not many homes for sale, bidding wars on every home that is up for sale, tenure flip in those circumstances. i will ask him and i think this is memorial day weekend, it will be a breakout, a blowout, everybody is ready to bust out, we are long overdue, aren't we? who better to talk to about this than both pete hegseth and will kane together on this show. that is what we do for you. ♪♪ ♪♪

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stuart: that is firmly in america, 6:50 a.m. and 60 degrees. here comes the weekend, memorial day weekend. here come the barbecues. my friend and colleague edward lawrence is in his own backyard with his own grill and my question is about inflation. how much more i you paying for

your barbecue this weekend than you did last year? >> a significant amount. this year is going to cost significantly more. i was at the grocery store last night and i bought two stakes, ground beef, this cost me $70 last night so year-over-year inflation is up 4.2% and we wanted to look at things you're going to use when you grill out this year. the usda choice steak is up 8.6%, hotdogs are up 8.2% this year, processed cheese, you need processed cheese. what would your burger be without it. charcoal will cost more propane, it is up 17.2%, the bottom line is this memorial day weekend is going to cost you more if you grill out so we

decided to go to the expert, dan hayes is a grand champion barbecue or and also a cofounder of operation barbecue that helps after natural disasters bringing meals to first responders. this is what he said about grilling on a budget. >> check the meat counter, check what is on sale. it is going to be different and make people think differently about how they are going to have to be a little bit more conscious and think ahead as well. not just going to run to the store and always be able to find it. >> i like to do things the old-fashioned way, i use charcoal here. my secret ingredient is mesquite chips. the little mesquite insider charcoal for the smoky flavor and then add a little old base b you do y y stakeeseers. rtt hat.ha ha ha is calleds called a t bth way. big still ahead te s, kane,oe c joeioio co comicomiig

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♪♪ at edward jones, our 19,000 financial advisors listen and work with you to create personalized investment strategies to help you get back to drafting dreams and building your future. edward jones. it is time for investing to feel individual. ♪. stuart: walking on sunshine. okay. walking on sunshine. i feel so stupid. we like to work on some sunshine for the weekend. we think it will rain in new york. there you go. it is actually walking on sunshine. katrina and the waves. get on with it, stu. like the rally for the

dow industrials, up 250 points. 34,056. the 10-year treasury yield however, has moved up to 1.1. that's why, show me big tech, that's why, one of the reasons why big tech is not doing that well today. only one winner in that group. that is apple. the rest of them, amazon, facebook, alphabet, microsoft on the downside. got to get to cryptos here's the news. moments ago bitcoin was at $40,000. dropped back just a faction. 39, nine is where bitcoin currency is. and now this. one year ago, we were deep into pandemic disruption. yeah, we were. may 2020, dr. fauci then, year ago, he gave an extensive interview to "national geographic" in which he dismissed the theory that covid had started in a lab in wuhan, china. the media picked up on that, because president trump was

voicing his strong suspicion that is exactly where covid came from. they loved fauci. they hated trump. cnn said, and i'm quoting now, anthony fauci just crushed donald trump's theory on the origins of covid-19. crushed? are you kidding? fast forward to january 2021, an outgoing secretary of state pompeo said there was reason to believe several researchers in the lab became sick in the fall of 2019. strong evidence that it did indeed start in the wuhan lab. yesterday the administration said, okay, okay we will investigate. what a sorry story. the la be theory was rejected because trump supported it and they're back on the hook now. republicans in the senate want to declassify the info that pointed to a lab outbreak. learned sy gram wants sanctions, make them pay if the chinese

will open up completely. the chinese said they will do no such thing. the stage is set for a major league shutdown. we have to find out how the thing started, so we can stop it from happening again, and b, to have accountability for ongoing dissass term we lost a year because the media had to dismiss everything president trump said. a sorry story. second hour of "varney & company" about to begin. ♪. all right. more numbers on the economy coming at it right now. actually numbers on the housing boom. we have the figures on pending home sales. susan: disappointment here. for the month of april looked like home sales unexpectedly dropped 4.4% in april. economists were calling for a gain of .8%. because of record low inventories, pending home sales

hurt by lack of supply. year-over-year, pretty staggering, 51.7% from april 2020. stuart: 51% year on year. susan: year-over-year. stuart: pending home sales? susan: they dropped month over month. stuart: that is going back a year in the middle of of the pandemic. we have mortgage rates. cue ashley webster. this is his moment. i'm guessing we're still under 3% 30 year fixed. ashley: we are. but we're back at 2.95% on a 30-year fixed-rate mortgage. by the way freddy says homeowners who refinance therapy 30 year fixed-rate mortgage last year saved more than 2800 bucks a year. that's pretty good. many more could do the same but apparently there are nearly two it will dollars in cone forming mortgages out there that could be refinanced and reduce their

interest rate half a percentage point. if you have not done it now is the time to do it. it is back under 3%. 2.95%, stu. stuart: we'll take it. thanks so much indeed, ashley. bring in professor brian brenberg. are you a professor? can i call you that legitimate i? >> [laughter]. i am believe it or not, stuart. they gave me that job. stuart: good. you're very. pending home sales actually done. you bring all the data together, what does it tell you about the state of the economy as we speak? >> i'm looking at that home data, stuart, and you know the reason pending sales are down because demand is down. demand is way up. this is all a inventory story. we have the great millenial migration happening, stuart.

it means everything for this economy. millenials are on the move. this group wanted to be in cities. this group wanted to travel. they wanted the experiences. they didn't want to own houses. they didn't want to be tied down. covid changed everything for them. they're moving south. they're moving west. they are pulling the economy with them. it is going to radically change how this country does business in the years ahead. this is the story. we'll see the inventory come back, when more mortgage forebearance ends and i think you will see numbers. we're talking about a new trend where people live, how they live their lives. stuart: okay. what about the overall economy? if you've got the remarkable expansion in housing we've got already, which you think is going to continue, what about the overall economy? can we see at any point this year, could we get 10% growth?

>> i think we can get more than that even, stuart. but the big question, you raised this before. what kind of policy do you get? not whether the american people want to recover, they're out, they're traveling, they're shopping again. they have all the energy in the world. animal spirits are through the roof. the question do they have the incentive and ability to do it. that is an open question, because you know the biden administration is it talking about things that slow growth including taxes and including regulation. this is a story where america is ready to put its foot on the gas pedal. it already is. you have an engine, economic engine malfunctioning. we're seeing smoke. we're seeing it in prices rising. we're seeing jobs not being filled. the administration will fix that and they can, they can do it by quit spending money. they can do it by letting the economy reopen and go. or they are going to double down on these problems. that may not jeopardize growth in 2021 stuart, but it

jeopardizes growth in 2022 and we need it for years to come given what the pandemic did to this economy. stuart: professor, that was a very good lecture and we absorbed it all. thank you very good stuff indeed, brian. seriously, good stuff. brian, see you real soon. >> thank you. stuart: get back to the markets. we have a 200-point rally for the dow industrials. the nasdaq is slightly on the downside. d.r. barton is with us this morning. we talked to professor brian brenberg right there. we were talking about really explosive growth for the economy. that brings up the question of inflation. now the fed says inflation is temporary. we're going to get over it. i see a lot of market people say it is temporary. nothing to worry about. are you in that camp with a rip-roaring economy, chucking money into the economy by the trillions, you think the inflation rebound is temporary, do you? >> i believe that word that the fed keeps tossing around, tanser

to, is maybe kind of right. however, i think, maybe the short to midterm we'll see some relief from that when we start to get the supply chain even out. but we've got to remember, we've had four straight quarters of wage inflation. so wages are going up. when we start pulling some of this money out, you talked already this morning about state has are not giving out that extra, accepting that extra $300 per week unemployment. when some of that starts coming out of the economy, stuart, i think we'll see people going back to work. i think wage inflation will level off. i think inflation story is a story, but it is down the road a bit. stuart: so you're still bullish for the stock market, no matter what, you're bullish? you buy it now, hold that thing away you go? >> absolutely. the reason is almost the same with inflation. we have so much money piling in, stuart. it is finding its way into the assets again. we saw just this week the old

meme stock we haven't talked about for a while. amc, gamestop, they are going up this week. people are trying to find a place for the money to grow. that story is going to continue. stuart: i just get nervous. year after year after year, the market goes up with barely a blip and we are still saying it is going to go up and up and up. i get nervous when i hear this. i've been around a long time, dr. i get nervous. it is the way it is. out of time. thank you, sir. susan is with us. looking at various movers. i'm seeing. i know that is. susan: you got a legs son that. get into the work space from home. stuart knows how to work it. larger than projected loss for this current quarter. the cfo is leaving why it is down double digits.

workday, you used that as well, making a lot more money than wall street forecast. guidance over subscription sales a little light this quarter. gap and walmart, you've been to walmart and gap i'm sure. they're teaming up. this is interesting deal. walmart will sell a new line of gap branded home goods starting june 24th in case you want to know. we talked about people investing in their homes. that is helping a name like williams-sonoma, making 40% more on the bottom line than anticipated. shoppers are investing as they buy more real estate. stuart: tesla. they are moving a little bit. up over 1%. 626 is the price on tesla. what have you got on them. susan: this is a really interesting story on tesla. we're facing a global chip shortage, that will impact 60 to $80 billion worth of global car sales. tesla said they're being impacted with the supply crunch and lack of chips as well. they will pay up front to the

korean and taiwanese chip-makers to make they get enough chips and get ahead of the line. stuart: like buying up vaccines ahead -- susan: right. stuart: you buy up chips, you got the money. you can get them now. susan: also a very competitive world. if tesla wants to get ahead of it. there are talks also according to "the ft" reporting, tesla might look buying a chip factory themselves. there have been discussions about this. samsung is their preferred supplier according to "the ft" report. stuart: no surprises from tesla any longer. it is a constant surprise all the time. that's it. lockheed martin under fire, reportedly they put their executives through, quote, white male privilege training. what is going on with these woke corporations? we will certainly be discussing it. we all know the housing market is hot. it is red hot. what about the house flipping guys? i will ask the star of hgtv's

flipping 101. he is on the show shortly. florida leading the way again this time fighting for your privacy. i'm talking to state representative fiona mcfarland. ♪. i became a sofi member because i needed to consolidate my credit card debt. i needed just one simple way to pay it all off. it was an easy decision to apply with sofi loans, just based on the interest rate and how much i would be saving. there was only one that stood out and one that actually made sense and that was sofi personal loans. it felt so freeing. i felt like i was finally out of this neverending trap of interest and payments and debt. ♪♪ that building you're trying to sell, interest - you should ten-x it. - ten-x it?

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or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. stuart: all right. fox news alert, here we go, trade rep katherine tai meeting this morning with china's vice premier. it was their first meeting. they spoke about the trade relationship and also raised issues of concerns. that meeting took place. you remember the gentleman from

all the trade talks with the trump administration years ago. now he is talking without a trade rep. senate republicans introducing their infrastructure counteroffer. all right. what how much. what will they build? susan: less than a trillion dollars. we're still looking at $928 billion in this infrastructure counteroffer we're seeing. looks like senator capito is leading this right now. she said they passed the 35 billion-dollar water infrastructure plan. that is on the table. you have the money from previous stimulus plans that have still gone unused. $560 billion for actual infrastructure for roads, bridges. stuart: the real stuff. susan: four billion for electric cars, which is less than the 175 billion that the biden plan earmarked for electric vehicles. stuart: four billion for electric vehicles. susan: four billion. stuart: compared to 179 billion combined. >> that is it what i see here. that's right. 958 for public transit. 250 billion for transit systems

this is more bipartisan bill goes into real building of roads and infrastructure. stuart: real infrastructure. susan: yeah. they're hoping to make some sort of progress by memorial day. stuart: check those markets, please. we've got less than a 200, no, we got it, it is back again. 233 up for the dow. s&p up 15. the nasdaq turned around too. that is up 17 points. now the big tech, the dow winners headed by boeing up nearly, just over 4.25%. yeah it is a dow stock. that kind of a gain for a dow stock pushes the dow up significantly. now it is up 230. we told but the governor of florida, about ron desantis signing that tech censorship bill he did that earlier this week. my next guest pushing another bill that would let florida residents sue big tech for quote, misusing data. florida state rep fiona

mcfarland joins me now. why would you want to sue a company that misuses data? what do you think they're doing wrong that you want to stop? >> here in the state of florida we've taken a big stance with the support of our governor ron desantis to say the balance of power shifted away from the consumer and too much in the hands of big technology. we've taken the first step with this year's big tech censorship, social media censorship. you hate it. i hate it. everyone hates it and then act two is really to go at something a bit broader which is how our consumer data is treated online. we think consumers should have the right to know what information companies collect about them, where they got it what they do with it. stuart: you're talking about the misuse of information. what kind of misuse are you talking about? >> anytime you talk about technology and big tech in the way that we are with data what's most important about the policy to get right is the enforcement. we can pass resolutions all day long until we're blue in the face but until companies are

looking at their bottom line and how that will affect them from a risk portfolio that's the only way we can get big tech to pay attention to the rights that we demand as consumers to have control over our data online. we decided that -- stuart: just, i do have a problem with this in that if effective if this goes through, you get what you want, we will end up with an avalanche of lawsuits. this is america after all. >> that's right. that is certainly a concern and one we're very receptive too. it is perhaps why we'll take another legislative session to make sure that we've got that enforcement piece right. we want to strike a fine balance between protecting the rights of the consumer around control over our information and then also not being too heavy-handed when it comes to business in florida. because we're very business-friendly here. we want to support businesses coming here, thriving in the american sense of entrepreneurism. that is absolutely what we're about here in florida. stuart: fiona, i take my hat off

to you, to the state of florida, yet again you're way out front of the rest of the country. i think it has something to do with your politics. fiona mcfarland, your mother is kt mcfarland, that accurate? >> that's right. i'm a proud daughter. stuart: did you go to edinborough university? >> that is my younger sister. i went to the u.s. naval academy. stuart: i'm sorry. very sorry. i thought i detected the slightest hint of a scotts accent in your voice. apparently not. >> that is that fiona mcfarland in me. stuart: thank you very much. we'll see you again soon. >> thank you. stuart: ohio just announced the first winner of its vacs a million sweepstakes. ashley, good morning how many people entered this drawing. ashley: a lot. how about 2.8 million and climbing. abigail of silverburg ohio, come

con down you won a million dollars getting a jab for covid-19. she was the first winner of the vacs a million program in ohio. she got vaccinated before the sweepstakes was announced. she is encouraging others to do the same. why not, a chance at a million bucks. 14-year-old joseph costello who won a full ride scholarship he got the jab. here is his proud family out in the front lawn with ohio governor mike dewine in his suit. tweeted, congrats, joseph, you won a full ride college scholarship. if you're between 12 and 17 years old, had at least one dose of the vaccine you could be next. so sign up. but the next winners by the way will be announced on memorial day. but that young man, no wonder is he smiling. full college ride. he is only 14 years old. stuart: it worked.

get vaccinated pretty good. hats off. this one for you too. michigan journalist says governor whitmer in michigan, her count is nursing home deaths is off. that is all i know about the story. how much isher count off, ashley. ashley: way off. twice as much. journalist charlie leduf says a study revealed covid related nursing homes deaths in michigan could be double what governor gretchen whitmer has reported. he told tucker carlson on fox news almost 50% of the 7,000 deaths could be traced back to nursing home addresses. but actual reporting by the homes was only done on an honor system and the state has failed to follow up. take a listen to this. >> you know what they did? they stopped looking. they didn't want to know the answer. i asked them, i said why, why did you stop? it was too time consuming.

ashley: too time consuming to actually count accurately apparently according to that journalist. other states are under fire for the handling of covid deaths, in particular in nursing homes that includes pennsylvania and also as we know in new york where governor cuomo is accused of mishandling cases that led to thousands of more deaths and then underreporting the actual number of nursing home residents who lost their lives. stu. stuart: we know all about that in new york. thanks, ashley. the housing market, yeah it is really hot right now. there is a home in california that went for $100,000 above the asking price. that home by the way got 30 offers. connell mcshane has our full report on it. what does the house flipping market look like right now? i would have thought it would be taking a few hits. hardly any homes for sale and bidding wars, everything that is for sale. i will talk to the star of hgtv's "flipping 101" after this

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♪. stuart: looking right there at los angeles, california. early in the morning there of course. it is 7:30 just b. 60 degrees and cloudy in l.a. right now. let's go to northeast los angeles. where home prices are 20% higher now than they were a year ago, despite the mass exodus in california. connell mcshane is right there. he is looking at a house, let me see if i got this right, it got 30 offers that house, many of those offers were hundreds of thousands of dollars over the asking price. you have to tell me more, connell. reporter: that is exactly right, stuart and apparently it is the norm. eer in the eagle rock neighborhood of los angeles. not everybody is leaving the state of california after all. those who are staying, are paying up to move up. you have a beautiful view behind me. i will go inside as i tell you more about the house and give you a sense where your money

goes in this part of the state. the asking price on this house was 899,000. it's a nice place. don't get us wrong by that, by any stretch. you look over here, with a nice fireplace, one of the two-way jobs. the other side is in the bedroom. this is the living room. looks like all the appliances are new. this is only 1100 square feet. they asked 899. 30 plus offers bid way up. this is fair to say this will sell well over a million dollars. realtors say that is pretty much the norm around here. who are these people. who are the people who are staying in california? take a listen. >> they are young families. they are well to do. they work for apple. they work for netflix. they work for hbo and they are working from home. and they have had children. reporter: maybe they want to upgrade. that is apparently what happened here. somebody, you live in an apartment. you want to get something a little bigger. the family i believe who lived

in this house, people selling it. they wanted to do the same they're moving further out. they will probably miss the view they have out on the balcony in eagle rock. they are moving further out of the city. when you work from home that is a possibility more open to you. if you think about it, stuart, essentially many of the factors driving people out of california are also moving people up who are staying in the state. they just want something a little bit better. two things can be true at once. 20% in a year. many are up more than pricewise. there is no sign of this thing slowing down. the real estate market is crazy out here. stuart: this is unique situation. i can't remember anything like it at all. connell, thank you very much indeed. staying on. housing let's bring in tarek el moussa, the host of hgtv's "flipping 101". good to see you on the show again. >> good morning. how are you doing? >> i'm doing well. i don't see how the house flipping business could be doing very well in this environment. there is not much for sale.

when something goes on for sale there is all kinds of over the top bids on it. how do you flip houses profitably in a market like this. >> that is a great question because we have an inventory problem. the good news for me i've been doing this for quite some time now, we're still putting 20 to 30 deals together amonth across the country f people are putting in the work you can still find the deals. stuart: yeah, but it is not easy, is it? this lack of inventory is clearly crimped the flipping business, come on, it has, hasn't it? >> it's a different market than i have ever seen but when it comes to flipping business it's a great thing to be a seller right now. if you're a house flipper, successful finding a deal, by the time you get on the market you're making a real good profit. stuart: i understand. let's suppose that people go back to the office. i don't know what proportion of people go back to the office, but there will be a lot of people go back to the office. does that take down demand for

houses? will we get more homes for sale and december demand for them. what do you think? >> with the amount of demand right now i don't think that will affect demand at all. we have buyers lined up at the door trying to buy properties. we're seeing 10, 20, 25 offers on listings right now in the l.a. area. i don't think it will affect anything. stuart: so when is this housing boom ever going to slow down and what does slow it down? >> will you know i think once the affordability index disappears, meaning entry level buyers can't buy a home i think we'll see some changes. i think the entry level buyer if they have to pay a million dollars as a entry level home i think we'll start seeing the peak of the market. when is that going to happen? i have no idea. it might be a year from now. might be three years from now. we've been in the craziest market i ever seen. stuart: but it won't be, i use the word crash, but i will use it anyway, it won't be a crash like we saw in '07 and '08 and '09. this is different, right?

>> in my opinion there will not be a crash but there will be a correction. it is different because people have skin in the game. they have equity in their homes. people in california bought a house in 2010 for 250,000. today it is worth 750,000. back in 2007 and 8. everybody had zero finance loans and refinanced 100% of the equity. stuart: i bought a house in noah valley in san francisco i think 1978 it was, for $60,000. that same home is now 1.6 million. i should have stayed i guess, tarek. this is one extraordinary market, it is really is. tarek, thanks very much. come back soon. we would like your update on the flipping market. >> you got it. good to talk to you. stuart: thank you, sir. developing employment trend, rising number of workers testing positive for marijuana. got the numbers for you just ahead. looking to rent a car memorial day weekend?

good luck. prices are surging even if you can find some rentals. we have a live report on that too. ♪ ♪ ♪ we made usaa insurance for veterans like martin. when a hailstorm hit, he needed his insurance to get it done right, right away. usaa. what you're made of, we're made for. usaa

♪. stuart: yeah, on the road again. what you're looking at right there is traffic in dallas this thursday morning. 78 degrees, mostly cloudy right there, right now. drivers hitting the road this holiday weekend will see the highest gas prices in several years. how much more will i be paying this holiday weekend. susan: at least a buck more a gallon compared to last year. looking three bucks a gallon, highest in seven years. highest since 2014. gas buddy says oil production has not made a full recovery to

precovid levels. that is a problem. there is a gap between supply and demand. the colonial pipeline shutdown is not really above 3 bucks now. not been there since 2014. susan: seven years. stuart: terrible. if you plan on buying a car this weekend, hole on a second, experts say it is better to sell. ashley, why is that? ashley: supply and demand, stu. it is basic economics. dealerships want to scoop up unwanted cars because inventory levels are falling while the demand for used cars has definitely increased. that is according to cars.com who says the consumers will have a much better chance at selling their car for a higher profit, given the fact that used car list prices have increased 14% since the beginning of january. of course the memorial day weekend normally a busy car shopping holiday with significant discounts being offered, but the global chip shortage and a huge consumer

demand level has left a big dent in both new and used dealer inventory. new car prices by the way have increased 5% since the start of the year but if you trade in a car, you may be nicely surprised at the extra value you receive. so think about that. stuart: i will definitely think about it, ashley. thank you very much indeed. let's move on to rental cars. here's the news. they're already sold out in some spots for this holiday weekend. florida, hawaii, apparently they got nothing left. but lydia hu is at a hertz in new jersey. lydia, have they got anything left at the hertz in new jersey? reporter: hi, stu, we're in paramus, new jersey, this facility is sold out for cars this weekend this is happening as we return to travel. aaa says 37 million americans will be headed somewhere this holiday weekend. most of them, nine out of 10 are going to drive. that sort past the reason why it is so hard to get a rental car

now. watch this. >> 34 million will be traveling by car. but we really have to look back to 2019 to compare it. so we're still about 10% below 2019 travel numbers. but considering where we were last year, this is a big deal. reporter: as you have book ad car for this weekend you may have paid more than the typical rate for this time of year. the national average right now for a daily rate according to aaa is $134. inventory is short right now because rental companies sold off their fleets last year during the pandemic. now they're slow to replace with new cars because of the ongoing chip shortage. new cars are just not yet available. experts say improve your chances booking a car this weekend, moving through the summer. you have to stay flexible on travel dates and destinations if possible. join the travel programs for discounts. they say check out the rental car facilities away from the airports because they may have better rates or more

availability but like we said just moments ago, we're in paramus, new jersey, 30 minutes away from newark international airport, no cars here. one of the best hints, if you know you will travel, book early. stuart: i figured i would do that. lydia, thank you very much indeed. nothing left at the hertz in paramus, new jersey. how about that? susan i didn't realize the full impact of this chip shortage because this rental car story is partly a chip story. susan: lack of cars. used car prices are surging at highest since 1953 in april. rental car companies, instead of buying new cars you have to go into a secondhand market for cars to buy. stuart: we've known about this for some time. why can't they increase the chip shortage? susan: it is not that easy, right? it is hard to build a chip, first of all. a million transistors for a microscopic place. you need the silicon which is

hard to find right now. impact because of the global chip shortage. stuart: okay. susan: i was looking for rental cars. you kindly invited me to the farm for memorial day barbecue. i've been on it. but it's a little expensive right now. stuart: did you check? susan: no. stuart: i knew you didn't. susan: get your driver over to pick us up yeah. stuart: all right. i will transfer to a serious subject here. there is a top official at the one university claims all white people are racist and she is white. we've got the story. the biden administration finally ordering an investigation into what happened at the wuhan lab in china. brian kilmeade for sound off on that, i mean sound off. he is with us next. ♪.

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call... to receive fifty percent off installation. and take advantage of our special offer of no payments for eighteen months. stuart: market shows a very healthy gain for the dow industrials. up 200 points. nasdaq up 30. s&p up 17. some green this thursday morning. on facebook, we've got a major reversal. facebook has ended its ban on

posts claiming covid was man-made. in other words, as of now, you're allowed to say on facebook that covid was man-made. they stopped letting you say that in february. now it's okay. you can say it. thank you very much, facebook. it is great to have freedom of speech back again. susan is with us, looking at carl icahn, interested at least in crypto. susan: not a minute millennial isn't that interesting. stuart: not a millenial. susan: a total reversal from 2018. i is looking at eat they're yum and other coins as well. stuart: we don't know he will put a billion in. susan: he said he could. stuart: did he use the expression the billion? susan: billion dollars. stuart: he could put a billion in there. susan: that would be

significant, you have to listen to carl icahn. he spots trends. he won the herbalife battle against bill ackman as you know. that trump won the election. he can spot when markets change. he is not the only 70-year-old billionaire getting into bitcoin all of a sudden. ray gal yo buying into bitcoin as well. stuart: icahn worth 30 billion. >> that's all. stuart: 10:51. there it is, 10:51 right now. that means it is time for brian kilmeade. kilmeade, i have to talk to you about ridiculous, not ridiculous, this reversal. we're now going to investigate and have a look at the wuhan lab. the only reason we've waste ad year, not gotten to it in a year because the media really wanted to say trump was totally wrong when he said china was responsible. that is the reason why we've delayed for this whole year. what have you got to say? >> we share audiences now. i was looking at your show in

your break, chris calizza fauci slaps donald trump down. facebook banned you should you post anything about the wuhan virus coming out of a lab accident. the whole thing came out of wuhan. i never heard after bat virus. most americans didn't. two days ago, jen psaki said you don't understand how this works. investigations are done bit w.h.o., and they're done by international researchers, not by us. that is not the way it works. two days later jen psaki is on vacation we find out we'll be looking at it. i gave it to my intelligence agency, president biden said. 90 days to give me report. how does this happen? the anthony fauci way of doing things, stuart varney. you can run with this if you want, it is your option. there is no licensing agreement. anthony fauci comes out with statements like for example, it is not going to be a problem here, the pandemic, it was. we don't need to wear masks, false sense of security. we need to wear masks.

you need to wipe down all surfaces. you can't get it from a surface. kids can't get it. kids have to wear masks. we all know that. he never acknowledges when he is wrong. he moves on and says what do you mean i said something else? we're supposed to pretend if anthony fauci was not having his organization provide grants to the wuhan lab. upon further review questioning yesterday, yeah i was. were they doing, were they doing risky research, no? could they do it, not told you? yes, they could be lying to us. everything we ask we're told we're crazy for bringing up as turned out to be true but there is never acknowledgement that they were wrong. stuart: never. they never will be either, ever. never. something good may come out of this though. the republicans are saying look, china, if you don't come clean if you're not completely transparent, we will think about putting sanctions on china. and there is a demand that we see americans, ordinary americans see the intelligence

reports which linked the virus with the wuhan lab. so something good will come out of this but it will be a major league confrontation with china. how do you think it is going to go, brian? >> foundation alley, this is where democrats and republicans could get together t didn't start here. it started in china. can we agree china is our number one economic and military foe? the answer is question. can we agree australia is the first country to stand up to china. they were left alone, forced to pay a price on wine and goods in terms of tariffs. we did nothing and they ended up producing in the middle of a pandemic watered down report? can we agree if anyone will take on china and unfiber-optic the world behind us it is america. and this is an opportunity to stand and have republicans behind you. not just a infrastructure which is a possibility now but around you.

you could actually get a lot of support among republicans to stand up to china. guess what? it is in our best interests because they are comprehensively trying to take us down. they're in our schools. they're in washington. they're lobbying. they are stealing our technology. we have to have a major push to separate and this could be the go point. we could, if we had real leadership in the white house. you have an opportunity joe biden at the age of 78 years old to finally get it right. stuart: well, brian, one of these days you will let us know how you really feel about things. you certainly did today, we like it. we like it. you have ha big handsome smile on your face. brian, good stuff, serious stuff. we appreciate it. >> you got it, stuart. stuart: big hour to come. look at this we have pete hegseth, will cain together by the way. dan heninger is with us and so too joe concha. senator warren showing how much contempt she has for the bankers.

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we are not a racist state, we are not a racist country. we don't need to teach propaganda in our schools. we need to let local educators decide what the curriculum is. >> the great millennial migration doing everything for this economy, millennials on the move. covid changed everything for them. they are moving south, west, and they are pulling the economy with them. >> we think the market will broaden out, small and large cap stocks will do very well together. >> in a new bull market, you will do well for the next 3 to 5 years. stuart: walk like an egyptian, the bangles. i remember that one.

i liked it. i really did. thursday may 20 seventh it is 11:00. on the east coast, up and down the eastern seaboard, 157 point rally for the dow, 10 point rally for the nasdaq so we have come down a little bit, but still in the green. as for the cryptos, big day for them, pretty good day, bitcoin back to 40,000, like coin at 206 and ethereum moving up to 2849. stocks mixed, cryptos up. got that? and now this. i honestly thought it was a joke. senator elizabeth warren stridently attacking jamie dimon about overdraft fees. if you personally have been hit for the overdraft fee you might

think this is an important issue. in the scheme of things it is not. there are far bigger fish to fry than overdraft fees but this was senator warren's opportunity to show how much she dislikes those wicked bankers. we have seen a reaction before and will see it again. her contempt for bankers and banks knows no bounds. there is something more going on here. the left wants the banks to get in line with their social revolution. big corporations already on board with social justice, the left wants banks on board, climate change, racial justice, unionization, workers on the board and senator warren wants to control who gets a loan from a bank, it wouldn't be you, would it? you actually sat 3 yesterday's hearings you would have heard the left play theatrics and i'm sure to some people bashing the

fatcats has some appeal. america's most powerful bankers all lined up on the zoom streams, they make an easy target, don't they? but people who were serious about money will not be happy to see the entire banking industry pilloried like this. we need a statement, solid, profitable banking system like the one we've got. seriously. do you want a socialist government run bank the decide to get a loan, who gets a job and which industries get investment cash? that's not the way we should be doing things in capitalist america. third hour of "varney and company" roles on. i hope that wasn't a downer, me ranting on the banks and anybody else. i want to talk about memorial day weekend. it is almost here. in my opinion we are ready to bust out. this is going to be quite a weekend and look who is here to share the joy, pete hegseth and will kane together on the set with me in the middle.

to you we are sitting next to me here, you pumped up? is this going to be the weekend we break out and bust out? is this it? >> i'm working all weekend personally. >> you told me my energy was low and now you have a neck nationwide. i'm working the next 5 days straight. the truth is this. most of the country is back to normal. most of the country has been back to normal for months. it is places like new york city and california where they are still struggling to get out of the gate. if i'm just taking a quick poll of what i see on the streets of new york city, people are following one another into social accept ability to getting back to normal, they are not following science or cdc guidance, they are looking at each other and go i guess there are enough masks off but i feel comfortable taking my mask off and it will resemble normal. >> i feel the same way, i'm

picking up real exuberance around the country. i don't travel as much as you do but wherever i go i'm seeing an exuberant america eager to get out of the rough. >> you are right but what i saw last night was new york city saying it is over. you have footage of the new york knicks game last night. i was watching with my boys, full capacity, shoulder to shoulder, no masks, going nuts. this is new york city. i wasn't watching texas and the dallas mavericks. this is new york city packed shoulder to shoulder in a sporting arena, tens of thousands of people. it is over, okay? it has been over elsewhere as will talk about for a long time and it is memorial day, it is memorial day weekend coming up, if those men can storm the beaches of normandy and, if you are vaccinated you can take your mask off now, okay?

everything is going to be okay and watching the nba last night was the final nail in the coffin of this covid craziness. we are done which enjoy your barbecue, freedom is back. >> that is a good out you and i will leave it right there. you know what is coming, don't you? you just know it, bitcoin the cryptos. i'm sure you are very happy to hear as of this morning's that a very famous multibillionaire is going to get into the crypto business. this is a big deal. are you happy about this? >> what you said about the bankers at the beginning is the reason why i remain bullish and completely bullish is the third-party of bankers who can determine who gets a loan i don't qualify. that is an ongoing challenge we will face in this country, in crypto you don't have that problem, there's no third party and when more and more big-name folks get involved it will keep going up, the fundamentals are still there and we are still printing money so i like it. we will get in.

>> like any good religious zealot pete only sees this as trial of faith, doesn't matter the bottom dropped out, it only shows he's more virtuous in adherence to bitcoin but to your point it comes by. in the dip. >> are you going to do it? >> he's been working on me for a couple months, got me buying jordan, not shaving during the middle of the week, holding on mountain dew and bitcoin, my last purchases. stuart: he has been working on me a couple years taunting me with all the money he has been making and i missed out on everything but there you go, you've got to talk about this new fox nation special. i believe it is titled modern warriors reflections. hold on, roll a quick clip of this please. roll it. >> woke culture why wouldn't they go to the military next?

how can you tolerate an institution like the pentagon that is a meritocracy, that is colorblind. >> it is also the model, to be a red-blooded american and handle a joke from time to time. stuart: red-blooded american who can handle a joke from time to time, tell me more. >> modern warriors reflections on fox nation, i love filming these, you get to spend time with warriors of the 9/11 generation who are unvarnished, free to speak, not politically correct and get the real glimpse and a real appreciation for memorial day. can we all be worthy of the sacrifice that was given on the altar of freedom and another cool thing, fox nation is giving a 3-year fox nation to all vets and military.

you get a free year of fox nation, go to foxnation.com and watch modern warriors, proud of what fox nation and fox news channel and foxbusiness are doing to support our vets in the military. stuart: thanks very much, you bring energy to the set every time you are around. he snapped out of his lethargy, it was pretty good. we have another pitch from bitcoin for hegseth. why not? thanks very much. have a great weekend. time we covered money on the other side of what we do on this program. we've got a rally this morning. not a huge rally but the dow is up 34,500 just about but this overhanging worry overhangs the whole market, inflation, a little bit of it now, the feds that is temporary. where do you stand on this inflation? >> i think the fed is wrong, they use the word transitory, it is not transitory or temporary. inflation is here to stay and

that will weigh on investors in terms of their concerns. you talked about this throughout the show, gas prices going up. the big real estate boom, even bitcoin. investors that aren't day traders are looking at buying bitcoin as a hedge against potential inflation because they are worried the dollar will be worthless, can't put your money in bonds with interest rates so low so where do you go? bitcoin has a finite amount. you can't massively print what we are doing right now, really scary. stuart: why have we not seen more reaction on the stock market when we have clearly seen the emergence of some inflation? aren't you worried about the stock market when you see this inflation? >> we will. when the 10-year prizes and use the interest rates go up, go higher, the federal reserve, they've done everything to keep interest rates lower longer but at some point in time interest rates will head higher.

look at $6 trillion budget proposal, stunning number from the white house this weekend. even republicans on board, $920 billion infrastructure proposal which is still really high but less than $1.7 trillion proposed. all the stimulus flooding the economy and if bonds, if interest rates are so low you can't buy bonds, there is no alternative. until you see interest rates head higher and there is a problem. stuart: what is the magic number? 2% yield on the 10 year treasury is the signal when all bets on the stock market are off. supercenter is a one.8% or one.7%, which is it? >> if you are looking at retail investors 2% is a big psychological number to get past but when you talk about where rates should be, normalcy or normalization of interest rates, they should be well over 3%. how quickly and how fast we get

there is the bigger issue than what the actual number is at the end of the day. the pace and speed at which rates will rise. stuart: we will watch the 10 year treasury. thanks for joining us, see you again soon. we have a brand-new fox poll shows 46% was too liberal. is that caving to the socialist. maybe. assistant dean at brandeis university, all white people are racist, she is white. we will cover it. donald trump blamed the virus on china. watch this again. >> came out of china. whether people like to say or not everybody knows that. something happened, they made a terrible mistake, probably it is incompetence. stuart: it is a lucky break that trump was right way back when.

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change blaming the chinese from the beginning because he was using them as scapegoats. of it is true it comes from one that was just a lucky break on his part. >> people raised concerns a couple years before. no one was going to hear it because it came from under trump's administration in the media at that time was used to what he doled out and they were going to push back on that.

stuart: time themselves in knots, don't they? that is what love you thinks. let's hear what joe concha has to say. trump may have gotten it right a year ago. he said the wuhan lab. immediately the media assumes he is wrong so they dismiss the wuhan lab theory. this is crazy stuff. >> before we begin do you know of a good chiropractor for the ladies of the view, they really had to twist themselves to justify actually sort of saying donald trump was right, senator tom cotton was right a year ago, even more so, february of 2020 talking about how it came from a lab and abc allows the view to fall under its news division when you have analysis like that that sound you hear is peter jennings and david brinkley rolling over in their graves. the reason why trump and cotton and a few others came to this conclusion because may be that

wuhan lab is the only biosafety level 4 superlab the researches human infectious diseases in the country and it happened to be a couple blocks from the wet market but the chinese said it came from. here is the big question for american media. why last year did you so readily believe china and the world health organization over our own leaders not just dismissing what trump and cotton said but calling them conspiracy theorists when there were no reporters on the ground in china because they are not expelled a couple months before the pandemic broke out so it is insane. stuart: it is pathetic, that's what it is. pathetic and wildly unprofessional but that is another story entirely. did you see that facebook made a big reversal.

they lifted this ban on you saying covid started in the wuhan lab. up until today you cannot say that. they took the post down. now you can say it. thank you, facebook, so grateful for getting our free speech back again. what do you say? >> déjà vu all over again. i saw this movie with the hunter biden laptop story that facebook made sure they suppressed and centered. you can't read that, it is absolutely untrue, without having any real foundation for doing such a thing. who is fact checking the silicon valley bureau at facebook? what you have here is men serving at the pleasure of democrats and the biden administration and no coincidence some executives from facebook, twitter, amazon and google are working for the biden administration after supporting him during the campaign, follow the money and always and forever. stuart: stuart: i'm sure you saw grahn -- john sina, that groveling apology for calling taiwan a country, apology for telling the truth actually, there's never going to be a end to this groveling, is there.

>> look like a hostage video. is there somebody off camera doing something, do you hear the apology? i made a mistake, now i have one thing which is very important to say, i love and respect china and the chinese people am a very sorry for my mistakes, sorry, sorry, really sorry, you have to understand that i love and respect china and chinese people, that is one 234 varies, two sorrys and one really sorry. this is a guy that is supposed to be the tough guy in the fast and the furious, don't think so. stuart: didn't work that way. you have covered it all in 3 and a half minutes, that is pretty good, thanks, see you again leader. we got to get back to money, 11:21 eastern time, still some green on the board. susan is watching beyond meat. is it moving? >> moving a lot, surging today, the double digits, the only news item i found is they were introducing a 6 how you back,

irresistible beyond burger across canada announcing a new cheap growth officer with the big news in the stocks, to the seeing gains, creeping up to get chips from korean and i use suppliers, plans to buy their own chp plant at least for now according to the financial times. silicon valley darling cloud warehouse or tripling from a year ago despite raising sales forecasts for this year but leaving california going all remote and their official headquarters moving to montana because the ceo and cfo lives there. that is -- stuart: snowflake goes to montana. a great headline. >> will a pay lower taxes? is that part of the motivation? nvidia, the world's biggest chipsmaker, crypto money chip, you have been talking about this, $400 million from springtime overall sales jumping 80% in the first

quarter and the stock split expected early june. stuart: isn't that something? $400 million worth of crypto mining chips. that is a lot of money. thank you. tick-tock, the owner of tick-tock ditching plans for an ipo. they are gone. what are they going to do instead? ashley: reportedly launching our share buyback for current and former employees after announcing last month it had no imminent plans for a public listing. in an email sent to current and former workers, eligible shareholders can apply to sell their holdings by june 20th at 126 bucks per share for current employees, $100.80 a share for former employees. the company typically offers share buybacks twice a year. last november current employees

were offered $60 a share. by that metric the price has more than doubled in the past 6 months. stuart: i thought we were trying to put them out of business. a video their received tens of millions of views is going to be sold as nft. tell me the story. ashley: in this weird and wonderful world the original i ain't never seen two pretty best friends, yes i said that, viral tick-tock video, is being auctioned as a nonfungible token or as you say nft. here is the clip. >> i ain't never seen two pretty best friends. always one of them got to be ugly. stuart: how charming. ashley: the video went viral reaching 54 million views, now being auctioned off through a

partnership with net gems. the sale begins june 2nd lasting 72 hours, no estimate what it may bring in, but recent videos like this, sold for 500, 600, 700,000 dollars. we are in the wrong business, stuart varney. stuart: we could get into that business. ashley: we could. stuart: after the show we will talk. all right. more workers are testing positive for marijuana. wait till you hear what employers are doing about it. janet yellen, treasury secretary in a house hearing right now says the treasury needs even more money to oversee the recovery. $6 trillion budget coming up, they want more. we have a report from capitol hill next. ♪♪

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treasury secretary yellen testified before house committee, republicans growing her on wanting to hike taxes to pay for infrastructure. the song we are playing is give me the money. let's go to hillary vaughan on capitol hill. secretary yellen is defending this global minimum corporate tax rate. that is what she is doing right now. >> reporter: we are expecting her to get to that but i want to tell you what she said about inflation moments ago. she said at this moment she's not worried about inflation while she is watching it closely. she says the recent inflation we have seen she thinks will be temporary but will last several more months saying she will expect high annual rates of inflation at least through the end of this year but part of the argument yellen is making in front of this committee is absent them for more money, as government gets bigger the treasury needs more money to

implement these new government programs and yellen list all the additional programs they are being tapped with handling and part of that has to do with a lot of what president biden passed in the the -- recovery plan. these monthly payments are going to families, the irs needs more money to get that cash out but also said the irs needs more money to catch tax cheats and that is key because that is how biden wants to pay for the american family's plan. human said without beefing up the irs they will at $7 trillion slip through the cracks so she wants to hire more auditors, they need more money to hire those auditors. she said the irs has fewer auditors than they have had since world war ii but the big question that has been up for debate is whether or not that is a real amount that will be produced by hiring more

auditors, $7 trillion they think out there to catch but up for debate that that will actually happen. stuart: i noticed as janet yellen was saying she's not worried about inflation right now the market didn't believe her. the market came down as soon as she said that. thanks for joining us, see you again soon. i have a new fox poll to show you, see what you think of this. 46% of voters think president biden digitally liberal, up from 36% in december of 2019. that is quite a switch. dan heninger with us now, wall street journal guy. president biden seems to be bowing to the left all the time, that may be why voters are seeing him as much more liberal than they did a few months ago. >> that is right. no question about it. fox poll at this time is

fascinating. there is one more result they produced. they asked people whether they thought socialism was a threat to the united states and the percentage who thought it was take a guess, 49% think socialism a threat to the united states, that is up from 39% in september of 2019 and among independent voters the number has risen by 17 points. i think that is just amazing when you combine it with the fact that people think president biden is becoming more liberal. let's talk about this in political terms where the rubber hits the road. if you are a republican this has got to have you dancing in the streets in terms of the possibility of taking back control of the house of representatives by running against this idea in democratic seats, those seats that flipped between republicans and democrats in states like new

jersey and pennsylvania, ohio, even california and new york. if independent voters are getting upset at the level of spending the biden administration is proposing and think it is pushing us toward socialism i think the democrats are facing a big challenge in those midterm elections. stuart: yes they are and only 18 months away, less than that. that's not a long time in politics. when you have a shift like that in voter sentiment so quickly the republicans should be dancing in the streets. thanks for joining us, appreciate it. back to the markets. we have indeed lost some of the rally. the dow up 100 points, nasdaq art laffer, s&p up 8. when janet yellen said she's not worried about inflation right now, markets start to come back down just a little. best buy nice game or it was, that game has shrunk, a gain of

one%, their sales jumped 36% in the first quarter, we were splurging on electronics with our emergency bay and best buy raise their forecast for the full year, that helps. it was a more than that previously. ford motor company, and $30 billion electric vehicles by 2025, investors like it and stock, 1484, that is a 5-year high for forward. general motors restarting 5 plants that would be hit by the chip shortage, restarting 5 of them, that is enough to put gm back to $60 a share. the pot stocks, it is a mixed picture this morning, this new report that more workers are testing positive for marijuana, ashley webster, our man who has been to the marijuana greenhouses, give us the full

story. ashley: i am your residence expert apparently but i wouldn't say those numbers of gone up massively. listen to this. according to qwest diagnostics, 2.7% of about 7 million drug tests last year came back positive for marijuana, that is up from 2.5% in 2019. marginal. positive marijuana tests have climbed among american workers as more states allow marijuana for medical and recreation use in recent years. some employers are dropping marijuana testing to more easily recruit workers. is that a sign of the times? the percentage of working americans testing positive for any drug last year was 4.4%, basically unchanged from 2019. stuart: i've got to tell you, 4.4% testing positive for any kind of drug surprises me.

honestly that seems low to me. don't know what was included on that, whether alcohol was included but when i travel around the country and i see so many states with recreational marijuana, shops up and down the street, that 4% positive rating seems very low to me. what do you think it should be? more like 10% may be? ashley: that is what i thought. when i read these numbers they seemed remarkably low so maybe we will have to see. maybe they are not that accurate. stuart: we should do the show from colorado at some point and see what it is like. ashley: rocky mountain high. stuart: why not? i think we've flogged this one to death so we will move on. the governor of new york admits people will not come back to the city until crime is under control. listen to this. >> people have to feel safe. public safety. none of it works. none of it works.

stuart: we will get into that with heather mcdonald who is coming up. 18 million households on a camping trip this memorial day weekend. 18 million. could be the busiest summer ever for campgrounds so we will take you to one of them in illinois. we will talk about camping this year and why it is booming. ♪♪ if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision.

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♪♪ stuart: a little morning traffic in chicago where it is 56 degrees. the country, we are looking at

memorial day weekend, people will be hitting the road and a lot of people so we are told are going to campsites this memorial day weekend. that is where we find grady trimble. why is camping, i am told that is popular this year, why this you? why so popular? >> people want to vacation outside and away from other people and we have proof of that. campground of america says 18 million families will go camping this memorial day weekend and throughout the summer, 4 million people will try camping for the first time. you have places like this, talking about rv sales going up. we have some empty lots but sylvia weber, the owner here, will tell us you are going to be fully booked this weekend. >> most grateful because last year it didn't look like that at all but this year we will be fully booked and a lot of

returning campers, many new faces. >> reporter: 2019 was your best year ever, your bookings are up even from then. >> this is very true. we see 30% in reservations from our best year and this reflects what the rest of the system is seeing so i -- time seem to be improving. >> happy to see that and there's something for everybody. you don't have an rv your tent camper they have use other options as well. i want to show you the popular places people will be camping this year, the state people will be camping. california, new york, pennsylvania. a lot of pieces with big metro areas and people want to enjoy the outdoors so i don't know if tent camping is your speed. they've got something for everybody, full bathroom included. stuart: you are talking about glamping, there is a subtle difference, i will teach you about it. thank you very much, see you later.

i was looking at the prompter and this really caught my attention, a headline and a half. indoor dining is finally beating pre-pandemic levels. give me the latest on this. ashley: it happened pretty quickly. as of may 20 fifth dining in the us actually went up 4% when compared to the baseline of 2019 which was pre-pandemic. open table measured seated diners from online, phone and walk in reservations and while the us is back in positive territory other countries are showing a stronger recovery. the uk up 23% but other countries on the other side are struggling for instance ireland is still down 99%, canada 87%. they have not been able to get

open like we have in the united states and the state reporting strongest growth in restaurant business interesting, number one oklahoma followed by connecticut and new hampshire but the biggest problem across the country we talk about many times on this show is the shortage of workers and that is hurting the ability of restaurants to get fully up and running. stuart: oklahoma, new hampshire, the biggest increases. who would have thought? i wouldn't have thought that. great headline. thanks very much. spacex closer to a big milestone. role tape. >> 3, 2, one, 0. ignition and lift off. stuart: guess what was on that rocket? my guess is a bunch of satellites. we will confirm that one way or another in just a moment and then there is this. and assistant dean at brandeis

university defense critical race theory. she says all white people are racist. heather mcdonald will have a lot to say about that. she is next. ♪♪ with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;)

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stuart: that is new bedford, massachusetts, early in the morning, 78 degrees but looks nice. then there is this. assistant dean, one of the assistant deans at brandeis university took to instagram to defend critical race theory. in her defense of critical race theory she says all white people are racist. an astonishing statement. heather mcdonald is with us and rates frequently on race and policing and joins us now. that guy's statement, all white people are racist, take this absolutely nowhere, contributes nothing, it is an intense negative. that is where i'm coming from. how about you? >> before we get to the preposterous content let's ask why brandeis is involved in this.

they have one duty, to cram as much real knowledge into the empty come of undergraduates that can possibly be done in four years, students arrive at college totally ignorant about history, the great books, the legacy of our traditions, about art, they know no languages, four years are not enough time. this is a complete distraction but the fact of the matter is this associate dean are just as ignorant as the students themselves. scholarship has disappeared. i'm sure she knows no history. as far as the actual content is preposterous. the statement itself is self negating. the very fact that brandeis employs an army of such bureaucrats, diversity bureaucrats to flagellate whites for nonexistent systemic racism disproves the claim that

we are somehow systemically racist. there has never been a culture more self hating, more on a massive crusade to smoke out nonexistent racism as america today. stuart: that wraps it up nicely so i will move on to another subject, governor cuomo admits that new york city won't recover until crime is under control. a brief soundbite. >> of all the things we have to do, talking new york city specifically, crime, crime, crime are the top three. people have to feel safe. public safety. otherwise none of it works. stuart: how is that supposed to happen? the city will not stand up for its police officers. be change it just makes me want to throw up listening to cuomo again. this is what he said in june of 2020 that one of his preening,

self involved coronavirus conferences. why does this system, referring to the justice system, devalue black lives? why did they get violated by the system? this is inherent racism. this is decades of injustice even in our lifetimes. cuomo has been part of the problem. as long as the police are demonized by people i cuomo, people like the blahs you, by biden who says falsely that black children will be killed by the cops, parents are right to worry about their children when they step outside, there's going to be no return, no conquest of crime in new york city and cities across the country are going to stay ghost towns that only criminals will be willing to traverse. stuart: looks like a grim outlook to me but we are happy to have you on the show in such an articulate fashion. see you again soon. let me get back to the spacex

launch, 60, i will show you the launch again. 60 satellites on board this thing. role it. >> 3, 2, one, 0. ignition. stuart: i find that fantastic, the 13 satellite launch this year, on one rocket they put 60 satellites into space or orbit, whatever you want to call it. i've got the trivia question for you. i know the answer. what was the predecessor to the united nations. answer after this. that's why we created verizon frontline. the advanced network and technology for first responders. built on america's most reliable network. . .

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stuart: we asked you what was the predecessor to the united nations. before we show you the answer, ashley, come on in here. do you know what was the predecessor to the united nations? ashley: i have no idea but perhaps a better question what in the heck does the united nations do other than bring traffic to a standstill in new york once a year and take a boatload of money from the u.s.? that is better question. stuart: i am glad you got that one in, ashley. let me give you the answer however. then is, the league of nations. that came before the united nations. the league of nations i think was created january the 10th 1920, by president woodrow wilson t included 42 nations. the league was headquartered in geneva. it was officially dissolved in

1946 when the when the united nations. it didn't do anything. it doesn't stop mussolini's invasion of what is now ethiopia t was a disaster and fell to pieces. market in the grind, up 130 for the dow. my time is up, regrettably. who has got it right now, neil. neil: that was your first big story covering the league of nations. >> i knew you would say that. i knew it, neil. i knew it. neil: you handed me that on a silver platter. thank you he have much, stuart quick peek at the corner of wall and broad. the dow industrials racing ahead. we'll look at the president's budget when he talks about spending for the american people in cleveland, ohio, today. one of the things we learned from this, this is and really

interesting