maria: a big thank you to take and mcdowell and steve forbes. varney and company begins right now. stuart: here we go again. extreme volatility in meme stocks, cryptos extremely active and there's a selloff in what i might call conventional stocks. a whole new financial world and we start with amc. it double yesterday. it was up another 20%, then the company announced it would sell

over 11 million shares from time to time and the stock came down. it is $61 down one dollar $0.25 but it is still up roughly 3000% this year. meme stocks real active. a crypto conference beginning tomorrow in miami, any headline from a celebrity or big-time investor could move the market. watch out to celebrities pumping their favorite coin. so far today crypto prices of gone up, bitcoin didn't quite make it to 40,$000, it is 39150 right now. ethereum at 2838, nice gain right there. now look at what i call regular stocks, down across the board. the dow looking at a 170 dropped. big decline for the nasdaq, looking at a loss of 120

points. the big concern inflation, prices are indeed rising. of the job numbers are strong then inflation appears ratcheted up again. politics, one republican, senatoritoh has agreed to keep talking to president biden, she goes to the white house tomorrow and they will discuss infrastructure, republicans want to keep the roads and bridges, the present once massive education and green spending thrown in, time running out for a deal. time is running out for those emergency payments in 25 republican states? those republican governors are cutting off those payments, they want people to go back to work, thursday june 3rd look like a big day for your money. ♪♪

stuart: oldy but goody. breaking numbers on jobs, 978,000 jobs in the private sector in may, jobless claims we have that number, the layoff rate here, 380,000 file for unemployment claims. very strong numbers on jobs creating some problems of inflation down the road. that is affecting the overall market as you can see. let's get to the meme stocks which it is a big story, amc is down after reporting that it is going to sell 11.5 million shares from time to time, stock

was up 20% before the news broke and it double yesterday. the movie chain shares are up nearly 3000% this year. ever seen a chart like that? mark tepper is with us, he will stay with me, held me out for the entire next hour. welcome to the show, good morning to you. that this kind of thing where you, the use meme stocks going crazy like this, does it worry you? >> it is worrisome, the whole amc thing being up 3000% this year is absolutely insane because the company, it was like a $500 million market. all last year. now it is 31 billion market

right now bigger than half the names of the s&p and it is on the verge of bankruptcy. it is a dying business. look at drive in movie theaters and what happened to them over the course of the last several decades. movie theaters are dying breed. the key distribution partners going direct to consumer through netflix and disney plus but you can't blame this company for issuing more stock. it is a smart move on the part of the company. 11 million more shares, unbelievable but they also issued a disclaimer that the current market apps action is not consistent with underlying fundamentals orbit of a warning sign there. stuart: look at bed, bath and beyond, 60% yesterday, three new store brands they announced on their schedule and all this stuff going on and stock is down 9% after 60% surge yesterday. how do you find value? where is the value in the use meme stocks?

they have begun gambling chips? >> absolutely. these are the most overvalued stocks. bed, bath and beyond was above 50 bucks earlier this year, in the mid 40s or so, this particular stock versus amc is a beneficiary of stimulus money but here is my take, they don't sell any proprietary product that also they play a game of lowest price wins and that's not a game i want to play, you should never be proud to be the low-cost provider in a hypercompetitive industry. i can tell you my wife brings this up all the time, seems like there's always a 20% coupon in her hands to go to bed, bath and beyond to buy one of their products. stuart: they are blue, 20% up. i have a stack of them all over the place. stay there please and stay for the next hour and let me bring

dr barton. we dealt with these meme stocks that are going crazy. i want you to deal with inflation and strong job numbers. the numbers are very strong, 978,000 jobs private sector in may, very strong number, expecting a big number tomorrow. when will the fed start to put on the brakes with these very strong numbers? >> you hit the nail on the head. what markets are looking at, since the unemployment never came out at 8:30 the markets were week, they were week coming in from the european open and we have seen further weakness on the great unemployment number. what is happening is bad news is good and good news is bad, the fed might taper sooner but they have made some signals,

san francisco's governor said we might think about tapering so they are starting to look at this, unload their corporate bonds and that is something to be concerned about. they had 9.8 in february of last year. all of that still to be bought. stuart: a very strong economy, forget inflation, all this money pouring into the economy, that keeps the stock market going. above and beyond inflation concerns you think the rally keeps on going. >> i see new all-time highs through the summer. the inflation number you talked about is something we have to watch closely.

inflation in general, pretty severe wave inflation but we have to look at markers that are telling us that is making its way to the market other than a quick bounce because the news. bond yields are flattening out. that is a good thing. we have some time to like this up. >> if we get 1 million new jobs in the jobs report tomorrow, if we get 1 million that is a big number. does the market go down? >> i believe it does. good news is bad. that will cause traders to think about the fed tapering sooner. that will scare the markets a little bit? >> i'm not predicting the big number. it will big number but not that big. thanks very much for joining us. we dealt with the overall

market, the conventional market. this is the head of the largest crypto conference in miami, a 2 day event that starts tomorrow. it is expected to draw 50,000 attendees including jack dorsey, floyd maywhether from the conference tomorrow. come back in again, mark. i expect celebrities to be public of their favorite coin. i can see the headlines on social media. i'm not prepared to invest in a market geared to celebrity headlines. what about you? >> it is scary. look at elon musk and how he has been tweeting about bitcoin or dogecoin, makes it a volatile asset class, bitcoin in particular trading between 30,000 and 40,000 as you just showed. it is bumping against the 40,000 number. if it breakthrough 40,000 it may have some legs to keep

going but if it fails it will head back towards 30,000, that is the prior breakout point. regulation is obviously a very serious head wind. everyone is talking about it. maybe some of that is already priced in but nobody knows how to value or price out what bitcoin or ethereum should be trading at. there's a lot of potential but it is purely speculative at this point. stuart: i think the gambling ship, that is where i'm coming from. the casino is what it is and it is here to stay. another quick look at the overall market, dow is going to be going quite large at "the opening bell," down 170, that is the market coming up in 18 minutes.

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that is eugene, oregon where it is 58 degrees, futures, looking at losses on wall street when "the opening bell" sounds for the dow. got to check amc, stock of the day, the last 36 hours down at the moment at $60 a share. earlier this morning it was at 70. then we have maryland, ending the $300 a week pandemic benefits. they cut their extra benefits run by republicans which i call the political split. >> we track how these happen. 25 states, all republican governors, maryland has a republican governor but the rest of the state politics means democrats, this

represents half of the -- on the local level, they are realizing extra unemployment benefits are causing people to stay home and public for a job. that is what i heard from a business owner in annapolis, maryland. he told me people were applying for jobs he posted. his company reported to the government they applied and never showed up for the interview thus keeping the unemployment benefits as well as federal plus up of $300 a week, the chamber of commerce is the extra unemployment benefit is holding back business growth from small companies to large companies, the chamber has a plan calling it operation warp speed for jobs. the plan would pressure lawmakers to reform the legal immigration system to help employers make demand, to pay for worker training and expand access to childcare. the chamber supported all of president biden's plans for this economy so far, still, this is the chamber putting pressure on washington to stop the incentives paying people to stay home, something business owners are seeing in dealing with every day.

>> every business owner on this program said the same thing. i've got to get back to work to get this thing go. we need an economist and we've got one. brian westbrook joins us now. i'd want to get into a discussion of the fed and inflation but i want you to debate here, what is keeping people at home. it is the $300 a week payments or lack of childcare? >> it is the payments. that is the big thing that has changed. go pre-pandemic, everybody had children and they were planning away to work so what we have done is by shutting down the economy and shoveling money into the system we have created mayhem not only with supply chains but with workers as well. we will get a nice employment report, 650, 700,000, maybe

even bigger for the month of may. we are 7 million jobs short of where we were in february of 2020. the pain of shutting down the economy and putting this money into the system. is going to be with us for years. stuart: talk to us about inflation. we have a jobs report from adp, 978,000 private sector jobs, you know we will have a strong jobs report tomorrow. when do we see, when will the fed take action against it? >> inflation is here. you see it everywhere you look. go to the gas station. look at lumber prices. you have to guard 2 x 4s with a brinks truck today, they are so expensive. what is happening is part of

that inflation, the federal reserve printed so much money that what is happening as we are seeing expansion of all prices. it is here. eventually the fed has to reverse course. they will not raise interest rates this year or next year and people keep expecting tapering but how do you taper, and the fed is part of the process and if the fed were to reverse course we would see a real violent reaction in the marketplace and the fed will not do it anytime soon, they will move slowly. stuart: the reaction would be so extreme, so dramatic the fed

-- they will keep it at 0 into next year. that is extraordinary! >> it is one of the problems you get. if you go back to 2006-2007, if the federal reserve was raising rates and blue of the housing market, we are in that situation today. if they don't keep shoveling money into the economy but start raising interest rates, to me that is the biggest danger the market faces right now. stuart: that is a big danger indeed. what a day this is. i'm sure you will be back real soon. i will change the subject completely, we are talking international diplomacy, the queen of england will meet with president biden and first lady jill biden on sunday june 13th and is going to be at windsor castle. just before the break i will

show you what happens with the market, we are down across the board at "the opening bell". we know we have to check the stock of the day. i will label amc stock of the day all over the place in the last 36 hours, $59 a share right now down 4%, we will be right back. ♪♪

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futures show a lot at "the opening bell" and amc shows a loss at "the opening bell" with 3 minutes to go, we are down a couple points on amc. down 6% right now. gary is with us, you wouldn't want to be the last person to get into these meme stocks because i think you expect them to crash, don't you? >> my motto is do not be the last one in. i include coins on that. i freely admit i have no idea where amc goes on the upside, game stop in the 400 but when the music stops there will be no chairs left and they will go back where they came from and hovering near-term beats the heck out of me, they can rally higher and send it down very

quick, all bets are off short-term but long-term they are going back where they came from. stuart: do you think cryptos were a bubble and the bubble is burst? >> there is a good chance of it. april 14th was the big day when coin base came out. sometimes big events after a run to the upside, that marks important stuff and i'm pretty sure of it, notwithstanding bounces, the coins are in a bear market, i suspect lower prices and if we are in what i believe to be a central bank-induced bubble in so many areas they will go much lower. valuations matter when all is said and done as they always do. stuart: the stock market, the nasdaq, is that a bubble too? >> i would call valuations - big tech had its way for many

years and valuations got up there. market over 2 trillion, amazon is something, you can tell amazon hasn't moved 11 months and is down from highs, apple as it moved, tesla, microsoft not as bad because of good numbers. they are comatose for right now and digesting the gargantuan gains over the past years, nothing wrong with their businesses but it will take sometime. stuart: if the federal reserve gave any signal that they were about to start clamping on the brakes do you think we would have a direct drop in the market? >> they put the brakes on in a big way, they will tiptoe their way to slowing down. if they are ever forced to

raise rates or stop printing because inflation gets out of hand that is when you will see a 30, 40, 50% drop in the market. any time the market got in trouble in christmas of 18 it is getting more easy. >> we will see if there's an inflation indicator, thank you very much. the stock market open to the downside. plenty of red ink, almost all of the dow 30 are down, with just four exceptions to the downside move, the dow was off 130 points in early going, the s&p same story the same percentage point and as for the nasdaq see where that is going, the big techs up or down,

nasdaq is down 3 quarters of one%. amc is all over the place in the last 36 hours, $70 a share a couple hours ago premarket earlier today, it is down $58 a share, that is amc and the rest of the memes all over the place, keep you up to speed on all of them. let me see the rest of the meme stocks, most of them on the down side, a couple on the upside, come back in again please. i think there's a lot of investors with fear of missing out, almost everybody i know has shortened meme stocks are crypto, they don't want to miss out. >> thousands of percentage points in the last few months,

bitcoin and ethereum have gone through the roof. it is an issue, a lot of people here their buddies are up 200% over the past year and have a piece of the pie. the potential issue is do you get in too late? you might end up be left holding the bag when the stocks come back to earth because they shouldn't be valued where they are right now. there is no fundamental reason they should be valued, and if you got in too late, you have to manage your desire. stuart: i will try to remember that. gambling is tempting when you are winning. they make electric vehicles,

they like, the meme stock club, 36%, do you know anything about them? >> the short interest is over 40% and that is the overall theme. they are ohio-based, this is your class iii company car commercial truck. the biggest catalysts is they were supposed to get a deal with the post office and they missed out on that so that is not good, stocks held off, they got a head start on their competition. it will probably best another 9 months or so and when you are the first movie you better take advantage of that opportunity while you can. if you fail to do it you're squandering one heck of an opportunity there are other options, they only deliver 6 vehicles in the first quarter, stocks sold off, their supply chain issues, chip shortages. very heavy short interest and that is where these investors are. stuart: they are going after

them and up 44%. i want to talk about exxon. a small activist hedge funds, engine number one will claim a third seat on exxon's board. they want a revolution within exxon, turn them away from fossil fuels, exxon holding at $60 a share. general motors expect first-half results to be, quote, significantly better, prior guidance, accelerating large and medium-sized pickups, generally downmarket gm is at 61. domestic leisure travel has been 100% restored. that's a good sign. all the airlines are down this morning, tesla, two or recalls, fasteners affect the seatbelt performance, total stock is down today, holding $600 per share. that we have lulu lemon, they

report after the bell, $319 a share, what are you looking at? >> this is one of the most loved stocks of the last few years but it has been a dog so far, 8%, s&p is up 12%, stock has been essentially flat. i love the company story, they have a strong brand, innovative product, loyal customer base, they execute well, my kids are addicted to this. that is all i need to know. the stock is expensive, the biggest growth areas are digital and international. the digital check box is already checked off. i would expect a good quarter. apparel has been strong this quarter but they have some serious head winds coming up, got supply chain issues in the second half of the year, there's an increased rate which will drag on margins and the

wallace effect, likely the consumer begins to shift from buying goods towards buying services, less yoga pants and were going to the bar for a couple drinks. i would be interested in this but it has to come down in price. >> less yoga pants and more going to the bar for a couple drinks, you tell the story very well. i am showing you dow winners headed by american company, those are the winners among the dow 30. here are the winners among the s&p 500. general motors best performer of all the 500 stocks. ford motor company doing well. their sales in may were up 4.one%, thedaq s nn ba.d ek thi stoy, wade00un shaunre w up as a5.t a ma co me, k , in.in in in inre yin w ychinch

rehe arem i a i ngey he inave ingse ll, llnessi is a a fixta e tyoc.ty ha a aa ir thaneeds s butft zoom had a huge quarter but the price action afterwards was weekend i expect the same here, stocks up and underperforming the s&p 500. next one on my list is self holdings, that is the energy drink, monster beverage alternative, smaller company, $5 billion market versus $50 billion market from monster, stock is up 15%. really high volume on no news, pr surrounding these drinks is monster isn't health, celsius is the healthier alternative.

that is debatable and a lot of people don't like the taste of energy drinks and prefer watermelon and wild berry drinks rather than the energy drink. very interesting. i want to see what they do to that. the third what i'm watching is diabetes. >> what do you have on tandem? >> 45% of americans have diabetes and prediabetes. stock is down 10%, diabetes is not down 10%, unfairly punished, that is something we would be buying on this. stuart: you wrapped it up very well. market opening coverage, we need you and got you and thanks very much, stick around, more for you later. i'm showing you the big board, we are down 215 points, 34,381. russia has launched multiple cyber attacks in a matter of weeks, president biden does not think vladimir putin is testing.

does former secretary of state mike pompeo agree with that? he joins me next hour. you will soon be able to bet on sports through your tv. the ceo of if you be oh tv is here to tell us about that. floyd mayweather says his decision was an easy one. watch this. >> i believe it is smart in my heart, so if it was something easy like this, legalized bank robbery i got to do it. stuart: here is why. mayweather guaranteed at least $10 million. that is not all. details coming up.

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stuart: new york city cloudy, rainy, not too good. we are playing that song that of the flight between floyd meza the weather and logan paul, mayweather says the decision to fight was an easy one, watch this again. >> i believe workers are smart in my heart. if it is done easy like this, legalized bank robbery i got to do it. my nickname is money for a reason. i work extremely hard for years and years to get to a certain level was a level where we can cause everything to happen. stuart: legalized bank robbery. he will make a lot of money. he gets a piece of the

pay-per-view. that is what i want to pay if i watch the fight at home. >> floyd is a smart man. he's going to get paid. the fight costs $49.99, floyd is getting a $10 billion base plus 40% of that subscription fee. he could get $50 million. logan is getting 10% of the share and 250,000 and he thinks he will get 20 million. this could be a huge huge moneymaker for floyd. working smarter, not harder, good for him. stuart: so much money about a fight with a youtube star. can't wrap my arms around it. that is the modern state of sports entertainment. >> someone in the face for $50 million. stuart: i am there even at my age.

show me fyoube oh. this company streams live sports and getting ready to let users bet on sports through your tv. the ceo is david gather, frequent guest on the program and joined me now. i am sitting at home with fyou be oh subscription, how do i bet on what you are putting on my tv set? >> excellent question. thank you for having me. we are not there yet. what you will see today especially at the start of the world cup qualifying games on your live screen which gives you access to live data feeds, this is a beta we are launching in anticipation of our wagering product we are on track to launch in the fourth quarter. ultimately our goal is you will

watch a program, look at your phone, that will be presented to you in a slip format in your sports book and as you change channels it will change as well so that is the early innings of what we are planning to do and this is fully immersive experience and we are excited about the opportunities. stuart: your stock is behaving like a meme stock. the extreme swings daily, your down 5% despite this news. why are you a meme stock and do you like it? >> i don't believe we are meme stock, we haven't behaved as a meme stock, we've been public for 3 quarters, raise the margin profile continues to improve, taking market share

from our competitors, we are at the intersection of 3 megatrends, the shift of tv dollars to connect devices to online wagering which we are getting into. from my perspective we have a robust business where we do half $1 billion of revenue up from 260, plus last year. i wouldn't consider is a meme stock but given that it feels that way too many investors. stuart: you are not a meme stock if you have underlying value, come back and tell us how i can gamble on the tv set. let's see. what have we got? what have we got? here we go --

>> i've got to say thank you to you. you have been with us for the hour. we will see you again and thank you for your fine performance. >> this has been great. stuart: you liked it really? if you are not careful you will be back. a father and daughter getting a lot of attention for their powerful message against critical race theory. role tape. >> my baby is going to know no matter what she wants to be a life she just has to work hard. >> it doesn't matter if you're black or white. >> we got to stop crt. stuart: you will hear more from them coming up guaranteed. as businesses try to incentivize people to get the jabs am i taking it a step further moving towards what i would call vaccine segregation. we will tell you all about that after this. ♪♪

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stuart: the development on the stock of the day, amc is halted because of extreme volatility,

down 30%, called a halt to trading at $43 a share. this is all over the place in the last 36 hours was when i got up it was $70 a share. that is volatility. we talked about vaccine segregation. and is it legal? break it down for us. >> it is in most cases. more businesses providing incentives to get the jab. now using us to consider the carrot. for example, the brooklyn nets offering tickets to home playoff games for the

unvaccinated at higher prices than the vaccinated and segregate fans whether they got the shot or not. the difference in ticket prices could be as much as $370 versus 445. the question is it legal? listen. >> if you have to socially distance you require more space for that social distance. it is not unreasonable or unlawfully the current law stands dealing with a pandemic that is killed 3 and a half million people to offer higher price accommodations. >> reasonable accommodation is the legal standard being applied here so then use can charge more if you haven't been vaccinated and forth you -- folks who have not been vaccinated as well. it is possible they can only offer a virtual presentation. bottom line businesses have to do whatever is considered reasonable and it is not clear

whether the florida concert charging people $1,000 against $18 for vaccinated folks, whether that meets that standard nobody should be going to punk rock concerts. back to you. stuart: good one. that was a fine ending, thanks very much. i got to get back to the markets because we've got them all down, the nasdaq down one and a quarter%, moments ago was down 200 points. we have amc halted, it is down 26, $46 a share on amc, just got back in business. is for the cryptos can you show me bitcoin? it was close to 40 grand a moment ago. it is at 37. everything is down except the cryptos. they are up.

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♪. stuart: there you go. i asked for more tom petty and we got it. great song. good morning, everyone, 10:00 eastern. straight to your money. this is a very big day for your money. dow industrials down 187. nasdaq down 171. look at the 10-year treasury

yield. lots of talk about inflation yet the yield is 1.61%, up just a little today. meme stocks, extremely volatile today. amc is trading again. it is at $49 a share. it is just all over the place. most of the shorted meme stocks are down today. bitcoin, well, that is pushing higher as a big crypto conference kicks off in miami tomorrow. 38,500 on bitcoin. just got the latest read on mortgage rates. okay. for the 30 year fixed, 2.99%. one year ago it was 3.18%. so mortgage rates right now just under that 3% level. got the latest read on the service sector as well, doing very, very well. the number is 64. i believe that is really way up there.

there is a very positive reading on the service sector of the u.s. economy. no impact on the market though. that is dancing to a very different drummer. and now this. i've been reporting on the stock market for more than 40 years. i've never seen anything like this. meme stocks and cryptos represent a whole new element in the financial world. they turned investing upside down. the action today is in amc and other meme stocks. amc doubled yesterday. at one stage this morning it was up another 20%. then they announced they are going to sell over 11 million shares from time to time. they're cashing in on their amazing stock market ride. amc came down a whole lot, to the low 40s, bounced back to 49 where it is now. seems to me we have turned some of these stocks into gambling chips. very little underlying value. investors just gambling that the next move will be up.

let's get to the cryptos. big conference begins today, i'm sorry, tomorrow, actually in miami. investors will be paying close attention to their social network feeds. they're looking for a celebrity headline to jump on. that is the way this market functions. bitcoin got close to 40,000 earlier this morning. it is at 38,500 now. ethereum getting closer to 3,000, 2791 right now. so look what we've got here. what we've got is tens of billions of dollars moving very quickly into stocks which have virtually no underlying value. i could judge my investment in microsoft by its products and its profits. but amc, dogecoin? this is what happens when the financial world is flooded with trillions of dollars. parts of wall street turn into pa qassin snow. where it ends, i do not know. second hour of "varney & company" about to

begin. ♪. stuart: david lefkowitz with us this morning a real market professional who will straighten us all out and tell us what is happening here. what is with these meme stocks what is with cryptos? are they upsetting the entire market and turning parts of wall street into a casino. what do you think? >> stuart, i do think that for some of those stocks the meme stocks that you mentioned, i do think that we have to keep it in perspective. this is a pretty small part of the overall market. less than 1% or so of the market capitalization of the entire stock market so it's a very small corner of the equity markets. i wouldn't want to overstate how, what is happening in that segment, what implications could be for the broader market.

crypto, obviously that has been, that has been definitely of, huge investor interest over the last several years. you know some debate whether or not this is turning into a new time of asset class. there is still a lot more questions than answers for a lot of crypto but obviously, a lot of interest in, amongst our client base. stuart: yeah. that is what i was going to get to. i can't go anywhere without somebody saying have you bought bitcoin, have you bought dogecoin, have you bought into bitcoin. i'm sure your clients are saying the same thing to you but what do you tell them? >> our advice is it is a speculative market. it is a speculative asset class and only invest what you're willing to lose because it is a very new type of phenomenon. we don't have a lot of tools to really come up with what is a fair value for many of these

assets. so, so we think it is still very highly speculative. and the bottom line is, only invest what you're willing to lose in that market. stuart: fair enough. now, let's put that aside. the cryptos and people stocks, put them aside minute. look at the overall market. you're expecting a rally between now and june of next year. i think you're looking for eight, maybe 9% gain, s&p 500? >> you want to make your case on that? >> thanks, stuart. the drivers have been in place since the bottom of the market. i think those will still be driving gains further although a little bit slower than what we've seen over the last 14 months or so and those drivers are the very strong support we're seeing from the government in terms of government spending. very accommodative fed. it will probably come a little

less a accommodative but still a accommodative. but that is leading a surge in the earnings. obviously the winding down of the pandemic goes without saying. the surge in corporate profit, i think you will continue to see corporate profits come in much better than expected and that, that backdrop of very supportive policy settings, huge corporate profits, i mean that should drive the markets a bit higher from where they are today. stuart: hard to argue against that. david lefkowitz, make us all feel less anxious. thanks for joining us david. hope to see you again soon. let's look at cryptos, specifically, not cryptos, amc. now at $50 a share. a little history here. early this morning it was at 70. about half an hour ago it dropped to 42. now, and it was halted by the way. now it is back to 50.

still down 1% today but it is at 50. they are going to sell 11 million shares from time to time they say. so they're raising some cash. i have to tell you that amc is still up about what, 3,000% this year alone. how about bed, bath & beyond, also way down. actually down 23% this morning. they surged yesterday after they launched some new products. the stock is up 150% for the year but today it is down 23%. we're talking volatility here. blackberry riding the meme stock wave actually going up by 13%. in other words all over the place on the meme stocks today. bitcoin, let's look at the cryptos, the price moving up. that is ahead of the world's largest crypto conference in miami. starts tomorrow. the conference runs through saturday. 50,000 people expected. jack dorsey is doing to be there. the mayor of miami, frances

suarez, he has been on this show, floyd mayweather all on the crypto conference in miami. i'm waiting for any headline from celebrities to see what they're saying about their coin. got it. president biden will meet with lead republican negotiator, shelley more can teeth poe at the white house. yesterday the two tried to come up with a compromise on a bipartisan infrastructure deal before congress returns next week. jason chaffetz with us now. jason worked in congress, eight years i think it was? you know what you're talking about here. do you think that the democrats will come to the table and make a deal with the republicans? do you think that's going to happen? >> no, i don't. i think they knew when they picked up those two senate seats in georgia that they could run the table. they could use a tool called reconciliation to get through the process to, get a simple majority when they get kamala harris to vote pass the vice president, the president of the senate, to push it over the top.

i think they want to spend an unbelievable amount of money, a trillion plus dollars on top of of course the six trillion dollars in their budget, on top of all the other pandemic relief. i think our government spending 25% of our gross domestic product is obscene but i think that is what the democrats want to do. they believe in government all the time for everything and they have an insatiable desire to spend more and more and more. stuart: but they can't get all they want, they can't get much of what they want unless they abandon the filibuster and go through on a straight party-line vote. i'm not sure they can do that with joe manchin saying i want to keep the filibuster? >> well i think the filibuster is going to stay in there but there was a ruling by the parliamentarian that you can do multiple, which is different than where it has been in the past, reconciliation packages. there are some caveats to that have not been unveiled but i think chuck schumer is pretty

savvy in. this i think joe biden will plow through this get as much as he can for infrastructure, even though by many calculations, less than 10% of it is actual roads, bridges and highways. i think this fills their democratic dream. i think they used the word infrastructure to sell it even though that is a disguise for what it really is. stuart: got it. i will change the subject for a second here. i've got a portland middle school teacher telling her colleagues teach critical race theory or be fired. hold on for a second, jason. watch this with our viewers. roll it. >> if you're not evolving into an anti-racist educator, you're making yourself obsolete in this profession because if you're going to keep old views, colonialism, it is going to lead to being fired because you will be doing damage to our children,

trauma and so a matter of time. so it is like you either evolve or dissolve. you've got to start wanting to be with us. stuart: jason you can be fired if you don't teach critical race theory? i could see the day coming we have a segregated school system going on here where schools in republican states do not accept critical race theory and schools in democrat states do. that's a form of educational desegregation. seems to me that's where we're headed? >> yeah. i think you're right. there is a deep concern here. i got a radical idea, stuart. if you want to teach equality, why don't you practice equality. just actually do it. just treat all people the same. you know, our young people they don't want, their parent and they don't want to be a indoctrinated hey, you're racist. there is inherent systemic

racism from the very beginning because of the color of your skin. that is not what martin luther king was teaching. that is not what i taught your kids. you live your life. you can teach history. there is a ugly part of our history. just to go to the critical race theory is a bridge way, way too far. stuart: with all the way. jason chaffetz, thanks for being with us this morning. we do appreciate it, sir. thank you very much. i want to bring in "fox & friends first" co-host, todd piro. frequently appears on the program. he is with us this morning. todd, you heard that teacher threatening coworkers with being fired if they don't teach critical race theory. i'm saying we could end up with a segregated school system here, some teaching critical race theory, some not. what is your reaction to all of this? >> first, stuart, to that teacher, this is setting up a teacher live on live situation. crt folks, teachers union, not happy to hear one of their own

talking about firing teachers f teachers unions hate one thing thing anathema firing teachers. once you have tenure, that is it. talk about segregated school districts. i will harken back too jason chaffetz from utah. if you think this is a red versus blue situation, i hate to call you out on your show. two different groups of individuals fighting critical race theory in utah. utah is a red state. this permeated the country. what you need to do, get on school boards. stop it where you live. don't make it red versus blue. stuart: well-said, todd, by the way, we're looking forward to having you with us for the next two hours. can you stand it? i hope you can. >> i'm going to try. stuart: see what you say at the end of the two hours. todd, thanks for being with us. we'll see you again shortly. is this, is coke too woke. one county banning soda

machines, vending machines because of coke's what they think of left-wing politics. we have the story for you discuss ahead. inflation pumping up prices. everything, milk, pork, beef, gasoline, you name it. i will ask celebrity chef david burke if he is passing on the costs to his customers at his restaurants. mr. burke is on his way to us. >> >> first iran's largest warship, catching fire, sinking in the middle east. is someone trying to send a message? i have will ask former secretary of state mike pompeo right after this.

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♪. stuart: i will go through this quickly. volatility is the name of game. the meme stocks all over the place today but look at amc, it recovered to $55 a share as we speak. look at cryptos as we speak. mostly higher. lots of volatility. bitcoin at 38,400. the major stock averages, most of them are down, all of them are down. the dow is up 100. look at the nasdaq, it is down 150 points. then there is this, we're seeing far more cases of cyberattacks on companies. what's the federal government doing about it? hillary vaughn is on capitol hill. can you tell us what the president is doing, hillary? reporter: well, stuart, president biden says he is going to bring up this issue of recent ransomware attacks on major u.s. companies when he is meeting face-to-face with russian president vladmir putin. that is something he will bring up there but there is also an effort with the white house and the federal government as a whole to crack down on the

ransomware attacks to try to find the hackers and prosecute them. we know that the hackers responsible for the colonial pipeline hack, the recent jbs meatpacking, manufacturing plants, both are based in russia. that is a conversation that biden says he will have with putin but what ultimately comes out of it is really up in the air. it is very difficult for the u.s. government to track down where these hackers are without coordination and help from the foreign government that these hackers are living under. i talked with acting director of the cybersecurity and infrastructure security agency. that is the cyber arm of dhs today. brandon wells. he tells me it is nearly impossible for the u.s. government to ultimately prosecute a hacker if they're not getting coordination from the government in the country where they are living. these hackers are both russian. the white house also put out a memo today basically saying to cops in the private sector, it

is their responsibility to shore up their cyberdefenses. they do have resources from the private sector but ultimately it is on, the responsibility of the company to do that. stuart? stuart: okay. understood. thanks very much, hillary. now this. iran's largest navy warship caught fire and sank yesterday. iranian officials have yet to say what caused that fire. former secretary of state mike pompeo joins us now. mr. secretary, do you think someone is sending a message, maybe israelis saying or the cia saying hey, you guys mess with us, we'll burn your ship down? is that beyond the realms of possibility? >> good morning, stuart. no it is certainly not beyond the realm of possibility. look it is also not the realm of possibility that the iranians had an accident. they demonstrated incompetence. they remember shot down not too long ago a commercial airliner

flying over their airport. their military demonstrated they're not the most capable of the world. this could be an actor, hamas firing rockets into our cities. we'll not tolerate that. i will make this clear, stuart, someone should send iranians a message. they have become rambunctious, whether syria or gaza strip. hezbollah has been ramming up as well. syria as well. we need to send a message of deterrence one we had in place for four years, but i'm afraid by sitting with the iranians in vienna is being lost. stuart: got it. republicans calling for dr. fauci to testify, want him to answer the newly-released emails he knew covid may have come from the wuhan lab just as he was dismissing that possibility. what is your reaction, mr. secretary to the new emails being released? >> the most important thing, stuart, we shouldn't lose sight of we need to figure out where

this came from. dr. fauci's emails are pretty confusing. looks like he knew there was gain of function research taking place in the lab. may well be the case he and some of his colleagues were part of underwriting that. we shouldly certainly understand if there was american role. more important we should make sure that never happens again. what questions i would ask dr. fauci, what all does snow, how does he have access to the information and how we can get answers chinese communist party killed millions of people around the world, as we sit here this morning continues to this day to cover up what they did. stuart: can we get to the truth of what happened at the wuhan lab if we're not allowed to interview the people who work there or look at the records, the medical records they collected there? if we can't get at that can we ever get at the absolute truth? >> the answer is we need access to that information. the question is, how would one do that? the answer is to impose real

costs on the chinese come nest party. stuart, they know this. they know what happened -- don't forget there are still thousands of people dying around the world from this same virus. this is not behind the world. the chinese come communist party could answer these questions in a flash. they chose not to do it, just not the united states but the world. put costs on people at laboratory, costs on doctors who were supervising them, cost on pole politburo members who have kids going to school in the united states. there are so many things we can do. ed administration needs to press the chinese communist party, stuart. that is the only way we get answers. stuart: mr. secretary, president meets vladmir putin in two weeks in geneva. biden does not think putin is testing him, do you agree with that. >> no. i think it is a pretty clear. a lot of actors testing this

administration, the russians amongst them. we have to establish deterrence around the world t requires real strength from an american administration. when they see them do things buildout a pipeline that will have the capacity to control german energy and we kill a pipeline in the united states i think vladmir putin sees a green light. remember they reentered a nuclear agreement we chosen not to reenter. they extracted nothing from the russians in exchange for that. i think put fight senses weakness. i hope in the president biden will do what the president trump did, demonstrate resolve, work with the russians where we can, if they continue to allow cyberattacks on our country, take advantage of the united states, we'll not stand for it and we'll impose real costs on them. stuart: mr. secretary, thank you very much for joining us this morning. hope to see you soon. >> yes, thank you. stuart: tell you now, coming up next week, monday, former president donald trump will join me at the top of the program. life 9:00 a.m. eastern monday

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visit indeed.com/hire and get started today. ♪. stuart: check those markets. all over the place, mostly down for most of wall street, down 120 on the dow and the nasdaq is down 150 points. the wild trading in meme stocks continues. amc is now at 51. let me tell you this, amc has gone from 70 to 42, now 51 all in the space of about six or seven hours, okay? volatility for the meme stocks. mortgage rates, just got the latest number, 2.99%. that is the 30-year fixed-rate mortgage. i want to bring in john lonski on the housing market. john, you're saying consumers are getting weary or wary of rising home prices. what does that mean and what's your evidence? >> how else can you explain the

fact that unit sales of new and existing homes are both down by 13% from their latest peaks? now existing homes sales you can make the excuse, there is shortage of supply. on the other hand with new home sales you cannot make that excuse because the supply of new homes for sale has been on the rise since early 2021. you mentioned the mortgage yield, up to a 3% mortgage yield and yet we have no hard evidence of a housing boom they talk about. look at data, in terms of home sales, it is mostly a figment of one's imagination and according to some people from the housing industry the consumer getting wise. they're beginning to realize perhaps home prices have risen too high too fast. stuart: tell you where the expression housing beam -- boom comes from. homeowners, millions of them, all across america, watching the price of their home, the equity

in their home booming. that is why it's a housing boom, right? >> yeah, one thing to go ahead and have the market value of your home rise considerably. it is an entirely different matter if you try to monetize that price gain and sell the house in some cases. maybe you may find out the bid you get for that home is less than what you expected, but what we see taking place is that the price of housing, the market value of housing has risen considerably versus after tax personal income. if that continues, we might well find ourselves stuck with the same overvalued housing market that we had back in 2007. stuart: okay. we got very strong, employment numbers this morning. 97thousand private sector -- 978,000 private sector jobs in may i think it was. tomorrow the big may

unemployment report probably going to be very strong. will that strength in the economy force the federal reserve at some point to take action against what is rising inflation? when is that going to happen, john? >> i don't think it is going to happen at the june 16th meeting of the fomc, the federal reserve. i do believe there is a very good chance when a jerome powell, addresses the jackson hole symposium on monetary policy, that is in late august, august 26, 28, it is at that time chairman powell may hint strongly of an i impending tapering or reduction in fed bond buying will have effect of lifting 1.6% 10-year treasury yield, up to something approaching 2% by early 2022. stuart: at that point the market probably sells off but we shall see. john lonski --

>> richly-priced stocks. stuart: yeah. you got it. john lonski, thanks very much. we'll see you again real soon. then there is this, former special counsel robert mueller going back to law school. todd piro who is with us for the whole two hours, rest of the show, what's he going to do at law school? >> stuart, special counsel headed back to his alma mater. robert mueller will share lessons from the investigation into russian interference during a law school course this fall at the university of virginia. three former senior members of mueller's team will teach the course. mueller will lead one class called the mueller the report and the role of special counsel. key topics importance of the roger stone prosecution and investigative actions relating to the white house. mueller of course graduating from uva law in 1973. from what i'm told, they're going to focus in this course on how decisions were made throughout the course of the special counsel's appointment. stuart: he should run a special class headlined, no collusion but that is another story.

this one's for you. congresswoman cori bush, democrat, missouri, wants to defund the police but spent taxpayer money on private security for herself. you know the story. give us details. >> mix up common phrase, protection for me, not for thee. cori bush, defund the police proponent spent money on a day for private security for herself. in addition to spending campaign money on other private security. "daily caller" finding finding h spent more than 30,000 bucks on private security in the first quarter of this year alone. extrapolate that out to a year that is a lot of cash. stuart: in one quarter, 13 week period, 30 odd thousand dollars. >> 120,000 for all of 2021 if it continues like that. stuart: that is serious money. todd, thanks very much. >> okay. stuart: one man's attempt, i think we'll show you some interesting video here.

one man's attempt to grill meat goes horribly wrong. probably because he tried to grill it from the exhaust of a lamborghini. we'll show you the full video just ahead. ♪.

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stuart: restaurants are dealing with inflation first hand. some of them have to jack up prices to offset rising food costs. award winning celebrity chef david burke joins me now. david, we had a reporter on this program yesterday in a restaurant in chicago. he showed me a box of chicken that had tripled in price in a matter of months. are you seeing the same kind of rising prices in your operation? >> stuart, yeah, good morning.

yes, we're seeing rising prices across the board. not only poultry, red meat, steak, it is crazy. scallops, lob term i'm on the jersey shore. our seafood prices have gone up as well. stuart: so are you raising prices? >> i would love to. our restaurants are on the more expensive end usually but i would love to raise prices. but because don't have 100% staff the way i like to be i have to be cautious because there could be an opportunity where the servers and timing isn't perfect. i don't want to, raise my prices and not be able to assure prompt service. it is kind of a catch 22. but we're holding steady right now. the real issue actually is employment, trying to find workers that are, that are willing to get off the couch and give up what they're collecting to come in and work in a restaurant. stuart: you've got i think 18

restaurants in new jersey and having a real hard time getting people to come back to your restaurant? sometimes that's because people are getting money to stay home and sometimes it is because they have moved to a different state and sometimes it is because they didn't like the job in the first place and they want to change employment. are you seeing that? >> yeah. i, certainly people have moved. we have six restaurants in jersey but 18 throughout the company. we have seen people move. we've also, mainly it is the economics of staying home and being paid and not wanting to come back. we have the opportunity for growth because we have so many restaurants in one state. so that is a positive sign but there is also the burnout rate. we have restaurants in new york city on the upper east side we can't open seven days a beak because we can't staff it. we have loyal employees but there are some of my colleagues closed one or two days a week as well because they're afraid of people burning out, walking out.

that is the case you will start to see as summer gets going especially on the jersey shore. people are trying to make up for lost wages last year by opening and going full force without a full workforce and people burn out and quit. there is a lot of confusion right now but mainly it is, ply my payroll sup 20, 25% because i have to pay people above what they're making at home. i'm competing with my competitors on price range. desperate times, desperate measures. some people pay off the books. some are paying $25 for dishwashers. we had a dishwasher work 85 hours last week. we only had one. we couldn't get one. i haven't seen it like this in my career. stuart: i hope you come out of this profitably and well. david burke, thanks very much for joining us. >> have a great summer. thank you. i hope so, stuart. thank you. stuart: i will be there. been talking about this.

restaurants shut down for covid. now they're struggling inflation and a worker shortage. todd piro with us for a couple of hours, what do you make of all of this? >> i will focus on david burke, when i do "fox & friends" weekends, we had segments, he would be here getting out on the plaza, bringing his food and hustling. that is the key word, hustling. this biden free money is taking away hustling. restaurant owners are saying let's go, i'm ready to serve the public that is desperate. people are on the sidelines playing game boys, such like that, that is bad for an economy. that is not how an economy works. you compound that, we interviewed tons of restaurant owners on "fox & friends first" last few weeks, food is through the roof. you have meat prices gas, combine, when i take you out for lunch next time it will cost me

a thousand dollars. i don't make that kind of stuart varney money. you will have to buy. stuart: i don't drink, there you go, todd. cut the bill to 500 bucks. >> right. stuart: simple as that i will take you up on it. todd, you're all right. i got to get back to the market and money. we've got serious movements going on here. first of all, look at big tech. have you sign the big tech stocks down as much as recently? they're way down. apple 123. looking at google, down 1 1/2%. microsoft, perhaps the biggest loser amongst the big tech guys, one 1 and 3/4%. sell off in big tech and elsewhere as well. look at meme stocks. i have got amc back to $49. that is down 20%. the i have bed, bath & beyond down 23%. look across the board on the markets today, you are talking extreme volatility, most of it to the downside. here's what's coming up, floyd mayweather getting into the nft game.

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>> we reported earlier on this program president biden will meet with queen elizabeth, june 13th at windsor castle. turns out it is a much larger trip. who else is he meeting with? >> you worried about a biden win would force us into a eu centric policy. first trip overseas, to brussels the home of the european union. he is expected to participate in a nato summit. will meet with uk boris johnson and president erdogan. i hear nato, is biden holding their feet to fire to make sure like donald trump that they pay their fair share going forward. or is the european union the rest of the nato world going to

be freeloaders while we cover the bill. you know, handing money out to everybody else. why not them? stuart: well, you know what the brits call brussels? they call it the belly of the beast because that's where the eu is headquartered. that is where the bureaucracy is. the president is going right there. >> right into the belly. stuart: back to the markets. we pared of loss on the dow considerably. we were down very sharply. now we're down 61 points. the nasdaq though still down 125. you still got a downside move for most stocks. meme stocks mostly lower. cryptos higher. that is the state of play. headline for you, chinese communist party versus the world. we must fight back before it is too late. congressman brian fitzpatrick is the author of that piece and he joins me now. congressman, you want to make china pay. how exactly do you do that? >> well there is a number of things we can do, stu. we have 3.5 million lives lost,

30 trillion costs to the global economy. permanent psychological and emotional damage to our children. there has got to be consequences to that. there is a number of things we can do. strip them of sovereign immunity. bipartisan legislation similar the case with post 9/11 with saudi arabia. we can remove most-favored nation status. we can limit, severely scrutinize visas. we can remove them from the world trade organizations. scrutinize loans at the world bank. there is a lot of tools we have at our disposal, stuart, but we got to make sure we get to the origins of covid, spread that message throughout the world. then have worldwide consequences to china. stuart: they would push back very, very sharply if you did any of the things that you have mentioned. is it, i hate to say is it worth it but making them accountable for covid, is it worth what they could do to us? >> i don't think we have a

choice, stuart. you know, if there is no consequences, this could happen again. and this did not just impact america. it impacted the world. devastated the world, the likes which we have never seen in our lifetimes. so to reward china by basically sweeping this under the carpet, having no consequences, by the way, they have incredibly ambitious goals of stealing our intellectual property. they're doing it every day. stealing our, currency manipulation. they're building military bases around the world to try to isolate us from tie wage. so that could be the next move. the world's largest microchip producer. we have to hold china accountable. stuart. this is great existential threat. i sit on the intelligence committee. we are reminded of this every day. our country and the world have to wake up to this threat. stuart: issue ad warning. we appreciate it always. next case, aoc, alexandria ocasio-cortez, facing a little

backlash over her tweet about her grandmother in puerto rico. todd, what did she say? shoe here is the tweet, stuart, getting people fired up. i went to puerto rico i first time in year plus because of covid. this is her home. hurricane maria relief hasn't arrived. trump blocked relief dollars for pr, meaning puerto rico. people are forced to flee. developers are taking them that didn't sit well with a lot of folks pointing out that aoc makes $174,000 a year as a congresswoman and could get her grandma out of these conditions if she wanted. one user, florida could aggressional candidate, quoted, honey you drive a tesla, have two apartments f your grand mother is living poor. you don't help her out. i am surprised a socialist would not help her grandma out. when my parents bailed out by sandy, we expected some government support. they have flooding insurance.

they help that. i didn't leave them in squalor until the help arrived. there is a balance there. government intervention but also personal responsibility. stuart: pay up, aoc. my personal opinion. todd, thank you very much. a big hour is still to come. michael lee, "the wall street journal" dan heninger and a whole lot more. plus, half of all the states are ending the government's 300-dollar a week emergency payments. ending those payments early and all of those states are run by, republicans. my take own the covid political split after this. living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven

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change our government spending grossed a mystic product is what the democrats want to do. they believe in government all the time for everything and have no desire to spend more and more and more. >> soul 7 million jobs short of where we were in february of 2020. the pain of shutting down the economy and putting this money into the system is going to be with us for years.

>> coins are in a bear market, i suspect lower prices. >> bad news is good and good news is bad. the fed might do that sooner. >> i see a new all-time highs and see them through the summer. stuart: a definite pick up on sixth avenue even though it is a dull gray rainy day. i see people on that street. it is 11 am on thursday, june 1st, straight to your money with all the losses on what i would call the conventional stock market did hours down 11, the nasdaq down 92. it had been down nearly 200. the big tech stocks taking a hit this morning across the board, they are all down.

the meme stocks very active, lots of volatility, amc at 45. early this morning $70 a share, drop-down to 42, halted trading, reopened, back to 51, 52, now at 45. that is called volatility. look at the cryptos. a lot of action right there. bitcoin 38,$710 per coin. most of the cryptos are up today, big crypto conference start in miami tomorrow and now this. this is a political split. half of all states are ending the $300 a week emergency payment. all 25 are run by republican

governors. rejecting free money. from the beginning an obvious split on the covid response. republicans were the first to open up and the first to say enough with the payment, time to get back to work, we will no longer pay you to stay home, democrats reject that and the white house, jen psaki says it will take time for workers to regain confidence in the safety of the workplace and workers need time to adjust to child care needs. i'm not buying all of that. it is the democrats who kept us in a constant state of anxiety about safety. the democrats through the teachers union who kept the schools closed so parents had to stay home and it is the democrats who are trying to buy votes with these emergency payments. the results, a big difference in performance. republican ron states have stronger growth rates and lower unemployment, democrats states generally lag behind, can't ignore the politics. democrats in my opinion are

buying votes. who doesn't like free money and how many will vote for a politician who gives free money, that is the political calculation being made by both republican and democrat governors. can you when election if you cut off free money? i sure hope so. back to work, back to school beats government handouts every time. the third hour of "varney and company" is about to begin. todd is with me for the next hour and i want to ask this. are you in line with this political split? do you agree with that, republican states, democrats states rejecting federal money by the republicans. that is a political split to

me? >> i would second every single word you just said. the only thing i would add is there is a vaccine out there. your fear of going back to work has to end right now and i think, we marked memorial day this past monday where those who stormed the beaches of normandy, i'm too scared, they were scared, they stormed the beaches and we have a situation where we are not speaking german anymore. the time for fear is over. you had enough time to get it together, time to go back to work, get the economy going and jen psaki's circular reasoning, people don't feel safe, they don't have childcare, open the schools, you nailed it perfectly. i'm not just saying that because you allowed me to be in your company today. stuart: flattery is the mother's milk of television. works every time with me. president biden announced national vaccine month of action. lots of giveaways and incentives. will it work to convince people who don't want the vaccine? >> would you expect anything other than giveaways? it is a move by biden to get 70% of adults, at least one

shot by independence day among the action items from the biden administration, radio encouraging you to get the vaccine, your favorite social media influencers, you follow all of them. kendall gender, kylie jenner, using platforms to get you roll up your sleeves, scenes of shots at the shop to educate the black community about the vaccine, the mayor's challenge to see what increases the vax rate the most by july 4th entry childcare to give people time to get the shot and recover. the one everybody is talking about today, free beer, you said you don't drink in the last hour so this won't work for you but the white house is working with anheuser-busch to give away free booze to everyone over 21 if we had that goal by july 4th. this blood is for you. stuart: let me come out with it. i hope this works, not the free beer but i hope these

incentives in this program work because we all benefit if the maximum number of people get the vaccination. i am fully vaccinated myself. bring it on. let's get going with this thing. >> 100% but this harkens back to the forgiving of student loans to a degree. same church different pew, already paid off my student loans, do i get this free money that biden is going to give to me free racing my student debt? i got the vaccine, do i get these other than free beer, a little like that, it is a little offputting but the end goal is the same, making sure our country is ready to go and not sick. stuart: got it, big day on the markets. first of all. we were down 200, now we are up

30. look at the meme stocks, took volatility up and down up and down all over the place. we need to bring in michael lee who says the growth of these stocks is a bullish signal. you want to make your case on that one? >> the more activity out there in the market the more people paying attention to these names, people are chasing value out there and a lot of these stocks can be described as d value stocks or value traps. what is going on with these meme stocks. stuart: michael lee you are not going to get away with that. where is the value in amc? market value is $30 billion. is that operation were $30 billion? is game stop were those billions? is there hidden value here? i don't think so.

>> i should have been clear. before the massive run up in these stocks that you can argue these were value stocks, now you got to the point where you have a lot of financial market manipulation going on where you are trying to squeeze the short seller and for some reason this is only a problem when every day joes are making a lot of money and institutions are losing. the reality is pushing assets around to take advantage of people that are overleveraged in that direction is a daily minute by minute occurrence and markets everywhere across the world so what is happening, you are seeing that to the other side where the redit crowd and meme stock chasers are winning against larger institutional investors trying to shorten these stocks to where they think there is value in them. what these stocks are doing are

becoming like tesla, blowing smoke and mirrors to manipulate stocks, squeezing out their shorts and raising capital and these stocks are not going anywhere because it shows there is money out there looking for a return in the markets and if they are looking at these stocks, looking at other high-quality socks and as long as there is money out there chasing these stocks from a broader market perspective that is what you want to see, you will see froth in certain sectors but as long as there are people betting the market will go higher whether it is in game stop or general motors or the s&p 500 that to me is a bullish signal. >> 30-seconds. you are expecting a melt up for stocks in the summer. you have 30 seconds to make your case. >> we have a continuously improving economic data although at a slower rate. there are no bearish signals other than investors saying the

market is expensive. when they say we are too expensive or too high that means the market is going higher so we get good employment data like we have today, we will get a decent number tomorrow. not anything gangbusters, the fed is not going anywhere, jerome powell has got to be confirmed or wants to be reconfirmed so as long as the money printing presses stay on and the economy gets better, not too quick to force the fed's hands, stocks will it up higher we will see multiple new highs as soon as the summer. stuart: okay. the ever confident michael lee joining us one more time and you will be back to explain yourself if stocks go down. thanks for being with us. take a look at amazon's stock at $3,200 a share. we raised it because starting next week police department need to access ring doorbell videos on a public platform. previously say had to message

uses for access to those. they want to be more transparent, stock is down 3 quarters of one%, apple asking most workers to return to the office three days a week starting in september. look at walmart, 740,000 employees get a free samsung smart phone. walmart wants them to use the phones to keep track of email, manage shifts and clock in. the phones sell for $500 on samsung's website. generous walmart i would say. latest read on oil inventory justin. a drawdown using 500 million barrels of oil, there was a surprise build using less distillate gasoline supplies, $68 a barrel. david beckham, getting into the electric car business. he will not be competing with elon musk but we will tell you about his venture in the new

market and a father has a powerful message about critical race theory. role tape. >> how we treat people is based on who they are. >> if they are nice. >> this is how children think right here. critical race. wants to end that. stuart: isn't that great stuff. dan heninger will unpack it all. lawmakers demand answers about the massive meet cyberattack. a congresswoman leading the charge is on the show next. ♪♪

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♪♪ cheeseburger in paradise. stuart: cheeseburger in paradise, why not? chicago 74 degrees and sunny. you could see the price of meat go up after the jb a cyberattack. you know the story, you have been covering this. how much more could we be paying this summer? >> i will ask that very question at first i want to show you this is cheeseburger in paradise right here, the perfect handmade beef patty, the meat company. i will ask your question to somebody who knows and that is brett joseph who owns this thing. you have never seen increases

like you have seen. >> historically no, not for as long as this has been going on. >> how much more can we go? how much higher, prices go? >> i think there's got to be breaking point people will start buying more affordable meet cuts than all the other stuff that goes to the wayside. stuart: >> this is an old-fashioned at your shop. come down here real quick because i want to show you, the rib roast is 2095 pounds, that is filet mignon, $34.95 a pound. >> that is with thinner margins. it could be even higher. if you go into the city it would be. stuart: you try not if you can help it to raise your prices. >> keeping margins thin, trying not to screw the consumer. >> that the things they worry

about. at some point inflation goes too high people stop buying. >> it hurts small businesses as well so everybody gets hurt. >> i will leave you with the beef. that is where the beef is but it will cost you. stuart: you made your point yesterday with the chicken, you may your point today with the beef. good stuff, jeff flock. >> reporter: view tomorrow. stuart: fish maybe. let's see. let's bring in congresswoman cat, republican from the great state of florida. you are on the agriculture committee, your investigating this cyberattack. the fbi says the russians did it. what do you propose we do to the russians? >> this is a great question we've been grappling with and

we are seeing the real world effective exactly this type of attack. we saw it with colonial and when we have critical infrastructure being targeted by nonstate actors that have bill will towards critical infrastructure like our food supply or our energy we have real problems but the thing is we have no real deterrence. there is no teeth in our deterrence policy, no consequences for these types of attacks and these actors and no multinational organizations that are really dedicated towards holding these people accountable. we will see these attacks until we get serious about grid resiliency and making sure we don't take these attacks on our critical private infrastructure entities like kbs, like colonial and as i said there are so many more critical pieces of national infrastructure there going to become targets if we don't get series in congress about directing these attacks.

stuart: suppose we sent a message in some way through our computers into their computers and we really screw them up, really mess with their computers, didn't fire a shot, no explosions, no act of war, we really screwed up their computers, would you do that? >> you will get me in trouble. we have the best it professionals in the world but it is important that we proceed cautiously, that we go forward deliberately. the knee-jerk reactions tend to get us in trouble and we can't stoop to the level of our adversaries, we have to be smarter and have the long game where we are looking at strategy first because any of these incidents can trigger a conventional conflict. we are dealing with an entity that is really operating with the blessing of the russian government. biden said he was going to

approach this issue when he meets with vladimir putin in the next few weeks but we need people who have a backbone of stealing talking about these issues. just because we think we can send a little were more piece of malware back that might set off a traditional conflict that has serious consequences not just for us in the united states but for the world. we need to be thoughtful, clear and have a plan moving forward. knee-jerk reactions are very very dangerous. stuart: you sound very cautious but i understand that. we don't want to start a war even though we are being attacked constantly. thank you for joining us, we appreciate it. going to show you a couple stocks, united airlines, stock is down. interesting story, they are buying 15 ultrafast planes from

a startup company called boone supersonic. the planes would cut the transatlantic flights new york to london, cut that flying time in half. united wants to fly these planes in 2029. then we have general motors increasing production at two of their pickup truck plants despite the global chip shortage, markets love that. it is up four, nearly 5% and they say there next quarter is going to be an improvement on their last. $62 for general motors. a story for todd, david beckham getting into the electric car game, selling old cars. what is the story? >> if you are a fan of old cars this story is for you. david beckham buying a 10% stake in a car restoration and electric firm, the company reengineered and electrifies classic cars, rolls, range

rover, bentley, they are have a pretty diverse portfolio including he sports and cannabis leading to pretty neat stuff. stuart: if you've got a rolls-royce that is 100 years old, why not turn it into an electric car, keep it going. still on cars, this one is for you. the lamborghini that went up in smoke in china. give me the story. >> i am always telling people not to grill meet on their lambeau. i'm always telling people that. lamborghini, supercar goes up in smoke when races try to grill meet using its flaming exhaust, it sends smoke pouring out the back. i copied this directly from the copy because i don't know anything about cars. apparently were not supposed to rev av 12 engine when it is cold because of the buildup of pressure in the water system causing coolant to leak onto

the floor. this car in china where this happened cost more than 1 million bucks in china, 300,000 euros in euro county. stuart: that was a very good explanation why he should not try to do that, simple as that. good advice. >> the new car reporter said no one ever. stuart: i've got something else, a county in north carolina pulling the plug on coke vending machines, they say coke is too woke. they aren't going to stand for it. still to come president biden's budget proposal would push the deficit to $1.8 trillion. critics say that will have long-term negative pick affect on america's middle-class. we will spell that out next. ♪♪

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some progress on infrastructure talks. what is the news? >> in the meeting yesterday between president biden and shelley l, one of the concessions president biden made was $70 billion in unspent money that was designated for covid relief to use for infrastructure. senate republicans put forth a plan to pay for a package by using unspent covid relief money. they believe that is in the 700 billion range. the president talked about 75 billion that could be spent, two issues, what is the top line number, $1.7 trillion for the white house, 1 trillion% of republicans. a big gap. if they could come to something how do you pay for it? the president has been talking about raising taxes on corporations, republicans talking about using unspent

covid relief money so the new bit of information, the president has come forward with unspent covid relief money, $75 billion, republicans are putting in the number at much higher than that. lots of big differences but you could also say negotiations are giving a little bit of give and get. stuart: there's a huge difference right there. thank you. now then. as you watch this. as a father makes an emotional argument against teaching critical race theory in schools. watch it. good stuff. >> how we treat people is based on who they are -- >> if they are nice. >> this is how children think. critical race theory wants to end that. it is not going to happen but we need to stop crt period

point blank, they love everybody. >> did he get that writer what? and look at this. the headline from the wall street journal says banning critical race theory. dan heninger wrote that. can you ban critical race theory? can you do it? >> seems happening around the country, put these events in that, joe biden campaigned on a return to normalcy in the united states. this marks the first anniversary of the murder of george floyd, a lot of commentary on that, 6 states enacted legislation to critical race theory. how did we get to this point.

most americans after the events related to george floyd agreed, with racial issues, 6 months later, public and private schools across the united states woke up to discover their schools or systems imposing teaching of critical race theory, structurally racist, this is a long way, in these legislatures, in loudoun county, virginia people are pushing back, to be imposed on their kids.

>> the segregated vocal school system. some teaching critical race theory probably democrat run states, some states probably republican run not teaching critical race theory, that is an educational divide i could see coming down the pike. >> that is and dangerous territory, some of it came, and liberal schools, dalton academy and progressive places where they reacted harshly against the policy, and we run the risk of a state of psychological, and of whiteness or blackness

and color, some democratic analysts raised the possibility the democratic party on thin political ice by pushing this stuff, they will resist it, too alien to them. they are pushing this into american society, there is little indication democrats want to pull back from this was they are pushing into a dangerous place, american society has come along way since the passage of the civil rights act, i don't think we want to go into the issue of resegregation anymore. stuart: dan heninger, see you again soon. change the subject.

and an entire county, banning coke vending machines, take us through it. >> in the office buildings, county commissioners say they are disappointed with criticism of georgia's new voting law saying the left wing in america, they defund the boycott, counsel, teardown stages and all sorts of egregious action. the county admits they are trying to cancel coke to use their tactics. stuart: shocking, really shocking. i will change the subject again and move away from the story entirely. i understand there is one baby name plunging off the charts. don't know what it is or what is happening here but take me through the story. what is the name? >> that name is karen. a lot of negative vibes. the name dropped 171 spots of

the list of most common baby names down to 830 first place due to the recent trend of using the name karen is a pejorative to describing difficult or entitled woman. according to social security only 325 baby girls were named karen last year. in 1965 there were reportedly 33,000 karens born in the us. stuart: that is one remarkable story. >> i feel bad for all the karens. stuart: i don't know any karens. let's change the subject. floyd maywhether jumping into the nft world. >> no athlete in history has done what i have done. my name will always live on. the things i did before the legacy and the market i left. stuart: how much does maywhether stand to make.

we will find out. take a look at this video. shows a fox news crew being followed by what appears to be members of the mexican cartel. chilling video, a report from the border right after this. ♪ ♪ ♪ ♪

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a ride along with the troopers. what did you see? >> reporter: we did go on this ride two days ago, the congressional delegation that is supposed to go on a ride along of their own. the boats are ready to take off and show them what is happening on the rio grande river. when we went out we were looking for human smugglers and drug smugglers. what we found were suspected cartel scouts that began following us. look at this video, the black pickup truck sitting near the mexican bank and when we started moving it started to tail us as soon as we launched into the river. gps officers tell me there's a whole network of scouts that only tail their boats and count how many officers are on board. these troopers are equipped for rapid water deployment to rescue migrants from the river when things like this happen.

this is exclusive video from roma, texas where migrants were trying to cross the river, went into the river and screaming that they were drowning. thankfully everybody survived and the smuggler pulled them back into the boat. we saw 100 people in texas, we saw women, children as we are learning new horrific details about a woman who was shot and being raped near yuma, arizona. the border patrol aircrew saw her from up above, saw what was happening, stopped the assault and mexican authorities swooped in and arrested the suspect. i want to show you behind me, mexican soil, law enforcement sources, that is controlled by the cartel, different cartels fight each other for that property, they knew who was on their property and get into the river from that property, they

control it and it emphasizes the point that the cartels have a lot of influence in that area and we were told there was a tiger chained up on that property a couple months ago, crazy what we hear from our sources. stuart: there we go, fox exposing it on like everywhere else. great stuff. thank you for joining us. i will do another changing of the context because we are days from the big fight between boxing legend floyd maywhether and logan paul. maywhether will speak at the bitcoin conference in miami and we have a preview of that. ♪♪ try the cooling, soothing relief or preparation h.

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>> a lot of people don't know my story, my background.

no athlete in history has done what i have done. my name will always live on. for the legacy i left in sports, period. beat all odds to get to where i am. that is the american dream. stuart: floyd mayweather getting in on the nft craze, a whole collection with financial technology company. the founder joined me now. you got to explain to viewers exactly what this mayweather nft is. what does it look like? what does it commemorate? >> thank you for having me. the floyd mayweather collection is entitled legacy and what it really is is to commemorate

floyd mayweather's accomplishments throughout his legacy and his time in sports. really excited to be part of the collaboration to bring this collection to life. stuart: are they being auctioned off in some way? >> >> you can find more information on floyd. it was 5 pieces in the collection. it is one of one. and it went live. and valued in ethereum, in

terms of dollars, we are seeing a lot of great engagement with the collection. and a brief glimpse as to what that is. i've not seen anything like this in terms of the collection because it allowed for floyd to be part of it in a bigger way. it includes digital art. and and handle gold dollar, a wonderful piece of art. stuart: i'm out of time but thanks for being with us. hope you get a good price.

come on back in again because i want to know what you think of the sports nft boom. i can't make head or tail of it. >> i've got baseball cards in my parents attic and at some point have to pay for the little ones college and some ken griffey junior. makes sense from these guys perspective, they are marketable. at the end of the davises marketing, using social media clout to drive up prices and put more money in their pocket so 100% again. stuart: bob bassford is suspended from competing at churchill downs. it is a long suspension, isn't it? >> if there's one thing i don't understand it is nft but being suspended for drug enhancement, bob baffert won't raise his horses in the rats kentucky derby for two years after he was suspended following the failed test and it was used to treat a skin infection that

contained a band substance. awaiting word if the kentucky horse racing commission will disqualify the horse from its victory in the derby, the horse is not allowed to run saturday in belmont either so tough stuff right now. stuart: the belmont this weekend. you've been with me last couple hours. appreciate it. come back soon and we will catch you early in the morning on fox and friends early, fox and friends first, that's it. it starts at 4:00 eastern time. you must get up at midnight. >> i get up at 11:30. i might have fallen asleep during that, just a little. stuart: you are good man, thanks very much. we have a trivia question. got to get it in. what is the top-selling product at walmart. i haven't got a clue. we will find out the answer after this.

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nasdaq down 126 points. big tech taking it on the chin today. meme stocks exceptional volatility again. amc has gone from 70 to 42, to 52, to 45. still down 27% on the day. what a performance. real volatility again in those meme stocks. most of the cryptos though are on the upside. time's up for me, but neil, it's a yours. take it, sir. neil: you know i had no idea bananas had so much appeal. so much appeal. stuart: nor me. neil: there you go. thank you very much, stuart. we're following a lot of other developments. not the banana thing. i didn't realize. hopefully it is not a you know -- [inaudible]. all right. calm down. i'm don't. two hours to go through all of this. welcome, everybody. glad to have you. we're in the green. dow as stuart said we're getting