america work again. that's our headline. liz: amen. maria: it sure is the headline and that's obvious within these numbers, again, the job's numbers out this morning moving markets, rally underway. thanks, everybody. great wall street this morning impact and great conversation on jobs. that will do it for us, have a stuart: tepper, a truck driver in texas? i will pay big money to see that. let's get on with it. that jobs report shows the following. 5 and 59,000 jobs added in the month of may, unemployment rate coming down to 5.8%, wages rising sharply. america going back to work but

not a rush. should we keep the $300 a week emergency payments? my answer is no. they are keeping people at home. the dow industrials on the upside gaining a lot of ground after the jobs report was issued looking at a gain of 90 points at "the opening bell," the s&p up a third of one% and the nasdaq is higher as well. is the jobs report inflationary? here's the big inflation indicator, 10 year treasury yield down to one.61%. that's not and inflation scare. investors like the lower yield, the crypto conference in miami just gets underway a couple hours from now and just gets started. look what we've got just as the crypto conference gets underway another tweet from elon musk.

it is about a couple falling out. that was taken is musk falling out with bitcoin and bitcoin is down along with the other cryptos. susan lee is there, looking for any other celebrity headline that moves the market. then of course there are the meme stocks, most are lower today, say what you like about stocks being gambling chips but they brought a new generation to investing. we will get into that. don't miss this. aoc demand emptying the prisons as a crime wave hits. standing next to her, senator schumer stares at his feet, looks like a policy split to me and here comes the mayweather logan paul fight. nothing to do with boxing. it is highly paid entertainment

and we have the guy who is putting on the show, friday, june 4th, 2021. varney and company is about to begin. ♪♪ anything can happen ♪♪ stuart: i wonder about that selection anything could happen, certainly can in this day and age. kenny will join me for this entire hour. great to have you on the show. you need to help me out. the market seems to like the jobs report. tell me why it likes it. >> it is strong enough but not too strong, all the angst about the fed's next move, futures are flat to a little lower.

they immediately turn high when the number came out because investors think it was not strong enough to force the conversation about the fed but all systems go. it is a good number. could it have been stronger? i expected a stronger number after last month's disaster, we are moving in the right direction but not enough to cause that so it is okay. stuart: the move -- the economy in the right direction, job numbers were not too hot or cold, it didn't seem like it set off the inflation alarm bells. it doesn't seem that. it was kind of in the middle range, it mutes the inflation story but from what i understand, wages really strong, was that where wages were strong? stuart: it was. don't have the number in front of me but they were strong. >> that will potentially be an

issue down the road. if they keep rising we will get that inflation story but they will spin it as saying it is good inflation because of rising wages along with rising prices should lift all boats. that should be the argument for good inflation which the market will like. if you get the bad inflation the comes because of an error in monetary policy with the the markets react with more honest and uncomfortableness but now i think it is okay. stuart: not goldilocks situation but looks okay. you with me for the next hour so stay there please. i will segue to another subject. that would be the largest crypto conference of all time, and bitcoin is down, and and a bit coin emoji.

what is going on with the billionaire, it undermines confidence in the market. >> up and also down. if they'd not the biggest crypto currency down by 8%, even now 36,$000 a coin down from 60,000 five weeks ago but 9000 a year ago, it was similar in that area, need to put elon musk aside, where is this relative to your own position. don't keep adding on the way down, if any bitcoin related

stocks are down from 900-400, elon breaking up and the price is so weak. stuart: the conference, big as it is with major league hitters coming on board it legitimizes cryptos meaning cryptos are definitely here to stay. >> tough to be a contrarian because people often think you are crazy. if there wasn't a bit coin conference, and in 2013-14-15 when bitcoin was pennies a coin, things like the bitcoin conference or public interests in bit coin might be a top rather than a bottom when it comes to price.

stuart: amc, way down again completed its second share offering a week, down 3%, $49 a share. my point is these meme stocks brought a new younger generation into the whole investment world and you could make the case that that is a good thing. >> i was that young investor, i was paying $30 a trade. these young investor does, if you buy before maria and sell after cavuto don't know if that is investing a couple hours at a time. it reminds me when we used to say people are buying aot, any old thing, best buy today, amc tomorrow and people are engaged in that type of material, the individual investor profile is so pessimistically low people aren't fearful come makes me

fearful given the market volatility. stuart: the bad news if the new generation of investors lost big time, might keep them out of investing for a long time to come. have a great weekend, see you soon. kenny, come back in. i want your take on meme stocks. my opinion you have a new generation involved in investing and that is a good thing. what do you say to that? >> getting a new generation involved is a good thing. i do not consider the hysteria in meme stocks investing. you can't argue with that, there are people making lots of money trading those meme stocks but people losing money raising meme stocks as well but one way or the other getting the younger generation into the

market to understand, try to create a long-term investment portfolio is a positive thing. it makes them feel like a casino to them which is exactly what the capital markets in this country should not be viewed as because they should be viewed as vehicles for creating and generating long-term wealth and not just these one day up one day down and everyone gets excited. stuart: it tells you something when that generation has enough surplus cash to put into the market and these meme stocks. that tells you the surplus cash is there, different than it was in my generation and maybe yours too. >> you and i are close to the same generation but that being said, you have to look at what is the amount of capital? some 25-year-old investing in a meme start? is a $100? $1,000? not 100,$000 unless they make all this money trading them and then start whipping around which could be true but for the most part i would suggest a lot

of them are not dumping hundreds of thousands into the meme stocks that are getting the experience, what it feels like to win which when you are investing does feel good when you win so you are hoping that gives them a broader exposure. stuart: destroys you when you lose. you are with me for the hour and i will move on. 559,000 jobs in may, unemployment rate down to 5.8. now this. we have a crisis on the border, we are fighting to find out the origins of covid. inflation is a concern, labor shortages, long list of problems. why was this a question at the daily press briefing, role tape. >> the white house cat. >> i have been joking though it might be true that we are waiting for bad news day for that to come out.

stuart: q the role. what has happened to the media under president biden? in just a moment we will take you to the biggest crypto currents ever, susan lee is there, has an interview with the ceo of riot block chain. quick check of futures on the upside, solid gains, more varney after this. ♪♪ ♪ ♪ ♪ ♪

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stuart: can you catch them? miami sound machine, looking at jacksonville beach, florida, 76 degrees, cloudy today. a lot of clouds in florida in june. the biggest crypto event ever kicks off today in miami. jack dorsey, floyd mayweather and 50,000 attendees descending on miami and susan lee is there. good morning to you. you have a special guest. >> let me show you what is happening on the stage because we have kicked off the miami mayor, francis suarez with his keynote and jack dorsey on stage, later on today and 20,000 plus, i showed you, they went around the block. there is a lot of enthusiasm and excitement for bitcoin and crypto currency some believe is the future of money.

someone who knows a lot about crypto, this is the stuff we talk about a lot. one of the biggest minors in the world, in miami, great to see you. let's talk about how elon musk is breaking up bitcoin, talk of the crypto currency space. >> don't think people should read much into any one given tweet here and there. most important bitcoin is bigger than any person or group of persons, whenever a celebrity will tweet about it that is their opinion, they are having fun. i believe ultimately elon is a believer in bitcoin but i can't speak for him. >> what does it say to the general public when once we can take down the price of bitcoin? >> that a lot of people are sensitive to public comment and are trading around that. i think bitcoin like i said is

bigger than one person, markets shouldn't hang on one person's words to buying or selling. >> about block chain, your one of the largest bitcoin in the world, you have established or made bitcoin in texas in the us. how big are those electricity bills? >> that is the largest bitcoin mining facility in north america so we are happy to have that right now, texas is a great environment for bitcoin, up to the governor's office sending messages, we want to make texas the mining mecca of the world. there's a lot of capacity but they have competitive energy costs. the open energy market, the properties of that market, the free open trading of energy results below competitive energy. >> what about environmental concerns, how much electricity and energy uses.

>> texas has a huge model, there's or solar and wind in texas than any other state, high environmental potential for renewable energy at the market conditions make it an ideal environment. we are seeing cold go from 18% of the mix to almost 13% this year because solar and wind are taking off in the market. stuart: what about the possible threat of regulation? you might say we are using so much electricity we are not going to allow that in the us and regulation of bitcoin's future? >> the story is the relationship bitcoin mining has over renewable generation sources, bitcoin buyers are the last resort in renewable energy. you have this isolated surplus energy bitcoin minors are coming in. stuart: are you not concerned about that? >> when you are mining in the state and the governor is saying we want to be the mecca

of bitcoin mining that gives a lot of comfort, there's always the regulatory risk but the facts are bitcoin mining helps driver noble generation and they have a solid relationship, we want a renewable future. we need flexible loads like bitcoin mining. >> where are bitcoin prices going? >> i don't have a crystal ball. i'm a long-term believer in bitcoin. we are mining bitcoin on the balance sheet and are optimistic about the future. >> reporter: there we go, we are starting. there's a lot of energy and enthusiasm here. stuart: i want to know what you had for breakfast because you have energy this morning. >> i noticed the guy from block chain made a great play of keeping his distance from elon musk.

>> that is right. i don't think anyone should pay attention to every tweet he makes concerning whatever subject it is but his cultlike following people putting to him that gives it so much weight and allows that noise to create the hysteria creates whether it is up or down. whatever his tweet meant this morning i read nothing into it. i own ethereum, what makes me concerned whether it is the stock or bitcoin's chart action and what it was like on the charts. that is what you should be watching, listening or making a trading decision based on what elon says this morning or this afternoon. that is ridiculous. stuart: we will hear more from you a little later. check those futures as we are 6 minutes from "the opening bell". we have some gains, not huge but the nasdaq is up eight and

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stuart: four minutes, 3 minutes "the opening bell," futures indicator modest rally across the board. we've been talking a lot about the jobs report, the meme stocks. a couple of individual stocks that are just really likes. first off, spotify. you see spotify ever covid winner. you like it, you think it is going up, 233 now. what is your price target? >> we think the stock could get north of $350 in the next 12 months. this is the leading play from global music streaming implement a price increase,

expanding 86 more country market that a series of new product innovations and on the consumer advertiser side. stuart: you are looking at a 40% gain for spotify in the past year. >> your math is right, correct. stuart: next one, pinterest, please put it on screen, $63 a share. what is your price target on pinterest? >> it can go north of $80, this is one of the plays off the entire internet advertising space has benefited from not a you or v-shaped recovery but a checkmark recovery. and revenue growth rates are stronger out of covid than they were going in, we are seeing linear tv ad budgets online but one of the biggest wins has been a surge in retail sales,

the dollars that support that have gone online, pinterest is a winner on the retail transition we have seen during covid. stuart: we put you on the show and you always look at what i would call the conventional stock market. you ever feel left out? everyone talking about meme stocks and cryptos? >> i don't feel left out, there's a lot of market, dynamic companies and controversial companies too. you talk about two companies the traded material year-to-date and in that controversy if they are fundamentally good at that, high quality companies, that is where you can make the biggest returns. i tried to find those rather than the ones that are working really well. stuart: they hq from mark mahaney, spotify and pinterest.

"the opening bell" will ring in 26 seconds and we expect a solid gain this friday morning. 559,000 jobs added in the month of may, strong but not huge but interest rates came down a bit. yield on the 10 year treasury 162. that the backdrop and you are looking at what seems to be a modest rally. it is 9:30 june 4th and we are now trading. from the get-go the dow is up 104 points, 2 thirds of the dow 30 in the green. a gain of a third of one% for the dow, how about the s&p, broad indicator, up half a percentage point. and the nasdaq composite, what do we expect with interest rates coming down a little bit, tech stocks on the way up,

nasdaq gaining 2 thirds of one% and here is big tech, all of them up with the exception of facebook which is down a fraction, 325 on facebook down $0.75. don't forget the meme stocks. most of them are slightly higher today. amc at 52, literally a half hour ago, expect volatility. dock you sign a digital agreement company surging this morning, 9.5% higher after reporting strong earnings, better yet an upbeat outlook for the future. investors love that and did well in the pandemic. more companies are adopting electronic signature up 9.8%, crowd strike on the upside,

down one%, cybersecurity company and throughout this entire hour, wildly bullish on the crowd strike. explain why. >> i like the name. it is great, 40% free cash flow, estimating 40% compound annual growth rate through 2024. it is one of those tech disruptor names. it is under pressure but i own it and like it, in front of the machine -- stuart: i have $212 a share. it is resistance at 206. it was quoted around 206, that is a solid move.

because i'm participating in the move anywhere, that would be the range but if you own it you are participating and any pull back. stuart: a couple more stocks in the news this morning, 5 below, that is a discount retailer, strong earnings and sales up 162% compared to the same quarter a year ago. that's not a very good comparison from a year ago but great performance, the stock is up 4.5%. ford motor company announced their electric vehicle sales surged 180% in may starting with a low base. overall ford sales up 4% from a year ago and the stock is at $16 a share. come back in again, kenny.

are you on board with the whole electric push by ford and other companies? >> i am. i do think that will make -- we are going to go electric. whether we go all electric is another story but it is making its way and what ford introduced last week of the electric truck they introduced, the vision of what it looks like is very exciting. i own forward, love the fact that it is -- it was underappreciated, i own ford my whole life, stock is acting great, the electric push, the future is going to be electric vehicles. stuart: what do you think about the future of exxon mobil, oil, fossil fuels? why do you like it? we are moving away from oil, why do you like it? >> we are not moving away from

oil anytime soon. exxon mobil represents the best of america, one of those iconic american brands, apple pie and ice cream, ford and exxon mobil, 5.6% dividends, oil is kicking $70 a barrel and likely to go higher. president biden canceled, pulled back on what we are producing in this country so opec is once again in control. my sense as the world wakes up and demand surgeons which we see all over the place oil will go higher and exxon mobil is my favorite pick. i own that one too so i'm riding that wave but i like it because to me it represents the best of america. stuart: the best of america. there are some liberals who would throw up if they heard you say that. all right. amazon. i've got that around 3300,

3206, it has been kind of flat. any breakout coming for amazon? >> it is off 10% from its most recent highs but one of those foundational stocks everybody should have some amazon in their portfolio. it is trading were all 3 trend lines are converging which offers support especially today, we have positive news from the jobs report, people sensing no change in the fed so you will see that surge higher with the tech space. stuart: okay. last one, arc, kathy woods's etf, ticker symbol is a are kk. that has come down a lot and i mean a lot. where do you see it going? >> just to be clear i have written that wave too because i like the tech disruptor space

because i do think she's right. a lot of names in the portfolio do represent the future but not for the faint of heart. you have to have a strong stomach. i look anywhere from 100-107 where i would be buying more. i am good because i am participating. if it breaks down, 100-107 looking forward to go. i had it in my notes, let me make sure i'm looking at the right thing, certainly it is going to rally to 115 which would find some resistance but if it breaks the 115 it is all systems go. stuart: thank you very much. the dow is up 120 points. a jobs report showed 559,000 jobs added in the month of may and the yield of the 10 year treasury is one.62%. that is the backdrop, moving away from money i have a story

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stuart: right from the moment the jobs report was released at 8:30 eastern this morning the market started to rally commit to rally in the nasdaq up 125, the nasdaq up 127. look at amc all over the place recently and as of now it is up 2.7%, $52 a share. let's bring in jeff myers, co-ceo of gadsby a commission free options and trading apps aimed at younger traders. amc the most traded tech on your apps this week. you are the robin hood for options, got it. do you tell your investors that you could lose everything very quickly? >> yeah. thanks for having me back, good to see you again. what is most important running a brokerage is information to

our users and access to all the securities that we sell. we learn from the game stop surge in january that users do not want a brokerage to play god and choose what they get access to. tried to keep all stocks including meme stocks entirely available in january and done the same with amc. i'm looking at trades come in this morning. it is mostly bullish sentiment, the stories we are hearing about, amc will be the most popular ticker today as well. stuart: do you think that the auctions lead the market? lead the whole meme market? they wag her tail so to speak? don't they? >> definitely a big indicator. a lot of these traders especially younger traders participating in this story are

holding shares as well which is an indicator. the biggest take away some of the stocks are not trading based on the fundamentals anymore but based on the conversation. it is a public conversation for the most part happening on youtube and readit and twitter. professionals will need to plug into this conversation if they want to do that. stuart: you are right. we have to plug into it as well. i need to get a handle on this thing. they for joining us, sorry it is so short but it is a big news day. you are telling me that amc is the top ticker on your marketplace today. we appreciate that information. check the market please, the rally holds, dow up 125. better gain for the nasdaq which is better than one%. a moment from now we are joined by the labor secretary marty walsh and a programming note, monday morning 9 am eastern at the top of the program former

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stuart: the new jobs report appeared and there were 559,000 jobs added in the month of may. marty walsh joins me now. thank you for joining us. over a half million jobs added in may. why do we need $300 a week unemployment benefits through mid-september? >> we saw people out of work, still have people looking for work, people that need to put food on the table and a roof over their head and we need to continue to move forward. this report shows that unemployment benefit is not keeping out of the workforce. what is doing supporting families that are still out of work. stuart: 25 states, or run by republican governors are saying we can do without the $300 a month.

it is an imposition on us. it is stopping us expanding, it is stopping getting more people back to work. what do you say to those 25 republican state governors? >> we've seen 540,000 jobs added in the last four months in the united states. your seen the greatest growth the last 40 years in our economy. we are seeing people going back to work and we are coming out of the pandemic, getting back into job sites, getting people back to work. we are going in the right decision. we have a ways to go but going in the right direction. i don't feel we should criticize people for not working. stuart: those gop run states, all 25 of them are doing well. in fact most of them are doing better than a 25 democrat states which are still keeping for $300 a month. >> i'm not going to get into a debate with you on that right now because i don't have the facts in front of me. i would not agree with that statement but i am focused on the job plan, the growth we have, president biden's plan is

working. we will move forward here. we saw growth in hospitality, leisure and restaurants the last 2 months and that is a good thing. a lot of the restaurants and businesses saying people were not coming back to work because of the $300 are in those industries and we are seeing those industries come back which is a great thing to do for our country, seeing hospitality come back and travel come back, great to see that. stuart: some democrats want to extend $300 a week beyond mid september. where do you stand on that? >> it is too early to have that conversation. i'm focused on making sure what we should be focused on his making sure the gains come back and people get back to work and we get more people back to the workforce and we go after all the industries even industries that lost a little bit, how do we continue to get gains in those areas and build the private sector, the government

sector. that's what we are focused on and what the president's plan is focused on anti-american rescue plan is focused on. looking in the future with the american jobs plan strength in our economy moving forward. stuart: mister secretary, thank you for joining us, we appreciate you being here. our two of our guests are with us, edward lawrence and kenny powellcarrie. the secretary was insistent that we still need $300 a week emergency payments, the idea you should drop them. am i missing something? >> it depends who you're talking to. it is interesting we knew the administration would use this report as an example of how their policies are working moving forward but i see some analysts out already saying the economy is opening up as the vaccines are coming in so this is a natural thing, the

government is holding it back. one economist this morning was saying paying for people to stay home as well as schools not being open in all areas is holding back the job number a little bit even though we saw very good number in this job growth. low expectations. stuart: what am i missing? what is your reaction to the labor secretary? >> i think it is a circular argument because he kept repeating it. i do agree they should start pulling back on the enhanced benefits. the thing nobody talks about his continuing claims, a signal that people continue to come back to the goal and collect more money and that number is stuck at 3.6 million yet there are jobs all over the place to go unfilled. i'm lost on where the connection is, yet people continue to go back and collect.

the republican states are right, they need to pull back on it, need to force people back into the workforce, that is what i think. i am on the side of the camp the democrats would love to continue to pay this benefit and extend the benefit to get the people on their side but the fact is people want out, they need to get out and work and get off the dole. stuart: it is called buying votes. before you leave us. >> didn't want to say that. stuart: a big time chef. what are you cooking this weekend? you have 30 seconds. >> the recipe i gave you in my notes, with red onions, arugula, i am putting sweet sausage in it. it is simple to make them all one pan, you grow the sausage, toss it together with the garlic and the red onions, add the mustard, great parmesan cheese and a cold glass of white wine, perfect for tonight. over the weekends not sure, maybe i will have something else tomorrow, will talk about it with my wife. >> you got room for one more? stuart: you put ice cubes in

red wine? you wouldn't. >> no, no, no. i just want to know if kenny has room for one more because that sounds amazing. >> come on down. room for plenty of people. we are in florida, the places open, we cannot side and have no issues. stuart: that is true. thanks for being here, you are great guest, let's do it again sometime. thanks, here is what we've got. just ahead for you tammy bruce, utah congressman burgess owens, a congressman nowadays. now he is in congress. steve hilton joining us too. the second hour of varney is next. ♪♪ welcome to allstate. ♪ ♪ ...

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>> ♪ ♪ stuart: all over america, we bought the jacksonville beach, gloomy and cloudy that's new york city, gloomy and cloudy. good morning, everyone. 10:00 eastern, straight to your money, it's a big day. look at the stock market. lots of green, especially on the nasdaq, which is up better than 1%. we have the jobs report earlier this morning, 559,000 jobs created in the month of may. the unemployment rate at 5.8%.

now, what happened to the 10 year treasury yield? answer? it went down. this is a very significant inflation indicator. it's indicating a 1.57% yield on the 10 year treasury. that's not an inflation alarm bell by any means, and that's probably why the nasdaq is up so much. mixed bag for the meme stocks, the rally has clearly fizzled, amc back to $49 a share , and we also have the biggest crypto event ever, it has kicked off in miami, florida. bitcoin heading lower, yes, it has something to do with another tweet from elon musk. we'll show it to you. right now, this. there is a raging battle between the democrat party. senator schumer leads the powerful guy and he leads the united states senate. on the other side, the far left, that's led by aoc, a powerful

woman whose influence ranks right up there with speaker pelosi. on thursday, they appeared together. aoc spoke about crime, senator schumer stared at his feet. roll tape. >> there's a lot of theories on how we prevent violence, but what we have right here is an evidence-based approach. blaming bail reform is not evidence-based. there's no facts, data to back it up and it is not acceptable for us to use jails as garbage disposals, garbage bins, for human beings. if we want to reduce violent crime, if we want to reduce the number of people in our jail s, the answer is to stop building more of them and the answer is to make sure that we actually build more hospitals we pay organizers, we get people mental healthcare, and overall healthcare, employment, et cetera. it's the support communities, not throw them away. stuart: do you see that, left-hand side of the screen that was senator schumer.

you can understand why the good senator was so obviously uncomfortable in a city with a rapidly rising crime rate and daily slashings on the subway, a oc wants to enter the jail, keep the no bail policy and pay more organizers. you got to be kidding! cities across the country face a wave of violent crime just as they defund the police, and at the same time, they're desperately trying to bring workers back to the office. think they are going to come back? right there, in new york city, the internal battle among democrats was on full display. it'll be played out across the whole country. it's a split that is the a kill sees heel of the democratic party. they have a tiny majority in the house and the senate is 50/ 50. when you see aoc offering pie in the sky dreaming on crime and senator schumer looking like he would love to be some place else you know they've got a problem. the second hour of "varney" & company is about to begin.

>> there she is, tammy bruce, on a friday morning. what do you make of, i think there's a real split here. not just new york city, but the democrat party all over the place. what do you make of it? >> well it's a split based in fear, and i would argue, stuart, that it's not necessarily pie in the sky. it's just dumb. this is our problem. is this lack of a connection with the real-world where this is let's not forget, aoc is the woman who said unemployment was low right during trump because people had two jobs. so this is a lack of a grasp of education, of understanding, of what's unfolding in the real-world. we see it everyday, as you've noted. it is clear, it is basic common sense, honest faith like the sky is blue and the sun is going to rise and the moon is there, that if you allow criminals to wander

the streets, there will be more crime. the good news is it's a very small percentage of the american people that commit the crimes. it is how crime got, well crime got low when we had the three strikes laws as an example in california and you were able to limit what that criminal element was able to do, and, you know, this is the other problem is that it affects brown and black communities, right? these are individuals who also matter, it seems as though there is this taking for granted of people of color by democrat leadership when it comes to the quality of life. look at minneapolis. look at these are inner city issues. baltimore, new york, los angeles , san francisco, all of us are affected by this , but the fact is if you have a little bit more money, you're able to, as she does, live in a high rise , have security, have the secret service with you, hire private security, take private transportation.

it's people who are at a lower end economically who still struggle, from communities of color, that suffer when you've got a lunatic with a screw driver stabbing people on the subway, so this , believe me , he may be afraid of her because of her social media reach, but everybody in her district, everyone around the country listens to that, and thinks are you going to walk my child to school tomorrow when they do open? are you going to make sure that i can get from the bus to my home without being assaulted? what is she going to say to the asian americans who are being randomly attacked to people who are having pair pets randomly murdered in front of them, and because of this revolving door, there is one assault where the person who was arrested had been arrested 17 times before. it's outrageous. stuart: it is indeed. i want to see your energy on display next week on fox news when you anchor fox news

primetime. i believe it starts monday and we will be watching. good stuff. thanks very much, tammy. >> thank you, stuart. stuart: all right, now we've got an economic indicator just came into us. factory orders for the month of april down .6%. that's a bigger drop than had been expected. march was revised higher to 1.4 from 1.1. okay you get the story. didn't really affect the market at all. dow is still up 80 but the nasdaq, big gain there, 165 points. ed yardeni with us today, 559,000 jobs in may. what do you make of that jobs report? >> well the labor market indicators have been messy really since the beginning of the pandemic. i think we've had a really tough time measuring what's going on in the labor market all of the other major indicators clearly shown a v-shaped recovery. real gdp during the current quarter is back to where it was

before this pandemic started, so why isn't employment a lot better and i think there's a lot of reasons. i think you talked about some of the benefits that are being paid are creating an incentive to stay home. parents may still not have appropriate child care schools may not be open but that's all changing, and, you know, we're also seeing huge crowds now without the hospitalizations going up, so the pandemic, we're kind of coming around the corner here, and trying to get back to normal and i think the labor market will get back to normal over the next few months. the adp private payroll was up almost 1 million and they actually count payroll so i'm a little confused about what the data is showing and i think there will be less confusion at least on my part in the next few months because i think we'll get much stronger employment numbers particularly as the government benefits run out and as you said, 25 states

have already declared they have cut them out. stuart: what do you make of this the 10 year treasury yield dropping to, last time i checked it was 1.57% on the day when the report this jobs number, you're down on the inflation indicator. what do you make of that? >> well, it's a good sign that to the extent the bond markets saying we don't have to worry too much about inflation. i think what the bond market is really saying is that the fed in the background is buying all of the notes and bonds that the treasury has been issuing, that's one thing and the other important issue is when will the fed actually start to tighten monetary policy, and we've already had five, maybe six fed officials, federal open market committee saying that it's time to start talking about , talking about tapering. i didn't come up with that phrase. the chairman of the fed came up with that phrase, but i think in the june meeting that's coming up in a couple of weeks they are going to start talking about tapering, and maybe they won't

start it in july, maybe they will start it later in the summer, but i think it's really just a reaction to the perception that these numbers aren't going to cause the fed to taper sooner. stuart: okay that's what we're listening to. what's the fed going to do. answer, yield on the 10 year treasury 1.57% there you go, ed yarden i'm, thank you, sir we'll see you again, have a great weekend. thanks very much. the rally on the dow continues and the meme stocks are all over the place. the wild ride is keeping up in the sense of extreme volatility all over the place, amc down today again i'm looking at the screen, 49 on amc at the moment and look whose here? ashley webster the man himself, back from his dream vacation of course. give me the full story on the meme stocks. ashley: i wish that were true. good morning, stu. listen, the meme stocks are on a wild ride. we know that, but not more so than amc, and all of those

so-called ape investors. the company asking shareholders by the way to allow amc to issue up to 25 million more shares. if approved the company would not be allowed by the way to sell any of that stock until 2022. it's just trying to make more money. there are also reports of course that investment firm mudrick capital no longer holds any debt or equity positions in amc. earlier this week it was announced the hedge fund had taken 8.5 million equity shares in amc but apparently already cashed in those shares and taken all of the profits and by the way, despite all of this , amc has gained a mere 87% this week, or just over 2,200% for the year. insane. stuart: yeah, you got that right bitcoin is down this morning, despite the start of this crypto conference in miami, elon is back at it again, and you're going to tell us all about it. ashley: yeah, well, musk posted

a tweet suggesting he's fallen out of love with the world's top cryptocurrency. it's all very strange. the billionaire tesla ceo tweet ed a meme about a couple breaking up over a male partner quoting lincoln partner exciting the hashtag bitcoin and a broken heart emoji and the tweet reads, i know i said it be over between us if you quoted another linkedin lincoln park song but i found someone else, she says, him, so in the end it didn't even matter? it's all very cryptic, isn't it? by the way, thousands of bitcoin investors are in miami as you said, right now, for a conference dedicated to that cryptocurrency, and miami, you know, wants to be the latest big tech hub. we've spoken as you know, stu, many times with the city's mayor francis juarez, and not only is he a believer in bitcoin, but he says miami is looking at paying its employees in crypto, if they would like to. they are still exploring that

possibility but miami, apparently, is all in. stuart: very interesting. i'm trying hard to keep up-to-date with this market, and it's tough going. ashley, you do have a sun tan, so that's how i knew you were on vacation. here is what's coming up. ashley: oh! stuart: forget covid origins or the border crisis because a member of the media thought this was the most pressing question to ask the white house. roll it. >> i've been joking, although maybe it might be true, that we're waiting for a bad news day for that to come out. stuart: okay. it was different under trump wasn't it? we've got that story for you. facebook making a big change to the way it treats political speech. we'll tell you what it means for your feed, coming up. >> first though, one middle school class given this assignment, "why i'm a racist" congressman burgess owens says critical race theory

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stuart: all right, we've got the markets on the upside pretty much across-the-board, green arrows for the dow, the s&p and also for the nasdaq. show me the dow winners, please. there are 30 stocks in the dow you know that the two biggest winners are intel and microsoft. by the way, big tech is performing very well today, because long term interest rates , the yield on the 10 year treasury coming down. tech investors love that.

microsoft up 465 nearly 2% and then there's this. the nfl is ending its race- norming policy, which assumed that black athletes have a lower level of cognitive function when settling brain injury claims, good heavens. congressman burgess owens, republican from florida, joins us, from utah, joins us right now. burgess, you played in the nfl. has race been taken out of football yet? >> stuart first of all good talking with you again my friend can't make this up. you know, this is exactly what i grew up around by the way, this whole idea that blacks are less intelligent, you saw it in the fact when i came to the nfl in 1973 they had no black quarterbacks, middle linebackers , or free safeties because those were white men thinking positions. you see martin luther king. notice when you see his marchs they're wearing white shirt, sometimes hats, dress shoes. they were not only fighting the

jim crow segregation. they were fighting the narrative of the hard left, the bigots that wanted us to believe that we were not smart enough, we were not intelligent enough to compete with them in any other arena so it's interesting we're coming back to this and here we're in 2021 and we have this woke leftist that are now trying to turn black people, not only into racist but now it's becoming obvious what their thoughts are about black people, to have something like this and by the way, stuart, i'll be curious to see how much is talked about this. this is true racism to its core, when because our skin color, we're looked at as being able not to be able to think like other white people can. it's an amazing thing. i'd be curious to see the cast of characters that they pick-up on this , and point out this commission and this relationship with the nfl and to get them fired. get them out of there. stuart: on that note, i want you to take a look this is an op-ed. it's from the huffington post. it reads, "why i'm a racist." the story is that a california

middle school gave its students the assignment to read that piece and analyze it. what is going on here? that is critical race theory if i'm not mistaking. what's happening? >> it's critical race theory and what america's people need to understand is they've been going at this for quite a while. the only way that the hard left can disrupt our country and our culture is by turning each other , turning ourselves against each other. we have gone so far and before the obama administration, i would say i think that the linchpin was american people would think finally we have a president to get past this and it ends up going in a totally different direction, so parents, you need to get involved. you can't let these people take advantage of children, turning them into racists because one thing about racism i don't care black or white they are miserable people and they will die alone because nobody cares about who they are. at the end of the day you get what you receive, what you give and people don't like hatred in this country in particular and we can't allow this to happen to our children.

stuart: are you enjoying your time in politics? >> i am. i'm glad to be on the front line with so many good freshman. we're going to stand for this country. we're not going to apologize for who we are and let people know this is the greatest country in the history of mankind. we see each other from inside out and outside in that any other time in history, we're going to see that, people are going to resonate to us and look out for 2022 we're going to be back in the majority getting our country back in place and moving forward for sure. stuart: burgess owens, we're glad you're in congress and we're glad you're a guest on our program. come back soon. you're a good man. >> thank you, stuart appreciate it my friend, take care. stuart: great guy. facebook reportedly ending an exemption for politicians. ashley webster, what is it? which exemption? ashley: well, facebook says it will no longer automatically give politicians a pass when they break the company's hate speech rules. now, that's a big reversal after

years of criticism that it was too differential to powerful figures during the trump presidency. since the 2016 election, the company has applied a test to political speech that waves the news worthiness of the content against its propensity to cause harm. hmmm. according to the washington post facebook will no longer consider news worthiness as a factor but may still make an exception. now, facebook says it will also become more transparent, allegedly, about its strikes system for people who violates its rules, and by the way, as we know, donald trump has been suspended from the platform since january 6, when the company determined that his posts incited violence during the capitol resurrection and donald trump's status on facebook is still being determined, and he's not on that platform. stuart: i think that is a disgrace, but that's just my opinion. ashley: yeah. stuart: one more for you ashley before you go.

the hard-hitting question from the white house press yesterday was about the white house cat. i've had enough of this. you take over the story, please. ashley: it's pathetic. you mean, but you're right, absolutely. forget about the crippling ransomware attacks. who cares about china's military threats, all of the origins of covid-19. a yahoo news reporter wanted the very latest update on the whereabouts of the white house cat. we all want to know, i kid you not, take a listen. >> on the white house cat, is it still happening here, our readers are asking us a lot. >> i've been joking although maybe it might be true we're waiting for a bad news day for that to come out. if you see a tail wagging coming out of the briefing room you'll know something bad is about to happen. i don't have any update on the cat. stuart: oh, my god. it's not the first time the hard -hitting press at the white house drilled the biden administration following his inauguration, how could we forget the multiple reporters

wanted to know whether the president would change the color scheme of air force one. pathetic! stuart: yes, yes, yes. i'm going to change the subject because my heads exploding. ashley: please. stuart: thank you very much. oh, programming note you'll want to hear this one. former president donald trump joins me right at the top of the show on monday, 9:00 eastern , don't miss that, please that's monday, 9:00. another heartbreaking moment from the border. a little boy connected with his mother for the first time in seven years. roll tape. >> [phone ringing] >> hello? >> [speaking spanish] he was talking to his mom for the first time and i don't know, it's kind of overwhelmed. stuart: that is a heartbreaking story, in many respects. why is that little boy alone at the border after seven years

away from his mom? it's outrage on both sides here. we're going to take you live to the texas border, coming up. first though a covid cover up. ex state department officials say they were warned against investigating ties between the pandemic and the wuhan lab. yeah, we've got a report on that friday feedback, still coming up for you. still time to get your questions in. e-mail us at "varney"viewers@foxbusiness.com. >> ♪ ♪ ♪ we are thrilled we finally found our dream home in the mountains. the views are great, the air is fresh. (sfx: branches rustle) it is bear country though. hey boo-boo! we hit the jackpot!

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stuart: check that market, please. we're up 114 points for the dow industrials and we're up 153 for the nasdaq. there was an earnings report, sorry there was a jobs report this morning, 559,000 new jobs and interest rates went down. that's why the nasdaq is doing so well. former heads of the state department say their investigation into the origins of covid was suppressed. rich edson at the state department, who suppressed them, rich? >> hi, good afternoon, stuart and bureaucratic in-fighting is

what they are saying former state department officials say there were some here at the state department and across the u.s. government resisting an investigation, especially into whether this pandemic began in a wuhan lab. >> with the fights inside the organization, but it was us ultimately who put out documents in january 15 that demonstrated some of the central facts we now know that lead to the overwhelming amount of efforts that demonstrates this probably did come from this virology lab. it was good work by the state department team, we overcame lots of internal bureaucracy to get there and lots of internal debate from nih, folks trying to suppress what we did at the state department as well. >> vanity fair has a report that mentions this memo from thomas denano, a former department acting assistant secretary. he accuses other officials at state of warning his bureau not to pursue an investigation into the origins of covid-19 because, he says, it would "open a can of

worms." china's government refused an independent investigation in china into the origins of covid-19, especially at the wuhan institute of virology where scientists were altering viruses, making them more dangerous, though as a way of learning how to prevent them. dr. an than anthony fauci told the financial times he's calling on china to release medical records for nine people who fell ill to help resolve the debate over where and how this pandemic started. fauci says last year, he thought the idea of a lab leak was low on the list of where he figured this virus began. fauci says he thought then, and he thinks now that it very likely came from nature, though he says, the lab leak theory still needs investigations. stuart? stuart: all right, rich edson, thank you very much indeed. i want to bring in congressman ralph norman who sits on the homeland security committee. congressman, it seems like this investigation is busting wide open, and i know you want to hold china accountable, but

how do you do that? what action do you actually take >> a couple things, stuart. the fact that we had facebook take down any type of questions related to the virus, how it started in the lab versus nobody really, even when it came out that a bat spread this from somebody eating in a wet market, fond really bought that. no how do you hold china accountable? dr. fauci shows a naiveness if to just ask them to do anything. you've got a communist country that has human rights violations , they abuse their people, and it's a communist country but the way america deals with it is one sincerely forces their hand on trying to find out what happened but ultimately you cut the supply sources off. we've got to get less dependent on china and start making our own particularly medical equipment. we learned that china, through the ppe program, and the things that we bought, we can't be

depend dependent on them for anything and where, why is there any reluctance to do this? the key is to prevent any future pandemics like this , because look at the toll its taken on america. stuart: what you're suggesting is some kind of boycott of chinese products and boycott of chinese firms? is that your suggestion? >> absolutely. i talked to mike pompeo who knows the threats of china, both militarily and from a standpoint of us being dependent on them, and now, we've got to have alternate sources and we got to have companies that can produce the materials that are now being made in china. that doesn't happen overnight, but you'd gradually wean yourself off of them, and so that we can be, attract the companies that will make it, and i will tell you, the tax hikes that this administration is proposing, that's not going to help get companies back in america to invest and to hopefully make the products.

stuart: are you confident that president biden will press the case? >> oh, no. no. what has he, i mean, look at his history, stuart? i mean, the only thing we've heard out of this administration is division among the american people. why, black, rich, poor. there's been no substance and the press has been incapable of asking him any questions other than the one i heard on your show about the cats and about whether dogs are biting people in the white house. i mean, it's really a joke, and when has he had a live press conference, where he took on questions like president trump did throughout his four years? stuart: president trump held those press conferences almost on a daily basis, and we carried them, full tilt, because he was enter tinafeying, interesting, and he answered any and all questions. if that's one aspect of the president i truly miss and that's a fact. congressman thanks for joining

us we really appreciate it. >> my pleasure. stuart: there are two high profile cyberattacks that we've gone through, and the fbi director is now comparing ransomware to 9/11. that is quite a comparison, isn't it? and we've got the story for you. plus, we're going back to miami for the crypto conference. thousands of people lined up outside to get in. how about that? susan li will join us, next. some days, you just don't have it.

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stuart: oh, the crypto conference happening right now and susan li is there. come back in again, susan i think you've got another big name guest for us. who do you have? reporter: yeah, well, that's right. so we have another bitcoin miner

, but we are really kicking into high gear here at bitcoin 2021. you mentioned it thousands are lining up right now outside and look at the concession area. all these people milling around. there is some crypto exchanges, we also have some crypto banks, but it is getting hot out here. now we're going to marathon digital ceo, again one of the bitcoin miners we always highlight and it's a stock that's up 121%, so far this year , and not a lot of people can say that. no we're very proud of what we've been able to do and we're looking forward to even better things going forward. reporter: however you are off the peak, and do you know why? it's because elon musk, of course, tweeting saying that bitcoin mining is bad for the environment, and he says he's bringing up bitcoin. how do you feel about that? >> i think its been a great relationship and honestly, as i've said before, actually on fox, i would love to work with elon to try and find a way to really bring their technology to the bitcoin mining industry. they have battery storage technology, they have renewable

energy technology, all things we could use and we could really work together and i really look forward to working together with all of the power generating industries but especially the renewable guys. reporter: how do you feel about one person having such outsized influence on an asset class like bitcoin. one tweet. >> well i think you've got the combination of institutional investors and retail. the retail investors are very moved by memes, and what you see is a trading volume on a lot of the exchanges is retail. the institutional investors are buying on otc and that's what, if you look at the price of bitcoin, it's not dropping below 30, because that's where the institutional investors seem to be buying in, and at the end of the day it's a very scarce asset there's not a lot of it. most of the miners are holding their production and so it's really a question of if they have to buy in the market and when their opportunities to buy they buy. reporter: marathon has about what, 5,000 bitcoins right now from what i understand so it's over $230 million. you're going to hold all those bitcoins? >> absolutely. reporter: you expect the price to go up? >> well for one thing we're

very bullish on the price. we know there are only 900 bitcoin made a day and there continues to be more and more interest for it. yes, the price gets moved up and down by memes, but at the end of the day, there's a lot of demand for it and there's a lot of technology that's going to be run on top of the bitcoin network, and so we're very bull ish on bitcoin long term. ethererum -- reporter: how bullish? can you put a number to it? >> i won't put a price prediction on the price of bitcoin i'll let other people do that but i just see based on the demand there is a continual increase in demand going on in this space and so we expect the price to go up. you can look at historical patterns and see that typically, this far after it happening you'll see some drop and i think we're seeing some stabilization. i would expect to see an up-tick in volume again inq 4. you're also seeing transition of some miners from china to north america and other places, and that is being, that's driving sales and hardware, but also they are selling bitcoin to finance that move, so i think that's applying pricing pressure but i'm not an expert in bitcoin

pricing, but we're very bullish on it. reporter: all right you heard that, stu very bullish, and with all of these thousands of attendees i think a lot of people are very bullish. by the way floyd mayweather the boxer has a big fight here in miami sunday night. he's making his way here later on this afternoon, jacker dorsey in just a few hours. stuart: let's see if he gives us a headline on bitcoin, we shall see. susan great interview thanks very much indeed. i'll update our audience on president biden. he's talking about today's jobs report as we speak. he's taking credit for the jobs recovery. he said, he's taking celled it for the jobs creators, not the new job, 550,000. he says that's three times the number from president trump and eight times that of president reagan. he's offering absolutely no context here, whatsoever. one year ago, this country's economy was virtually shutdown by the pandemic. it has rebounded since then, largely because of the vaccine and largely because of the

initial stimulus program that was voted during the trump adminitration. he's taking credit for that, without offering any context whatsoever. he says his strategy on the economy is working. that has had no impact on the market, we're still rallying all across-the-board, and if you look at the markets right now that's what you'll see dow industrials up 100 and the nasdaq actually is up about 150 points. that's a rally. let's get back to ashley, and the meme stocks. what do you have, ash? ashley: we talk a lot about these and of course, we talk a lot about amc as one of the most prominent of the meme stocks, but the rebel reddit brigade as i like to call them have goosed a number of other stocks game to be though down 1.25%, amc coming backup after losing some grounds earlier. look this hype has spread to other stocks, not just these. how about bed, bath and beyond, blackberry, we mentioned game stop. all have been intensely promoted

in social media chat rooms. these are the stocks where these groups come in and say let's split the squeeze on those that are shorting the stocks. those companies that we've talked about among the most traded 10 stocks in yesterday's session, busy again today and by the way, amc has been the most traded stock on the new york stock exchange. it was yesterday, the volume is absolutely outstanding, whether it's on the way up or on the way down. you just have to hang on to that wild rollercoaster, stu. stuart: and tell me about the director of the fbi, christopher wray comparing the ransomware attacks to 9/11. that's extra ordinary comparison what exactly did he say, ash? ashley: yeah, yes it is. the director comparing the current cyberattacks as he says with a challenge posed by september 11, 2001 terrorist attacks. he says there are a lot of parallels including a shared responsibility, he says, across government agencies, the public sector, and the average american

ransomware incidents have tripled, by the way, in the past year. the toll is estimated in the millions or even perhaps billions every year. we may never know of a real number. the fbi chief is singling out russia for harboring many of the known offenders of white house officials say president biden considering whether to retaliate against russia for the cyberattacks, of course he'll meet face to face with mr. putin on june 16 whether he will be playing tough or hard ball we'll have to wait and see , stu. stuart: thanks, ash. one morellment from president biden's address this morning still speaking about the jobs report. he says no other economy is gaining jobs as fast as the united states. that is true, but it's true because of the vaccine which was started by and the program developed by president trump. now, obviously president biden's not going to give any credit to former president trump, but he's taking the credit for himself.

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it was really terrible weather last night, a bad thunderstorm here in texas, and so it was really stunning to see , you know, a group of 70 migrants crossing over in lajoya, texas. want to show you the video now because it's just tragic here. we saw so many kids here under trash bags, 40 unaccompanied children, and even those who were there with their families just look traumatized we heard so much crying. these migrants have to wait hours to get processed, stuart, because there were so many crossings last night, border patrol did not have enough buses we also spoke to a man from el salvador who came here with his wife and one-year-old baby. that baby had a mosquito bites all over his face. the man said he saw some very dangerous people on his way north and stuart, we also saw some migrants making a run for it. dps officers tell us this man, you see running here, was supposed to get picked up by smugglers and he got lost and started running when he saw a dp s truck and check this out,

stuart, this dps trail cam was found on a suspected cartel scout, officers say he stole it from the border, likely trying to clear a path from smugglers and stewart, you know, as vice president kamala harris makes her way to central america this weekend, i talked to that young man with the baby and the wife and i asked him, you know, what would it take, what would it have taken for you to stay in el salvador and he said there are so many problems so much corruption it's in the culture there that there was nothing that was going to make him stop from coming here. he was coming here no matter what. stuart? stuart: you've shown us exactly what's happening on that just great reporting. thanks so much for joaning us again and i know we'll see you again soon. on that note let's bring in hector garza, he's from the national border patrol council. i take it, hector, that there's absolutely no sign of the surge into america slowing down. no sign at all of a slow down,

right? >> well stuart, texas governor greg abbott said it best. he just made a disaster declaration for the state of texas because of the crisis on the border. we've had county judges make those same declarations for their counties. we've had mayors along the border make that same disaster declaration because we are seeing a lot of issues here on the border, because of a manmade created crisis, and that crisis was created because of changes to immigration policy like getting rid of the migrant protection protocols and now, we're about to see a possible ending to exposures, so yeah, there's no stopping attempts soon and we have a serious situation on the border. stuart: do you feel that in some way, america is inviting them in we are a humanitarian country, and we hate to see these kids suffering in these situations. are we, in fact, inviting them in, encouraging them in? >> so, via our immigration

policies and border policies that are being implemented by this presidential administration we are encouraging people to make this dangerous journey into the united states illegally, and we're seeing people from venezuela coming in. we're seeing people from brazil. we're holding people in our detention centers from 151 different countries, so yeah, unfortunately, we are encouraging people to make this dangerous journey. this is not safe for our country and not safe for the migrants. stuart: thanks for joining us, hector. we appreciate you being here and come back again soon. we want to know really what is happening and you're good at telling us that, thank you, sir. now i've got another big hour coming up for you, we have steve hilton, joe concha and we've got the ceo of hard rock, jim allen. before nexium 24hr, anna could only imagine a comfortable night's sleep without frequent heartburn waking her up. now, that dream... . ...is her reality. nexium 24hr stops acid before it starts,

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wealth is breaking ground on your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office

for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it. principal. for all it's worth. >> a new generation involved in investing is a good thing. i do not consider the hysteria in mean stocks or investing which is a casino to them is what the capital markets should not be viewed as. >> the bible for maria and sell after cavuto i don't know if that is investing. people are fearful makes me fearful. >> a longer believer in bitcoin, we are mining bitcoin

and accumulating it on the balance sheet. >> biden's plan is working, we will continue to move forward. >> labor markets will get back to normal over the next few months. stuart: 11:00 eastern time and this is friday june 4th. it is also jobs day. the report 8:30, 559,000 jobs added last month and we heard from president biden about that. he's taking credit for the economy, vaccine distribution and job growth. he's not giving any credit to donald trump. let's check the markets. investors like what is going on, dallas up 150, nasdaq up 150, s&p up 30. look at the 10 year treasury. rates did not go up. they've gone down.

down to one.57% on the 10 year treasury. that's why you have a big gain for the nasdaq, technology stocks love lower interest rates. now this. that was a fairly strong jobs report. half 1 million people go back to work in man wages did rise. this economy is doing well. why do we need all that stimulus spending and an extra $300 a week unemployment pay keeping people at home. the answer is we don't. it is clear that throwing trillions of dollars into a strong economy produces all kinds of problems. have you seen though we are hiring signs, that is a

shortage of labor, where we piling on with trillions more in spending but they are buying votes. and bernie's brand of socialism and this is it. they will not back off their radical plan, this jobs report is a big problem for the left, the economy does not need this extra stimulus, and they are doing very well. this economy is coming out of the pandemic, got a jumpstart with the stimulus plan and the widespread vaccination program. get the government out of the way and this economy blossoms, stick it with massive tax and spend. we are just getting started here.

let's join anthony, former chief economist at chase, a powerhouse on wall street, this man. it is good to see you. get into the debate here. why are people staying at home. and childcare. and the stimulus we should be throwing into the economy. >> this is inhibiting many low income individuals from coming back to work, they think they are and more by staying at home. i argue that was a great

program when the amount of covid infections or risk was very high, you wanted people to stay out of their employment so they wouldn't get it but now that you have vaccination rates higher and businesses opening up we need those people to come back, childcare is still an issue and that is going to go away as we see more reopening and more childcare workers coming back. enhanced employment benefits, not as bad as it was when it was 600 because at this stage it shouldn't be anything in the good news is by early september the program simply goes away and a few people are not vaccinated, concerned about the fear or the risk of catching covid 19 and those people are not going to work. the good news is moving forward, a lot of these issues will simply wither away. stuart: how come the yield on

the 10 year treasury as a key inflation indicator, how come the rate went down? is it at one.57%. how come it did that? with the inflation? we are not seeing it in the 10 year treasury. >> the fact that the number came in softer relative to expectations got people excited that somehow it can wait a little longer. less pressure on that 10 year but you are spot on. this number was not weak at all. if you look at the data series going back to 1939 the average monthly gain is 160,000 after if you don't like history and want to go back to 2010 after the global financial crisis the average is 110,000. a number that is almost 600,000, very strong almost 5 times the average but once again the concern is that somehow the federal reserve can kick the can down the road a little longer and not be as anxious to taper is restraining the 10 year. after inflation pressures nobody would argue.

you point out food prices going up, housing prices, case shiller, double-digit increases, ppi, cpi, personal consumption much higher than the targets the fed has but the big question for the market is what is going to happen 12 to 18 months into the future and long-term inflation expectations suggesting that next year inflation pressures dampen and that is why the 10 year yield has not escalated after seeing this report. stuart: and one day it will. anthony chan, thanks for joining us. see you again soon. an interesting story out of california. they will out to go mask was if every employee in the room is vaccinated.

and and what do you have to say about this. >> interesting is one word, outrageous is another. definitively now, democrats are the anti-science party, look what they are doing her, you have to wear a mask, everyone has to wear a mask, one person in the workplace is unvaccinated. what is the basis for that? we know the cdc director weeks ago said definitively over and over again if you are vaccinated you are protected. what is the rationale for this rule? there is no rationale. there is no scientific basis. another part of this ruling that has come out in california is they are insisting workplaces maintain the 6 feet social distancing rule even after the state is fully reopened which gavin do some promise june 15th, got to maintain the 6 feet social distancing, there is no scientific basis for that

either because months ago now the cdc told us that the spread of this virus was not through.let's -- droplets that fell at the rate of 60 which is the basis of the social distancing the travel through the air through aerosols, they can travel much further than 6 feet and that is white is all about ventilation, that is why there is no problem to be outdoors. there is no scientific basis for the 6 feet social distancing rule at all and they want to maintain it. one final point, not just anti-science, this shows they are anti-human. this is a cruel, cruel rule. what it is going to do is so division and division in the workplace where workers are going around saying have you been vaccinated? you are making us have to wear masks. it is so heartless and not based in science. it is completely indefensible. stuart: i just can't understand

why you still live in california because i've got more on california, more for you to go at. we have middle schoolers in a california county, told to read and analyze this huffington post op-ed from 2016, the total is why i am a racist. these kids have to analyze this, read it, analyze it. >> this is part of an outrageous imposition of the woke ideology of critical race theory throughout the public school system. is an ethnic studies curriculum. this has been bitterly fought over. the first draft of this was clearly anti-semitic nevermind the nonsense about critical race theory, it was specifically anti-semitic, that has been taken out in this final version, the basis of this going back to the earlier point is so divisive it is teaching our children to hate each other and think of their

skin color and race before anything else, parents have had enough of this. and and and by the teachers union, is prompting parents across the state, to question the way the school system, with the school choice movement, the only serious answer, to break the power of the teachers union, with far less ideology. >> there are planes leaving every day from lax, you've got to be unload really fast. we will be watching you at 9:00 pm eastern sunday only on fox news. always a pleasure, thanks for being here, see you again. look at this. i am looking at the prompter.

staying in california, they may be legalizing magic mushrooms soon. ashley has got this story. wait a minute. you are the guy who went to a pot growing place a couple years ago. you are going to a mushroom green house in california. what are you doing? ashley: that could be really interesting. maybe this is in response, maybe steve hilton should think about this to get through those crazy california policies. i digress. senate bill 519 would allow the position and sharing of certain hallucinogenic substances such as magic mushrooms, mdma, lsd, for those 21 years and older. however, the legislation does not decriminalize sale of such drugs. the legislation would need to be okayed by the california simply but us but supporters of this bill say it is a big step in ending the war on drugs by

taking a more health and science-based approach. research has demonstrated psychedelic compounds combined with therapy can be very effectively used to treat an array of mental health conditions including anxiety, depression and posttraumatic stress disorder. stuart: big show still to come. to the belmont stakes, thousands of fans will be watching the race in person this weekend but things might be fully back to normal. we will get a report on that was kobe bryant's widow is furious with nike, she never wants to see these shoes on store shelves. we will tell you why. first, the white house defense doctor fauci over his lab leak emails. role tape. >> let him speak for himself. it is obviously not advantageous for me to

relitigate emails from 17 months ago. stuart: really? joe concha takes that on next. ♪♪ turn turn turn ♪♪ there is a season ♪♪ turn turn turn ♪♪ and looks♪ ♪let's make lots of money♪ ♪you've got the brawn♪ ♪i've got the brains♪ ♪let's make lots of♪ ♪uh uh uh♪ ♪oohhh there's a lot of opportunities♪ with allstate, drivers who switched saved over $700. saving is easy when you're in good hands. allstate click or call to switch today. allstate nobody builds 5g like verizon builds 5g. thousands of engineers taking business to a whole new level. employees are empowered. customers are engaged. near real time data for fast decision making.

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>> that is the nations capital, 72 degrees. it is a tweet and it is from senator rand paul slamming doctor fauci's new book, he's calling it science fiction. the book was pulled from sites

like amazon and barnes and noble. joe concha, doctor fauci, unlike a year ago, is now getting a lot of bad press these days and i don't think that book is going to help. >> he was once called the most admired, the most trusted man in america. we are talking one year ago. the tide has changed. there is 0 appetite from a government official about the pandemic who has killed 600,000 americans. i think we learned our lesson from governor andrew cuomo releasing a book when the pandemic was still raging last fall and that book bombed. good for amazon, good for barnes & noble for pulling this book particularly in light of these emails we are seeing released this week where you have doctor fauci talking about how he was well aware this could have come from a lab, this virus, the retail masks may not be effective in

protecting people and most important two documents shared on two occasions by fauci pertaining to gain and function research, dangerous research. doctor fauci i would imagine needs to answer questions about this from senator rand paul who was vilified for being tough on fauci who looks like the person who was right now. stuart: will doctor fauci have to go before congress to answer the kind of questions that should be asked? >> these questions, the most important questions, and and we need to know where the virus, when did they know it. that is the only way we can prevent covid 20 towards covid 28 from happening for another 3 million people are killed

worldwide, and if we don't get to the bottom of this right now. >> to get to the heart of it and find out what happened. you got to bring back that story of hunter biden. and have they got something, stops him pushing hard, that happened at the wuhan lab. >> base them on not his words but his deeds. all the statements about the origins of this virus and possible chinese responsibility, and and these

are the most important questions of our lifetime. stuart: could blow up, it could blow up. >> did they come out of that lab. and that is a big problem. our children who were so traumatized, i started my own household. something we need to keep pressing on but we have a leader that doesn't seem interested in doing that. stuart: you got it. joe concha, have a great weekend and see you again soon. i should tell our viewers on monday former president donald trump will be joining us at the top of our show.

live at 9 am eastern monday morning. let's get back to the market. the rally is holding big time, the dow is up, and and long-term interest rates are down, one.57%. show me disney please. and the hundred million dollars in stock. half of his holdings. disney is at 176. it is over 200. when tom cruise went on while grant about covid safety on his movie set, watch it again.

>> i don't want to see it again ever. and and >> did any of that yelling pay off. ashley: absolutely not. 90 the tom cruise rant could stop the covid virus, the latest mission impossible film has been halted in the uk after one member of the production team tested positive for covid. some reports have as many as 14 people testing positive on the set. filming on the tom cruise sql will be shutdown for 14 days while those involved self isolate. this is just the latest setback. production was shut down in february of last year just as the pandemic was beginning and in december that audio you just played surfaced when cruise was

heard be rating members of the crew for standing too close together. apparently they didn't get the message on exactly the circumstances that shooting has been halted again and i'm sure he is on another rant. stuart: standing too close together, can't help that. the ceo of volunteer, one of the highest paid executives in history, tell us how much he makes. ashley: alex karp received $1.1 billion in recombinant say. that was made up of 798 million in options in restricted stock and 1.1 million in salary. the data analytics company, doesn't matter when you are the ceo. stock of the compensation certainly got a big boost when it went public last september

with valuation of $22 billion. karp's 2020 pay makes in the highest paid ceo the are nearly three times as much as the ceo of door dash which is also unprofitable. stuart: don't tell bernie sanders or senator warren about his billion dollar compensation. they would not be happy i don't think. tickets are sold out on the big fight between floyd mayweather and logan paul. it is on tomorrow night at the hard rock stadium, 40,000 fans in attendance. restrictions, anymore restrictions? i will ask the ceo of hard rock international who joins us shortly. take a look at this. babe ruth pre-rookie card is worth $6 million. you could own a piece of it for just $3. we will tell you how you do that after this. ♪♪

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>> it is 75 degrees. that is the baseball stadium. this is a babe ruth pre-rookie card from 1914 valued at $6 million. ezra levine is with us, the ceo of collectible, which is a fractional investment for sports. and how do i get into this thing. >> the most iconic, to make

them digestible and liquid for people all across the country. our mission and -- that was proved the past couple days where we consigned the babe ruth baltimore news pre-minor-league rookie card prehistoric record-setting price. stuart: you paid $6 million for it. we are offering shares in the pre-rookie card. the shares are 20,000 of them for $3 each. >> private buyer bought the card for an excess of $5.2 million, that represented an industry record. tied by mickey mantle, a private buyer about this for an excess of $5.2 million and we are listing the platform for $6 million and selling 60,$000

worth at $3 per share. stuart: i don't get it, selling 60,$000 worth, i paid $3, the value of the share go up or down? >> correct. think of this as the stock market from collectibles. you can own facebook on the public market, one share is worth $300. and and -- the owner of those collectibles, in this case, the owner of the pre-rookie, the owner says open it up to other investors, the owner of the of collectible has to come to you, >> previously liquid assets make the liquid.

the stock market for sports collectibles, this is to modernize the amazing industry about collectibles. it is an incredible place to invest. the issue is it is never democratized or available to people from all income brackets and to gain exposure. >> you picked up on it, thanks for joining us. >> the belmont stakes, and any idea how much money will be wagered on this race?

>> we will have to wait and see because the best can be played until moments before the race happening tomorrow, post time is at 6:49. i can tell you the record for wagering was set for the belmont in 2014 when all horses totaled $150 million, nowhere close to that this year. there's a lot to follow and the favorite is known as eastern shore quality, came in for that the kentucky derby and also creating some noise because he's not here, bob baffert on medina spirit, the second post derby drug catching positive this week, backward is banned from churchill downs in kentucky for two years and the kentucky racing association said they are still considering whether to strip medina spirit and derby crown and giving to the horse that came in second,

a horse called mandolin. bob baffert is being sued by people who say they placed that's on that horse to win the derby and now they want their money back plus the winnings they say they otherwise would have deserved. one said he placed a $2,000 bet and would have won 40,$000 so a lot to watch going in here. i was at preakness asking people if this controversy influenced their bedding, they said no. how much is placed tomorrow? back to you. stuart: i'm sure it is a lot. we will see you tomorrow. good stuff. very different stuff here. kobe bryant's widow calling out nike over a new paris sneakers. what is it all about? ashley: the nasa bryant accusing nike of authorizing an unauthorized shoe who authorized her late daughter gianna bryant, bryant's plan to

create and sell the shoes with proceeds going to a sports foundation were shelled, the contract ran out in april. the shoes for the co-pro 6 model that sells out in minutes. they are black-and-white as you can see to match her late daughter's basketball uniform. we've not heard from nike on this issue. stuart: and intelligence reports on ufos has been released. are we looking at an alien spacecraft? i don't know but we are going to talk about it like everybody else. 40,000 fans pack the hard rock stadium in miami, floyd may want to take the logan paul, the ceo of hard rock international joins us. he's hosting this big event and is on this show next. ♪♪

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>> logan paul says entertainment, two important words. mayweather faces off with logan paul in miami and it will be

held at the hard rock stadium. the ceo and chairman of hard rock international jamal and joins us now. the fight is sold out, you have 40,000 people coming in. where vaccinated people consider and vaccinated people are masked people. what are going to feel like? >> absolutely amazing, 3000 people coming to hard rock stadium, the miami dolphins continuing this business relationship. as far as social distancing there are great policies at the stadium. we are not restricting people to come or not come if they are vaccinated. we are at the point in the state of florida we have to move beyond where we were a year or so ago. vaccines are available and an exciting event. stuart: i think you are

brilliant to bring together logan paul to fight a boxer, just very very clever and very entertaining. is this your idea? >> i would love to say it was mine but it wasn't mine personally. if i look at my 40 year career in the industry i have been too many fights, this one was not idea, i said it is one that we want to be a part of and compete with other cities and marinas, the opportunity to offer such a prestigious event. stuart: it is not really a fight, is it? >> it is good. it is entertainment and the hard rock brand is all about, the name of the company,

seminal hard rock entertainment, and and -- >> it is pay-per-view. you are bringing live concerts back. guns and roses in miami, how much like back to normal will it be? a mosh pit for guns and roses? >> guns and roses is a little are now so if they request that we will be happy to redo it but no doubt the floodgates of opened and we might as well get our lists of entertainment commencing in late july and august and going through all of 22 into 23. it is truly amazing is what is more exciting, a lot of artists like billy joel and other people.

we are looking at long-term relationships and the list goes on and on, those things are very exciting. it is about long-term commitment. the brand of music, coming up on 50 year anniversary this week. stuart: i want to say you are brilliant, i'm sure you will make a fortune sunday night. congratulations to you. come back and tell us how you did. jim allen, hard rock, thank you very much. >> always a pleasure. stuart: check this out. space x launching new gear to the international space station. have a look as the rocket takes off. roll it. >> 3, 2, one, 0. ignition, lift off, go how can,

go dragon. stuart: the rocket is on its way delivering solar equipment to upgrade the power system on the space station. space x are the ones doing this. speaking of space, come on in, ashley. what's this about a government report on ufos, this is your story. ashley: i love this story. a new report essentially concludes the us intelligence community has not found evidence of an acclaimed aerial phenomena seen by navy pilots are from outer space but they can't rule out the possibility. how government is that conclusion? nor can they explain the mysterious flying objects or vehicles, according to people who viewed a classified report to congress detailing essentially everything the government knows or doesn't know about ufos. a new report says most of the 120 ufo incidents examined over

the past two decades were not the work of the us military or government. you can take that off the table. the authors of the memo went on to say it was difficult to explain the ufos's ability to accelerate, change in direction and travel underwater. in other words we don't have a clue what that was. live long and prosper. stuart: fine understatement, good stuff. stay right there, everybody, friday feedback is next. ♪♪ we want to be the first to give everyone the joy of 5g. by giving every customer a new 5g phone, on us. aha! old customers. new customers. families. businesses. in-laws. law firms. every customer. new 5g phones when you trade in your old ones. and if you're not a customer, we'll help cover the cost to switch.

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stuart: chicken fries. that is a look at san diego where today at this moment it is not 72 and sunday as it usually is. let's start with feedback friday. this comes to us from dan on facebook.

varney, stop calling companies meme stocks, your degrading good quality companies. who is paying you to do that? i am starting to get frustrated and annoyed with the way you are handling american companies. that message came without any punctuation so that makes it extremely difficult to read. these meme stocks are gambling chips. that's the way it is. i'm not being nasty about namebrand corporations. they are gambling chips and that is the way it is and nobody is paying me to do anything other than present a news show. this comes to us from am myers. r stewart's sons in australia and new zealand able to watch dad's show? the answer is yes. they can stream the show on the apps or get it on the website. i do have to tell you they don't watch. they see enough of me on television the last 45 years and no longer have any interest whatsoever. this one is going to be for ashley. it comes to us, several weeks

ago you and ashley talked about your favorite sauce. iran out and bought some, interesting taste, i am curious how you and ashley use it, a favorite recipe perhaps. mike are is talking about hp size and ashley will answer the question. ashley: i love it in everything. put it in a casserole, splash it on cheese, on toast, that is some of my favorite, put it in onion gravy with sausage, it is great with a full english breakfast even a good bacon sandwich with a little hp on it, it goes with everything like ketchup that i love the taste. stuart: hp sauce is where it is at. mike also writes to us with this would you have said many times that you've never been to montana. is a native montana and i would like to officially invite you to visit our great state. i would love to be there and did you know that ashley was in

-- was a news anchor there for many years, right? ashley: i was. in helena, montana, the state capital, loved it, wonderful people, two of my daughters were born in montana so i will always have a tie to that state. you don't understand the phrase until you go there and see how big sky really is. stuart: complete the line. i'm a lumberjack and i'm okay ♪♪ ♪♪ i sleep all night and i work all day ♪♪ stuart: that is it. frank allen says good question, what happened to lauren simonetti? had e heirheerild, hermatee, comi ngk to u aplia and is ks.. laurenl been bshor b y. lieve lieve t th a edba, we will wilt he wilinin lookt t e timethe it s i tfor thay ngerng gngrows thews

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stuart: where do they get these questions from, it's a good question in itself because they are always good. you think that maybe i know the right answer and you have a guess at it. okay so which finger nail grows the fastest? i could not get this one. i thought it was your pinkie. it's not. it's the middle finger nail,

okay? and what do you think is the fingernail that grows the slowest? it is the thumb. didn't know any of that. don't forget, monday, former president donald trump will be joining me right at the top of the show, that will be 9:00, 9:00 a.m. eastern, monday, former president donald trump right at the top of the show. "varney" & company, times up for me but cheryl in for neil today, cheryl, it is yours. >> i have a question for you, which cable anchor likes to leave the building at 12:02 p.m. stuart: stuary varney. >> have a great weekend. thank you, stu it's true. he's out of here at 12:02 welcome, everybody to cavuto "coast to coast", yup, i am not neil cavuto, i'm cheryl casone, but i'm in for him today. we have a ton of news coming your way during this very busy hour, lots of jobs added last month, but not enough. will government cool it with the easy money? we're going