great to be with you guys. have a great weekend. join me tonight. i will talk with hyman, "varney and company" begins right now. take it away. >> stand by for records. more gains at "the opening bell" this morning, we are headed for uncharted territory. on the left-hand side of the screen that is futures. dow industrials go up 100 points, the s&p already and record territory going to go up

again and the nasdaq close to 14,000. it is a rally, new records will be set. now i will put a huge number on your screen to demonstrate in dollar terms the value in dollar terms what these records means, 468 billion, $480 million is the value of all publicly traded stocks on america's exchanges. that is up an astonishing $5 trillion since january 1st, that is in stronger retail sales and demand for homes and new cars. $44 trillion record high. as for bitcoin, still keeping below the 40,$000 market. 37-3, cryptos generally flat.

let's get to politics, vice president harris got a little testy in a univision interview, she was asked when she was going to the border, she didn't like that, got testy and had a difficult week. president biden not doing well either. he meets flattery putin in europe and the russians have challenged him again. and advanced satellite system allows the mullahs to survey of the middle east including american bases. biden has withdrawn from sanctions on iran. they caved to iran as the russians pile on the pressure. 20 minutes from now the president poses with other g7 leaders for what is called a family portrait. we have a big show coming for you this friday. the latest on the democrats split. it is omar and the squad versus speaker pelosi. just when the party needs

absolute unity the democrats are chronically divided putting biden's radical transformation of america very much in jeopardy. here comes the weekend. america is just about back to normal. and republican states, the retailers forecast the most explosive sales growth in a generation. friday june 11th, 2021, "varney and company" is about to begin. ♪♪ >> nothing like a little james brown, it is going to be a beautiful sunny day, i'm going to start with what i call really positive news. the national retail federation

expect sales to jump 13.5% this year. that is nearly double the forecast they gave her retail sales growth in february a couple months ago. gerald is back, our retail guy, big smile. that is a sales boom and a half if they are halfway right. who is the winner? which retailer wins big? >> this year everybody wins. the rising tide will float all boats. you probably can't pick a loser this year and retail as consumers are flush with cash, feeling great about the reopening and stimulus seems to be a gift that keeps giving. the real question is not this year but next year. when the tide starts to recede some of these boats are going to hit the souls and run aground, some of them are going to sink and you don't need much of a microscope to figure out what is going to happen. companies that are winning will win even bigger.

walmart, target, amazon, home depot, lowes, tjx, the dollar store, dollar general, the use are going to be big winners as we go forward. don't be fooled by 1-year gains in other segments like department stores or some apparel stores. it is great, macy's or kohl's will show good numbers this year. they were closed last year, of course they show great numbers but the two year stats, those department stores were double digits versus sales in 2019 which wasn't a great year for them. what was working before will start working, coming out of the pandemic. it's not a cure for strategic problems with these retailers. the ones that were winning before will win now. stuart: inflation is all around us wherever you look, prices are going up and we know that

buying power of the consumer erodes the value of the dollars to spend. however when you see inflation happening don't you tend to buy now before prices go up in the future? 's and inflation now a stimulus for buying more now? >> i'm not really worried about recent inflation reports. as long as it stays at this level or lower we will be okay. right now the consumer so flush and part of the big increase in sales will be real sales increase plus inflation, we will get to that double digit, consumers, they change over the year. i believe it is not going to be a problem, where costs are sticking up and don't go as fast. they make a lot of money when there's moderate inflation like this was the only issue will be you can't keep printing money, they didn't teach me that harvard business school. there will be inflation if we

keep spending money at the rate there are discussions about. if you do that you start getting into inflation, closer to double digits and severe problems where wages cannot keep up with rising prices and spending power goes down. that is a problem. i think we are in a goldilocks place this year. stuart: we are going to see a summer retail boom and a half as i like to say. i can wait. good to see you again, see you soon. i will check costco. stock is down a tiny fraction. they are opening twee 7 new stores, five of them will be in the united states. the other two will be in japan, australia, costco expanding, down slightly this morning. took a look at sam's club. they are getting into the home improvement business trying to compete with home depot, lowes, they lost launch the service to connect members with local home

improvement contractors and offering financing options. the stock is probably going to go up. new jersey, we are told it is fully open for business, capacity restrictions, mask mandate lifted. look who has had a diner in the garden state. pete hegseth is with us this morning. even in new jersey of all places is it back to normal? you get that feeling yet? >> 100% full capacity, no masks. the only question this diner has is can they hire enough people? we heard from management this morning we want to hire, can't find enough people, and employment is too generous, when will new jersey change the law but as far as everything else, you can't see but off camera, will kane two feet from me. see how close we are together? seems to be legal and here is

rachel and if you watch fox and friends you will see all 3 of us. we had a lot of fun, feels like the good old days. you didn't expect that kind of photo bomb. stuart: i thought it was great with me. love to have you guys on camera. in all seriousness we are talking inflation, prices rising at the consumer level. any sign of rising prices at the diner or that it is hard to get workers to come back to the diner? any signs? >> yes on the workers for sure. i would have to ask about the prices, we've heard from people as far the gas and other things, hiring workers is a real ongoing problem. we heard from multiple managers this morning as well as others and other industry. can't hire, unemployment is too generous and they are looking at other states that revoked

that unemployment supplemental and wondering when new jersey will do the same because it is inhibiting their ability to staff diners like the chitchat diner in hackensack. real-life consequences when giving out free money, something you talk about all the time. stuart: if by some miracle i was with you this morning with they serve me two eggs over easy and grits? >> in 5 minutes flat. it is yours. i am going to have the chitchat margarita in a minute. we are all good. stuart: good to see you, looking back to normal, excited and energetic as all good stuff.

let's go to california. you will soon be able to go maskless at indoor concerts and events but youngsters, kids going back to school will stild it doesn't matter if they are vaccinated or not. we have that story for you. vice president kamala harris not happy when pressed about the border. role tape. >> when are you going to the border? >> the administration has asked -- i'm not finished. i said i am going to the border. stuart: another chuckle but still no date. more on that coming up. we will be back after this. ♪♪

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stuart: that is the intrepid in new york harbor on the hudson river, 64 degrees and cloudy, expecting new york's whether to improve later today. you have to do the meme stocks, futures going up at "the opening bell" but not a good day for amc, clover. let's bring in susan. >> clover health higher by 50%. the call options draw the market, with hedge funds. the call options give the buyers the rights to purchase stocks with pricing.

if the underlying shares go up, they are higher in the premarket. there is talk that the big buyers this time aren't the hedge funds but instead the investment banks loan out of stock they don't own but i being caught up in this and scrambling to buy the underlying shares. i looked it over for the past 24 hours, amc, game stop, clover, clean energy and cleveland cliffs. stuart: that is the meme stock of this day. let's bring in jonathan koenig, i will say good morning before i launch. i just saw some new numbers on real estate which suggests the best investment this calendar year was to own a home. homeowner equity gained an average of 33,$000 per homeowner up 20% since

january 1st. that beats stocks. >> and it does. what is fascinating in the markets is even as a lot of the old favorites have stalled or either down for the year, the real estate investments are hitting all-time highs. looking at i why are, real estate is almost acting like a growth stock even as the old growth stocks are faltering or down for the year. this is an area to watch. stuart: looking at bitcoin, i am fascinated by it and so are you. it has not gotten back to 40,000. it tried to get there. hasn't done there. it is at 37-5. do you describe the bitcoin rally the past few days as a dead cat bounce?

>> it is built on doubt. thing about stocks, there was a lot of doubt about bitcoin in the early days, bear markets are built on hope and i see a lot of hope that bitcoin will rally. you made the point that you can't have a discussion about the economy without talking about bitcoin. i don't want to be a hater but people who said the same thing about nano tech, remember that? in the mid-2000s. there were nano tech mutual funds, stocks that mentioned nano tech in their name got an immediate boost. my prediction is today's bitcoin is like 2005 nano tech. in a decade or less we won't be talking about it. stuart: we will get emails on that absolutely. that is how it goes.

you offend the bitcoin people and you have a real problem. >> there is nothing new under the sun. stuart: is in that from the dark side of the moon, pink floyd? >> either that or the bible. you see that level of public interest, retail interest in bitcoin back in the 90s or in 2008, today it is bitcoin and the meme investors, that is making me more cautious about the market, that kind of activity always comes at the top. stuart: fair enough. i will remember that. see you again soon. i to bring up the subject of petco. is there a large short position in tech oh or not? >> the analysis shows the interest at 108%. they updated their data so

shares are shorted at 25%, still high compared to the average which is usually below 10%, they usually search for these with high outsize short interests and small amount of stock flows around 61% along the workforce at 41. stuart: they are meme stocks which are heavily shorted. quick check of the market before we get to "the opening bell," dow is up triple digits, 106 points come 34-5 is the level and the nasdaq getting close to 14,000. we will be back.

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they are the elbow meet. the family portrait photo, whenever there is a g7 meeting for the photo op. it is four of them. the market opens in less then five minutes. the dow will be up 100 points. what is the current stock price? $49 a share. mark mahaney is with us and thinks uber is going to $74 a share. the competition ride share company, justify $74. >> this week, the ridesharing business is starting to recover

faster than expected. airport rides down 50% since 2019 levels but that was down 70% to 80% so the ridesharing businesses recovering and the delivery business continues at very elevated strength levels, this company also had 70,000 new drivers come back to them. the supply issue is getting resolved and they are on track to generate $100 million in advertising revenue. for a company on the cusp of profitability any of that ad revenue or high margin revenue helps the bottom line. i want to do that before it comes together. stuart: $74 on uber this calendar year, 2021? >> 12 months out. stuart: let me move to chewy. i know you like it. it is at $77 a share and you think it is going to 105 this year.

make the justification for $105 a share chewy. >> you talk to minute or 2 ago about petco. here is the biggest competitor to petco, 20 million customers in the us. this thing is growing its revenue at 32%, they had a record quarter in terms of even the and gross margins. they are turning the curve on profitability, the second consecutive quarter of positive net income and that will start us -- we think we have to fundamentally improve asset, the best way to play the structural winners from the covid crisis fortunately or unfortunately which is pet adoption, people spending more time with their pets, that was

the boost to the numbers last year and it will continue this year, there is not going to be a slowdown. stuart: okay. quickly let me update what you said last week. you like pdinterest, that is 68. you are holding to a $98 price? the other one was spotify going to 375. it is 247, you think it reaches 375, spotify. >> correct. the list continues for us and you were right, that was pink floyd, the reference. stuart: thank you very much. we are not the same generation but we know and love pink floyd. have you heard comfortably numb? >> yes i have. stuart: you know that is a loaded question. back to your real job, okay? thanks.

20 seconds to go before this market opens and we will open on the upside. watch out for some records today because the s&p at a record high, it will open higher, that means another record, the 20 eighth of the year. the bell is ringing. it is friday morning and we are going to see a rally, 32 one, up and running, futures, look at the present, we are up 88 points right from the start of trading, 34,000 for the in dow industrials a modest gain, the s&p 500 to the upside, new high only a fraction, 0.15% but up. the nasdaq composite should be higher. use it is, not much, the yield on the 10 year treasury down to

one.44%. big tech usually does well but that's not much of a rally for the nasdaq. show me those meme stocks, these are the classics. amc is up 4%, game stock down a little bit, clover back up one% all over the place. then we have mcdonald's. they have been hit by a data breach not affecting the stock. >> south korea and taiwan, external consultants to investigate this activity on internal security systems but this is the latest in a series of attacks on global companies. abs and the like and mcdonald's back on the markets, into the value trade that underperformed.

the market trade may have ended, at the beginning of march. we have hot insulation. stuart: inflation is relatively recent rains, 144, we don't have a serious spike in inflation. there you go. 145. >> the value trade, cyclical materials, that trade might be plateauing and people getting back to the speculative tech trade. stuart: show me blackrock, a new price target from jpmorgan, deutsche bank is saying this,

to 1000, is 874. bio jen has a promising alzheimer's drug, jpmorgan raised their price target to $435, not much of an increase currently at 426. then we have twitter. is there something going on with cryptos? >> jack dorsey, bitcoin evangelist and an interesting response when asked if twitter might have a snapchat called sphinx in the future, it is inevitable in the crypto world. to the, speaking of crypto evangelists shipping out model-plaps high end version, elon musk celebrating the moment, rolling off of the production line going 0 to 60 in two seconds and goldman

sachs reiterating its call on tesla. for a long time goldman was not a believer anyone musk, but you have to capitulate a point they show success and the stock is done over the past two years. stuart: the man is a genius. have you ever been in a car with an acceleration the i haven't, don't think anybody has been 0 to 60 in two seconds. can you imagine the acceleration? >> we can go for a ride. let's go for a ride. stuart: if i had one of those cars i might do that, we have snowflake, this is you. that was a long-term goal. >> impressive financial targets, looking to reach $10 billion in annual sales,

roughly 8 years, in their fiscal year that ended in january, 20 times current sales. we saw bigger losses, and infrastructure company, if they are going to make $10 billion in sales that is a reaching ambition, they are still losing a lot of money. stuart: $10 billion in sales, when are you going to make a profit. a gain for the dow, got to be big winners, dow, goldman, 3m, travelers, caterpillar, the winners on the dow. the s&p 500 got to be some winners, freeport mcnamara, ic energy stocks in the winners. $70 a barrel.

the winners headed by put it on the screen so i can read it, bio jen, the promising alzheimer's drug up some more and they have a new target price of 435. royal caribbean on the screen, the rest of the cruise ships, we'll caribbean finally set sail. >> tell me your reaction. it is a bit scary, 95%, gas and crew on board were vaccinated on the celebrity millennium the two guests are being monitored by the medical team after testing positive for covid. they are a symptomatic according to royal caribbean but the cruise operator is conducting contact tracing and trying to expedite testing for all close contact on board these individuals. it was the first cruise in north america to restart sailing after more than a year

of being docked and the entire cruise industry, look at the stock reaction wondering if they will be able to get back to business. stuart: i always thought of you are vaccinated you can't carry it but if those two people on the cruise were vaccinated they are now carrying it, that is a contradiction. >> vaccinations are 95% effective and an outside chance, i don't know what this means for the future of sailing. stuart: it is not good news for the cruise industry but minor losses in the cruise stocks as we speak. what we have here, check the big board from the get-go, straight up, 34,600 on the dow, the 10 year treasury yield, one.45%, a couple weeks ago it was 170. the price of gold edging back from $1,900, another check of

bitcoin 37-5, oil got to be $75 a barrel, 70-55 and the national average is 308. at this moment always give you the california price, $4.22 a gallon for regular. remember my warning about vaccine segregation? one high school prom branded and vaccinated students with tracking numbers, we have the report for you. it is friday, that means friday feedback, still time to send your questions to varneyviewers@foxbusiness.com. please do it, great show. ♪♪

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stuart: the world leaders at the g7 assembled to take what is called the official family photo without their spouses. there they are, at the beach in cornwall in western england. archer aviation unveiled their flying taxi, a 2-seater, it is electric and you were watching this. when did they actually take off you >> 2024 in los angeles, in miami. archer aviation unveiling the autonomous electric 2-seater aircraft called the maker which we will use for testing and it works toward certification of a

larger 5 seater so the model unveiled thursday is not what archer will take to the sky. it looks great but this is a mockup right now. the maker and the 5 seater have 12 rotors on the aircraft meaning they can move sideways, up and down. these flying taxis in the future. archer led to the billion-dollar order with united airlines so we will see if we get commercial operations in miami and los angeles, seems a little too ambitious at this point. stuart: have you flown in one of these electric vertical takeoff machines? >> i have been in one but not in the sky. uber elevate at these events, the aviation -- make these flying taxis. stuart: i'm laughing because it is like asking kamala harris did you go to the border. i'm sorry. i didn't mean to. no offense. >> i will next time.

stuart: the first solar, the biggest american-owned solar panel maker are going to build a new solar panel factory in ohio. the ceo is mark witmer and joins me now. $680 million building these solar panels in america and ohio. can you beat the chinese on price? >> thanks for having me today. the investments we are making, we are making a $680 million investment which will then enable our next generation of our product. with this additional factory we will have invested $2 billion in northwest ohio and 20 years ago which effectively makes ohio home to americans solar by

american innovation as well as enabling hundreds of millions made by the supply chain, supply chain partners. stuart: can you beat the chinese on price? >> sure. let's talk through that quickly. on a level playing field absolutely, no doubt we can beat the chinese on price and value. stuart: what do you mean by a level playing field? >> if we play by the same rules, if china didn't have a strategic objective to subsidize an industry that could create global dominance and stymie predatory pricing in the market it chooses to export its products into, we don't have a level playing field. we have to create value. we referred to it as points of

differentiation with technology in the marketplace. our technology is different. our semi conductor for solar panels is unique and different but the only one that sales in size and in companies the world and technology and get to market we don't compete head the head on the technology, therefore we have value and create much better to generate more energy relative to chinese competition so we create value and compete in a situation where we don't have a level playing field. stuart: i take your point, if it is proven that the virus came from the wuhan lab there will be demand in america to put huge tariffs on chinese products coming to america. that would help you enormously, wouldn't it? >> it would help us. the us is an important market and we need to support the us market and long-term energy independence and security.

of tariffs were imposed that would help us but the other thing that happened, the technology has evolved and its cost has improved, cost of transportation is a significant component of delivering the product to the customer. being here in the us, getting out from underneath the challenges most people are having with ocean freight traces another advantage so we can reduce the cost of delivering the product 10% or 15% by being in the united states until it comes to the primary market. if fares were imposed it would be a benefit to us as well. stuart: we wish you the best of luck with. -- first solar, you are doing a great thing. thanks for joining us. let's have a look at apple. new, augmented reality tools

during their worldwide development, you are laughing, don't blame you. what is an augmented reality tool? is this still a big new thing? >> it is a big new thing. do you know what augmented reality is? i will try to explain this very basic thing, say you need to measure segment, augmented reality, you have the measuring tape helping you or even animated energies -- emojis. ar is the next big thing and they released a lot of these tools. virtual reality, augmented reality plays into virtual reality, and there is talk that apple might be releasing a computer mounted head set in the future, facebook which is oculus called virtual reality the next big computing platform. the future is here. stuart: the virtual reality, the goggles you have to wear,

they haven't solved that problem to my knowledge. i've got to get to the tease and tell viewers what is coming up. it is a house divided. the split within the democrat party just got worse and it is all about ilhan omar, the rest of the squad taking her side and that is causing problems for speaker pelosi. half of th benefits may have been stolen by criminals, that sounds incredible to me. ♪♪

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stuart: nearly half $1 trillion in emergency unemployment money may have been stolen by criminals, an incredible number. hillary vaughan has the story. tell me who is saying this. what is the source? >> a company called id.me.

government contractor work with state and the federal government to screen people's identities so they can identify have an unemployment claim is fraudulent or not so they are getting this information and this data in real-time and that is where they are getting 400 billion-dollar estimate of what they say is pandemic unemployment benefits stolen by people trying to rip off the government. fraud is expected but it goes further than that because experts tell us criminals are dipping into that. the secret service warned congress about this a year ago, told them they were tracking a vast international team to defraud state unemployment systems. we talked with less is nexus and he told us about 70% of that stolen cash left the country, taken by criminals

operating in countries aligned with adversaries like china and russia but the white house does say they are working on this and aware of this problem. they give me the statement, widespread fraud at the state level and pandemic unemployment insurance during the previous administration is one of the most serious challenges that we inherited. stuart: blaming the trump administration. i was skeptical but that is a decent source, id.me, that is incredible source, thank you very much, fine story, appreciate it. what do we have this friday morning, tammy bruce, nigel farage, the governor of montana and rick grenell. second hour of "varney and company" coming your way in ♪♪

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>> ♪ ♪ stuart: waiting for the sunshine in new york city, still a little cloudy but we do believe it's coming good morning, everyone, 10:00 eastern, straight to your money, please, because we've got a modest rally pretty much across-the-board. it's very modest, the dow is up 50, the nasdaq is up 32. here is the , i think this has been the new story of the week. the yield on the 10 year treasury. i know, it sounds a little technical, and all of the rest of it, but when the 10 year

treasury yield goes down to 1.45 %, it doesn't, it shows that investors don't think there's much of an inflation problem. yields down, that means they aren't worried about inflation and when yields go down like this on the 10 year treasury, big tech looks good. this morning, apple, amazon, microsoft on the upside, facebook, alphabet, slightly lower. bitcoin, you've got to cover the cryptos and we'll cover them for you. 37.5 is the bitcoin quote right now. all right, ashley webster with us this morning. just walked in, well that's not true he's been up for hours. all right, ashley, what you got on consumer sentiment number, what do you got? ashley: good morning, and thanks for that, stu. yes, the number coming in at 86.4, what the heck does that mean? well we're looking for a reading around 84 and it shows a slight rebound in consumer sentiment. the final reading for may was a three-month low.

it was the lowest level in three months but here we are, this is the preliminary reading for june and we are up more than expected so that's good news, that sentiment is higher-than-expected we'll have to see if that holds for the month i'm not sure it'll have a huge impact on the market stuart: not had a huge impact at this moment we've still got a modest rally pretty much across-the-board, ashley webster thanks very much bring you back in again shortly and now this. the split within the democrat party just got worse, and it has direct consequences for president biden's radical plans. the latest divide centers on representative illan omar. let's go back to earlier this week. she links america and israel to atrocities there's the tweet. then, 12 jewish members of kong recalled her out. omar tried to clarify her comments but speaker pelosi says look, your comments don't help.

oh! that stung. back comes the squad accusing other democrats of islamaphobia, and the suppression of free speech. what you've got here folks is a classic split party and look, in the daily grind of politics, it may not seem that important, but at this moment, it is very important. the democrats are trying to push through congress the most radical policies that this country has seen in generations, but they have a tiny majority in the house, and the senate is evenly split, to get anything done, they need absolute unity which clearly, they don't have. in short, the progressives r the squad, illan omar, aoc, et al, they have leverage. speaker pelosi cannot afford to lose any of their votes. now, the speaker should remove omar from her position on the house foreign affairs committee, but she can't. the democrats should throw anti

anti-semite out of the party, but they can't. moderate democrats should stand up and call out the socialists but they can't. they need their votes. this is not going away. in the next few week, speaker pelosi, in the house, and senator schumer in the senate, will have to round up votes on the issues that define the biden presidency, a split party will make that extremely difficult, if not impossible. among the democrats, there will be hell to pay. second hour of "varney" is just getting started. all right, tammy bruce is with us this friday morning, thank goodness. all right, tammy. do you think that this split really imperils biden's radical plan? >> well, i think it does and it's going to imperil it even

more next year during the election. keep in mind this environment illan omar has said horrible things about america about the jewish people about israel before, and there's been nothing. so we know that something is happening at least with what they are seeing in the internal polling. they aren't suddenly doing this because it's the morally- correct thing to do which is to stand up for the united states and for the jewish community but remember, we've got random horrible attacks on jewish people in major urban areas certainly here in new york. we've got violence in the middle east aimed at israel, and i think that they realize that the american people don't like this , that we love everybody, that this kind of racialist and racist policy that asks us to look at people of different races differently as oppressors or as victimized or in fact the jewish people or asian people as people that should be harmed or removed, this is unacceptable. it's also unamerican, and the fact that nancy pelosi,

after all this time, has not been able to convince those young women that this is not okay, tells you that this is about real believed and embraced attitudes, so this is about the election next year, and keep in mind another tell of the democrats and the democrats have many tells, is when they bring up barack obama. this is a guy who generally is kind of like enjoying private life but they brought him out for another interview talking about how cancel culture can go too far, and all of that. this is an indication also as we've seen in certain polls that they're beginning to lose minorities, because all of us want an economy that is good. none of us want violence in our neighborhoods against anyone, and the democrats don't seem to stand for the things that improve people's lives. stuart: okay, tammy, you said it all, and that's real cool. by the way, we want to offer our support for you tonight on fox news, 7:00 primetime, 7:00

eastern, primetime tonight will be anchored by tammy bruce this evening and i believe for the rest of the week. good luck with that, tammy we'll be watching. >> thank you, sir. appreciate it. stuart: you going to say something else we're out of time there you go, you got a full hour tonight at 7:00. check those markets, where are we now? it's a very very modest gain, pretty much across-the-board. i see some green, but it ain't that huge. s&p up 4, nasdaq up 17, dow is up 37, and david branson is with us. let's talk inflation. you don't think it's important. in fact, you think it's irrelevant to investors. how come? >> yeah, to investors, it's a really important distinction because i think low income people, with prices going higher is very relevant to them and it's a very progressive tax and prices going higher and rents and houses, prices went higher in college tuition, healthcare costs, those are the areas that

we've seen price inflation throughout my adult lifetime, and all of it. it's not monetary, but government policy and subsidy, but for an investor you said it earlier. the bond yield is the judge and jury. there is no one loaning their money to the united states government for 10 years for 1.4% if they believe there is three, four, 5% inflation, let alone the persistence of such inflation. that's what the bond yield does is tell us what to think, because if trillions of dollars of measurement second-by-second. stuart: david, we always come to you for high-yielding dividend- paying stocks and i know you bought a couple with you today. first off, glaxo-smith kline, you like it, dividend-strong, growing dividend, what does it pay me at the moment? >> well glaxo is paying about 5.5% and it's a very strong

dividend in the pharmaceutical area, even higher than other big dividend payers like merck and pfizer, so that premium that glaxo has paid has been something investors have liked. my view is that you not only have a good, high dividend but they are about to do something really good for their company, separate the consumer product division from the pharmaceutical and the vaccine division. i think they are going to take a lot of cost out and it's going to be a more efficient company, you have hedge funds that are trying to be activists there so glaxo is a good story with a high dividend. stuart: h &r block, i think of them as tax people, i didn't know they paid much of a dividend, what do they pay? >> yes, i wish it had only been just tax people over the years. that was a great cash flow generating business, but unfortunately, in years past, they started branching out in a bunch of other areas and it didn't go well. now they are cleaning a lot of that up, getting back to their core competency, it's a high

cash generating business with low capital expenditureses. you don't need a lot of money to run a tax advisory business. they're paying over 4% derivative dividend yield, stuart. stuart: last one, kimberly-clark , i don't know why we need diapers at a time when our birth rate is falling sharply but what's the dividend? >> well stuart, i think that its been a little while since you've had little babies in your home, because even if the birth rate is drop, for those families that do have babies, i think they need diapers, and paper towels and tissue and all of the other wonderful things kimberly-clark makes. they have had some tough times, rising commodity prices do impact their profit margins but kimberly-clark like mariah carey main competitor, proctor and gamble is one of the great consumer staples company, the 3.5% dividend they've grown for 50 years. stuart: okay.

i do buy a lot of diapers for my very very young grandchildren. i mean, you should see how many i buy. in bulk, that's what i do. david, you're already, thanks very much for joining us we will see you again real soon. thanks, sir. all right, come on back in again , susan. i know you're watching the mover s and shakers of the day, vertex pharmaceutical what's with them? >> kenneth is really cute by the way your new grandchild so yeah, vertex pharma, we're at a 1.5 year low now for the stock after the drugmaker halted development of its drug to treat a rare genetic disease so vertex was down almost 20% earlier on this morning. zoom is being called outperformed by rbc a top pick in their view with around $450 so you could get some 40% more upside in zoom conference calls. now, also david and busters is reporting a surprise profit in the first quarter so they are making money instead of losing money which is always a good thing as you know and we always talk about the end of the value trade at least people on wall

street are talking about the end of the value trade, so that means materials, banks, industrials cyclicals benefiting from the economic reopening these shares have been stalling as of late and with the 10 year treasury yield at the lowest now in three months we're at 140 or so down four out of the past five days with the 10 year treasury yield that means high growth, high-tech, speculative tech as we call it is back in vogue and look at the squares and the docusign because you're not risking as much guaranteed money on government bonds so you can afford to spend that money elsewhere on more risky assets. stuart: so square, docusign, nvidia they will be called what's the name again? >> speculative tech. i call it high growth, high-tech where you can risk more of your money when you're not getting 160 or 17 oh, on a 10 year treasury yield. stuart: got it thanks very much, susan. vice president kamala harris got testy when asked, again, if she plans to visit the border. roll tape. >> when are you going to the

border, vice president? >> the administration has asked , i'm not finished, [laughter] i've said i'm going to the border. stuart: didn't like that. still no date though for the border visit and we're going to get into that story. florida voted to ban critical race theory after a heated debate. watch this. >> telling my child or any child that they are in a permanent oppressed status in america because they are black is racist. >> this critical race theory cannot be implemented in our schools. it is anti-american and a blatant marxist agenda to divide not unite. stuart: one florida student sounding off after this. >> ♪ ♪

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and we're committed to keeping our team and customers safe by working from home... ...and using precautions in store. see what we're up to at xfinity.com/commitment stuart: a modest rally fading a little, dow is only up 10 but the nasdaq is up 32. a little bit of green left-hand side of the screen. okay there are 30 stocks among the dow in the dow industrial average, and here are the winner s. mcdonald's out front, despite there's a data breach in south korea, the united states of some degree despite that mcdonald's is up a couple of bucks, apple, home depot, goldman, american express, all on the upside among the dow 30. abdomen then there's this , florida just banned teaching critical race theory. that, after parents there rallied against crt being taught in the classrooms. watch this again. >> telling my child or any child that they are in a permanent oppressed status in

america because they are black is racist, and saying that white people are automatically above me, my children, or any child, is racist as well. >> the united states of america is a great and wonderful land, with freedom for all. please teach that. >> this critical race theory is anti-american and a blatant marxist agenda to divide , not unite. stuart: all right, that's telling them. all right i want to bring in campus reform reporter affiliate you're a student at the university of florida. crt is banned k-12. not in colleges. would you like to see crt banned in florida colleges? >> i am certainly hopeful that governor desantis and the state board of education will expand this ban on college education and this state because i still have two more years at the university of florida. i certainly don't want to be

taught critical race theory because it's the exact opposite of what martin luther king jr. envisioned for this country. mlk said he dreams of the day in which people will be judged by the content of their character rather than the color of their skin. critical race theory ultimately prohibits mlk's dream from becoming a reality by putting so much emphasis on race and how it affects every single interaction we have with each other. stuart: now its been banned k-12 schools in florida. it's banned. what was the reaction in the state to that, because that's pretty drastic. >> well i think the state board of education certainly made the right decision in ensuring that students are getting a quality education. look, critical race theory has no place in the classroom, especially in a state like florida, where our governor has shown just how pro-america he is florida has been leading the way in reopening after the pandemic, banning critical race theory in

k-12 education. time and time again, governor desantis backs orders and policies that put the best interests of the american people first, and that's what all governors in this country should be doing. it's no wonder that thousands of americans are flocking to florida every single month, it's such a great state and they are welcome to come. just so long as they don't bring their radical ideas such as critical race theory with them. stuart: i was just about to ask. you're in florida. we hear a lot about people moving to florida to escape the taxes up north and all of the rest of it. do you see people going to florida, students going to florida, moving south, specifically to florida? is that part of the exodus, students part of it? >> absolutely. i actually moved from california four years ago to florida because of just how great a state it was, and my parents wanted to be in a state where there was no income tax, where everything was a lot cheaper living in florida rather than living in california and i know a lot of my friends also at the university of florida are out of

state as well, and they come to florida because of the great education, because of the great cost of living, it's honestly, it's one of the best states in this country i would argue. stuart: what are your other, your fellow students think about crt? >> well at the leadership institute's campus reform we've been covering this trend and the response that we've seen against and for critical race theory in this country, i recently did a video where i asked students about critical race theory and if they even knew what it was, and what i found was that when i asked students if they had ever heard of critical race theory, every single student said no which just goes to show this theory is literally hidden and embedded within our higher education institutions to the point that students don't even know they are being taught it. now, this makes it so much harder to detect critical race theory but it ultimately makes it so much harder to fight back against it, and that's why it's so important that our local government leaders and our governors take a strong stance against this divisive education, now before it's too late.

stuart: ophelia, thank you very much for joining us this morning we really appreciate it and we'll see you again soon, thank you. >> thank you. stuart: protest erupted over indiana university's vaccine mandate. ashley? do we have newly-released knowledge of what happens to students who do not get the jab? ashley: yes, students at indiana university who don't get vaccinated will have their class schedules canceled and e-mail and pay cards turned off and further faculty and staff members who don't get the jab will be terminated and that's not sitting well with students, parents, faculty and others and the staff who protested the mandate calling it unconstitutional, and invasion of a person's liberty, they say and they demand that the policy be dropped immediately. that mandate, by the way, the strictest in the state, but the university is holding firm saying it wants to keep campuses safe, and will not drop the vaccine orders so the standoff goes on, stu.

stuart: yeah, you're right now here is another similar story. the unvaccinated students in new hampshire there's a story about how they were singled out. i believe it has something to do with the prom. give me the story. ashley: yeah it's remarkable. students that hadn't been vaccinated were identified with writing in a black sharpie on their hands. those who had been vaccinated have some sort of red marker put on them, so the principal at this new hampshire high school where this happened says look, the prom markings let the students enjoy a close-to- normal experience and was used as the school's own contact tracing system, and the parents and others are not seeing it that way, criticizing the branding of students who didn't produce the proper papers , and of invading their privacy. upset parents say they had no opportunity to protest before the prom, because they didn't know, but the school district says students were made aware

beforehand, when they registered for the event, but being marked for not providing papers, has, you know, a lot of eyebrows raised to say the least, stu. stuart: i'll bet it does. all right, ash, thanks a lot. the crypto competition, we hear, is heating up. solana is a blockchain platform , and it says that it's cheaper and faster than both bitcoin and ethererum. the co-founder of solana is here breaking it all down for us, plus, president biden kicking off the g7 summit in britain. my next guest says biden is the anti-british president. nigel farage of course is saying that and he's with us, next. >> ♪ ♪

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expedia. it matters who you travel with stuart: the markets show, well, the rally is gone for the dow it's now on the downside about 10 points, small gain for the nasdaq up 28, very modest gain for the s&p up 1. not much price movement this morning, i was expecting some record highs at the opening bell. we got them on the s&p, but then

we faded. president biden meeting with world leaders today, after the g 7 summit in britain, of course. they are going to discuss the push for climate change and a global minimum corporate tax. that's apparently what's for discussion. peter doocy joins us live from the summit in cornwall, england. what are we going to get today, what are they discussing today? reporter: stu, it was really interesting a few minutes ago we heard from the host boris johnson who summed up the g7's goals today and tomorrow, like this. >> we're building back better, together, and building back greener, and building back fair er, and building back more equal, and actually, in a more gender-neutral and perhaps a more feminine way. reporter: so that's what to come , at the g7. the first meeting is about the

covid-19 pandemic and the leaders would like to headline them today to be the 1 billion doses of the vaccine that g7 is providing to the world roughly half by the u.s. and president biden is hoping to stand out chaired to china and russia who have been accused of donating only to low and middle income countries they think can help them gain a strategic advantage. there is also going to be talk about recovering from the pandemic in an equitable way and paying for it by spreading the wets with a 15% global minimum tax. a senior white house official explains this 15% global minimum tax is attractive to them because, "we see this as a critical step towards ending the race to the bottom on corporate taxes that's come at the expense of workers, at the expense of investments in domestic renewal and at the expense of growing the middle class." the g7 leaders are expected to endorse collectively this global minimum tax of 15% before the summit is over, but just because they endorse it doesn't

mean it immediately becomes the law of the land, that be up to the legislatures in each country stu? stuart: peter, you ran that sound bite of boris johnson explaining the goals of the meeting. did it sound to you like the man always talks with his tongue in his cheek? reporter: it's hard to tell, but he is definitely going for , he's definitely trying to flatter joe biden, mr. build back better in the united states because just about everything we hear from boris johnson is build back, fill in the blank, and so that's what they're doing, and we'll see what it gets him. it seems like president biden is eating it all up in his first time. he's known these people for decades on a first name basis but he's not been able to sit at the table with them as peers until now. stuart: got it, peter doocy you're all right thanks for joining us peter, we'll see you again real soon and look whose here now the voice from

britain himself, nigel farage, from your perspective, you're there in britain. you're looking at america. you're looking at america's president coming over to britain from your perspective, how do the brits, how do the europeans really feel about our president? >> oh, the europeans love your president. i mean, be it no doubt, this isn't just g-7. you see the family photograph. there's actually nine people in it because two of the presidents of the european union are there so the european union loves biden, the globalists love biden so they are all very happy with donald trump and that biden but that puts britain in a slightly awkward spot because we just left the european union, and we have brexit, but for some reason , boris johnson appears to be really, i think greasing up is the term i would use, to biden. he said yes that joe biden was a breath of fresh air. well, after 50 years on capitol hill, is there anything fresh

about joe biden is beyond me, and i think what this comes down to, stuart, is northern ireland which is still a very contentious part of the brexit deal, two days before the summit , biden's diplomats gave boris johnson a kicking off and said you must do everything the european tells you, in northern ireland and my feeling is that what johnson is trying to do is to prevent over northern ireland by being nice to mr. biden and by effectively turning the f-7 into a woke convention with this language that he's using. stuart: you're right. now yesterday we heard that there's a new revitalized atlantic charter discussing travel and trade. >> yes. stuart: now does that amount to a new trade deal or is it just a symbolic kind of thing? >> no it's symbolic and of course, we are getting back to the days of churchill and roosevelt and very high and mighty aims but this new

atlantic charter let me give you an example here. the leaders said they wanted the global economy to be inclusive, fair, climate- friendly, and sustainable, so this is all just woke language, i suspect that it won't lead to very much at all, and as far as a trade deal is concerned, well the uk now is busy signing up trade deals all over the world, and we very much like to do one with the usa. i just get the real feeling that the biden administration doesn't want to do it because he doesn't want to upset the european union stuart: is brexit going well? i mean, britain, outside europe, doing well because it was supposed to just fail and fall. >> oh, i mean, we lose our houses and lose our jobs and plagues will descend upon our land and famine and brexit is going great. we have difficulty with northern ireland that needs to be ironed out and that apart, the vaccine

rollout, has been a huge success in this country, a total failure in the european union. countries all over the world are knocking down our front door, wanting to have trade deals with us, and the city of london is finding new confidence but here is the big one. here is the big one. brexit now has a 70% approval rating in the united kingdom so it's over, the public are with it. and a funny thing, for years and years and years, i was the lone voice arguing for this and as the years went by people joined me and now, i'm not even getting abuse in the streets, stuart. people seem to agree with me now in most of the cases. stuart: [laughter] you've done good, nigel farage. you've done real good. [laughter] thanks for being on this program , nigel. you better come back soon and come back to america soon too we miss you here. >> i will. thank you. stuart: out of time. sorry. netflix tapping a new revenue

stream. guess what? merchandise, yeah. netflix merchandise. we've got the story for you. our trade in los angeles as funded homeless a government- encampment costing taxpayers $2,600 a tent. i'll report on that for you. >> ♪ ♪ (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do.

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>> ♪ we can forget all of our troubles, so go downtown, things will be great when you're downtown ♪ stuart: remember that? that's 50 years old that song, downtown, what we're showing you is santa monica, the pier, 60 degrees and sunny and then we have los angeles, a very different story there they are

grappling with a growing homeless crisis, officials have just opened a government-funded tent city. the critics say look that's a waste of taxpayer dollars. jonathan hunt is there for us. all right, jonathan. we know each tent costs what, $2,600 but how are officials justifying costs like that, because the guys are still on the street. reporter: well, yeah, stu and some of them are right behind me here on the street, so now obviously, homelessness in la is a public health crisis. it is a mental health crisis. it is at times a violent crime crisis as well, so one of the solutions up behind the tents you see on the sidewalk here, behind that fence, topped with razor wire, we have video from inside there. this is what you get for $2,600 per-tent, per-month. 12-foot by 12-foot space, marked by white tape and each of those tents, as they say, more than the cost of a one bedroom

apartment to rent in the city of la. one of the other solutions, more permanent solutions, as they call them tiny villages but even the la controller says the costs are out of control. he says per-unit, for those more permanent solutions, more than half a million dollars each. listen here to the city controller. >> what my reports have found is that the cost of creating this permanent supportive housing is now averaging about $550,000 a door, up to $750,000 a door. that is utterly unacceptable. reporter: now, mayor eric garsetti was on a zoom call earlier this week with mayors from other cities also experiencing a homeless crisis, and the mayor basically said the solution is to throw more money at this. listen here to mayor eric garsetti. you want to see something happen in the fight against homeless

ness? make sure local leaders have frictionless fast money they can put in a flexible way out there. frictionless fast and flexible. reporter: now, stu, we reached out to mayor eric garsetti obviously to request an interview and his spokesman repeatedly tried to promise to get us on the schedule and cid if we can't do that i promise you, we will give you written answers to any questions you have. in the end, they did neither of those things, no interview, no written answers to any questions and mayor garsetti's critics would suggest that with garsetti reportedly about to be appointed as an ambassador by the biden administration, mayor garsetti has already checked out of the city he claims to love and is still supposed to be leading. stu? stuart: i'd love to know how you get to a cost of a half million dollars per small unit. i'd love to know how you get to

a level like that, but you didn't get the answer. >> the city controller wants to know that too. stuart: i'll bet he does. jonathan hunt, thanks very much, sir. we'll see you again soon. all right, let's deal with the market, we turned south for the dow industrials we turned south for the s&p, and we're barely breaking even for the nasdaq. we opened the show thinking we'd hit some records this morning and we did briefly on the s&p, now we have retreated. susan, come on back in again, you've got some movers including the cruise lines? >> yeah, so check out the losses that we're seeing this is after two passengers on board the celebrity millennium being operated by royal caribbean tested positive for covid and that's despite the fact that the crew had 95% guest and crew vaccinated and this is the first itinerary to start sailing in the u.s. last week after more than a year of these cruises being docked. we have biogen called a buy by ubs this morning outperformed and bernstein with $500 in

bernstein's view and these are upgrades on an expected sales bump from the fda approval of the new alzheimers drug, and finally let's check in on snowflake which is a cloud warehouser and they had their price target cut to 265 and 290 at paper sandler and that's despite pretty ambitious targets of $10 billion in sales by 2028 that be 20 times the current annual sales and they are still losing money but i guess the investment community was a little disappointed by 20 times projections for sales in seven years. stuart: i guess so, especially if you're not making money yet. all right, susan. let's go to the uber of china. this is for you, susan. a company called, it's called it goes by the name of dede i think tell me about that. >> i didn't test you on the second part of that name, we'll save that for the ipo date , yeah, it's a $70 billion company, it's huge, and it's uber shares this morning it says uber owns over 12% of dede

because of ubiquitouser 's exit back in 2017 from chinas winner-take-all ride hailing market and dede is dominant in china over 350 million active users almost the entire u.s. population, stu, and investors include soft bank, division fund which owns 20%, alibaba is a backer, and dede should be raising multi-billions in the ipo this summer and the company still loses money over $1.5 billion in losses last year stuart: oh, you going to fill me in on the last name, last part of the name, go ahead. >> dede touching. i'll let you rehearse that for a few weeks before the ipo listing stuart: thank you very much, susan. you're off the hook. we got a great story a groom,, a bride-groom getting grilled for not keeping his eyes on the bride. we'll tell you what his distraction was first though, montana raising the stakes, getting folks $1,200 bonuses to

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stuart: sorry folks but the rally is almost entirely disappeared dow is down 30, s&p is down about 4, and the nasdaq is clinging to a gain of .46 points. rally is gone. we talked to you about businesses struggling to get people to go back to work. lots of companies offering incentives to fill those open positions. the governor of montana is with us, greg gianforte. governor welcome back to the program it's good to see you again, sir. now, you started this program last month offering $1,200 for people to go back to work. how much money have you handed out so far? >> well, stuart, thanks for having me back on and really , we did two things. one is we're the first state in the country to remove the supplemental pandemic unemployment benefits and then we added this $1,200 back-to- work bonus and people are qualifying, let me tell you,

emphatically this is working. i'm hearing from businesses across the state. to qualify you have to have been on unemployment may 4 and then just go get a job. work four weeks, and this is a one way ticket back into the workforce, because if you then quit that job, you're no longer eligible for unemployment and i've been hearing from employers across the state, one good example i had a hotel owner he had so much trouble finding workers. he was personally doing the laundry, cleaning rooms, working the front desk, was only getting one or two resumes a week. we made this change. he had 60 resumes within one week for that hotel, and he's now able to have some more work on-the-job. stuart: this begs the question, why do people not want to go back to work in the first place? is it because the $300 a week from the government? is it because of child care? is it because they didn't like

their job in the first place? is it because they left the state during the pandemic? is it because they can't get child care? there's lots of reasons for this what do you think? >> i think incentives matter. we were paying people not to work, and in total, an individual on unemployment, indefinitely could earn $42,000 a year in montana, and that's higher than many of the wages in the jobs, so what we did, we needed a safety net for folks when they hit a rough patch, but unemployment should not be a career choice. we shifted the incentives away from not working and put in place work bonuses. stuart: one more subject governor. the keystone pipeline canceled. it's gone. it was going to run through your state. now it's gone. what impact on your state? >> stuart, it's massive. the keystone xl pipeline was a

lifeline for eastern, rural montana. i've visited up there in phillip s and valley counties. to give you an example, phillips county, the county commissioners there, told me the property tax revenue from an operating pipeline would have increased their county taxes by 50%. that's money that would have paid for teachers, infrastructure, and law enforcement stuart, here in montana, we're still funding our police. that would have gone a long way to help. stuart: what a terrible story. governor, thank you very much for coming to us and sharing the great story on getting them back to work. we appreciate that and sorry about the pipeline. governor, come back and see us soon, please. >> yeah. thank you, stuart. sure will. stuart: big hour coming up for you. we have ric grenell, brad blake man, heather zumarraga and more, plus, you know, it hasn't been a good week for either the president or the vice president.

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>> you can pick a loser this year and retail, they are feeling great about the reopening, a gift that keeps giving. >> bitcoin is like 2005 nano tech it. in a decade or less we won't be talking about it. >> the bond yield is the judge and jury. no one is loaning their money to the united states government for ten years for one.4% if they believe there's 3%, 4% 5% completion. we want an economy that is good, none of us want violence in our neighborhoods against anyone in the democrats don't seem to stand for the things that improve people's lives. >> i moved from california to florida because of how great a

state it was. i want it to be in a state where there is no income tax, it was a lot cheaper, honestly one of the best states in this country. ♪♪ stuart: 11:00 eastern time and the markets are down, the best way of putting it. we started with a nice rally. it is gone. the dow is down 50 points. check big tech. mixed picture in the early going, apple, microsoft both of, the rest of them are down. the 10 year treasury, this is a long-running story here, the yield this morning was at 143. it has gone up to one.46%. not made much difference to the market but that is still a very low yield on the 10 year treasury. now this.

it has not been a good week for either the president or the vice president. on this program we are looking at series of record high stock prices, a booming economy and back to normal excitement of the summer. financially america is doing well. socially we are doing well. we are getting back together again. opening up. doing well. but the administration is floundering. what a contrast. there is a vice president harris got snappy in a univision interview. she was asked again when she was going to the border. didn't like that question. she laughed it off. she is in charge of border policy but illegals stream in at a rate of 2 million a year. we are being overwhelmed and the vice president is clearly struggling. so is president biden. in his first speech in europe he said climate change, global

warming, is our biggest security threat. the chinese are still laughing and so are the russians because they are supplying iran with an advanced satellite system that allows the mullahs to surveilled middle east including american bases and just as that was announced president biden caved to the iranian's and withdrew some sanctions. we cave, they upgrade, global warming is the biggest threat to our security. the approval rating stands around 51%, 52%, not that great when spending and traveling and socializing and eating out and vacationing like crazy. america doing fine, the administration is not. the third hour of varney moves on.

bled brad blakeman, good to see you again. do you agree with my premise, things are really good here at home and the president should be getting a boost in popularity ratings, markets up and back to the beaches that the administration i think is floundering over there. what do you say? >> completely out of touch, incompetent. we don't have a president who is leading. we have a committee, the white house, attempting to jam through a legislation and agenda that doesn't match as you say the disconnect in america. our adversaries, our enemies, china, russia, iran and others know what to expect out of biden. they had eight years of obama/biden. they are happy to see him return and return to the same old failed policies we experienced years ago.

it is a head shaker and if it wasn't so serious it would be laughable. stuart: there is maybe some good news in the sense that the democrats are really split, terribly split. ilhan omar opened up this anti-semitism split that is a mile wide in a democrat party. in a split party how do they get through their radical measures through the house and through the senate? really holds up their radical agenda. you with me on that? >> no question about it and the most consequential politician in america is democrat joe mention from west virginia. if you stay true to his principles he will be stop a lot of these measures, most radical will not be able to be achieved once they pass the house they will be dead on arrival as it should be. let's hope joe manchin and others, he's able to convince

this radical agenda and as we approach the midterms in 2022 we have to ask the american people do you believe america, the number one concern is global warming? don't you believe terrorism and cyberattacks and china's globalization and taking over so many what used to be our responsibilities is the way america should proceed, open borders you pointed out, becoming dependents of the united states. it is up to us to capitalize on it and up to us to stop it. stuart: we are not going to stop the border in flow, are we? that is going to get worse and i suspect that is going to be an overriding crisis which the administration and vice president harris has to address at some point but they are not there yet, are they?

>> they are not. they believe if they don't appear there is no crisis, they don't have to acknowledge it and the media is complicit. they are not reporting on it or focusing attention on it and when they do ask the question like univision, what happens? they get pushback from the administration. no follow-up, no outrage. the american people can see it, understand it and it will get worse before it gets better because the american people don't get another chance to change government until 2022. stuart: that is correct, good to see you, we will see you later. check those markets because now we are all down with red across the board, nasdaq, s&p on the downside. i want to bring in heather, you picked up on this. when i started the show at 9:00

eastern i said the inflation number suggested inflation was restrained. i got a lot of flak for that and you believe i am wrong that we have big inflation problem. make your case. >> with all due respect you were right to point out the stock market did well despite the inflation numbers and the data we received, 5% increase in consumer prices, it is temporary, they use the word transitory and printing all this money out of washington on the fiscal side that obviously government and the fed don't think it's a problem but here's where it is a problem, not reflected in the stock market but is for every day americans, not just the average car price going up but grocery bill apparel, furniture, everyday items we all need to survive, those are going up and if your

wages aren't going up it is not affordable for the american consumer. stuart: i agree entirely but that doesn't play out with investors. the yield on a 10 year treasury is below 150. that implies the market investors, wall street, not that worried about inflation. not worried about the future of stock prices. >> could be. they could not be worried about inflation and. don't see economic growth outside of what we are receiving from the fiscal side in the future and that is very worrisome and dangerous because if you have a surplus being flooded into the system look at this week, 2.3 million americans receiving stimulus checks when we have 9 million job openings. not saying people need that during the pandemic but it is

time to get back to work. let's incentivize work because if small businesses are competing with the federal government in terms of not being able to increase wages to pay people more to work than to stay at home it becomes a big problem, see meat and poultry, your food bill is going up and if you can't afford to eat because your wages are going up it is a big problem. stuart: are you selling any stock because you are worried about inflation in the future? >> i think the stock market can continue higher in an inflationary environment even though they are down a little bit right now but i do think over time if interest rates start to rise all bets are off, investors shift out of equities into bonds but as you point out bond yields have gone down. one.4 and change on a 10 year, you can't get a return on the bond market. forcing investors even if you

are a retiree you can't get a return on savings, pushing people to take excess risk and the market is continuing higher. stuart: when does the crunch come? when does inflation hit? next month? the month after? when does it hit? >> look into our crystal ball. we will see the inflation spill into interest rates causing interest rates to move higher and equities to pull back towards the end of this year. after we get past the reopening all this pent-up demand you will see up pull back in the economy. stuart: a great summer for everybody. thank you for being here. we will see you soon. susan, you are checking out movers, johnson & johnson. >> they decided 16 million doses of the one shot vaccine

has to be discarded because of contamination at a strait more facility but j and j extended for another 6 weeks reacting to discarding 50 million doses. amazon and can now, ligue 1 for 600 million euros but there is news that a new anti-tech bill is introduced today that might force amazon to split or stop selling its own private label goods. we see performance this morning continuing to outperform with the 10 year treasury yield of the lowest in 3 months and that makes the stocks look less risky and less expensive, not as much guaranteed money. i call that a performance, wouldn't you?

stuart: i definitely would. there is only one team that counts in french soccer. >> teach me how to pronounce that. i don't know. thank you very much. you are killing me. chicago fully reopening today, the tourists are back, we will have that. vice president harris asked about visiting the border, watch her response. >> i said i will go to the border. >> the administration -- i'm not finished. i said i'm going to the border. stuart: she hasn't said when she was going to the border. we will get into that after this.

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stuart: a beautiful day in chicago, 84 degrees, sunny, a great day. our own grady trimble is there. in a place like that in weather like that, the moon has got to be pretty positive. is it?

>> reporter: it is. today, tour boats can open at full capacity instead of having to block every other row. restaurants, bars, even wrigley field is going to be packed, 40,000 fans for what they call opening day 2.oh and this is one of the most iconic tourist attractions in chicago. we are with chip of shoreline, they are coming back and going to be relatively low levels of restrictions because of covid. >> we are excited to get back to where we were in 2019. it is great for business, great for employees, everyone involved is dying to get back to where we were. >> reporter: there have been other cities and states that have been quicker to reopen. will that impact people visiting chicago? >> maybe in the short-term but chicago has so much more to offer than indianapolis. i think we will be fine. chicago has baseball, live

theater, great restaurants, cars, the whole package, sightseeing tours. it is fantastic. stuart: it is all back starting today, the shows are coming back. it is an exciting time to be in chicago. you could not ask for better weather for reopening day in the windy city. stuart: got that right. i took one of those boats a year and a half ago. a very nice ride. thanks very much, see you again soon. let's totally change the subject. i'm talking about solana, a block chain company. it is transactions, faster and cheaper than bitcoin and ethereum. i'm trying to get the straight in my head. i need help. the cofounder joins me, stop laughing because you know that i don't know what i'm talking about and you know what you are talking about. let's see if i've got this right.

you are creating tokens faster and cheaper than ethereum because your technology is superior. have i got that right? >> the important thing to understand is solana is a block chain. it is a new block chain built from the ground up. there have been a lot of plays the last several years at trying to make something faster and cheaper but it is not just about being twice as fast, twice as cheap. don't know if you ever use bitcoin or ethereum. have you? stuart: i have not. >> up most of your viewers haven't either, probably because it is like eating glass, very painful, very slow, very expensive, inefficient and doesn't feel like the internet property and mobile phones we are used to so in order to get to a place where it's ready for consumer adoption it needed to

be 1000 or 10,000 times faster and cheaper and that's why the block chain, block times are 400 milliseconds, the throughput has been benchmarked to 50, 65,000 transactions per second for bitcoin. the population of berkeley were to use it 3 times a day, there are network suggestions and that is fine, it has a you sent it is very validated. stuart: i think i have got it. i think i have got it. solana makes the use of these tokens, whatever you want to call them, makes them into a currency where a transaction can take place at a rapid pace almost like using a dollar. have i got that right? >> you are close because tokens are just a currency. they are means of accessing an open source network running on thousands of computers.

getting to 1000, and the place, to launch things not in production, it is a means of accessing the software and it can be used to run anything. financial applications, music streaming service, nfts that you've been seeing, collectibles that are stored on the block chain and gaming applications getting built now so you will see the things you are using when you touch software get rebuilt on block change and it is not just a currency but a means of accessing, aligning incentives across the applications for users as well. stuart: you've got a long way to making me understand what on earth but come back and get me there.

solana, i will remember that, $300 million behind it. we will be back because i am interested in what you've got to say. thank you for joining us. on the same subject, talking about nfts, that is the first ever nft, tell us how much this sells for. >> we are turning you into a believer, this is a basic back in the 2013 days, made by kevin mccoy, it was auctioned off, $100 million, was the sales price, it is a seismic genesis compared to picasso. it was much less, it would sell for $6 million or so. stuart: what is the other nft,

crypto punk, the most expensive ever. >> this is from the same auction, world record for crypto punk nft, for one crypto punk sold for $12 million, the draft king billionaire mckenzie and crypto punks, series of 10,000 pixel artwork created by live a lavin 2017. this is at number 7523 which you see on your screen and this is the highly coveted one. a depiction of a blue-green skin wearing a medical mask. these are collectibles, nonfungible tokens down 70%

from february peaks, where we saw what was sold. i met people in miami, it is a small club of investors but they are willing to spend big on these collectibles. stuart: it is a very small club of investors for sure. thank you very much. check this out. everybody check this out. there is a groom standing at the altar, his bride is walking down the aisle, he doesn't look at her. we will tell you what he does look at, that is creating quite a stir on social media. plus, surprising number of young men having heart issues after getting the jabber. the cdc calling for an emergency meeting, details on that just ahead. ♪♪ ♪♪ got the music ♪♪ ♪ ♪i've got the brains you've got the looks♪ ♪let's make lots of money♪ ♪you've got the brawn♪

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>> i will announce next week for the plan for the state of texas to begin building the border wall in the state of texas. stuart: you heard it, governor of texas greg abbott planning on building the border wall in his state. he and the governor of arizona done doocy asking every other

governor for help. griff jenkins is at the border on the american side. lots of holes in that border wall. the guys want them filled i take it. >> that is right. welcome news to the officials here because white you see, pretty tough gate behind me. watch this situation with the actual wall, the gate built in 2015 but you can see the sections of the 30 plus foot wall that was not completed. the new fenceing built here, not just the local officials on the border are happy but the ones in the interior, the sheriff of medina county just west of san antonio, randy brown is ecstatic about the announcement as well. here is what sheriff brown

said, listen. >> i agree with everything he said. it has to start today, we need to get the number 8 or 9 where the border barricades. >> 1000 in the last 24 hours. a lot of chatter about vice president harris, she wouldn't give it time in an interview with univision. i asked the director of those affirmative public safety whether she will come down here. here is what she had to say. >> that is what leadership is about.ou talk to these landowners, it was important but you need to talk

about the landowners. >> this was lifted, the blanket to crawl under. the complex situation with fencing, or infrastructure here to help stop the surge at the border. stuart: griff jenkins at the border. vice president harris having trouble answering questions about going to the border. >> i said i'm going to go to the border. >> when you going to the border? >> the administration -- i am not finished. i said i am going to the border and also, if you're going to deal with the problems at the border, we have to deal with the problems that go to the border.

i will keep you posted. stuart: retired major general michael maguire joins me now, you are from arizona, you want to run for the senate and you are seeing this problem firsthand. would it be popular in arizona to build the wall fully? >> absolutely, thanks for having me. it needs to be completed, vice president harris's reaction shows she's not serious about leading the situation. it is eight years, the commanding general, this kind of crisis requires assessment of the situation, development of a plan and real policies that matter. i would say to vice president harris you are welcome in

arizona as long as you are serious about fixing this, this is just a photo op and if you're going to laugh about it we don't need you here. stuart: do you have the authority to build the wall, and texas people in new mexico people have you got the authority to build it? >> in arizona we have 350 miles of public land, public responsibility to build that wall. private landowners can secure their property and in arizona, we need the federal government to step up and have responsibility, and provide agents to reinforce the border and i will lead they need to search the border to allow great border patrol agents to do the enforcement. 180,000 crosses in the last month, most ever in a -- and unbelievable number.

stuart: the impact on arizona, 180,000 last month, you have 970,000 in the last eight month. what is the impact on the people of your state. >> we are seeing hotels leased out as transit holding facilities for those with crazy catch and release policy. these are putting communities at risk. the security a very -- every arizona and is at risk when we start catch and release, in tucson and other locations around the state. this has to stop. the only way it can stop, is by adding more humans from the law enforcement sector, we search them with the guard, and start reconstruction. stuart: stuart: we will get a checkup of what is going on down there.

the split in the democrat party is getting worse. leaders call out ilhan omar's, rick grenell is here to sort it all out for us when he is next. ♪♪

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traded with a touch. the gold standard, so to speak ;) stuart: russia is supplying iran with an advanced satellite system. they will be able to surveilled the entire middle east and that would include surveillance of american bases there. despite that, the administration is lifting sanctions on iran. rick grenell joins us, director of national intelligence. i don't see the logic here. we cave to iran just as the

russians upgrade their military. what is going on? >> you would be a terrible diplomat in the biden administration. that is exactly the problem here. i hope this is on the agenda between president biden and president putin. we should follow up and make sure they discuss this because clearly russia, china, and i would put europe into the same camp, not having the same threat assessment about iran that we do and that is troublesome. the west and the un security council permanent members should all be united in denying iran a nuclear weapon. the regime in iran is a terrible regime for human rights. we should be a full to make this case to the russians and the chinese, and i hope this is a point of discussion.

the whole idea here is premised around trusting iran to do the right thing. i think the israelis have a whole locker that would show that is not true. you cannot trust the iranian regime. stuart: i don't want to go off on attendant here, but ten days, two weeks ago we had news that the largest ship in iran's navy had caught fire and sunk. i suggested that maybe that was the israelis or the cia getting to their computers and messing with them as a warning. look what we can do to you. is there anything in that or am i grasping at straws? >> i have to be careful when talking about any information that can be spun as intelligence.

i would just generally say many times people will jump to the conclusion that it is the israelis that have done something but you should be very confident in the fact that american intelligence agencies are very up to speed, top of all these issues. they don't like to take credit. they will watch closely but you can be assured that through our counterterrorism centers, all the intelligence agencies, gathering information and watching, including through our defense agencies, we know what is happening and are ahead of the game. the iranian this, the iranian regime, we should make sure the iranian regime knows that we know what they are up to and

many times when we communicate that in some ways they can change their behavior. i will leave it at that. stuart: you are diplomat. you should be a diplomat in the future. that was a brilliant answer. well done. do you think president biden has something up his sleeve when he meets flattery putin? they are packing our things, holding us to ransom? be a diplomat by all means but do you think our president has something up his sleeve to go at vladimir putin? >> let's hope so. we should all be cheering that biden has something up his sleeve to be tough with vladimir putin but i fear we have an administration right now that values consensus and globalism ahead of what is best for the united states and i will give you an example. the idea that somehow nordstrom

2 which is not completed, it is not able to deliver russian gas into europe yet, the idea that we are going to just give up on that is akin to jimmy carter deciding we are going to give away the panama can now. this is going to be decades impacting europe. russia has leverage over europe because of this decision. when you look at the cyberattacks happening in the us, nordstrom 2 being given to the russians, the concessions that this administration seems to be giving to the russians is really problematic. what are we getting in exchange for all of these concessions? i don't know and i hope he has something up his sleeve to get something back.

stuart: he is a diplomat. his name is rick grenell and i hope he comes back frequently. you know what you are talking about and we appreciate that. thank you, see you soon. back to the g7 summit. a few moments ago we played you a soundbite. it made me laugh. let's listen to boris johnson talking about the g7 goals. >> building back better together. building that greener. building back more equal and in a more gender-neutral and more feminine way. stuart: doesn't he sell the he is talking tongue in cheek trying to be politically correct, not exactly succeeding. the prime minister in great britain for you. stay right there. friday feedback is next.

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stuart: we are going to kick off friday feedback looking at san francisco. looking at ashley and susan, let's get friday feedback started. first, from bruce boyman who writes is this. is stuart the voice of the geico lizard? i am not at ashley will tell you why i am not the voice of the geico gecko. i've got the wrong accent. ashley: you do. you are from the midlands, north midlands. the geico gecko is a cockney, someone born in east london technically within the sounds of bo's bills, that is a community any slanted, if you were born and could hear the bells of bo then you are cockney. they speak in rhyming slaying although the gecko doesn't but never be mistaken with stuart varney, never.

stuart: now, look. i was born and raised -- i'm not going to do that. i was born and raised in a place called derby in the midlands of england. i lived 45 years in the united states, so susan, why don't you define my accent now? >> define, do you mean describe it? i would call it an upper-class -- stuart: where do you think i come from? >> upper-class, not east london, differently not cockney, i would say pretty aristocratic. ashley: mid-atlantic. stuart: no further comment. we've got this one coming to us from ken cook. please show the dow 30 market scandal freely throughout the program, gives the viewer a better idea how well the dow is

doing, broad-based rally or downturn or a few stocks moving the market. good idea. very good idea. it is a very good indicator. you are looking at the state of the play right now. that is the dow 30 market indicator. i promise you we will do our best to use it more frequently. this one from matt rayburn. i'm always curious why you refer to such stocks as facebook, amazon, netflix as tech stocks, i could agree they use a lot of tech in their operations but they are retailers and entertainment companies. that one is for you. >> i call them disruptors. they are technology companies. where was streaming before netflix? where was social media before facebook? to me that is technology. stuart: i will switch gears. stay for this reaction. i want your reaction. tell us about this groom who got in trouble for being

distracted when walking his bride down the aisle. ashley: men can be so stupid period. in a video captured husband of the year taylor lawrence showed her husband reaction, she walked down the aisle during the wedding ceremony four years ago. she wrote it was one of the most important and emotional moments of our life and what did my husband do? he did the most romantic thing. he checked his phone. he's got his hands in his pocket. this was posted on tech talk last week, had 2 million views. here comes the bride. wait a minute, let check my espn scores was one person said the vows are probably on his phone. someone else said it is a nervous thing. another one said sometimes good times are overwhelming, we don't know how to handle them and they are still married. stuart: i know what he was doing. he was checking his phone to see what the bitcoin price was

to see if he could afford it. sorry, everybody. got to get the friday trivia question. how many people have walked on the moon? i got this wrong. the answer when we come back. n. the views are great, the air is fresh. (sfx: branches rustle) it is bear country though. hey boo-boo! we hit the jackpot! bear! bear! bear! look, corn on the cob! oohh chicken! ... they do save us a ton of money. we'll take the cobbler to go! good idea, yogi. i'm smarter than the average bear! they're gone, dad! for bundling made easy, go to geico.com. they're gone, dad! (vo) nobody builds 5g like verizon builds 5g. thousands of engineers taking peak performance to a new level. that's why in parts of many major cities where people can use massive capacity we added verizon 5g ultra wideband, the fastest 5g in the world. nice. it isn't just a step forward, it's a leap forward.

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stuart: i lived through this era , and i got it still completely wrong. how many people have actually walked on the moon? the answer is 12. i did not know that. i thought it was far fewer than that. they were all americans, all

apollo missions, only four are still alive today. that's buzz administrationridge, david scot, charles duke and harrison schmidt. now you know 12 have walked on the moon and the big deal on the market a the this moment is the price of oil topping $71 a barrel and it's on pace to finish at the highest price since october of 2018. hit 71, backed off a little and you know what that means, higher gas prices down the road. all right, my time's up, neil, sir, it is yours. neil: and those gas prices, they are high. you know, they're staying high and they are going higher, it's really jolting for a guy like you whose pretty cheap, its got to be unnerving. >> [laughter] neil: i did sneak that in there stuart thank you very very much my friend, stuary varney have a wonderful weekend. right now, we're trying to make a go of it for the dow, the s&p already in and out of record territory here, but the markets almost certainly are going to