maria: thank you today can mcdowell and bob nardelli. varney and company begins now. stuart: good morning, everyone. before we get started with the news. do you believe gun-control is the answer to the crime surge? do believe big tech should be broken up? do you believe inflation will retreat? we will deal with all of the above because guns, big tech and inflation are the issues of the day. now the news. stock market rebound continues. it is modest but it is there.

getting close to 34,000, s&p up 5, nasdaq up 50, modest bounce, the recovery does continue. bitcoin recovering from it to dip to the 29,$000 level, quoted at 34,000. ethereum going back above $2,000 a coin. that is a recovery for now. big tech close to or at record highs. microsoft worth $2 trillion just behind apple in market value. all of this as debate begins on 6 house bills that would break up or rain in america's technology giants. maybe they are at record highs because it would take years before serious action is taken against them. lots of green this morning. gun control is in the news. president biden has a crime prevention plan, basically

gun-control and gun eradication. that does not address the surge in carjackings, auto theft, rape, arson, doesn't address that at all. in crime-ridden new york city, eric adams emerged as the front runner. that is a blow to the progressives. however, new york is using ranked voting with a complicated system of preferences. it may take weeks for the final result in the progressive might yet win. wednesday june 20 third 2021, "varney and company" is about to begin. ♪♪ she loves uva area ♪♪ stuart: even susan likes this one. don't you? let's get things started properly. empire state building, the beatles sinking. this headline is interesting,

they rely on chinese vaccines, they are battling outbreak. here's an example, chile, bahrain, mongolia used china's vaccine, got 68% operated, here's the problem. all four of those countries ranked among the top 10 countries with the worst covid outbreaks just last week. doctor siegal with us, china's vaccines are not working properly and that has serious repercussions. this is my opinion, this will extend the pandemic around the world. >> a couple points here, we are talking sino farm, they don't work that well. those vaccines are 40% to 50% effective, they use a flu vaccine platform. the ones we have been talking

about, the amrna vaccines are 95% or more. that is incredible. we have been trumpeting it on this program but here is the hidden headline you don't know. china has been pushing their vaccine. sometimes these countries in the top 10 of most cases but 90 countries had access, china is competing with other vaccines like the astrazeneca or pfizer or moderna and pushing their muscle around and ending up selling of an inferior vaccine. you can say not only did virus come from china but a poor vaccine will extend the pandemic. stuart: china has a pr problem on covid. something of great interest to our viewers, the fda approved biogenetic alzheimer drug, the first to appear in decades. there was a strong -- the approval of the alzheimer's drug.

do you think it should have been approved? >> i went on this program and said i was okay with it being approved. what you are talking about, almost never happens. 9 out of 10 times, the fda does what advisors say and this time they didn't which is almost unprecedented. two resigned as a result. i've done a deeper dive into it and here's the problem. the drug has a lot of side effects. it can cause brain swelling. it can cause bleeding, dizziness, headaches. if you have advancing alzheimer's you may say it is worth that risk to cut down on the progression of this. if you have a mild case. there is evidence in one study that it works. the other study didn't prove that it works, critics are saying it should have been targeted for this group, not for that group. it was across the board but the positive way to look at this is it is opening the door for drugs that stop the plaque

formation in the brain that almost everyone myself included believes is related to the progression of alzheimer's. that is key. it is not going to be the drug of the future but it is the first in a category. that is the reason for approving it. now let's get safer and better drugs approved. stuart: good timing, thank you very much, see you later. along a similar line morgan stanley will bar unvaccinated staff and clients from new york offices as new rules go into effect july 12th. morgan stanley's vaccination policy is the strictest among wall street banks so far. let's get to the stock market, we have a modest bounce continuing this morning, dow futures are up 60 points, nasdaq 10. that young gentleman on the bottom right of the screen is eddie gabor. you are beginning to play defense, you are no longer the gung ho bull, are you?

>> there's a reason my twitter handle is common sense bull. i've been. the last 12 months but we believe we will have peak earnings and peak gdp this month. those numbers will be recorded in july and we will see deceleration in economic activity, gdp will start to go down because inflation will become a head wind and not a tailwind. our playbook is starting in the next two or three weeks we start to rotate slowly out of high data plays that pay handsomely. and place in defense because we expect the 10% to 15% drop in equity market starting in late third quarter. bottom line is at the end of july the fed will not be able to ignore this inflation and they will tighten sooner than the market is pricing in. stuart: i want to repeat that. you see a 10% to 15% pull back from major averages in the third quarter of this year, that would be august september

october, something like that. by that time you will see that correction. >> you will see it start in the third quarter and we think it will be 10% to 15%. i will probably buy the major dip at that time and the santa claus rally to the end of the year but that is what everything is pointing to in our opinion and it is not trying to be greedy. risk management should be the top awareness for all investors after this monster move if you've been in the right area. stuart: what would you be lightning up on now? big tech? >> we would lighten up on big tech and the recovery place was the everything to take a look at is energy. i've been a big bull in energy, 75, $80 a barrel. and the small caps are going to be very very volatile as well

and the market has been giving signals for weeks, cryptos had a big crash, corn, copper and lumber have corrected. that is not floated to the equity markets yet. we believe it will start in the third quarter. stuart: we will leave it at that. while testifying on capitol hill, fed chair power-play down inflation fears. >> he didn't say anything i don't think you haven't heard or i haven't heard so it is pretty much taken from the same playbook, transitory inflation, temporary factors pushing of consumer prices, interest rates not going up for at least a few years even if employment runs hot. stuart: interest rates are not going up for at least a few years. >> is not going to raise interest rates even if we get to full employment. if you get the hint from this

and the market isn't anticipating any interest rate increase until 2022, more likely to thousand 23. there will be a hot jobs market heading into the fall and looking at 7%, the fastest since the early 1980s, i would call it a pretty boring session. the only interesting part was the back and forth with jim jordan where he pressed them about the jobless benefits and whether that is making people sit on the sidelines and jay powell said we will see if people get back in the jobs market. stuart: apparently the market is encouraged by what he said. a modest bounce but you got it this morning. the white house says the fed's forecast reaffirm the president biden's economic plan is working and america is on the move. the white house is, quote, that is the story of president biden's presidency after five munson presidents, unemployment is down and america is roaring back thanks to the president's leadership.

cryptos, in the first block of any financial show, 34,000 bitcoin, ethereum back above two grand. did mark cuban say something? >> it is very opportune given jay powell testifying on capitol hill. what mark cuban is saying is bitcoin, crypto, better store valued, no worries on storing it, easy to transfer, easy to convert, doesn't require an intermediary to be fractional lies. the biggest challenge, no william devane type commercial and all the people who believe gold is an inflation hedge. you know who he is. stuart: having a go at the commercials. >> i'm capitol hill they are concerned about rising prices, trying to make case for bitcoin. inflation fears a reason i would say bitcoin is back to 35,$000 a coin that wasn't

yesterday a great reflection for crypto traders? people have to understand what does it comes down quickly and it is by everywhere so don't but with money you can't afford to lose. stuart: don't that with money you can't afford to lose. stuart: what else do we have on the show? chaos erupting in loudoun county, virginia, ground 0 in the fight against critical race.. things got so heated some parents left in handcuffs. we have the story. retired nypd officer eric adams, the current front runner in new york city's democrat mayoral race wants to crackdown on crime and refund the police. looks like a loss for progressives but might take a week or more to get the final results and a progressive might yet win on the shelf in new york city. check futures, modest rebounds continuing the flow of the week. back with the opening on wall street very soon.

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stuart: that there is jacksonville beach, florida, where it is 76 degrees and rather cloudy. we just got this coming at us, mortgage applications down 14% from one year ago, not much to buy. warren buffett will donate $4.1 billion of berkshire

hathaway chairs from five foundations, susan, why is he resigning as a trustee for the bill and melinda gates foundation. does that have something to do with bill gates's bad pr? >> the with a divorce between the two leaders of the bill and melinda gates foundation, a lot of people asking, during the divorce proceeding, buffett himself in a statement that has nothing to do with the divorce. bill and melinda gates, one of 5 foundations buffett has given $41 billion, nice to have that type of money to give away. this is part of the giving pledge when buffett says he would give away 99% of its wealth. and the charitable donations, i it is part of the pound asians, bill and melinda gates, susan

buffett, and the novo foundation with 100 billion, if you give his money to charities, and the right offs. stuart: i want to know why it is warren buffett give so much of his estate away before he paved death taxes. death taxes, if the government does good with all that money why not give it to the government instead of private charities. >> just write the check, the government has to mandate it for everybody. stuart: your keen on me paying high taxes, why are you giving it away and avoiding the taxes? i am getting hot under the collar and it is only wednesday. amazon just wrapped up their annual prime 2 day event. amazon surpassed $11 billion over the transom in those two days.

gerald storch is with us, 11 billion, what do you think of that number? >> it is huge. amazon continues to the leader of the pack in e-commerce, the top e-commerce company, the other nine added them up, still smaller than amazon alone, 50% smaller, such a leader in this business, the stuart: who can take away in the middle of june and decided is going to be a holiday and make it one of the largest shopping days of the year, they have no choice but to file in and follow. people will like it even a competitor. stuart: i saw that the big retailers on the amazon platform saw 29% increase in the sales, the smaller retailers were up 21%, seems to

me they are using the amazon platform -- >> it creates a shopping day, black friday environment, that is the everyone has values so those numbers, are not for target, walmart, best buy or the small ones. that number refers to their own website. a big part of amazon prime's growth during prime day has been retailers in the marketplace, and in october, the third-party group, amazon is doing this to succeed this ecosystem, the top 5 products on prime day are amazon products. stuart: walmart and target have big online sales the last two day period or 1-day period.

>> that is the increase you were talking about. they did fantastic and it used to be amazon is doing this and eventually figured out this is great in the middle of the summer, this would be unnaturally low period for shopping not like october when amazon did this last year, this is june so by creating this holiday amazon has created an opportunity for walmart and target and best buy and home depot, to grow and thrive and they bring the sales in the store, christmas in june. stuart: don't know if you remember a guy called crazy eddie, crazy eddie would appear on screen and have a christmas sale in august, it was a very big deal. a christmas sale in june. >> in australia where the seasons are reversed they have christmas in july and it is the

biggest shopping event of the year bigger than a lot of the holiday sales. people put them on layaway in the middle of the winter in australia. stuart: mister storch, you are a good man and appreciate you being on the show. we have just learned, the ceo of southwest gary kelly changing roles, transitioning to become the executive chair. i thought you might like to know that about southwest airlines, in about 6 minutes or 7 minutes time. dennis, he is going to join us really, does he still think it is a bull market. ♪♪ ♪♪

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stuart: modest for "the opening bell" down one point. dennis guardman, do you think this is a bull market? >> this is still a boy market. it is amazing and stunning to me and shocking to me but

anytime the market continues to make new highs you have to believe it is a bull market, moving lower left to upper right for years now. the monetary authorities continue to remain and shall continue to remain in the future expansionary and as long as that continues stock prices move higher. the fed has tightened monetary policy by the barest of margins, the reverse rate from 0% to 0.05%. normally when the fed moves it was 25 basis points, this time by 5 point's this -- the absolute minimum they could possibly do but the market has taken it well so it is still a bull market, you still want to be a buyer of stocks. it is surprising to me but anytime you faded it it is her, anytime you bought it and felt

better, had a nice correction last week, we make new highs. stuart: is this because of the flood of money which continues to flow into wall street from all sources, printing, spending, you name it. >> at the margin money makes its way to the stock market first before it makes its way to the expanding economy. a year from now the economy will be stronger than it is now and maybe stock prices may be weaker as money moves from the stock market to the expanding economy but for right now the money by the federal reserve bank, into the margin at the stock market, it will continue to go higher, markets down, sounds stupid but it is what i've learned in being involved in the markets, it will continue to go up until it stops. stuart: you bought gold in the last year, i don't think it has done well. are you getting out of gold yet?

>> not really. it has done fine. i'm the chairman of the university to back an endowment and at the end of february we move 3% of our portfolio out of the stock market into the gold market. i am up marginally and i mean marginally. we bought gld and i am a buck or two ahead on the trade. nothing dramatic. over time the expansionary policies the fed has put into effect and will keep in effect will be inflationary over time and will be beneficial to the market. am i out of gold know, will be a buyer of gold? yes. in a couple of notes i sent to you and others in the past several weeks that i want to be a buyer at $1,800 an ounce? know. too many people involved in 1860 or 1870 i want to be a buyer. stuart: you've been upstaged by "the opening bell" on wall street but come back soon. we are up and running. it is wednesday june 20 third and the market has opened a fraction higher. it is almost a dead heat. if you look at the dow 30, what looked like 15 up and 15 down, pretty much an even keel. the dow is up a fraction to start with. the s&p 500 is in the same

position up just a fraction of the early going. the nasdaq dead flat. it is up one tenth of one%. let's look at big tech. microsoft is worth more than $2 trillion. the second company to pass the valuation market, apple was the first at 2.2 trillion. microsoft is down $0.20 but still at $2 trillion value. have a look kim jung uns. they are up today. anything new on the crypto market? >> the guru of the moment jumping into by million shares of grayscale, bitcoin. stuart: she bought 1 million? she bought the dip. >> a lot of people did if you look where bit coin prices are, 35,000 this one, doge coin jumped 37% and pizza above $2,000, this is the correlation crypto plays, micro strategy

had half of their market in bitcoin, makes me wonder if i wanted to buy bitcoin i would buy bitcoin, still, you have people thinking the crypto winter, plateauing for a few years. stuart: at the moment you are about 33,000, 34,000 as we speak. that is that on the cryptos. game stop, show me that. it continues to go. it is down a fraction. $219 per share, the quote on game stop but you've got to tell me about a hedge fund that bets against game stock. >> they have to shutdown. we are talking london-based capital, run by former paulson trader who comes from an old brand hedge fund so he knows

what he is doing but double digit percentage losses starting in january, it is a bad bet going short on game stop. the capital needed $3 billion from steve cohen, citadel's can griffin, milton -- it goes to show why would you continuously short bet against these meme stocks when you know this is a colluded social media market we are in these days. stuart: what is the name again? >> voice for capital. stuart: winnebago. >> lessons the market. stuart: the rv people winnebago reported they did very well because they did well during the pandemic. stuart: >> making money is a good thing. making money instead of losing money in the first 3 month of this year in sales came out. stock is up 11%, leisure and consumer spending. stuart: sales were up

significantly. >> that is correct. they made money instead of losing money last year. that is a big deal. stuart: x fund motors, michael happy will be on the show today at 11:15, ceo of winnebago. chinese electric carmaker got a green light to do an ipo on the hong kong exchange. tell me why that is a big deal. >> stock is up 5.5%. they got the green light according to reports and will list and raise 1 to $2 billion or so. this is interesting because in the us and hong kong like ali baba you are overseen by two jurisdiction so that might regulatory oversight more complicated however it is innovating battery tech. they swap out your battery instead of you waiting for a few hours to get your electric battery charged up. stuart: that is their style.

>> tesla might be looking over their shoulder as whether local competitors are doing if they are raising cash. stuart: xping here to stay. >> and going to europe very soon. stuart: thanks. caravana, david jpmorgan downgraded them, they are down over the past year. jpmorgan said time for the stock to take a breather, down one.5% this morning. shake shack expanding in china, they have 16 restaurants there and they will open ten new shake shacks in china by 2031. why would it take 10 years to open ten shake shacks in china. >> a different way to operate. there are a lot of government interests you need to adhere to. i would call shake shack a

reopening play to the restaurant theme and consumer spending. i would say it is a positive in that they go to outside markets finally because how many did that during the covid lockdowns? not many. speaking of food i did get their fryer after all. stuart: there was a debate about air fryers. did you get a deal? >> i did. it was 40% off and it was one of those luxury -- did everything. stuart: shake shack is up, look at the dow winners, nike, chevron, salesforce, microsoft, boeing on the list, winners on the dow, winners on the s&p, freeport, tesla is up, devon energy, a lot of energy stocks on the best performers because all that is going up. nasdaq, tesla top of that list,

look at nvidia up 755, netflix about $500, micron applied materials, all big winners on the nasdaq today. >> you know what that is tied to, the 10 year yield, we will check on that a bit but 115 is nothing. stuart: we have the big board at the moment, 3 points on the dow. 148 is the quote on the 10 year treasury. >> during the jay powell testimony it is obvious he is being careful in tempering expectations. you won't see interest rates go up or two years, then you have inflation be transitory and the stimulus punch won't be taken away anytime soon. stuart: us to this punch bowl will not be taken away anytime soon. a couple clichés. that is the yield on the 10 year treasury. gold is up $9, 1785. bitcoin 34,400, oil, $74 a barrel.

gas holding steady at 307, national average, californians, you poor people got to pay $4.24 on average for regular. >> you want to correct the second day of amazon sales, $5.4 billion, consign it to $5.2 billion the first day, $10.6 billion in total. that matches last year from what i see. last year you had a calendar event, pent-up demand and a lot of people wanting to spend in october because we didn't have anything to do during covid. stuart: amazon stock is up this morning. listen to governor ron desantis explain why he signed this new bill on teaching communism in schools. >> it is important this -- that we get this in the classroom and provide an honest assessment of what this totalitarian ideology has done for the last hundred years. stuart: looks to me like he is

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stuart: 13 minutes into the wednesday trading session, the dow has turned slightly south but the nasdaq picks up steam. look at big tech please. microsoft and facebook both hit all-time highs, microsoft at 265, briefly touched 266, facebook above 340. big tech doing okay today. amazon wants to by mgm movie studios. i want to know what the new ftc

chair, lena con, will say about that. >> the academic work sparked some of the big tech antitrust proposed legislation in dc. this is an $8 billion deal, the james bond franchise and television, the handmaid's tale and vikings, this gives too much power to amazon especially with prime video in 200 million or close to 200 million or so subscribers around the world. stuart: it is hardly monopoly power when you have other streamers out there big time. you have netflix. >> they have reviewed transactions that does include video content like disney's acquisition of 21st-century fox, at&t time warner. they are not necessarily saying no to it but taking a second look. stuart: taking a second look. >> goes back to what is happening in dc which is big

tech in the eye of washington and policymakers. i want to point out, one of the biggest dc venture capitalists, one of the most successful in silicon valley, interesting interview last night and he says here in the us policymakers hate the private sector where china is lockstep hand-in-hand with the private sector, machine gunning ourselves here. stuart: i agree entirely. let's get to bitcoin. where are we, 34,125. the gentleman on your screen is the ceo of osprey funds, digital investment firm. you are for bitcoin trust come in direct way of getting to the condos. you've got to be relieved that bitcoin has bounced back from 29 granted 34 grand. breathing a csi of relief. >> we are focused on the medium

to long-term, this volatility is something we are used to. 29,000, see it bounce back sharply was a good thing and a strong indicator. stuart: what do they prefer, for bitcoin, a theory him, light coin in that order. >> big story and the medium term, what does that mean? the rest of them are catching up. shouldn't say catching up but forming a larger piece of the pilot by ethereum. remember it is an almost useless word at this point because it describes so many things, is tech investing. that is what is happening and

bitcoin is launching technology to apply for the fiat currency issue if you want to call it that on a global basis. ethereum is a different platform, a smart contract platform that allows migration of subsequent tokens and different problems having nothing to do with the creation of money and there is more beyond that. a lot of these later ones, crypto investors are revolving. having bitcoin is a core piece if you're going to invest in this space but venturing beyond, understanding how the ecosystem is built will drive the best returns for the next 5 to 10 years. stuart: are beginning of dogecoin. is it falling by the wayside? we got over the joke coin yet? >> that is a function of social media, the froth that can be at the perimeter but similar to what happens 20 years ago, the

dot.com bubble. there is some froth, some stuff to sift through but a lot of nuggets of real value and value creation being made. dogecoin is something you have to laugh at. stuart: we did. thanks for joining us, please come again soon. republicans were successful in blocking the democrats sweeping election reform bill. former secretary of state mike pompeo says it would have destroyed the sanctity of american democracy. we will ask what he thinks now that the bill is dead. my opinion, china's vaccine is in deep trouble. people around the world who have taken it can't be sure they are safe from covid. trump's vaccine plan worked, china's did not. that is my take, top of the hour, top of the 10:00 our next. ♪♪

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stuart: that is appropriate,

space jam as we look at the international space station, it is probably minus a couple hundred. what you are looking at now is the procure space etf, the pure play for space investments. the ceo, andrew cheney returns this morning. you are up your play in space. what companies are in your etf? >> top holdings include maxare, virgin galactic, many satellite companies, manufacturers and operators, lunch companies and more diversified. stuart: this is up your play, no extraneous factors here. i put money into your etf and i am betting on the expansion of private enterprise space operations in the years to

come. that is why i would buy into you, correct? >> looks for space revenues they are making. 80% of the index needs to be focused on companies driving majority of the revenues from activity services. also realizing the major diversified aerospace and defense players have a large presence in space, 20% of the underlying index can be in these margins but they are making $500 million in revenue from space or 20%, less than 50%. stuart: i hate to bring this up but i have to. the pentagon's ufo report will be released any day. where does that relate to space stocks? is it a good thing to be talking about ufos? it brings attention to space. >> i think it is a conversation the needs to be had. we have been hearing for the

last year and a half we need to be leaving the science and there's not enough science being done to understand these hundreds of documented reports from the military, air force, navy pilots observed and witnessed various craft and we can't explain what they are. at a minimum you need to get a better idea what these are. foreign adversaries, 100 years of technological advances or potentially another life form we never encountered. we need to understand the technology and realize they pose a threat, we have the billing to learn from these technologies and implement them ourselves, that is something that would be truly incredible not just for the space industry but humanity as well. stuart: i can tell the ufo report will do you a lot of good and if it doesn't you will make it do you a lot of good. one last one. what is the dark cloud on your private space arising?

>> space debris is a real possibility of being an issue. we have under 3000 orbiting operational satellites and the new players coming into the market want to large tens of thousands of satellites into lower the orbit and to the extent that could cause additional debris and traffic, potential risks, hopefully that creates a new emerging economy that can help us remove or harness this debris. stuart: space debris, never thought you were going to answer that question with that answer but you did. thanks for being with us. we will track your space etf. on the show coming up representative greg steube from florida, roy murdoch, martha maccallum and mike pompeo. the second hour of varney just ahead. ♪♪ ney ♪

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♪. stuart: good morning, everyone. 10:00 eastern time, straight to your money please. we do have the nasdaq hitting an all-time high, 14,300, but a slight dip to the southland for the dow industrials after a a half hour worth of business. 33,944. that is your level. big tech doing well all across

the board. look at microsoft, 266. it is now just worth well over two trillion dollars. apple, 134. facebook new high, big tech doing very well today. 10-year treasury yield, 1.47%. the cryptos attempting something of a comeback. they're making it. bitcoin was 34,000 earlier. now 33,800. ethereum hit 2000 earlier, now 1985. light, not following it, sorry. latest data on new home sales. this is different from yesterday's existing home sales. lauren: this is a smaller part of the market, they sell about 6% to 69,000 seasonally adjusts for may. this is weaker than expected

expected there was a slight downturn in new home sales. matching the downturn in existing home sales yesterday. that is because there ain't that much for sale. that is the story? lauren: that is the story. inventory. stuart: homebuilders are not looking too chipper. now this. china has a covid problem. we knew that but a new problem has emerged. countries which accepted china's vaccines may be having second thoughts. some are experiencing a surge in new covid cases. the reason is clear. pfizer and moderna vaccines are 94% effective. sino farm vaccine, 78%. sinovac, 51%. take the chinese vaccine you cannot be sure you're safe. serious outbreaks in the

seychelles, syria, mongolia. they relied on china's vaccines. they got an outbreak. 90 countries took them. part of beijing's plan to get influence around the world. if they don't work well, china looks bad, worse, by pedaling ineffective vaccines, beijing is prolonging the pandemic. beijing has not come clean over the wuhan lab. he have strong evidence that covid started right there. but beijing covered it up and allowed it to spread. you add all of this up and for china, covid is an on going disaster. then they have started it and their vaccines do not stop it effectively. trump's vaccine plan worked. america is in full recovery mode. xi xinping's plan did not work and much of the world continues to suffer because of it. second hour of "varney & company" about to begin. ♪.

stuart: liz peek joins me now. all right, president biden doesn't have to go hard on them, does he? they're going hard on themselves, liz. >> yeah. stuart, this is a doubling down of problems for the chinese related to covid. this was meant to be xi xinping's great handout to the rest of the world, sort of a belt and road project but related to vaccines. they went to 90 countries around the world, offering in some cases billions of dollars in loans to make these vaccines available to these lesser-developed countries only to find out as you point out the vaccines really don't work very well. not only is this not a public relations win for china, i think it raises again all kinds of questions about what china is telling us. remember the first scientist in china applied for a patent on a vaccine, i think it was february of 2020. that completely eliminates the possibility that they only

discovered the virus in december of 2019 and were able to track the genetic code in january of next year. so they lied about so much. it appears the vaccine is one more thing they're lying about. stuart, it raises this question, china officially reports 100,000, maybe 11,000 cases of -- 110,000 cases in all of china. only 5000 deaths. do we believe that? after all they applied a billion doses of these vaccines in their own country? it's ridiculous. stuart: do you think we're going to be able, can we do anything about this? i know we're going to press hard for an investigation of the wuhan lab but absolutely nothing we can do about ineffective vaccines peddled by china all around the world, we can't do anything about that, can we? >> no but it undermines what they call their soft power in

those countries and now the countries are coming to the united states and europe applying for vaccine help elsewhere. i think it does make the biden's administration efforts to export a lot of vaccines and the eu's efforts to do that look a lot more consequential. if we're in a battle for the heart and soul of the world and basically vying for, against china for dominance, this is a place where we can earn very high marks pretty easily it seems to me. but again, the problem is, stuart, no one is going to challenge china. certainly not the media, to come clean about any of this. if you go back to last september, 2020, "the new york times" wrote an article about how china was winning the vaccine race. of course donald trump was president and heaven forbid they give him any credit for the vaccine development that was underway in the united states. sadly we did win this race and china lost it but you're not going to hear that in the media probably.

you're not going to find our allies stepping up to use any of this to confront china in any meaningful way. it is disgraceful. we talked about it before. china's going to basically get away with all of this because of mercantile interests in the developed world. stuart: well, liz peek, we'll talk about it again. that's a guarranty. >> i hope so. stuart: we will. thanks for being with us this morning, liz, we appreciate it. >> thank you. stuart: that is covid, china. let's get back to the markets. we have downside move for the dow, just nine points lower, nasdaq new high, 50 points higher. 14,306. look who is here david lefkowitz is back. you say the bull market is still on solid footing. i believe that's what you're saying. make your case, david? >> thanks, stuart. i think the drivers have been in place for the last year plus, are still the primary factors to focus on. the recovery from the pandemic. we know that the pandemic is

easing. there is still a bit more to go, especially outside the united states. what happens outside the united states does matter for our markets. the massive amount of fiscal spending that was deployed in the united states and the huge amount of pent-up demand as a result of that, and you have got a fed that maybe took some baby steps towards beginning to scale back. its accommodative stance last week but it still will be very, very accommodative. that is good environment for stocks. you will have very rapid earnings growth and the fed i would say is in no her to take away the punchbowl in the near term. stuart: i believe you think we will see the s&p 500, maybe, eight, nine, even 10% higher by june of next year, on top of the gains we've already seen. david, that is a very, very bullish outlook? >> yeah. it is, i would agree, stuart.

it's bullish. you know stocks usually rise about nine or 10% over the course of a year. so i think we're looking at normal type returns for equities over the next 12 months and i think the real story is going to be the earnings growth. i think it's going to, i mean it has surprised very postively as we've all seen the last few quarters. i think it is going to continue to surprise on the upside. as long as the fed remains comfortable, that inplaying is transitory, i think they're going to ease out of this accommodative stance slowly and that, again, that is just a very good environment for stocks. stuart: we'll leave it right there. eight, nine, even 10% higher on the s&p 500, one year from now. oh, we'll leave it right there, hope you sir, are absolutely right. mr. lefkowitz, come back soon. lauren is with us. welcome lauren simonetti. welcome to the second hour of the show. you have got some movers. lauren: i have to talk about

microsoft. your baby. you know. this the stock like the nasdaq at an all-time high. the second u.s. company after apple to hit a two trillion dollar market value. it shows the advances they're making in a.i., cloud health. intel is struggling with the chips. they're creating two units, one for software, one for graphics. we're watching that stock today. final lit big four tech giants, amazon, alpha beat h bet a google facebook, apple. they will face two mark up bills for antitrust. what bipartisan support is there to break these companies up to prevent them from buying small rivals? maybe the free services you have to pay for eventually. or should we leave them alone, they are great american companies and we should be proud of them? i don't know which side of the aisle you're on or where congress is, something likely will happen as the house committee considers these bills. stuart: the question, when will it happen. these guys have almost a

trillion dollars in cash. you can buy a lot of lobbiests and lawyers with a trillion dollars in cash. lauren: and they are. stuart: they are. lauren: many ceos are mate hated frankly, bezos won't be ceo in a few weeks. they give back to the community. they are always on the defense. they have done great things for the world. there are concerns, free speech concerns, social media concerns, the ability to buy up small players, then you get bigger. is that fair? stuart: it will take a long time to fix any of those problems. lauren: i don't want to pay for google maps. that is all i have to say. stuart: there you go. these big tech companies on the screen, facebook, new record high. lauren: yeah. stuart: if they're so challenged by regulation around by congress the stock would not be making record highs. it wouldn't be the case. lauren: maybe wall street thinks nothing happens at all. stuart: nothing happens for a long, long time to come. i think that is what investors are saying. let's get to the cryptos. i think you have something on that specifically, mark cuban, he says bitcoin is better than

gold. lauren: his point is bitcoin is easier to store, easier to transfer and the technology behind it it is only going to get better. he is a bitcoin proponent. bitcoin and other cryptos are going back up after the crash yesterday around this time. the mines are higher, exchanges are higher. is mark cuban right here? is bitcoin better than gold? jpmorgan asked investment firms, 1500 of them at a recent conference, do you trade crypto? the answer 10% said they did. 40% said we play with crypto personally, just not for our companies. thin they asked, do you agree with warren buffett when warren buffett said bitcoin is rat poison? he called it rat poison. almost half of that conference agreed with warren buffett. stuart: so much for the big institutional support of the cryptos. lauren: institutional spot is somewhat there, but the traders like to play with crypto on

their own. >> that is money. 42 minutes into the trading session. dow's up. nasdaq is dead flat. bitcoin is at 33,900. now school board, meeting of the school board in loud down county last night looked more like a wrestling match. watch this. >> my child is -- [inaudible]. as long as you marxists put your unconstitutional decisions on my child -- [inaudible]. stuart: more video from the chaos that erupted. we'll show it to you later in the show t was chaos. president biden dispatching firearms, trafficking trying forces to liberal cities across the country. we'll talk about that. but first though, the governor of florida signed a new bill requiring students to learn about the evils of communism. florida congressman, and parent greg stuebe, here on that after this.

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♪. stuart: that right there is orlando, florida, pretty good day in store. 79 degrees. but i don't know what the humidity level will be. then there is this. the governor of florida ron desantis, he is going on offense against critical race theory. going on offense big time. he signed bills requiring schools to teach students about the evils of communism and socialism. roll tape. >> this will show the effect that these bad policies had on

people's freedoms and livelihoods and their families, many of them in south florida, for example, lost family members to communism. i think it is important that we get this in the classroom and provide an honest assessment of what that totalitarian ideology has done for the last 100 plus years. stuart: congressman greg stuebe, old friend of the show. back with us this morning. republican of course, from the state of florida. and this gentleman has children. so my question is, do you think that this move by governor desantis is really very popular in florida? >> it is absolutely popular in florida. it is sad we've gotten to a place in our nation where we actually have to pass laws to insure our children are being taught the constitution, the bill of rights and american history and evils like totalitarianism and communism. i'm very happy that we have leaders in the state of florida that are willing to take this on and insure that our children are being taught what it is like to be american, what it is like,

the foundations of our government and constitution and bill of rights. i'm very happy we have a great state like florida that is taking this on. stuart: congressman, seems to me the exact opposite of what democrats want to teach in the schools, critical race theory, all the rest of it, seems like florida is going the exact opposite way. >> as they should. nobody wants our children. you saw what happened in virginia just yesterday. it has been all over the news. we shouldn't be teaching our children things that invocs and creates racism in our schools and critical race theory. i'm happy they also did away with, governor desantis did away with teaching critical race theory in florida. a lot of students in florida have the opportunity to go to choice schools. they passed bills, to encourage money to follow the child out of public school system into private and charter schools. a lot of families, a lot of parents want their children to be learning these type of things mandated in these bills. stuart: i believe you are on the

house judiciary committee. so i want to talk about the border because migrants are still streaming across. you're on the judiciary committee. is there anything republicans can do legally to put some controls on the border? >> well i am very happy we have ags, attorney generals in conservative states like florida and texas and others that have filed lawsuits on biden's immigration executive orders. biden's immigration executive orders are completely an unconstitutional. unfortunately it will take time to get to the u.s. supreme court. i do think they will be successful. but how many people will come across the border illegally during that time? just last month 180,000 people. the month before that, it was 170,000 people. we've almost seen entire population after congressional district the time biden has been in office come across the border. there are things legally we can do through the court system. unfortunately tickets time. thankfully we have ags, and leaders in our state willing to

take on the unconstitutional executive orders from biden. stuart: greg stuebe. >> thanks for having me. stuart: the texas border town of mcallen, it is the most highly trafficked crossing point for migrants. that is where alex hogan is right now, near mcallen, texas. my question, is mcallen asking for federal hope and are they getting anything? reporter: hi, stuart, i did talk with the mayor. that is exactly what he is calling on. he is calling on the federal government to provide more resources to this part of the country because it is simply not fair for costs to fall on the residents of this city. this port of entry remains closed like all of the others along the mexico and canada border until about this time next month for non-essential travel. just about half a mile away from where i'm standing there is a partially finished part of the border wall. that is a very common crossing

point for people. we see it every single day who come across the border and surrender to border agents. something that happens here in mcallen 500 times every single day. the city's newly-elected mayor, who i spoke with, javier villalobos, is the first republican to take the role in 24 years. he says in conversations with members he has in the community, across the board they're frustrated. >> the issue is not a municipal issue. there is no reason we should be spending a nickel, a dollar or anything on federal issues. washington, we keep telling them, senate, congress, take care of your problems. we know what the issue is. reporter: customs and border agents due to the heat there are more cases of human trafficking, stash houses in attempts to keep people under the radar. agents just yesterday found a group of 15 people inside of a

railcar hidden. subject to the trump administration's remain in mexico policy that held people across the border awaiting their day in immigration court. this change will give thousands of asylum-seekers in mexico a second chance at humanitarian protection in the u.s. meanwhile just pay cross the border this past week in the town of reynosa, five people were shot and killed. gun manned and vehicles opened fire murdering at least 15 innocent bystanders. the mayor of mcallen he says the sy is safe one. of because of the violence he will have conversations with the leaders in the city across the border. stuart. stuart: what an extraordinary report. alex, thank you very much indeed. amazing. i will move on, question, don't have a vaccine? then you can't come back to the

office. that is what morgan stanley is telling its employees. parents in randolph county, new jersey fought back and won against a school board's effort to scrap holiday names. roll it. >> when we see the calendar all of sudden get sanitized, our immediate reaction they're trying to go after our religious freedom. that is not okay. that is not going to happen on our watch. [cheers and applause] stuart: one of the parents who fought back and won joins us next. ♪.

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♪. >> i'm sorry but you were elected by the residents of randolph. i could not give one damn what they're doing in other towns. >> stripping the traditional days from the school calendar is not only insulting, it sends the wrong message to our students. >> your attempt to be woke, you have managed to wake up the entire community of randolph. [cheers and applause] stuart: parents in randolph

township, new jersey, clearly really objecting to the scrapping of holiday names from the school calendar. they took on the school board. they won. michael was one of the parents who fought back and won. he joins me now. i'm going to turn this around, michael. how much support was there for keeping, for removing holiday names, for teaching critical race theory? how much support did the other side have. >> well, stuart, first of all, thanks for having me. what i will say is from the gathering that took place the other night, again, over 400 people. 40 seekers. i think there maybe three in opposition. outside of the board of education, i can't find too much support for it. stuart: are you one of the leaders of a national movement to get rid of crt and to change school boards? >> i wouldn't call myself a national leader. i'm a very concerned parent. i'm active in the community. i have a hard time keeping my

mouth shut when i feel like injustices are happening. stuart: do you think this is going, in your, randolph township, where do you go from here? >> yeah. see that's the question. i think a lot of the publicity happened about the cancellation of columbus day and holidays but there is a bigger backstory here and it is really about the plague of cancel culture. the original proposition eliminating columbus day came up at a previous board meeting t wasn't on the agenda. there was no public discourse. it was really passed unanimously illegally. there was obviously a backlash. that caused the cancellation of all holidays. then it became a national story. my problem, stuart, this seems to be systemic. it seems to be strategic. it was passed illegally. they came up with a wild idea to take away veterans day, memorial day, martin luther king day, and only under intense national

media scrutiny did they reverse their portion. my issue it is very much agenda type item. we did win this one. what is next on the agenda? when is the next fight? let me tell you about randolph. randolph is an amazing place. 25,000 people, all different walks of life. beautiful parks. we love our town. it is a great place. we are like an average beautiful american city and they came for us. my message to america is, they're coming to your town too. you need to stay awake. you need to stay focused. you need to fight back like we did. stuart: michael telling it how it is. we appreciate that. you're right. you can't keep quiet, can you when you see injustice. good for you, my man. come see us again. we appreciate what you got to say. >> i appreciate it. thank you. stuart: come back soon. let's move on to the trouble for schools in virginia loudon

county. take me through it. lauren: 40 parents spoke at that meeting. 259 parents signed up. transgender policy, critical race theory. only 51 were actually heard because the meeting got rowdy. public comment was ended. the police were called in two parents arrested. >> was, our school board meeting on steroids. it has been typical like this all year. silencing us. every time we try to speak. every time we write emails they don't answer us. it erupted. emotions were high for sure. lauren: the parents feel that they are just not getting a seat at the table with how they would like their children to learn about these controversial topics. the conservative parents specifically feel very silenced. stuart: 259.

51 spoke. they feel left out. lauren: it got that rowdy. stuart: it did indeed. let's get back to the markets. the dow industrials on the downside, but not by much. a 12 point loss. nasdaq powering up all-time record high. it is up 42 points, 1/3 of 1%. that's money. a growing list of companies will not welcome back employees if they have not gotten the jab. which companies are we talking about. lauren: morgan stanley's new york metro offices if you want to head back to the office on july 12th, you need to attest, fully vaccinated. same at broadway shows, 160 colleges, new employees at delta air lines. united flying to certain parts of the world. these are private companies. they can do as they wish. if you the worker disagree, quit, or sue them, right? that is your choice. stuart: yeah. lauren: i find interesting now many companies, because they have compiled either voluntarily, have you gotten

vaccinated and you say yes, they know who is vaccinated for the most part and who is not vaccinated. so it makes it easier if you will, it gives them cover to say, hey, you have to head back in now, no masks, no physical distancing because we know for instance, 93% of our staff are vaccinated. you will likely be safe. stuart: you got to be vaccinated to come back. i smell lawsuits up and down the wazoo here. it probably will happen. i also suspect that some companies don't want some people to come back, they are perfectly willing to leave them out. lauren: talking about coming back right now, no one saying coming back full time, 9:00 to 5:00, monday, tuesday, wednesday, thursday, friday, come back and they will figure out your schedule. for many of these companies, what we've learned from the pandemic is that the hybrid schedule will stay but some of it will indeed be in the office building. stuart: yes it will. that is for sure. we'll have a look at oil please. we have new numbers on oil. it has gone up to $73.66 a

barrel. we just had a report that there has been a big drawdown of oil from the inventories, from the storage facilities a drawdown of 7.6 million barrels. that means we're using a lot of oil and gas. so up goes the price of oil. next question, what's in the tuna salad sandwich at subway? is it really tuna? "the new york times" wants to know. we'll tell you what they found. first my next guest says home prices are still out of control, still going up. so why aren't more people taking advantage of those high prices and selling their homes, moving out? why aren't they doing that? i will ask mitch roschelle after this. ♪.

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♪. stuart: it has changed a lot in the 30 or 40 years since i was there. that is austin, texas, man, is it built up. i should tell you it is 79 degrees right there. i'm your weather forecaster for texas today. now this, a drop, some say a surprise drop, a drop nonetheless for new home sales in may, on your screen, 769, that is the annualized rate for new home sales for the year from figures produced in may. look at this, the median price for new homes, 74,000 boucks, median price for existing homes, up 23% to, 353,300 bucks. amazing. mitch roschelle is back, our real estate guy. mitch, prices are still going up. those are astronomical price increases. i just can't work out why more people are not prepared to sell

the house they're living in and reap the benefits and the profit? >> well, knowing you were going to ask me that question, stuart, not that we corresponded about it, i always do my little infor al of survey of realtors. here is what is happening right now. 50% more realtors out there than there are homes on the market. realtors are looking for customers. what they're hearing from customers is, i will list my home for sale, if you can find me one to buy. that is the conundrum. what is happening right now, many of those would-be sellers are getting very, very greedy because they don't know what they're going to have to pay for the house that they're buying. we're finding ourselves in an embarassment of riches of sort with how high prices are. but the high prices is the very thing that is, you know, hurting the housing market right now, not helping it. stuart: in the hottest of markets, i'm actually thinking about florida here, is it still true to say that when a house arrives in multiple listing, there is an immediate bidding

war for it, is that still accurate? >> yeah. what realtors are doing in florida right now, they're actually putting it on the market with the tag, coming soon. so before there are even pictures of a home, it shows up on zillow and redfin and it shows up as coming soon. people reach out to the listing agent and start making offers on a house that they haven't even seen yet. when it actually hits the market maybe three days later, there is already multiple bids. stuart: is this coming to an end? prices can't go straight up forever. when do they plateau and why? >> i think we're looking at year-over-year growth right now. i think the month over month is going to start to become more important because year-over-year right now we're comparing it to may of 2020 which is really abysmal because there wasn't a lot of activity. i think we're starting to see plateaus. i think we're going to see, i'm seeing more and more houses, stick with florida, i'm looking

down there, where sellers are actually sitting on the market longer than they thought and in some cases actually lowering their ridiculous asking prices. so i think we're going to see the plateau and hopefully that encourages more people to jump into the market and put their homes on the market. stuart: would you say that the real estate market is very strong in all 50 states? >> i think so because there is always a pocket in a market, in a state like, even new york where there are people fleeing, we talked about this before, fleeing cities and going to suburbs. i think there are hot pockets in every state. the places that are really hot are florida like you mentioned. austin, texas, i with you mentioned coming out of the break as well as nashville, tennessee, nevada. what do all the places have in common? no taxes that is the thing that is keeping those markets hot.

stuart: got it. mitch roschelle, thanks very much for being with us. see you real soon. i hope you're doing well in the real estate business. you should be happy, rich, you really should. here is somebody else leaving new york city, philip morris international, tobacco company. they're relocating their new york city headquarters. lauren has got the story. when i first heard this, philip morris, they're going to florida. but no. lauren: they're going somewhere, we don't know where in connecticut. somewhere in connecticut. fairfield county. i'm trying to figure out exactly why connecticut. my interpretation of their move of the corporate headquarters and 200 jobs because so many new yorkers left the city during the pandemic and went to the suburbs. connecticut is right around new york city. so that is where the talent could be. that is my interpretation. i think governor lamont would tell you because connecticut has a great technological workforce. and i think that philip morris would tell you they're expanding

beyond smoke products to smoke-free e-cigs. they're leaving new york city. 200 jobs going with them. stuart: connecticut has a state income tax. first introduced by lowell weicker who was a republican for heaven's sake. i will move on before i choke. blackstone, full disclosure, i own a small piece of that stock. it has done well for me. blackstone at 99. anyway, that company facing a big bet on housing. they made a big purchase in line with the housing market. what do they do? lauren: a company called home partners of america. they bought them for $6 billion. this company owns 17,000 single family homes. you have the option to rent, eventually buy the home. this is a bet from blackstone they can make money in housing both from buying homes and renting. rents are going up too. we keep saying home prices are going up. so many people stuck in limbo. don't know where they want to live. can't afford a new home.

those prices are moving up. this is a bet on the future of housing in general. stuart: good stuff, lauren. winnebago, they have record earnings. can they keep up with rv sales with the pandemic in the rear view mirror. the good question, the stock is down. i will talk to the ceo. first president biden sending firearms trafficking strike forces to cities across the country. will that do anything to stop the violence? ♪.will ask deroy murdock after we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it with hassle-free claims,

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♪. stuart: eric adams is leading the pack in the new york city democrat primary race. new yorkers are rallying behind the former nypd captain as violent crime surges in the city. aishah hasnie is in new york. it could take weeks before we know the real winner here. you know, it could still be a progressive, right? reporter: that's right. good morning to you, stuart. you know, rank choice voting is sort of this new thing here in new york city. so you're right, we could have some different results. no official results right now.

let's go ahead show you thing rankings as they stand this morning. right now eric adams benefiting hugely from the crime, the policing conversations happening in new york city right now. he is leading the pack with a 10-point lead of first choice votes. he is a former nypd captain. he ran heavily on crime and fighting crime but a huge surprise here, stuart for the number two spot is maya wiley. she is a progressive. she wants to defund the police by a billion dollars. she edged out the other two favorite moderates in this race. they were kathryn garcia and andrew yang. listen to maya wiley last night. >> police, you have home to here [applause] there is a place for all of us when we say we're accountable to one another. [applause] and this is what this journey has been about.

reporter: all right, north big headline was that yang conceded late last night. he was the early front-runner because of course of his national name recognition but he lost quite a bit of steam amid questions about how much he really knew about new york city. last night adams took a swipe at yang. he also took a swipe at those who want to defund the police. listen. >> how dare those with philosophical around intellectual thee rising in their classroom mind set talk about interior policing. you don't know this. i know this. i am going to keep my city safe. reporter: curtis sliwa, former mayor rudy giuliani, choice for mayor, won the republican primary. stuart we probably won't know for a while, i would imagine july until the official democrat nominee is for the general election because absentee ballots. they don't begin to be counted

until next week. stuart. stuart: ashiah, thanks very much indeed. let me bring in deroy murdock. eric adams, wants to stop defund the police. i would call that is modest win for conservative causes in new york city. how do you read it? >> i think you're absolutely right about that. eric adams, we'll see about the first thought around second and third about the cockamamie scheme enacted in new york. appears to be leading, pretty comfortably. a lot of people in the pretty left-wing city are sick and tired of increases in shootings, stabbings, assaults, random acts not people like gang members involved in drub deals gone wrong, but people minding their own business walking down the street getting socked in the face. people are fed up. a former cop apparently leading the mayoral effort among democrats. stuart: a progressive could still win.

maya wiley could still win with ranked choice voting. seems to me the progressives have in fact taken something of a set back here. it might be the trend in other major cities, what do you think? >> oh i think you're right. these people year ago said defund the police. aoc, congresswoman alexandria ocasio-cortez said if we defund the police, life will be quote like the suburbs t doesn't feel like the suburbs in a lot of places. across the country you see huge spikes in murder, shootings, all sorts of assaults, attacks on police, killings of police. this delightful utopia they promised a year ago hasn't unfolded. you see enormous increases in crime parallelling the what we saw in the 1970s, 1980s. people who might vote liberal democrat we need to rein it in. cops need to do what they do. a lot of folks say the fantasy turned out to be a nightmare. we have to turn that around

immediately. stuart: you're a new yorker. are you going to stay a new yorker? >> that is a good question. i have been visiting florida a lot lately. very tempting. stuart: i knew that. >> part of me has morbid curiosity what happens next. i want to be able to walk down the street without getting a slashed across the face. stuart: deroy murdock. keep visiting florida. an interesting place. thank you very much. appreciate it, sir. big hour, coming up for you. look at this. mike pompeo, martha maccallum, and the ceo of winnebago and a whole lot more. plus is florida governor ron desantis positioning himself at least for a 2024 presidential run. it looks like that for me. may take is next. ♪

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new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. >> reporter: investing in crypto is a useless word because it describes so many things this tech investing is. >> it is bullish to last 12 months but we believe we will have peak earnings and peak gdp, those numbers will be reported in july. we expect a 15% drop in on the equity market starting in the third quarter. >> no hurry to take away the

fungible and the real story is the earnings growth. it will continue to surprise on the upside. >> it is a bull market. it is stunning to me and will continue to go up until it stops. stuart: 11:00 eastern time. you are looking at new york city wednesday june 20 third. straight to the markets. the s&p is on pace for a record close, in other one. don't know how many this is, 25 to 30, another record high. that was a four, nasdaq up 20. the yield on the 10 year treasury below one.50%. that is important. 148 is a big deal. bitcoin recovering 33,900 is the current quote. yesterday attached 28,000.

33-9 right now and now this. florida's governor, ron desantis, running for president? sure looks like he is at least positioning himself or run. last night he again staked out an anti-leftist platform that is sure to appeal to conservatives. in florida civic education will in the future include instruction on the evils of communism. desantis believes students should understand why people fled cuba for vietnam and he will protect the free-speech of conservatives on state college campuses. two weeks ago he banned critical race. from public school classrooms. before that he reopened the florida economy. it is a wild success. he pledged to keep taxes low. there is no state income tax or estate tax in florida. there is a flood of money in people coming out of democrat states.

governor desantis is running forward with policy similar to those of the trump administration and as biden's policies descend into leftist chaos, border, crime, inflation, desantis shines by comparison. here's another comparison. he's not playing identity politics which is the essence of the biden administration. i can't answer my own question. i don't know if the governor will run and i don't know how he will work with his friend and ally donald trump but i know ron desantis is a young successful up and, who values our own individual freedom. that is what republicans need which is the opposite of joe biden. third hour of "varney and company," we are just getting started. look who is here. martha maccallum herself sitting on set with me in new york city.

here is desantis running for the presidency? >> i think so. i don't have insight from the governor on that but there's a ton of momentum around him, has the strongest name recognition of anyone else on the list because of what you just discussed. florida became famous across the country the way it handled, and a lot of underlying factors in those numbers people can argue about. when you talk about the education initiative in terms of think about donald trump talking about patriotic education and giving a few speeches that were well received. this is what you see desantis doing, instituting patriotic education as it was prevented by donald trump towards the end of his term. one of the most interesting in your my take is remains to be seen how the trump desantis

relationship bears out, donald trump is also watching all of this play out, looking at the crime numbers, what happens at the border, looking at the school board meetings that are boiling over and no way he's not thinking i can answer these questions, people are ripe for what i have to say on this so the question, if it turns into which one is going to run that will be a fascinating political story to watch. stuart: we will be following it. i will raise the issue of free-speech. the supreme court sided with a high school cheerleader, the teenager was suspended from her cheer team for using vulgar language about her school on social media. she didn't make those posts on school grounds. it was in a-1 decision, only justice clarence thomas dissented from that. free-speech to me the issue facing all of us big time.

>> this is one of the reasons it is fun to follow the decisions made by the supreme court because there is no doubt in my mind as parents, most of them on the supreme court would look at this and say the child deserves to be grounded for a couple days for lashing out with that kind of language on her cell phone with people looking at it, however this is when justices look at this and say ugly speech is protected. all speech is protected. this is an issue that will have larger ramifications, precedent-setting for other social media issues when the child is off-campus does the school have any jurisdiction? that's the issue and i know they look at this and say when you brought in this you will see other kids across the country that are similar. this gives them a landmark decision, lower courts have guidance to look at. stuart: to some degree it moves against cancel culture because a lot of people have been

canceled for what they say on social media when they are exercising free speech. >> how many kids of lost college admissions, lost opportunities because of a dumb idiotic teenage thing they said on social media so this is going to be watched across the country. in some ways it lets schools separate themselves from these things. they don't want to deal with this stuff. it doesn't help them. it is a political issue that is difficult for them. it will be helpful in many ways. one good to see the decision 8-1. >> i would like to hear more about clarence thomas. stuart: why did he dissent? we have to read it. you may be reading up on it. >> at 3:00 may be. stuart: the story today 3:00 pm eastern on fox news with martha maccallum. back to the markets. the dow turned south. the s&p is up but not much and

the nasdaq is up but not much. i will call the markets flat this wednesday morning. perfect timing for mark tepper who usually liven things up. my question this morning. do you believe, do you really believe we will stick with 0% interest rates late into next year and maybe 2023? >> you are getting a lot of mixed signals. >> tapering will begin in the fourth quarter of this year, that should boost a lot of high-growth i multiple stocks, we've seen the tenure pull off around 175 earlier this year back to 150 basis points. as it has come down you've seen growth stocks which lacked value all year closing the gap over the last 3 weeks or so,

value still outperforming, growth is outperforming by 7%. look at the tech sector. it was one of the dogs through the end of may. in june so far, the market tends to believe we will see low interest rates for quite some time. i think the first takes happens next year. >> tell me where i should put my money? any stock picks for us? >> i do. we have invested in microcap company, our client asked us to build a nice microcap strategy for them. pl x pharma, they've got a product coming out right now, and aspirin product, it is nothing earth shattering but they have a systematic delivery system that helps to bypass the g.i. problems people typically have when taking oral

medications whether antibiotics, ibuprofen, aspirin and all that stuff. that technology will extend into other oral drugs. it is a great technology, very small company, 300 million market but an absolute ton of growth potential. i like those young, emerging high-growth companies. we've been investing heavily in them. stuart: i should tell you if aspirin were submitted for approval today from the fda it would not be approved because it does something to your stomach or something. are you aware that when you invested in and aspirin company? >> yeah, yeah. the key to pl x pharma is the delivery system. not necessarily aspirin or ibuprofen or whatever the drug is, their technology is the delivery that latches onto that drug, to make sure it is better absorbed in your body. stuart: always interesting, the

indefatigable mark tepper joins us today and future days to come. thanks very much. thank you. susan back with us, movers, oil companies. >> i only take tylenol and i'm not allergic to ibuprofen and i don't do anything else. let's talk about oil. you asked about oil prices going up and they are, $75 a barrel with texas not far behind, we look at the highest for brent, crude and west texas, across the board, the best performers in the broader s&p 500 today. we also saw a rebounding crypto currency, bitcoin back near 35,$000 each so the correlation plays, by the way kathy would, guru of the moment buying 1 million shares angie btc, that is a definite endorsement of

crypto and tech backup with lower 10 year yield, netflix is moving higher in google announcing the launch of google cloud community. stuart: google cloud community. >> which we are part of, like the yellow submarine of the decade. stuart: is that good or bad? >> there was a beatles reference for you, it is like community building. stuart: thank you. i've got to move on to winnebago reported record earnings. can they keep going strong now that the pandemic is over? i think they can but i will ask the ceo who is coming up shortly. democrat and former police captain leading the mayoral primary in new york city. if he wins, that is eric adams, that would be a big blow to the defund the police movement. heather mcdonald take that on for us. the republicans filibuster and block the voting reform bill. they are not done fighting.

secretary of state mike pompeo said american values are at stake. he joins me next. ♪♪ the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq like you no one likes to choose between safe or sporty.

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stuart: back in philadelphia, it looks sunny and beautiful. level iii tesla the most american made car tops the list for 70 locations, part sourcing and us factory employment. investors like that, stock is

up 650 on tesla. forward going to supply the engines and transmissions for the next generation of vehicles for the postal service. ford 1534. senator from louisiana john kennedy introduced a bill to save our afghan allies, the us withdraws from afghanistan. mike pompeo joins us now. surely that is a must. those people will be slaughtered if we don't bring them home. >> we need to get this right, the trump administration was hard at work on this. i hope they will execute this in a way to protect those people who sacrificed a lot to help american servicemembers, almost 20 years, these are translators with difficult situations, we need to do the right thing by them.

stuart: could we bring them out if they have the will to do it easily? >> it is complicated. we've done this before, we brought many of them home, living the american dream in the united states today. we can get this right, has to be thoughtful. he made his announcement about the decision to withdraw. it is all in the details. you have to get the surrounding situation right and perfect so we accomplish our missions one of which is to get these folks to safety who helped us but second to make sure there is never an attack from this place again. we were on course to do that and hope this administration gets it right. stuart: senate republicans used the filibuster, sweeping election reform bill. you describe that bill that it would destroy the sanctity of american democracy. that has been pushed back. it was defeated. are we out of the woods? >> i think less about them

using the filibuster but they use their duty as senators to vote against what would have been a terrible piece of legislation. we talked about the fact that would have prevented voter id, it would have been really bad. a bunch of democrats didn't think this made much sense either. the american people will be vigilant. this approach to centralize and give power to washington dc. in this case, taking money from taxpayers and giving it to politicians who you might like or might not like, it was a bad piece of legislation, some will walk away from this. i hope the american people will stay vigilant, it will undermine the way we've done elections am a deeply disadvantaged, individuals would have lost a lot of power. >> what is your judgment on the administration's foreign-policy

stance against iran, russia, china and all around the world? what is your response to america's position we are staking out on foreign-policy? >> we were unambiguous about a put america first and protecting and securing american freedom in our democracy. it raised other priorities, whether it is the green new deal are being popular around the world, we made friends as a result of that. look at iran. they selected a person named ibrahim who killed thousands of his own people in 1988 in a massacre, the administration wants to continue to talk to the iranian's and figure out how to make these folks conform with a bad deal on the nuclear program. i'm not going to talk about the missile program. the market point is this is about american weakness. we need to maintain our resolve.

when we restore deterrence we will make the world safer for the middle east, most importantly we will secure american freedoms at home. >> any plans to run for elected office in the united states? >> don't have any plans of any such nature. thanks for asking. stuart: that is the way things go. we always appreciate you being with us. one more item on foreign-policy, china crushing one of the last bastions of freedom. apple daily in hong kong has been shutdown. the chinese government in beijing forced this. >> this is the pro-democracy newspaper, they arrested the senior staff, froze their assets. offices were rated. chinese authorities used the national security law to stifle and now end free speech. the last paper will be printed tomorrow. this is an alarm for

journalists everywhere. if you say or print what beijing doesn't like they are coming for you. persecution, something beijing didn't want out there. stuart: i was a journalist in the 1970s in hong kong. it was a british colony ruled by an imperial power and we had freedom of speech, everybody in hong kong did and now they don't. one more for you. the us has taken down 30 iranian news sites. >> they spread disinformation. they were used by organizations completely and friendly to the united states, they often try to influence policies, push iranian propaganda. this is considered a provocative move because iran has a new president, very hostile to the west and our justice department coming after

these websites a we will not -- stuart: i wonder if the new guy, the hardliner, he can post whatever he likes on facebook i am sure. >> no comment. stuart: check those markets. another day we don't have much price movement, dow down 7, nasdaq up 22, s&p down two. making passengers pay a covid recovery fee, we will tell you where the money is going. police resignation spiked 18% last year but the white house didn't have an answer as to why, watch this. >> why does the president think there's low morale with police officers? >> we are not the right entity to give an assessment of that. stuart: heather mcdonald has an opinion. she wrote the book on the war on cops and joins us after this.

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stuart: you are looking at fox square where we have our fox news headquarters. a nice day, temperatures rising nicely. we don't have that much price movement, dow 6 on the dow, up 19 on the nasdaq, up on the s&p. i will call that pretty flat. let's bring in bob doll who is still bullish. i read your stuff. you say strong economy, rising earnings offset fed raising rates, still going up on the market. is that what you say? >> i think that is the case. the pace of 90% gains since the lows last year is certainly going to slow and i don't think it will be a straight line with all you talked about in recent days.

deflation is no longer 0. the fit is moving in a direction, those offset negatives competing with the positives of the economy. >> slow down the rate of uptick. slow it down a bit. we don't slow down. >> i hope that is right. >> a significant downturn in stocks where economy interest rates were this good is pretty low. that doesn't mean we can't have a correction. most have a 10% pullback, that is the reason. given gains we have, so much money on the say sidelines, so i don't think there will be a

drop anytime soon that is not anticipated. >> what would you recommend for older viewers that made good money in the stock market and they are getting nervous with the current environment. dividend stocks if you can get 4%, good strong dividend, not unattractive, real estate may be, money into their, not unattractive. what do you say to that? >> i don't disagree with you at all. i would not have all my eggs in one basket as they say, if you had nearly 100% portfolio in stocks which some people do, take about an take money off the table and do some diversification. i find so much the other extreme, people have enough of their portfolio. their category because they took money out last year and forgot to put it back in. if you have a big percentage

iniquities, take money off of the table, no one will fault you for that. stuart: it is not time to get seriously worried about a big correction or selloff in the immediate future. not time to worry about that yet. >> i'm with you. 5%, 10% pullback, the bear market, 20%, didn't see it anytime. >> you've reassured us all and that is your job. we will see you again soon. put some numbers on the screen, nearly 1.8 million people pass through tsa checkpoints tuesday, that is the dip from sunday and monday when crowd stopped 2 million, southwest airlines, chief executive gary kelly stepping down has a transition to the role of executive chair, no response on the stock market. frontier airline, covid recovery fee, it is one dollar and $0.59 added to every ticket. where does the money go, they

will use it towards cleaning the planes and ppe for flight crews but they will charge you. let's get to vegas, they have a new casino from the strip, that is news for me, the new casino is coming. anything special about the new one? >> it is called resorts worldwide, resorts world las vegas, comparable to the venetian, 117,000 square feet for gambling. this is a test of people coming back in a big way. are they traveling, are they going to be seated, hundreds of thousands of other people in a casino like that? the first to open, in vegas in over a decade. about to open. is it actually on the strip? trying to position -- >> don't know where it is. there was a stint a few years

ago when i was constantly going to vegas, bachelor parties, reunions. >> i used to be in the speaking business. i was the only person in the world who ever went to las vegas and left with more money than when he arrived. >> sometimes i wouldn't go to the casino. i would go to a pool party and come home. >> this is for you. you have britney spears who is due in court today. you wants to get back control of her money. >> her dad, jamie spears had a conservatorship over her personal life, her money, or booking gigs for the past 13 years. she has had enough and in a very rare appearance she will appear via zoom and we will hear from her. we are invested, many people are emotionally invested, she was a pop icon. we saw her public mental breakdown, haven't heard from

her much since she had a residency in vegas but she has been very quiet, we will hear from her today but a lot of people in those documentaries, about this conservatorship her father has over her life. she wants to free herself from the free britney movement. >> will adjudge the side? >> i am imagining he will decide today. i don't know, 39 years old. >> when can you get at your own money. let's get to the ceo of winnebago on the show and talk to him momentarily about his record third-quarter earnings and what is next. can you get millennials to buy a winnebago? i will ask him. in a report claim subway's tuna sandwiches are not made from tuna so what is it?

first, crime surging, president biden thinks gun control can restore law and order. we will take that on next. ♪♪

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stuart: president biden addresses the rise in climate announcing stricter gun control laws. grady trimble, first-time buyers drive gun sales at that store? >> big time. a lot of stores across the country, more than 8 million first-time gun buyers in 2020 according to the shooting sports foundation. we are at key firearms, time

buyers are coming in like crazy. >> 70% of our business. >> why is that? >> it is private safety, they want to arm themselves to protect themselves and their family. >> i want to show you the room, basically a garage into a training room, you want people to buy a gun and know how to use it. >> so many people don't know how to handle guns, load them or shoot them and we are responsible to make them responsible gun owners and ask any questions they could possibly ask so they are safe for themselves. >> you want people to protect themselves. >> correct. >> you did mention president biden speaking this afternoon, he accepted the call for stricter gun control laws and typically what we see is a spike in gun sales as well as gun sales have been through the

roof in 2021 and last year in 2020. >> what got me is the gentleman 770% of the buyers in the store are first-time buyers, that is extraordinary. as we mentioned president biden is blaming guns for the surge in crime. is gun control the answer? heather mcdonald has written extensively about this subject. big question to start with. is gun control the answer to the spike in crime? >> bernie sanders, before he got really woke pointed out there is 0 gun crime in vermont. there is 0 drive-by shootings for sure from israel, switzerland, 0 gun crime. the problem is not lack of gun control, the problem is lack of self-control. you are seeing nonsocial mice young males that have no control of their impulses that

are wildly spraying by standards out of a grudge match they got on instagram and facebook. the solution when you do not have families is strong policing and if biden wants to get a handle on this tsunami of gun violence breaking out in cities across the country he can stop demonizing the cops. cops backed off under this narrative that biden prostitutes about systemically racist, trying to save the victims lives in inner-city areas. the one thing that could change is prosecution for illegal gun crime but that runs up against disparate impact. chicago mayor romney manual tries to get stricter penalties for people who use guns illegally and ran against the

black caucus in springfield, illinois saying we can't prosecute illegal gun crimes because that would have a disparate impact on blacks. we got to be colorblind inaudible justice system but above all else biden has to stop demonizing cops because as long as that is, lives will be lost. stuart: eric adam, former cop is a leader in the mayoral race. do you see that, he wants to refund the police. he's a former policeman himself. do you see that as a push back against the progressives who want to keep defunding the police? are we looking at a brighter picture in new york city of eric adams becomes the mayor? >> i am ambivalent about eric adams. he has a bad history when it comes to policing. he continues to play the race card but he is the best of worst candidates. there is a slight ray of hope if he gets elected. initially at least, he will be

sane and live up to government responsibility which is to protect public property and private lives. that is why we are seeing massive increases in gun sales. government over the last year failed in its most basic obligation. it to do one thing and one thing only before all else, to protect civil society, protect people's property, government standing down during these riots, if eric adams can once again invigorate the police we know how to do it in new york. we did it under giuliani and bloomberg. not like that, you have to say to the cop we will back you when you go into high crime neighborhoods making stops, making arrests and we are not going to play the race card against you. inevitably when the cops do enforce the law they will have a disparate impact but that is

because they are saving black lives. it is a regressive tax on law-abiding blacks. that is the racial justice issue that the left should be caring about. blacks die of homicide at 13 times the rate of whites between age 10, and 43. they are not killed by cops, they are not killed by whites but by other blacks. that is the problem we need to look at. stuart: you are one of the very few people who write and speak openly about policing and race and big cities and we really appreciate your input. heather mcdonald, all good stuff. to change the subject, look at winnebago stocks, down 2% after reporting record earnings. not so much concerned with yearnings as what winnebago will do for the future as we come out of the pandemic. the ceo is next. ♪♪ take me home ♪♪ to the place i belong

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eyes undo buick, iowa, please join me winnebago stock reported their earnings today. how did they do? >> stock is not reacting to the good news. losing money the first quarter of this year better dale as well, a record backlog of production they need to get to. maybe that is the headache in terms of getting rvs on the road in customers hands. we are up 25% from the 52-week high but people are still buying those rvs in 70% by the stock. stuart: we are having a technical problem getting to the ceo of winnebago. i will ask you the question instead since you went through the earnings report, if they are looking so good for the future do they have the parts to make the winnebago -- we got

the man himself. you are out of business, that is michael happy, the ceo of winnebago. we restored the shot. you are looking to the future saying sales will be pretty good and that is a great thing but can you supply the winnebagos ordered with shortages all over the place? >> thanks for having us. our teams are working hard for the dealers, the industry has delivered at record levels. no doubt the supply chain network in our industry is taxed but they are doing a great job giving us parts and we are doing the best job we can. our dealers experience record retail and record orders into us for more in the future. stuart: if i were to order of

50,$000 winnebago today and wanted it delivered pronto how soon can you get it to me? >> there is some field inventory in the dealer channel but if it is not on the lot today it would depend on the model you ordered and could take weeks or it could take months. there is incredible demand from the outdoors in terms of new families, more diverse buyers so it could take a while. i can tell you the dealer you work with will work hard to locate a product you can get into quickly. stuart: can you tell me what proportion of winnebago buyers under the age of 30, is it 10%, 5%, 2%? tell me? >> buyers under 30 are 10%. the average age is in the mid-40s.

we are seeing more engagement in ownership by millennials especially for products that can get off the grid. they want to explore bike trails so we are seeing the average age get younger and our teams are working to develop products that appeal to a new generation of recreational buyers. stuart: i don't associate the winnebago for going off the grid. i think of it as older people like myself drafting -- driving happily on i-95 on the flat plain wonderful roads of america. that's how i associate winnebagos. you tell me you've got a whole new market. >> we have an rv for everyone. if you want to be careful at an rv park? we've got those but there's a whole new phenomena and around

boom docking and getting off of the mainstream roads so you can experience nature in a safe sustainable way and we have products with solar panels and lithium-ion battery power systems so, you can because it to the outdoor environment you hope to experience and that is what these younger generations of consumers want to experience. they want to experience the outdoors but they want to be connected, to have the technology as well. stuart: see what you did? on his interview in the last 2 and a half minutes. when we started your stock was down 2%, now you are only down one.5%. see what we do for you on "varney and company"? what a guy. great company. thanks for being with us. remember when a court rules subway's bread was not actually bread? there is a new report saying that is not the only fake substance being served. >> the tuna is anything but

tuna. new york times journalists took 60 pieces of subway sandwiches to a lab and they couldn't find any tuna dna? they market themselves as 100% while tuna but if you can't find the tuna in the sample that is a class-action lawsuit. subway has another explanation, it is processed so much they couldn't identify. i hate tuna fish. stuart: we have time for wednesday's trivia question is which finger is responsible for 50% of the strength in your hand? for some is not a finger. the real answer when we come back. the rx crafted by lexus. get 1.9% apr financing on the 2021 rx 350. experience amazing at your lexus dealer. ♪ ♪ we made usaa insurance for veterans like martin. when a hailstorm hit,

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[music ends] stuart: which finger is responsible for 50% of the strength in your hand? the answer is your pinky finger. in america. that would be your little finger m america it is your pinky. we got it just in time for neil cavuto who is there. neil: thank you for resolving that. we're following the markets. the dow a little bit soft today. nasdaq looking at another record, an item crossed wires, we'll pursue a little bit later, the great bet back to work. morgan stanley is a big investment firm making it official, once it starts the full reopening process and workers return to new yor