maria: charles schwab and goldman sachs downgraded stock from neutral to buy saying there is limited upside after the retail trading boom drove performance at the start of the year. a good example with the high flyers down 4%. big thank you for being here and thank you for watching. see you again tomorrow. "varney and company" begins now, ashley webster in for stew, take it away. ashley: good morning. i'm indeed ashley webster in for stuart today. let's get to the markets. we have a selloff going on this morning after the nasdaq and s&p hit brand-new closing records. right across the board the dow up 500 points triggered by

concerns over the global economic recovery and resurgence of the delta variant of the coronavirus. all of this bringing concerns about the economic recovery around the world. the dow up one.5%. the s&p is nasdaq down over one% and another reason for the decline a 10 year bond yield, trading at its lowest level since mid february down to one.29%, money coming out of equities going into the treasuries means the price of treasuries goes up and the yields comes down. a play for safety, you can say. crime surging across the country. president biden visiting chicago yesterday just days after that city saw more than 100 shootings but he wasn't there to address that problem. he was there to promote his billback better agenda. why is the white house ignoring the rising crime rate across the country?

did you hear about this? over 2.5 million people signed a petition calling on the government to send them a fourth stimulus check. why not? free money? have we become a nation of handouts? a welfare state? a busy three hours ahead. sean duffy, byron donald, liz mcdonald and dan heninger are here among many others. it is thursday july 8th, "varney and company" about to begin. ♪♪ ashley: get ready. the temptations, classic band group. good morning, blue skies in new york city.

tropical storm elsa in whatever form she comes heading to the northeast. check futures, plenty of red, the dow off 520 points, same story for the s&p and nasdaq. let's bring in our good friend, dr barton. we have a selloff this morning. i know you are a bull, does this were your is it just a blip on the radar? >> i will go with blip on the radar. you covered a lot of things going on, you had the bond yields dropped yesterday and a lot of people on the equity side are very much in tune with what the bond market is telling us when yields go down and bond prices go up, bond traders looking at a less robust economic recovery so i think the market, we just hit 7

straight record highs, everything was zooming up, very natural to have a little pull back, not scared at all. ashley: the rotation back in full force. how long does that last, hard to tell but the trend we are seeing. >> i count it back to march of last year, 15 years and 7 times we had this complete rotation out of tech into the cyclicals like industrials and the banks and the materials companies, they do well in economic suspension, we've gone out of take into those industrials back into tech into the cyclicals over and over again. that will continue to be a trend driven by the big infrastructure bill perhaps coming, will add fuel to the cyclical fire. every time you get those big tax and they get a pull off of 5%, 10%, you pile on. that is what i have been doing and what i recommend everyone to do.

ashley: let's talk specific stocks you like. united rentals. >> there's another infrastructure theme stock. the biggest large equipment rental company in the country. if you need a backhoe or a big crane you can go to united rental almost anywhere in the us. i believe with the infrastructure bill there will be a lot of smaller companies getting parts of that contract and they are not going to want to buy equipment. united rental, 12%, 13% pull back, great place to buy into this company that will do well whether or not we get the infrastructure bill. they said they are going to earn, bring in revenues of 12% more this quarter than last quarter which was the best quarter ever. they are on a roll, good place to be on this pull back.

ashley: despite this pull back which is a buying opportunity in many cases are you still positive as we head into the second half of the year? >> yes. interesting that you have great data going back to 1950 on all the s&p 500 index. we have had five straight up months, like we concluded in june 26th different times and in that number of times, 27 times, 26 times, 12 months later the market was up on average 12.8%. when we have 5 of the month the market is up 12 months later, 94% of the time, strong markets lead to strong markets. ashley: let's hope history repeats itself. thanks for your input this morning. now this.

minutes from the fed's june meeting shows officials were discussing when to taper those asset purchases. let's bring in lauren simonetti. >> reporter: when and how to pull back on their support of the economy and they are divided on both. they agree tightening will happen sooner than anticipated with some saying as early as 2022. they are talking about talking about monetary recalibration. but keeping their hawkish tone nevertheless. one of the reasons yields are down but the fed can afford to be patient. they can wait. investors can't. investors trade in the moment. they are trading on the psychology of the moment. ashley: which is what they do. now this. president biden, in one of the deadliest cities, chicago. he was on the tarmac greeted by

lori lightfoot who asked for help to combat the city's spiraling gun violence. this comes after more than 100 people were shot over the weekends, 18 were killed. this is over the fourth of july weekend. we have to note that after the quick tarmac meeting president biden left, held a speech 50 miles away from the epicenter of the problem. let's bring in sean duffy. seems like the administration glossing over the real issue kind of ignoring it, not addressing it head on. >> reporter: you have communities that have been ravaged across the country, inner-city communities, minority communities where there is gun violence, public beatings. democrats are seeing this as a real problem for them. lori lightfoot doesn't need president biden's help. all she has to do is enforce the law, put more cops on the beat, put them behind bars. if you do that your community will be safer. that is all she has to do but

she refuses to do that, this is a gun problem, president biden, help me. it is lack of law enforcement on the streets and lack of willingness to prosecute bad people and put them away for a long time. ashley: almost like the border issue, democrats don't like what is occurring under their watch they just turn a blind eye. it is differently a trend. even the washington post gives the white house three pinocchios for claiming republicans are defunding the police, the headline the white house claims that republicans are defunding the police with three pinocchios. this is laughable even for the washington post, probably doing everything it can not to point that out but how can gray with a straight face blame republicans? they say it is because republicans wouldn't support the $1.9 trillion coronavirus

relief plan of which money was dedicated to states and cities but wasn't necessarily dedicated to police departments. >> that washington post article giving democrats 3 pinocchios, i looked outside to see if there were pigs flying. the washington post is supportive of the democrat party. it was such a big lie, it is democrats who want to defund, the washington post felt they had to do this story. here is something else happening. i think the washington post is smarter than the democrat party. they are trying to put a shot across the democrats about to say this is a problem, defunding the police, not just the rhetoric of the far left of the democrat party, now you have this issue across law enforcement where you have law enforcement retiring so less people in the beat but no one wants to go into law enforcement, less cops on the

beat. that is the systemic problem across the country and it is democrats fault. if democrats don't get this right, the message the washington post, the health of electoral consequences in the midterms a year and a half from now. ashley: exactly right. a new cnn report scolding anyone who dares criticize critical race theory. roll the tape and i will get your thoughts. >> in the wake of protests of the murder of george lloyd republican politicians have been hyping critical race theory is a threat to the impressionable minds of america's children. race and racism is literally the building blocks of this country. >> religious propaganda from some conservatives created a panic that white people and especially white children are under attack. >> are you teaching children to hate america? >> i'm teaching children to -- ashley: you are a dad of nine children. what do you think of that report? >> racing -- racism is the

building block of america? freedom block and democracy are the building blocks of america. what the cnn reporters saying don't believe your lying eyes, don't believe what you saw for the last 18 months on your kids resume classes. we are telling you what's critical race theory is. we parents know what is happening in the classroom because we talk to our kids and critical race. gives a distorted history of race, talks about dividing us based on race not in history but today and there is a moral value put on a person not on the content of their character but on the color of their skin which is absolutely outrageous. let's talk about science and math and reading instead of critical race theory. that is what our kids need to know, not this bogus history of america. given true history.

ashley: we are out of time. sean duffy, thanks for joining us. we appreciate it. let's look at the futures. we are headed to a lower open for sure with the market opening in the 17 minutes, the dow up in the free market 500 points down one.5%. we are spending and spending money like crazy, we know that but listen to this. a new petition calling for a fourth stimulus check reached 2.5 billion signatures. are we becoming a welfare nation? donald trump is vowing to fight for free-speech, listen. >> they banned the sitting president of the united states earlier this year. if they can do it to me they can do it to anyone. ashley: does he have a case with a class action lawsuit against big tech? we will get into that next. ♪♪ i'm dynamite ♪♪ and i will not fight ♪♪ portfolios based on

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ashley: a beautiful shot, live shot of saint augustine, florida, 80 degrees, normally saint augustine is the oldest city in the united states but florida became part of the united states 200 years ago this week, july 10th, 1821, to be exact. i didn't cover that and the formal exchange happened in saint augustine where the spanish flag was lowered and the american flag was raised. there will be celebrations there on saturday. a little bit of history on thursday morning. futures start on a down note, the dow is still up 500 points, the s&p, nasdaq down well over

one%, let's look at the 10 year treasury yield. it has been interesting to follow this, this has been dropping dropping dropping another to one or basis points on the treasury yield. money plowing into each of the treasuries, the yield comes down, look at google/out for best being sued over alleged play store abuse. you saw it here yesterday. donald trump announced he is doing google, facebook and twitter over censorship. >> there is no better evidence that big tech is out of control than the fact that they banned the sitting president of the united states earlier this year. if they can do it to me they can do it to anyone. these companies have been co-opted, coerced and weapon eyes by government and by

government actors to become the enforcers of illegal, unconstitutional censorship. ashley: that is the case. let's bring in mark douglas, good morning to you. does this lawsuit have a chance? doesn't have a leg to stand on? >> the reaction to the lawsuit is similar to the reaction when trump ran for president which is at this point no one expects him to win, but that being said, the intent of the first amendment if you look at it broadly, should not infringe on free-speech, powerful institutions are no longer of the us government but the tech companies. conceptually most people would agree with that. whether it wins on legal grounds remains to be seen. section 230 has not been

thoroughly challenged in the courts which gives these companies a lot of protections and in theory could be argued infringes on people's rights. ashley: a lot of people have picked up on section 230 which gives the big tech names, social media platforms, the kind of protection that you classify them as public and that is going to be the crux of what the court decides to do. >> exactly. that is open to debate and a lot of people want to see it debated and to make a determination. when the government grants protection, and a bowling the company to violate us citizens rights. we will see whether the courts hear the case and it goes through the court system. one thing to be aware of is this is going to take some time. ashley: as it always does. i have to bring this up. you just bought ryan reynolds's creative agency, this is a big

deal. how did this come about? >> we met earlier this year, introduced by some people. he got the hottest base in advertising and my company mountain is the fastest growing company in connected tv and we saw an opportunity to bring media and in ways that haven't been done before and some interesting announcements we will be making later this year. ashley: we look forward to that but congratulations on the deal, thanks for joining us, really appreciate it. next case, the bill and melinda gates foundation outlined the new leadership contingency. the question, the devil is always in the details.

>> reporter: after two years melinda resigns as cochair and gets personal support towards her own philanthropy. so he buys her out if they realize it is impossible to work with your ex. it is overshadowed by another $15 billion of new money pouring into the funds bringing the endowment to $65 billion. impossible working with your husband or wife and more impossible to work with an expert they are going to try for two years. ashley: i am not even going to go there. lauren simonetti, thank you very much. let's look at futures as we head to the break. the markets opening after the break and we expect plenty of red on the screen. we will be right back after this. ♪♪ our time is tricky ♪♪ it's tricky tricky tricky ♪♪ to rock around ♪♪ ♪♪

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ashley: let's get to your money, gary, great to see you, this selloff is a potential sign of a correction, the market has been topping out for a couple months now. >> corrections do happen and

markets drop every now and then but for four weeks all the economically sensitive areas have been topping one after the other whether it become oddities, and is your financials or all the industrials. this is not happening out of nowhere. the other part of the equation, they are owning all the dollars over the last couple of weeks. the problem is it has become very narrow, they represent 40% of the nasdaq 100 and a whopping 22% of the s&p. let me say this, we are overdue anyhow. ashley: in narrowing of the market is great. it can be as quick on the way down. we are seeing the big tech names to your point, apple down 2% and are these buying opportunities?

>> yes but wait, there's probably more on the downside, pretty good runs from mega and i suspect some lower prices first. my biggest worry is being talked about now, the bond markets. what is the economically sensitive areas and the bond market saying about the economy? everyone is talking inflation, numbers have done a round-trip, grains of broken down, a lot of metals also. i'm worried about economic softness going forward based on markets are pretty smart every now and then. ashley: what about the financials. they continue to get hit in this low interest rate environment. >> it is simple, short rates the red long rates come down, margins being squeezed, it hurt

worse than the big one but the big ones are coming in also. i would wait on any new commitments but financials own the world and i think they will do well. ashley: very true. thanks very much. for joining us this morning. right up to "the opening bell". i can hear them clapping now. we are about to get another session underway. if you want the markets go high, clapping and waving your hands, it will start on the downside. take a look as we get ready for the opening, 2, one and off we go, push the button. look at where the dow is out of the starting gate down 385. on the upside we have amgen. check that out, all red exhibit two. amgen slightly positive but all the others in the red, the dow off 379 as we look at it with early going down 382 points. let's go to the s&p, down one

and one third%, down 57 points, 4300 now on the s&p. the nasdaq, seeing the selloff in big tech, down one.7%, 250 points, 14,417 on the nasdaq. we mentioned big tech. i asked gary is this a buying opportunity? hang on, let us play out. apple down, microsoft, alphabet, amazon, facebook also down around one% or more. we mentioned the financials. the big banks all down one%, 2%, bank of america down another 2 and a quarter%, that was at 41, seems like just a week ago. these big financials taking a hit across the board and how about the cruise lines? more red down as the delta variant causing new concerns for the travel rebounds, any of the rebound economic names

suffering today because of the delta variant concern, carnival down 3%, royal caribbean also down 2%. how are the airlines doing amid this threat to the delta variant? >> red arrows across the board. when you have a state of emergency declared in tokyo because of worries of the spread of the variant and the number of covid cases on the rise, the city of the olympics, investors should get nervous that the travel rebounds is stalled. you can get on a flight from new york to miami with no problem but can't go new york to europe as easily and not as many people are doing that so we see this bond market talk. is this as good as it gets for the economic recovery or is it just the stall before we restart things once again? the summer swoon if you will? ashley: two steps forward, one back. take a look at coin base.

that is down as well. >> goldman sachs cut their price target to 298 from 306. this is part of the cell everything mentality we are seeing that hit every corner of the market including the crypto currency is. there is the fear of global growth and regulation. us senator warren pushing for more oversight of crypto currency. they are all getting hit, coin base down 3%. ashley: how about the meme stocks? they are falling as well. is the hype fading on these? >> amc is down another 8%. it was down 20% before today. you've got the selloff in general but these stocks have defied fundamentals. if you look at the year-to-date performance amc is up 2000% and

game stock 900%. can you justify that with their earnings and fundamentals? absolutely not. a little bit of air is coming out of these meme stocks. ashley: fundamentals and meme stocks never in the same sentence. the dow winners should be a pretty short list. amgen up barely and procter & gamble up a fraction. it is unchanged. not a lot of green to find this morning. the s&p 500, see if anything is bucking the trend on the upside, there you go. we mentioned amgen, kellogg, cabot oil, those that are managing to eat out some gains in this market. the nasdaq, we have seen it. amgen up 0.08%. it is that kind of morning as

we get going. next one, cowan raising virgin galactic's price target on wall street high ahead of richard branson's flight to space was what is the number? >> raising it to 51 from 23. the reason is clear. greater visibility for revenue now that branson will be on board that spaceflight sunday. the stock is at 44. it is tripled from its may load. investors might right now, small decline this morning but they could be saying, good times behind them. the test flights were resumed, the faa licensed to carry paying passengers to space was received. you have lift off for sir branson three days away. maybe the good stuff has passed. ashley: godspeed, sir richard. show me nvidia down 2% even

though bank of america says it is a great by. >> a great by despite what the analyst says is a crypto winter which means nvidia is in the crypto world. they make the mining chips, digital currency and everything attached, they have fallen quite a bit from those highs but they give nvidia a $900 price target. $100 in here. they see it benefiting in this is not from ai adoption, from the data center sales which get high margins by the way and oppenheimer's price target is greater at $9.25. teflon stock. ashley: all this despite the chip shortage. analysts are warning for china's crackdown on didi could hit tesla and other stocks. >> the warning comes from adam jones at morgan stanley. like walid phares is like

collect mapping information, send the data so when china's cyber security regulator clamps down on that in the name of national security you have to wonder what other companies that do business in china collect data? is this a data cold war? they are raising the red flag and you see tesla down today, they are part of those concerns. ashley: very good, thank you very much. take a look at this op-ed in the washington times. it reads divisive critical race theory spits on the civil rights movement. byron donald wrote that and will join me to explain what he means. the pandemic is changed the way we work but did you know this? more 6-figure job openings are remote rather than based in big cities. how will cities get people to come back if you can make 6 figures at home? we are on that next. ♪♪ i am a fool to do your dirty

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ashley: let's look at these markets, selloff, down 500 on the dow, up 436 points, down one and one quarter%, 4299, dipping below 4300, the nasdaq down one and a half%, down 200 points. worries over the economic recovery. now this. businesses across the country are struggling to fill a record 9.2 million job openings. connell mcshane joins us from the white house and we have new data on the jobless claims. what do those numbers show? >> reporter: 373,000 people applying for unemployment for

the first time last weekend you add that to an environment where we have more jobs open in this country than we have ever had before. what we are looking at is the debate, a political debate but also illegal debate about what we should do about it. 9.2 million jobs being open is a record high but you also look at how many resignations we have and that is well above 3 pandemic levels was a number of governors have stepped in, most all republicans and cut off the $300 a week in enhanced unemployment benefits being doled out by the federal government, their argument is people don't have the incentive to go back to work. the latest developer and is we've had lawsuits, texas, indiana, ohio, maryland and judges in indian and maryland forcing state leaders to bring those benefits back but talking to experts about this they think that might end up being counterproductive. >> there is widespread entitlement agenda that the biden administration has

created and that is problematic for the future of america because we have to see workers and families turning to the government to receive things they normally receive on their own and if they don't get them potentially having to sue the government. >> reporter: the administration maintain the enhanced benefits would go away after labor day, other factors are keeping workers home whether fear of a virus or lack of childcare. the president plans, we are told, to sign an executive order in the not so distant future dealing with noncompete clauses, crackdown on noncompetes which are in place in many completes to prevent workers from moving to a rival company for us it period of time. we will see if that has an effect. it could make it easier to switch jobs in an environment where we know there are so many jobs available. ashley: that is very true. connell mcshane, thank you very much. staying on jobs new research shows remote employers have

overtaken major us cities when it comes to high-paying job opportunities. this is fascinating. break it down for us. >> reporter: it sends the message that if you want a big salary you can get it and not pay to commute, work from home. there is a job site that found 80,000100,$000 a year plus jobs being offered as remote opportunities. that compares with the big cities if you take san francisco and new york, they've got 60,000 jobs or more. 40,000 jobs in boston and washington dc and la making the list. why these big cities, why would you pay those rents if you can have a cheaper cost of living and make potentially more money going to the suburbs so this is one of the trends we see from the pandemic that is probably more than a trend at this point. ashley: i think you are right. fascinating. back to the markets if we can

bring in joe durand. you say supply and labor shortages are weighing against the country's pace of recovery but i am still bullish on the market. >> reporter: over the long-term you have to be because what are the alternative? you have interest rates incredibly low. surprisingly to everyone, going even lower. we had anticipated things to hold steady at one.5 to 2%, probably recover some of that. the deflation scare we had a month ago cooled off. interest rates are back down to one.3 which is surprisingly allow and make equities more attractive but in context we are typically -- a 5% pullback and once every 2 years we get a 10% pullback. we have had quite a big recovery. a whole year's gains in the first 6-month, quite normal to

get some setbacks occasionally. ashley: this is a needed correction but as we head further into the second half of the year you are still bullish. >> the backdrop is encouraging when you see the kind of earnings recovery we are seeing which is significantly above 2019 levels and well above, we had 60% earnings growth quarter over quarter, a lot to be optimistic about in the earnings front and you have to take into account the low interest rates, the more attractive equities are. we are at reasonably high valuations. a fairly high likelihood we will see 10% decline, but targeted 4100 to 4200 on the s&p 500 which we lifted a few months ago. we feel quite optimistic that we should sit tight. you want a diverse portfolio

and make sure your balance is right and don't have too much iniquities after the big recovery we had. we see people rebalancing because equities got out of whack with the overall risk profile. ashley: some of the reasons given for today's selloff is we are seeing the reoccurrence and concerns over the delta variant around the world and the fear but that could setback the economic recovery. is that over exaggerated? >> i think so. whenever there is a market decline we always find a reason. the reality is the bond market is telling us things aren't going as quickly as they were a month ago and whether that is the delta variant, or shortage of supply issues, it is hard to get people.

what you will see is the demand is still there, no shortage of demand. hard to get supply. any building you try to buy a car or do anything it is difficult to get a seat on a plane. as we provide more supply which will happen over the course of the year you will see gdp continue to grow but quite optimistic we will have a high 6.8% target gdp growth. that is quite impressive that we are coming from the recession a little while ago so still a lot of reasons to be reasonably optimistic and not get discouraged by the short-term moves that we have. ashley: i already feel better, thank you very much for that. i feel calm and. great stuff, appreciate it. the squad is at it again, this time congresswoman rashida tlaib. not only does she want to defund the police, she wants to defund homeland security. listen to this.

>> we must illuminate funding for ice and their parent organization, dhs. they continue to terrorize migrant communities. ashley: that's right, terrorize. we will have more on that coming up. as home prices skyrocket, young professionals are returning to new options, actually renting newly built homes. we have a report on that growing trend in the next hour. ♪♪ our house ♪♪ in the middle ♪♪ in the middle of liberty mutual customizes car insurance so you only pay for what you need. how much money can liberty mutual save you? one! two! three! four! five! 72,807! 72,808... dollars. yep... everything hurts. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ it's another day. and anything could happen.

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and automatically adjusts to keep you both effortlessly comfortable. the sleep number 360 smart bed is on sale now during our lowest prices of the season. ashley: our next guest met her husband in 2001 in together they built swipe for free, a credit card processing empire, jennifer bogden of joins me, how did you get started and how did you come up with the idea for your business? >> it was born from the idea that we wanted to help save businesses money with credit card processing. the 4% they pay traditionally is a big savings for them when we given the opportunity to pass those fees to the customers.

ashley: how exactly does that work? >> we provide the opportunity for cash discounts to the customer. of the customer wants to pay cash instead of credit they save 4%. it is a win-win for the business because they are saving hundreds if not thousands of dollars a month. ashley: great idea. i can see how it took off. do you see an increase in spending or perhaps trends on how people are spending their money? >> absolutely. we have seen some positive trends, restaurants booming, retailers booming, foot traffic is up, people swiping their cards instead of heating them in. they are out and about and wants to be done with this pandemic. they want to be out and enjoy their life and the summer. ashley: you deal with the restaurants very quickly. how is the labor shortage hurt

restaurants? >> there is a labor shortage. obviously businesses could be doing better if they were able to get more people in just as an example, restaurants, hard to find workers, they don't want to come back because of the extended unemployment that currently exists. it is a real problem to get people back to work. ashley: it certainly is. congratulations on your success. swipe for free, great stuff. thank you for joining us, appreciate it. still ahead, brian brehm berg, florida congressman brian donald, abby gets to travel around all the national parks, lucky person and actor kevin sorbo. the second hour of varney coming up next. ♪♪ for as little as $5, now anyone can own companies in the s&p 500,

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♪. ashley: keep on rocking in the free world. the great kneel young. -- neil young. what a great performer and song writer he is. we are not a music channel. we're a financial channel. i'm ashley webster in for stuart varney. as you condition see stocks down

across the board. perhaps muting some of those losses. the dow was down 500 points at the opening. we're still off but 360 points thereabouts. the s&p and nasdaq down 1.25%. the another big story is the tumbling yield on the 10-year treasury. check this out. down 3.7 basis points. 1.282%. money pouring into treasurys. that means prices go up, yields go down. big tech taking it on the chin this morning. apple the biggest loser at 1.8% down. amazon, facebook, alphabet, microsoft all down in this environment. take a look at bitcoin. no big surprise. that down as well, down more than $2,000. $2130, now at 32,570 on bitcoin. it is that kind of a morning. by the way we just got the latest read on mortgage rates.

my favorite time of the week. freddie mac coming in 2.90% for 30 year fixed. not having any impact on the market. the dow off 419 points but those mortgage rates still historically low. let's get straight to the markets and bring if bullish brian belski. that is a lot of bs. brian, good morning to you. we've got a selloff on our hands. does that worry you at all? >> no. good morning, ashley. by the way i think the market investors society have the short termism so built into them being really led by fear. how you diffuse fear frankly through faith. what is faith in our business? fundamentals. fundamentals in the construct of the united states stock market. we still will continue to exude leadership around the world.

in case in point the volatility you've clearly seen in china this week, the volatility of rates around the world, i think part of the thing that people are missing, we talked about it on this network really since the beginning of the year, when we had quote-unquote fear of inflation and two plus percent on the 10-year treasury and all of that rhetoric and fancy word like hullabaloo, currencies around the world, money around the world is not consistent, it is not strong, it is not worthwhile in terms of its withstanding of issues and that's why investors are coming back and buying our bonds. i know there is a lot of issues out there where people are saying that, that growth is going negative. all this kind of stuff again is hullabaloo in our view. there is a difference between second derivative and first derivative. second derivative means less

positive, that is what we're saying but double-digit earnings growth for the second quarter, and oh, by the way in a sub 2% 10-year treasury and ashley, i will take that all day long. ashley: keep calm, and carry on says brian belski. what is your target own the s&p by year's end? what are you looking at? >> 4500, $190 in earnings. we actually think both could be a little bit too low. these are times you want to go in buying morgan stanley goldman sachs, bank of america, jpmorgan on days like today you want to add to the big five, apple, amazon, facebook, the google machine. this is when you want to buy stocks when they're down. especially given the long term picture and fundamental wherewithal and having face in fundamentals, ashley, very quickly, financials, we had a guest that said don't buy on the dip on these financials, it has more to go to get cleared out. do you think they're a buying

opportunity now? >> yes. no one can call bottoms and dips in stocks. you have to stick to themes. scale will be a important one. i think regional banks will suffer more. big banks, brokers, asset managers where you want to put your money to work. ashley: all right. no hullabaloo here, brian. we're remaining calm. we're avoiding all the noise and we have you to thank for it. brian belski, thanks so much as always for joining us. >> thank you. ashley: all right. remaining calm. that's what we do and we're going to stay on the economic recovery. a new change.org petition calling for a fourth stimulus payment just hit 2 1/2 million signatures. it is free money. why not sign it? the petition by the way wants congress to keep sending checks until the cries sus is over. you know, i mean if you sitting home right now on the couch you want another check, why wouldn't you sign that petition? i tell you someone who isn't staying at home on the sofa is

brian brenberg. honestly, brian, what do you make of this? >> well you know the folks who warrant continuous government checks wanted them before the pandemic, warranted them during the pandemic and want them after the pandemic is over. you have 2 1/2 million signatures on this thing. you have nine million open jobs in this country, three times more than the people signing this thing. like so much of our present moment all of this economic policy talk from the left around progressives are totally detached from reality. we're in a moment where you can get a vaccine, you can get a job, you can go to work, you can eastern your paycheck and that is your stimulus. some folks will never warrant to buy that but thankfully we're not governed by the 2 1/2 million people who sign change.org petitions. ashley: why wouldn't you sign it if you're already at home? it is kind of silly. anyway we have to move on.

brian, next one for you, president biden's plan to raise taxes on corporations and the wealthy, it appears to be losing some steam. doesn't seem to be at the forefront as much now. republicans say of course hiking taxes could risk an already fragile economic recovery. i would imagine you agree with that? >> well, the whole idea of raising taxes based on the notion of fair share is economically meaningless. it is economically disasterous actually, and it is ethically bankrupt. there is no case to be made for fair share tax increases. the fact is i don't think this really ever had that much momentum outside of the left. voters certainly didn't give joe biden a mandate to pursue that mandate at all. they didn't give him the senate around the house he needs as well. talking about losing momentum, i don't think it had a lot of

momentum outside of the far left but what democrats get, they own this recovery. if they fumble it they will pay the price in 2022 and beyond and they know right now they're already bobbling the ball. you can see it in the labor market with policyies that depressed people taking jobs. you can see it in inflation. they own that. they know tax increases on top of that, the moderates especially know tax increases on top of that is going to be a huge ding to the economy and it will be a ding to their political prospects. if this thing is losing momentum, please lose momentum faster. ashley: one of the proposals if i remember, right, brian was the capital gains tax for those earning a million or more go from 20% to 39.6%, the very highest level. what is the knock-on effect of that? >> well, yeah, let's go ahead to kill the incentive to want to invest in this economy right now. that is the problem. punishing investment is a bad,

bad idea. yes i know big investors have the money. i know progressives want the money because they want government to spend the money. the fact you will kill the prospects for all kinds of businesses, not just big businesses, small businesses and interimmediate businesses, when you dry up investment capital, we know that increasing that tax rate will do that. we've seen it across the globe. companies that punish investment drive investors away. that is the knock-on effect. even moderate democrats at this point know they would be killing their own political future, by pursuing quote fair share tax increases that don't work and don't even mean anything. ashley: that is exactly right. what a great place to leave it. brian brenberg, always great stuff. thank you, brian, for being with us today. do appreciate it. >> you bet, ashley, good to see you. ashley: i does it all with a smile. i love it. look at some movers starting with the meme stocks. amc and gamestop tumbling today

after four-day losing streak. gamestop down about 2 1/2. the big banks, we've been talking about financials this morning, well they're taking a hit as the 10-year bond yield dives, trading at the lowest level since mid-february and financials in the low interest environment continuing to drop, morgan stanley, citigroup, goldman all down well over 2%. look at apple if we can, lower after hitting an all-time high yesterday. but in this environment it is tough to continue that climb. apple down 2.$6 at 141.92. now this, dozens of states are suing google over its play store. "fox & friends" co-host todd piro, joins me. thanks for being here. thanks for being here the entire hour. a little extra in the paycheck. what is this story all about? >> grade to see you, ashley.

though claim google has a monopoly by making developers go through google to use its power. they allow google to collect a commission up to 30%, with which the complaint calls extravagant. google is accused of paying off samsung so the korean company didn't develop the own competing app store. they're accused of doing this a few other times with a few other developers. google argues it competes citing the battle with apple which has its own app store. here we go. ashley: more legal battles. another one for you, todd, former yahoo! ceo marisa meyer helped finance the recall effort to california governor gavin newsom. how much did she chip? >> the former ceo of yahoo! chipping in 200 k to help him fight the recall against him.

war chest from the tech world. reed hastings contributing 3 million and eric smith, and widow of steve jobs. larry ellison has contributed more than $30,000 to caitlyn jenner who of course is trying to unseat newsom. newsom has quite a war chest so far, ashley. ashley: yeah, thanks to silicon valley. they love him, todd. thanks very much, coming up cnn offering their own lessons to parents concerned about critical race theory. take a listen. >> these vocal opponents of critical race theory actually understand fully what it is? >> no. why should they? it is an academic theory mostly taught at the grad student level. ashley: oh, how elitist around snobby can you get? congressman byron donalds has a thing or two about that. thankfully he is here next. plus, teens to the rescue.

younger folks filling many job openings that older workers simply won't. i'm talking to the founder of why curry up, who dells us why teens are joining his team. abby hornacek, the park host, will show you the best our national parks have to offer this summer. stunning photography coming up. ♪. my retirement plan with voya keeps me moving forward. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. hi, verizon launched the first 5g network, and now we want to be the first to give everyone the joy of 5g by giving every customer a new 5g phone, on us, aha! old customers. new customers.

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♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪ ashley: all right. let's take a look at these markets. the selloff, well it continues, kind of in the same range since the opening bell a little less than an hour ago. the dow off 455 points.

the dow, the s&p, rather, nasdaq, down well over 1%. let's take a look at the dow 30 stocks if we can. not a whole lot of winners on there. just in the top left-hand corner, amgen up slightly as is big blue, ibm. all other 28 stocks on the dow are down. financials getting hit today, american express and goldman sachs are the laggards. all right, now this, parents outraged over critical race theory are working to kick school board officials to the curb with 51 recall efforts this year alone. anita vogel joins us live from washington. good morning, anita. what do the recall efforts mean for school come in the fall? reporter: ashley, depending where you are, where you live in the country you might to back to school in the fall and see some new faces on that school board. that is because parents who don't like what is going on in their kids schools are learning they have the power to change it by recalling their school board

members. much like citizens in a city or a state might recall an elected official, parents fed up with covid school closures, mask mandates and curriculums they don't agree with are getting together, ousting the people making those decisions. >> we've seen with covid the local school boards have so much control over what happens in our children's daily lives and it is really our last line of defense against indoctrination of our children. so myself and two other conservatives are trying to take our three seats. we have a forced primary. because of so much interest, parents across the country -- reporter: take a look at numbers of school board recalls, k-12 over the past couple years. you can see they are on the rise. 54 so far this year, up from 29 last year. yesterday first lady jill biden spoke to the american federated teachers union told them the white house was looking to reinvent public education for

american families. >> it's time, not just to return to schools as they were but rather as randi said to you in may, for a renaissance. the biden-harris administration told you that we were going to build back better. reporter: meanwhile a lot of parents are just hoping their kids can be back to school full time in the fall. according to "newsweek" magazine in mid-june, recall efforts targeted 125 individual members so for this year. most of those recalls are in california where the covid lockdowns were among the most strict and long-lasting. ashley. ashley: fascinating. anita, thank you. take a look at this headline if we can. divisive critical race theory spits on the civil rights movement. that is a strong headline. the author of that op-ed, florida congressman byron

donalds and he joins me now. congressman, thanks so much for joining us. you have a unique perspective on crt. you're a black father, your wife is white and your children are biracial and you oppose teaching crt. have at it. >> that is very simple. we shouldn't teach people that white people are somehow vastly more dominant because of our society and because of our culture. we shouldn't be teaching black kids that they are subservient. we shouldn't be teaching white kids they should subvert their whiteness. we shouldn't have critical race theory popping up in classrooms from california to new york and all points in between. we shouldn't have this divisiveness going on in the classroom. our kids are there to learn reading, writing arithmetic. they are there to expand their academic capability when they get adults they take over the reins of power around to

perpetuate the greatest country the world has ever seen. this divisive culture and rhetoric is really divisive and destructiontive of our country. we cannot survive in the united states of america, if we're teaching kids or even allowing kids to be exposed to rhetoric, ideology that pits white against black. it simply doesn't work. ashley: the teachers union, congressman is quite happy to push this saying those that oppose it are basically ignorant of why they're opposing it. that they're getting the wrong message or they're not understanding what crt is all about. even the mainstream media, cnn becomes very preachchy when it says clearly parents who oppose this don't understand. what do you understand about this crt, congressman? what i understand is every time there is somebody that objects to crt this is the language you get, oh, you don't understand. you need to be educated better.

that sounds like indoctrination to me. that sounds like reeducation to me. when you talk to professors, teachers that have seen this come into their schools, they say the same exact thing. if you oppose it, they try to tell you that you don't understand it, you don't really know what is going on. the truth of the matter is, people see division when they see it. they see divisive rhetoric when they see it. they see intolerance of somebody's whiteness just because that is what critical race theory theorizes. those types of ideologies and academic structures are just not good for our country. if people in high academia want to study that, let them do that on their time. that is fine. you can study whatever you want in the united states but when we're talking about what is in front of our kids, the third grade, the sixth grade, the ninth grade, parents, members of community have a say in that. it is not just the political left. ashley: right. that is a good place to leave it there. congressman, thank you so much for joining us this morning to talk about this issue.

we do appreciate it. watch congressman byron donalds cpac speech live on "fox nation" this weekend along with speeches by former president trump and many others. go to foxnation.com to sign up and stream cpac live friday through sunday. all right. that's that. now this, cnn as i mentioned scolding critics of crt saying concerned parents just don't understand what it is. oh, dear. let's bring in todd. todd what happened? >> cnn being accused of gaslighting portraying critics of critical race theory as idiots. airing a report that concerned parents just don't get it. take a listen to the biased set-up. >> do these vocal opponents of critical race theory actually understand fully what it is. >> no. why should they? it is an academic theory mostly taught at the grad student level. what they think it means teaching wide kids that all white people are bad and racist.

of course they're afraid of that todd: you see the attitude. cnn running a long segment on the morning show new day, mocking parents that protested critical race theory. earlier this week you recall the national education association, the country's largest teachers union voted to promote critical race they're riff arguing it is reasonable and appropriate to use crt in social studies classes. the move undermining a left-wing talking point that crt is not being taught to your children. ashley, if you're going to say it is not being taught, don't follow up saying it is going to be taught. that seems like a bad argument. ashley: exactly. that is a mixed message if ever i heard one. todd, thank you very much. coming up the white house encouraging american businesses to require vaccine passports. take a listen. >> there are a number of private sector entities, universities, institutions that are starting to mandate. that is an innovative step that

they will take and they should take. ashley: hmmm. so can the white house take it any further, like requiring it? we'll have the details on that straight ahead. but first, uneasy about buying or trading bitcoin, one company now has a bitcoin undo button. the ceo is here to tell us all about it after this. ♪ limu emu & doug ♪ oh! are you using liberty mutual's coverage customizer tool? sorry? well, since you asked. it finds discounts and policy recommendations, so you only pay for what you need.

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ashley: we just had this news in, the tokyo olympics now will take place without spectators as japan declares a covid state of emergency. the games set to start there on july 23rd with no spectators. i wonder if they will pipe in crowd noises like they did with european soccer? we'll have to wait and see. let's check the markets. the dow just off of session lows. it has been like this from the opening bell. still off 433 points. we're down close to 500 at the very opening of today's session. nasdaq, s&p, also down 1.25%. if we take a look at goldman sachs and home depot, goldman off 2 1/2.

same story for home depot. those two stocks shaving 125 points off the dow just those two stocks. just one of those mornings, right now. let's take a look at this if we can. scammers ripping off billions of dollars through a variety of cryptocurrency caps with even more people being scammed. listen to this, according to bloomberg from 2019 to 2020, the number of victims falling to crypto scams jumped 48% to an estimated 7.3 million people. this is an awful lot of people. staying on cryptos a software company has created a bitcoin undo button. it's a safety recall for people who are trading cryptocurrencies, say, oops, didn't want to do that, push the undo button. the ceo of caroba joins us now. what is this bitcoin undo button? is it significant?

>> yes. we are the first company that invented the undo button. the undo button, think about it, if you send crypto today, you made a mistake, no one to go to. there is no customer service. you woke up in the morning and said, like, one week ago someone sent 230 -- [inaudible]. he comes to us and how we can all we can because you can use our technology. but basically very frightening moments when you -- [inaudible] you cannot undo the transaction if you made a mistake. ashley: how is business, asaf? >> business is booming. to date we bought over one billion dollars -- and

$6 million people actually used the undo button to get the money back. we calculate that to the -- [inaudible]. basically it is about $35 million worth of cryptocurrency people save every day by using our technology. ashley: very good. you're based in israel, is that is that correct? >> yes. we're based in israel. yeah. ashley: so many tech companies come out of israel. it is fascinating stuff. thank you for taking the time to talk to us. we do appreciate it. we wish you the best of luck for the future. thank you very much. all right, we now have this all the way from, now this, white house press secretary jen psaki is getting some heat for pushing vaccine passports. what did she say, todd? todd: admitting vaccine

passports are not the roll of the federal government, jen psaki adding this. >> there are a number of private sector entities, universities, institutions that are starting to mandate and that is an innovative step that they will take and they should take. that is not, we're not taking issue with that. todd: some prominent institutions like the university of california system which is 200 to 300,000 total have implemented mandates. multiple states as you know, ashley, texas, georgia, arizona, alabama, idaho, have banned vaccine passports in some form. it will be interesting to see what happens in the courts when those two collide. ashley: absolutely. next one for you, todd. talking of masks, the faa is investigating an american airlines flight to the bahamas after a passenger refused to put a mask on. what happened? todd: we've got a little airline they said, i don't foe if that is the expression it is today. the investigating bahamas bound

american airlines flight delayed on monday by rowdy teens who refused to wear masks. the grads from winthrop, massachusetts, made smart mouth comments. sounds like something you do in '50s, to flight attendants asked to mask up. the organizer of the program for the teens claims the airlines falsely blamed the entire group for a single students refusal to mask up. the teens became upset after their peer was kicked off the flight despite a woman on the flight walking to the bathroom without a mask. seems like they wanted similar treatment. who knows ultimately what happened. a lot of hullabaloo to quote a word from earlier in the hour -- ashley: hullabaloo. i love that. pesky kids. todd: get off my lawn, ashley. ashley: yes, cool your jets. todd, thank you very much. coming up, one member of "the squad" calling to defund virtually all of our immigration agencies. i kid you not. take a listen. >> we must eliminate funding for cpb, i.c.e. and their parent

organization dhs they further continue to terrorize migrant communities. ashley: tearize, that word. else is left? texas congressman roger williams will weigh in the next hour on that. first, "fox nation"'s abby hornacek giving as you a preview what america's national parks have to offer. >> i put it in my left. >> not if you let go when she takes it. >> this is so fun. i love this. can i work here? >> absolutely. you're hired!. ashley: isn't that great. one hump or two. that is the joke. abby is here. she has the best assignment in the world. she will be here after this. ♪.

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♪. ashley: from the opening bell we've seen a market sell-off. the dow now off around session lows, down 504 points close to down 1 1/2%. nasdaq same story, s&p also. it is a selloff. concerns about the economic recovery. also seeing treasury yields tumble along with the markets. now this, as home prices reach an all-time high young professionals and retirees are turning to new housing options, renting newly-built homes. lydia hue is live in dallas, texas with a builder of a brand knew build to rent community. fascinating. lydia, are the rentals flying off-the-shelf? reporter: hey, ashley. you know what? they are. this is clearly under construction as you can see. they have 16 units become available, starting july 1st. they are already taken. it is a growing trend across the sunbelt region, homes like these in planned communities are offered for ren instead of sale

but they come with amenities usually seen in apartments. you have lawn care and landscaping, cable, internet, trash disposal. they say they have interests from millenials and retireees, some who can't afford a down payment. others say they're not interested in investing in homeownership. >> we see alternative asset classes for people to invest in. with robinhood around crypto, people are deploying their expendable income elsewhere and not necessarily investing in real estate. reporter: analysts say these rental communities are attractive to investors because they can collect a monthly stream of income and capture the appreciation on the property values which is soared during the pandemic. you know forecasts, ashley, show no signs, no signs of slowing in the construction of these single family build to rent communities. we've already seen tens of thousands built in the past

year. the estimates are that hundreds of thousands of these type of homes for rent will be built in the coming years. ashley, back to you. ashley: very interesting, lydia. if anything breaks you call the landlord you always have a nice thing to be able to do. reporter: exactly. ashley: lydia hu in dallas, texas. thank you very much. let's switch gears if we can. "fox nation" is taking us inside of america's greatest national parks like you've never seen before. take a look. >> okay. so they told us there would be some mud but i can't say i was completely prepared for all of the mud puddles we were about to hit on the trail. ♪. ashley: that looks just like a lot of fun. guess what, the host of "fox nation"'s park, abby hornacek joins me now. abby, a, what a gig you have, i know you know that. i will ask you a difficult question, do you have a favorite

park? >> come on, ashley, you can't ask me that question. just from the clip you saw, i have to say new river george national park is probably one of my favorites. it is our newest national park in the country. is expected to be the oldest river in the world. that is just one of the national parks we went to this season. we went to a total of five. i hope we he lighted the beauty of our country has to offer. also the things you can do as the country opens back up because of the covid pandemic. it is great to get outside, experience that nature. as you see from some of these clips, our country really does offer a lot. we highlight ad lot of these local businesses, when we do parks, we go to four or five businesses per episode. season five we did over 40. just to learn from them what they have been through over the past year, how they have kind of revived themselves and welcomed people with open arms to

showcase these national parks. it is truly incredible. ashley: it really is. i think i saw an earlier clip where you were taking a helicopter ride into the grand canyon, something i always wanted to do. what is that like. >> you have to do it. but if you can't watch parks. one of the self natural wonders of the world so you have to go. this offers unique perspective because a lot of people can only plan to go to the north or south rim. because they're about 10 miles apart as the crow flies. if you can zip line across that would be great. to drive, it takes five hours, it is about 215 miles. so if you're up in the helicopter you can see both the north and south rim. we talked about how the actual canyon developed which is a truly interesting story. ashley: fascinating. i would pay good money to see

someone zip line from one end to the other. i don't do well with heights. i get dizzy putting my socks on. abby, great stuff. tell our viewers catch the new season of parked on "fox nation." researchers released a new study on a four-day work week experiment. i'm all for it, todd. how did the study work out. todd: you don't need it if you have a gig like abby, traching around. but the rest of us, researchers in islander a four-day work without a pay cut improved productivity dramatically. they followed 40 workers reacting to 35, 36 hours a week instead of 40. productivity and services provided remained same or improved according to the study. workers well being dramatically increased across a range of

indicators from perceived stress and burnout and health and work life balance. that said, ashley. i kind of like coming to work. we were talking about staying home during the pandemic, i like coming. i like seeing people. i like putting in the hours but maybe i'm weird. ashley: you're a social butter butterfly, todd piro. you're an entertainer, let's be honest. i would like a four-day week work but that is me. coming upteens filling many open jobs around the country. i'm talking to the owner of one chain incentivizing people to work for him. it seems to be working for him. new research find surprising number of men lack even one close friend. what is the that about? we have the story after this. ♪

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ashley: welcome back, everybody. the selloff continues. dow still off about 500 points, down 1.4%. same story for the nasdaq. same store for the s&p. it's a broad-based selloff. all right, if you can, show me beyond meat. why? well they launched meat-free

chicken tenders in nearly 400 u.s. restaurants today. that stock up a third of a percent. so what's in these chicken tenders? a mix of faff have beans beans. somewhere stuart varney is rolling his eyes. now this, employers are turning to teenagers to fill the gaps amid the ongoing labor shortage. one franchise is hiring teens with added incentives to keep his business running. ceo, founder of curry up now joins me. good morning to you, kash. what kind of incentives are you offering to these teenagers? >> good morning. you know, things like obviously a huge work life balance with social lives and things like that. during the school year it gets to be with sports and after-school activities. we're very understanding to their schedules more than we are

with somebody mo is holder but you know, more than it is higher wages. you know we pay two dollars over minimum. we have got some mentoring programs for them. we've got you know, just, some finance management programs. some of them this is their first job. so you have to be very careful on how you take them in from never been employed before. maybe a babysitter or something. bringing them into the workplace. making sure we don't screw it up for these young guys. ashley: that's terrific. i applaud your sensitivity, if you like to these teenagers. are the incentives working? are you able to hire? >> you know, we've never had as many as we do now. so i think it's working. one thing the way it works it is a very social kind of aspect because what they do, they bring their friends or their friends friends, people from their schools into our work place which is i think terrific. they're not just working but

they also become fans of the food. the other social aspect of it is they post on snap, on snapchat or on tiktok platforms they mostly use about our food, about our restaurants, more than any other employee we've ever seen. yeah i think it is working. we've got 10 to 12% of other workforce and growing. ashley: that is terrific. i would imagine you had trouble hiring regular workers because so many people are not in the workforce right now. they got those extended benefits? >> yes. can't wait for those to end. yeah, we've got problems with about 70% of our restaurants. it is getting worse. it is the same everywhere i guess. ashley: wow. we wish you the very best. we applaud your efforts to bring teenagers into the workforce. you really giving them some pretty nice incentives as well. thank you so much, sir, for joining us this morning. >> thanks for having me.

thank you, so much. bye-bye. ashley: thank you. let's switch gears now. survey found, did you see my background go to black? that was very ominous, was it not? i digress. changing gears, a new survey found more men are suffering from friendship recession, todd. what does that mean? todd: did they do the sad trombone? wow, they did the sad trombone and made your background not your friend by making it go away. got one heck of a tech team, here. we've got here, ash, a loneliness epidemic, with nearly one in five men admitting not having a single close friend. want me to pause again for the sad trombone? there you go. ashley: that is so sad. todd: survey on american life which i get all my news from, number of men without a close friend up to 15% up from 3% in 1995. those claiming to have six close friend plunged to have down to

half by 2%. men and women, 59% of americans, men and women can identify one person as their best friend. that is down from 77% in 1990. this is sad. ashley: that is sad, sad trombone and all. part of my problem i moved a lot. i'm in an industry where you moved a lot. it is difficult. i not only moved around the country but i moved countries makes it hard to hang on to long term friends. those numbers are quite shocking. >> here is another reason. antisocial. very antisocial. if you're head is down in this thing all the time you don't meet people. ashley: you're absolutely right. todd, you are a smart man. thank you so much. another big hour coming up. we have texas congressman roger williams, "wall street journal's" dan heninger, elizabeth macdonald and kevin sorbo. my oh my. what an hour. stick around. ♪.

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>> the institution should infringe on the rights of americans a free-speech and the powerful institutions are no longer under the us government but the tech companies. exception 230 has not been thoroughly challenged in the

courts which gives a lot of protection. >> the market insists on 7 straight record highs. very natural to have a little pull back. >> corrections do happen and markets do drop every now and then but before we explore the economically sensitive areas topping one after the other. >> you historically have a 5% pullback is once every 2 years we get a 10% pullback so we have had a big recovery, a whole year's gains in the first 6 months. quite normal to get some setbacks occasionally. ♪♪ ashley: new york city on thursday morning. how about a little kiss? it is 11 am on the east coast.

i am ashley webster in for stuart varney. markets sinking on concern of a global economic recovery. read across the board, the dow up 500 points and the tenure treasury yield hitting its lowest level since february. take a look at this. one.28%, down almost four basis points. let's look at bitcoin. that has been moving lower, the cost of bitcoin down $2,000, 32,$670. weekly oil inventories breaking down 6.7 million barrels, the seventh straight week of decline, shows the demand is there. the price of oil static at $72 a barrel. good time to bring in heather, good morning to you.

economic growth concerns, we mentioned growth concerns, along with the 10 year treasury yield tanking. what do you make of this? >> i think it is a technical move and investors have become so used to having the stock market go up every single day, if you put today's move into perspective it puts us back where we were a week ago. i don't want to diminish when you see a plus one% loss in the indices across the board. it is worrying the headline number but when you put it in perspective being back where we were only a week ago it is not that bad. stuart: ashley: we have been spoiled is what you are saying. i had an analyst say the market is looking topped out two months ago so this is a healthy development for the market. would you agree? >> i do think so. a lot of people have been waiting on the sidelines with cash waiting for some sort of

pull back and a one day move is not enough. even a 10% correction in the stock market is warranted at these levels and when you see the 10 year pullback to the lowest levels we have seen in many months it is also a telling sign of global growth and a slowdown in the economy that we've had a booming rebound in this reflation trade because of the stimulus but when the fed stops buying bonds of the government stops printing trillions of dollars let's see what the economy can do on its own without all them artificial money printing going on. ashley: china cracking down on domestic companies traded on us exchanges. how does this come back to hit investors? >> if you look at ali baba,

$0.10, just those two alone, a $2 trillion market when you include didi. it is a combination of two things, china is telling the biden administration don't mess with us and virtue signaling that as a political and economic power grab and the chinese communist party wants to keep tight control over the private sector. it is about data supremacy and data control around the world and it doesn't look good. the us stock market represents a piece of the uncertainty and how globally interconnected we are around the world. ashley: you are still bullish for the second half of the

year? >> waiting for a pullback and once we get that pool back, reopening of the economy, fears of delta emerging variance go away, then positive. all signs go straight ahead. ashley: thanks for joining us. okay, switch gears why don't we, following a surge of violence over the fourth of july weekend officials in california say the state is experiencing a safety emergency. as a new yorker dealing with the same issues, one who is doing something about it? >> one estimate says the people shot over the fourth of july weekend, we are outnumbered.

got to look at the underpinning policies that led to this. why defund the police at the same time you're defunding border security, illegal weapons, flooding into us cities and here is the thing. interesting data point. newark, new jersey's police department did not file a signal shot last year because they were busy getting illegal guns off the streets. you need the cops to do that work so you hear crickets, silent out of the democratic party about defunding the police. we hear many police officers and i have firemen in my family, i have no more moral authority than the next person. i don't. i'm reporting back to you what they are saying. they are saying cops should be paid more. they should raise their wages and their salaries because of what they are dealing with on a daily basis. when you see people on msnbc

talking about defund the police without the context of violent crime hitting black neighborhoods disproportionately these people are essentially saying this is journalistic malpractice. this is why their ratings have plummeted by 2 thirds in many instances because they are not reporting the proper context. now you have a house often saying talk about shootings happening inside our urban cities and what is happening there. again and again you see this conversation going on but alexandria ocasio cortez calling this hysteria. people out there, if you had to walk in their shoes you wouldn't want to get out of bed the next day. ashley: there is not enough money these people could be paid because they have to put up with so much on a daily basis. i want to get into this story. the washington post actually

fact checking biden officials. they gave him three pinocchios claiming republicans are the ones trying to defund the police. does that help to change the narrative of this? when the democrats said that, when the white house said that it was let met with a large laugh. >> because the american rescue plan, nowhere in that legislation do you see the word police, law enforcement or crime. it is not in there. jen psaki, the white house press secretary said you can use the $350 billion to hire more cops. this is after-the-fact reengineering of trying to backpedal on what has gone on in the past. nixon won reelection because of rising crime. what we are seeing, joe consciousa pointed this out the

president never mentioned rising crime, violent crime, police in his not inaugural address, his joint session to congress, in his dnc speech. now that you are seeing backpedaling going on you are not hearing those words that the gop defended the police. in media and out of the white house. this is after-the-fact reengineering of what is going on of the narrative. ashley: very good way of putting it. thanks for joining us, really appreciate it. great to see you. you can catch liz weeknights at 6:00 pm eastern on the evening at it, a terrific show right here on foxbusiness, be sure to check it out. take another look at these markets. lauren simonetti, you are following boeing. >> reporter: when we started the show the dow was down 510 points and now it is down 386

because boeing is coming back a little bit. is two reports. russian company canceled orders for 20 boeing 737 max jets and a report the china's first passenger jet is nearing approval to start commercial flights, that is not good for boeing. let's look at ali baba these shares hitting a new low almost 4%, the us lifted chinese firms are plunging against the day as fears of a tech crackdown grow in the wake of the didi band. wd-40, don't know if you use it more during the pandemic for the bicycle, the lawnmower but they raise full your numbers and the ceo says if you use wd-40 to fix anything squeaky you are probably a permanent user. ashley: a remarkable product, works everywhere. this story, google facing a

lawsuit over issues with its place store. >> reporter: 36 states, they maintain a monopoly with their place store because they forced apps developers to use it and then pay up to a 30% commission on any sale of any digital service or good. this is google's defense. are android phones allow other apps stores on them but this is one of many lawsuits google faces, two other antitrust suits allege going after their ad business, their search business, now you have the place store, congress deciding if they should break them up. with all these lawsuits and challenges the stock is only down one%. it is up 44% this year so we will see if any of these lawsuits have teeth. ashley: good way of putting it, thank you very much. now this question. has captain america succumbed

to woke? the superhero says the american dream isn't real. kevin sorbo here to react on that. squad member rashida tlaib doubling down on her calls to abolish ice. role tape. >> we must eliminating funding for ice and parent organization dhs, continue to terrorize the community. ashley: terrorize communities, are you serious? we will take that on next. ♪♪ let me go ♪♪ rush hour will never feel the same. experience thrilling performance from our entire line of vehicles at the lexus golden opportunity sales event. experience amazing at your lexus dealer.

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ashley: the migrant surge continues to get record high levels, the migrant facility in donna, texas. has the heat wave been deterring the migrant at all? >> reporter: nothing has been deterring the migrants. hundreds of migrants building across the border and what we are doing is we are live in front of the infamous federal detention facility in donna that was severely overcrowded earlier in the year and it has really exploded in size. take a look at the video we shot yesterday. we show this every day like clockwork. every morning we see hundreds of migrants spilling across the border and being apprehended by border patrol, they get packed into buses and taken away. the question is where they going? this is one of the locations they are being taken to. look at this photo right here. this is where the donna

facility was first built, this photo was taken february 2nd, a few tents in a dirt lot. look our live fox drone overhead so you can see how much this complex exploded into what is really a tent city, huge parking lot, hhs has built facilities here as well, certainly not the dirt lot with a couple -- this was built to house unaccompanied minors and family units and because of the surge at the border you see how much they had to expand this facility at a time when covid cases are shooting up in facilities like this. since april there have been 7000 covid cases in federal detention facilities like this one. back out here live what we have been witnessing all morning long are buses full of migrants coming and going every couple of minutes and that plays out with what we have been seeing at the border in la jolla. buses full of migrants being

shipped out. it is unclear where these buses are going when they leave the facility. maybe the airport, maybe an ngo but every few minutes and the signs of this conflict show how serious the surge has become. ashley: some remarkable pictures gives a sense of the scale of this. now let's take a look at this op-ed which reads biden's border crisis looks even worse in person. that was written by congressman roger williams, republican from texas who joined me now. okay, congressman, you visited the border with governor abbott and donald trump. what did you see? >> i've been going to the border since 2005 and it is worse than i have ever seen it now. it is what you're reporter talked about. we went to the wall, the wall worked, catch and release doesn't work. we need to rebuild the wall.

go down and there are gaps in the wall and people come into the gaps. there is no stopping them. border patrol is overwhelmed and there is no stopping coming through the gaps and like you say we are taking them to places at night to places that are unknown, it is a really real problem and should not be political, we need to rebuild the wall, get it where it needs to be, stop catch and release and otherwise you see the numbers, over 1 million people coming across the border already, over a year, could be 2 million people and we don't know who they are or where they are. ashley: the worst thing is this is enabling the human trafficking, the drug trade, giving the cartels all sorts of power, they are making a ton of money off of this and it is all to the policies that president

biden put in place and doing everything donald trump did and this is the result. >> he didn't want trump to get any credit. this is not a credit thing. drug traffickers, sex traffickers are running everything and the drugs alone are coming into our country, they will destroy and kill a whole generation of young people in this country and the stories about the 2-year-old baby, 6-year-old children who don't know where their parents are is tragic. we need to secure the border, have more judges, get folks turn around and get home where they belong because it is serious and there is no end to it right now. ashley: thank you. sorry it is so short. thanks for taking time to chat with us. i want to stay with the border. the so-called squad is renewing calls to defund our border agents. why this time?

>> reporter: he was commenting on president biden wanting to increase technology used at the border. we are seeing hundreds of thousands of illegals cross. she wants the opposite. here she is. >> we must eliminating funding for ice and their parent organization dhs. these agencies are inapt to commit the guide migrants through the immigration system and further continue, they further continue to terrorize migrant communities located with our community. >> they are coming here illegally and we are terrorizing them. we don't have the manpower to stop them from crossing so what is wrong with using technology to help us out? ashley: exactly. it is an absolute mess. the white house is encouraging private companies to use vaccine passports. >> there are a number of private-sector entities, universities, institutions that

are starting to mandate innovative steps they will take. ashley: is a vaccine mandate good for business? first a shortage of pilots could disrupt your summer travel plans. we will take you to an aviation school trying to train the next generation of pilots right after this. ♪♪ my retirement plan with voya keeps me moving forward. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. ♪ ♪

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ashley: the late great tom petty, learning to fly. that is los angeles international airport, beautiful sunny day, 69 degrees at 8:30 in the morning. as summer travel is picking up airlines, we've known about it this we, are seeing a shortage of pilots. jeff flock is at the western michigan school of aviation. it is going to take a while to get some newly minted pilots. does this mean more delayed flights in the meantime? >> reporter: unfortunately it

does. it takes a while to get up to speed as a pilot. that is what we want. we want plenty of experience and that is what they are getting at western michigan university. that is a donation of an old 727 from fedex. on these planes, cirrus sr 20s. this is a whole fleet at them. you wonder why there is a pilot shortage. ' of pilots driven by an aging workforce, mandatory retirement age which means you got to stop flying at some point him a few were military pilots are coming in, retirement was encouraged during the covid outbreak because they thought they weren't going to need as many and it cost a lot to become a pilot and take some time. you are a graduate instructor here. why do you want to be a pilot? >> i always wanted to be a pilot, something i have been really interested in. i love getting people to their destination, meeting up with family members. everyone has a place to go in a story to be told. i love connecting them.

>> reporter: a lot more people out there these days. hiring is on. you are in line to be hired. look at the numbers. from various airlines, delta has 1000 pilots by next summer. you are in line for that. >> that is correct. i'm part of the delta pathway program. once i get my hours at western art will go on to a regional airline and then i have basically a pipeline to get me through to delta airlines. >> reporter: not only delta is hiring but american, they had to cancel flights because they don't have an of pilots, 900 by 2022 and united will hire 10,000 pilots by 2030 and half of those will be either women or people of color. big hiring on but in the meantime might be tough to get a seat. ashley: thank you very much. interesting stuff. now this was president biden's plan to put a wealth tax in place could be losing a little steam.

let's bring in dan heninger, wall street journal guy, great to see you. could the president's tax hikes be dead on arrival or is that overstepping it a little bit? >> reporter: dead on arrival might be an overstatement but a lot of those tax proposals seem to be encountering if i may extend the metaphor head wind, slowing down. it is because a lot of people in congress including democrats are taking a look at the proposals and wondering what the real world effect will be on tax revenue. give me one example, president biden wants to increase on people with incomes over million dollars, increase the capital gains tax from 20% to over 39%, but hold on a minute. capital gains are producing a gusher of revenue for states and the federal government,

money from capital gains taxes is simply pouring in because of the stock market boom, in part because of the fed at 0 interest rate but also because of what your frequent contributor art laugh or has always argued that if you lower tax rates you will get more economic activity and therefore more tax revenue. i never understood why democrats don't just take the money and run, but they see the tax revenue coming in and i think they are having second thoughts about president biden's basically class warfare rates of taxation like 39% and i think that is white is bogging down in congress. ashley: i want to get to your new op-ed titled welcome to the equity war. you say republicans running on culture while democrats press economic that you say it is basically a swamped campaign

tactic. my question to you is that good or bad for republicans? >> reporter: it is not good for republicans. it gives republicans an opportunity to join the battle but the democrats and president biden are taking it to him. as we know president biden produces executive orders like a popcorn machine and one of the most recent was on diversity, inclusion, equity and accessibility. forget all those letters, focus on one, equity, that is an economic issue and they intend to force the gap or disparities as they call them between those who have more and those who have less with executive authority and legislation. example we have been talking about and i'm sure you have danielle and just got the group of 20 nations this past week to agree on global minimum corporate tax rate of 15%. that is the way they are going to produce equity and the republicans are in the culture war, they have to join the equity war and fight back

against these economic forays by the democrats and president biden. ashley: great stuff. we have to leave it there. thanks for joining us, appreciate it as always. dan heninger, the wall street journal guy. let's look at the dow 30, 28 stocks down, two up on the dow 30, the two moving higher. let's focus on those. ibm and nike, i just jinxed it, nike moving, ibm, big blue standing out in a pool of big red. ibm is up after announcing they will acquire the hybrid cloud consulting firm box boat technology. in a day stocks are heading south, ibm gaining 0.6%. investors like it. we now know the white house's position on vaccine passports for private businesses. we are getting to see behind the curtain. what are the details? >> reporter: the vaccine

passport will not be mandated but welcomed by the white house, listen here. >> there are a number of private-sector entities, universities, institutions that are starting to mandate and that is an innovative step they will take and they should take. maria: some of those entities are encouraging the white house to standardize a vaccine passport which they will not do. 16 republican states say absolutely not. that includes florida, georgia and wyoming where they have the honor policy, the honor system. ashley: following up on this, the minneapolis fed is requiring employees to get the jabber. >> reporter: starts next month, 1100 workers have to be back in the office and to do so they have to get vaccinated. if you do not have your vaccine you lose your job. they will make exceptions for those who medically can't get one or they hold strong

religious beliefs. minneapolis's president said what we heard from so many banks and other employers, in order to fulfill our mission we need face-to-face contact and you can't do that over zoom. those nice six figure jobs that are remote only are not for all companies. ashley: thank you very much. i want to mention this was on july 21st at 2:00 pm eastern charles payne will be hosting proud americans from the military to the marketplace. charles is going to be joined by fellow veterans and taking questions from veterans overcoming the challenges of investing and reentering the workforce. if you're a veteran with a question, email investedinyou@fox.com and charles might answer your question live on air. would you take a cruise for four months?

one cruise line is betting on it. we will tell you about that coming up. a long time at sea. marvel has released a newly woke captain america challenging the american dream. kevin sorbo sounds off on that next. ♪♪ ♪♪ an american girl

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ashley: you make my dreams come true, the mile high city, denver, colorado, sunny, 81 degrees in denver this morning. now this. marvel has newly woke, has a newly woke captain america. and the newest comic the superhero argues that the

american dream is dead. i said that. the american dream is dead according to captain america. the first american dream is the one that is in real, it is one that some people expect to be just handed to them when the truth is it never really existed in the first place. other cultures, immigrants, we are at our best when we keep no one out. a good dream is shared. shared with everyone. when something isn't shared, it can become the american live. that is captain america. let's bring in kevin sorbo. what do you make of this new woke captain america? >> we keep reaching new levels of insanity. it is obvious america is a great country. in a further example of lies from the left. i agree with what dean cain said earlier. america blasters out there need to spend time in other countries.

people are not spending time uprooting themselves to make the trek to keep wanting to come to america. if they knew it was going to be as bad as where they were leaving wide we have so many people in the world who still wants to flock to this country? i look at hollywood and the public education system and they are purging us. walt disney said in the 1950s movies and television will influence our youth, look at what is going on in the streets across america today especially in all the blue states and cities and all the anger and hate and violence going on out there. there are more actors like dean cain or matthew mcconaughey who deliver a great speech for the fourth of july saying we have more in common than we know. mainstream media, a lot of people out there that think the way that i think, it is a pretty good place to live and to come to to pursue your dreams, this country was built

on individuals, not big government. ashley: that is why everyone wants to be here. it feels like there's almost this culture of apology for who we are. even the american flag has because double not for greatness but our history of racism. this is very pervasive especially for younger people, young kids who are very impressionable. >> you can't cure stupid, starts from kindergarten through universities going on and accelerated over the last 25 years it. that saddens me people think it is a horrible place. i don't see anybody taking votes from key west to cuba. i don't see anybody rushing, people think this is a horrible country need to spend a year in other countries where they

think their utopia is. find out what socialism and communism really is about. ashley: surely the silent majority do not have these feelings at all. >> the mainstream industry in hollywood, i'm staying busy with independent movies since hollywood gave me the boot, free movies coming up this summer, i'm in the reagan movie, one week left on that. the next left behind movie, thank god i am staying busy because of my hard work. not getting handouts from the government or hollywood. ashley: thanks for taking time out. we appreciate your input. >> appreciate talking to you anytime. thank god for what you are doing. ashley: speaking of marvel. after a 13 month delay black widow will hit the theaters,

disney plus premier access tomorrow. >> two years since the marvel superhero flick. expecting a record global box office between 80, and $110 million, that would be more than f9 which was the ninth fast and furious which record $70 million in its debut, the cost to stream black widow, $30. pent-up demand for something to see will get a lot of people. robert: ashley: you go to the movies, $30 will cover it. switching gears maybe i should go on this for an assignment, a new world cruise that will last 132 nights. >> they are taking reservations for four months at sea starting wednesday. 35,000 not a call miles covered, 31 countries, the

starting price 74,$000. if you want a personal butler, 200 grand. my first question. how do you go to 31 countries during covid? the ship doesn't set sail until 2024. so hopefully it won't be an issue. you asked before the break would you take a four month cruise? would you? i wouldn't be able to fit off the ship, all the weight you gain, four months of nonstop eating. ashley: that's a lot of buffets. got to like your co-passengers otherwise you could jump overboard. thank you very much. now this. the university of miami quarterback derek king is the first college athlete ever to sign an endorsement deal. i will ask him all about it next. ♪♪

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ashley: all right, you are

looking at the mercedes-benz superdome where the new orleans saints play, cloudy, muggy, 83 degrees in new orleans this morning. now this. the eric king quarterback of the university of miami wasted no time after the ncaa cleared athletes for profiting off of their name and image, he's now the first ever college athlete to get endorsement deal and he joined me now. good morning. tell me about your deal, this makes me laugh, with college hunks hauling junk. how did that come about? >> we talked for a couple days, no research into core values and talking about that, to happen. ashley: we are a financial program. people want to know, is this a

big million dollar deal and what do you have to do for it? >> don't know if it is a million-dollar deal but on social media, the company. to make it that. ashley: you must be very happy with this. for a long time we know people have profited off of people like you, your name, your image. do you think the ncaa has done the right thing and provide you with some more financial opportunities? >> in the past, the possibility is a big help not just for myself but to fight this game, excited to go on. >> good for you.

i did to ask about dream field, adventures with someone else, you put live events for student athletes, how did it work? >> a mobile apps to sign up and check the price and make your own price to use our apps. it makes everything that much easier for contacts and everything to people, wanting to make a lot of things easier for college athletes. ashley: that is so good. we are only in the beginning of july. gearing up for the season not far in the future how are you feeling about the team? >> i feel really good. to be going to camp.

ashley: very good. we wish you the best of luck and thanks for joining us today, thanks for being here and good luck to you off the field and on the field, let's check the markets if we can. let's look at this. we are off 500 points at the beginning of the session an hour and a half or two hours, now we are down 255 points, pairing the losses is what we call it, the major indices below or not below one%. they are below one%, losses for all three major indices. as for the nasdaq, csx, the railroads, regeneron pharmaceuticals down 2% but overall downward pressure are starting to lose momentum. we are coming back in a little bit. now it is time for thursday's trivia question. which planet has the strongest gravity?

think about it. i haven't a clue. the answer when we come back. inflation rising and currencies falling. but i've seen centuries of rises and falls. i had a love affair with tulips once. lived through the crash of '29 and early dot-com hype. watched mortgages play the villain beside a true greek tragedy. and now here i am, with one companion that's been with me for millennia; hedging the risks you choose . . the gold standard, so to speak ;) people call my future uncertain. but there's one thing i am sure of...

that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum!

♪. ashley: welcome back. we just asked you which planet as the strongest "gravity"? the answer? pregnant pause, jupiter. gravitational pull by the way is 2.4 times jeonger than earth. which means if you weigh 100-pounds on earth you would weigh 240 pounds on jupiter. i did the math for myself.

it is not pretty. we'll leave it at that. look at markets speaking of not pretty. we were down as much as 500 points on the dow. we managing to half the losses. 250 on the dow. nasdaq down more than 100 points. big tech struggling and the s&p up 43.22, down .8 of a percent. our time is up. neil cavuto, take it away. neil: ashley, thank you very much on that. we're focusing on those low interest rates, dramatically low interest rates. a lot of us are looking at the 10-year note for a long time, particularly on this show, it was defined what is going on the inflation front. it's a bit more worrisome. the yields keep falling in the face of higher prices. some folks are beginning to wonder whether it is telegraphing something more serious like an economic slowdown or even worse. way too soon to say. aberrations are sort of common