>> hearing the story makes me feel very good about coming over my spam folders in my various e-mail accounts very closely. i felt like i had an ocd problem but now i feel justified and i will continue to do it. maria: a good topic to address tomorrow, dagen mcdowell and mike lee, have a great monday, "varney & company" begins right now. stuart: just remember the government lotteries are the most efficient way of tax import people. good morning, everyone how we got news for you, real drama the first thing on monday morning no rebound for stocks after the disastrous start of the year, no rebound of the opening bell the dow will be down close to 400 points, that is better than 1% of the s&p 500 which was down 7% so far in january down another

68 points that is 1%. and the nasdaq down 12% this calendar year down another 272 points as of this morning, where is the debt buying, dramatic selling and crypto as well and looks like they're moving in tandem with stocks bitcoin doesn't look like a store of value, price this morning $33000 according interest rates are down but that means there is a flight to the quality of ten year treasury the yield at 1.72%. this may be a factor in the selling. biden is considering sending u.s. troops to eastern europe more ships to nato, americans in ukraine urge to leave and the brits suggest prudent is about to replace zelensky, the ukrainians are challenging again iranian back fired missiles at all but dobby, the center of the oil patch an american ally in

china flew warplanes close to taiwan, again. our rivals and enemies are squeezing us. a very big day monday january the 24th, 2022 "varney & company" is about to begin. ♪ ♪ ♪. stuart: we gotta get straight at this on monday morning a great deal of red ink, left-hand side of your screen down 400, nasdaq and 300 points. jason katz is with us. our viewers are down ten, 15, 20% in their 401ks. what is your outlook for the market as of this morning? >> this is a humility driven correction. it is about time that people realize that investing is not easy and this is the seemingly overdue and healthy correction,

the problem is people are not only cutting their weeds, their cutting the flowers a lot of the so-called aspirational stocks are being sold and with good reason except a lot of the quality names are leveraged and collateral for those who bought those on margin not to mention the fact that a lot of the stocks live in the same exchange traded funds. the sentiment pendulum always swings too far and we are swinging too far to the downside and i expect will have more downside before we find equilibrium. stuart: this week microsoft, tesla and apple have all reported all this week, could they put a floor under the market? >> i think so, last week three quarters of the companies that reported actually be revenues and earnings by 5%. this week we have 90 companies reporting in the s&p that account for nearly a quarter of the market cap of the entire

index. you better believe this week will be a very big tell. i do suspect the numbers are going to be very good. but probably not as good enough to get us back to remotely where we are but to find our footing, that's what we will find in the latter part of this week. stuart: just looking at those numbers apples at 159 the high was 182, microsoft at 292, the high was 349 and tesla the high was 1243 and now it is 889. last question do you think the russian situation is having a negative impact now on the market? >> yes it's grossly underreported, last monday we talked about china shut down being underreported. any invasion of russia will be felt across the market. it will cause a flight back into bonds which is exactly the opposite of what the fed is looking to accomplish here. what they want the yield curve to steep in what about inflation this will further fan prices and

oil ukraine is the third largest exporter of corn in russia as far as grain is concerned is what are the exporters i think this is underreported and largely why we sold off on friday and this morning. stuart: thank you for being with us it appears we are in selloff mode. crypto also took a big hit over the weekend. there is more selling as of today. take us through it. >> i'm looking at the level of 33000 for bitcoin, since november 6, 9000 and change quinn gekko says 1.3 trillion every since november. you're now seeing either as well as bitcoin, they are trading at the lowest level since july. some are talking about the crypto winter to keep test today you just spoke about them the fed starts tomorrow and then the big earnings from the tech players apple, microsoft and tesla we have seen crypto currency trade insync with the tech sectors.

if you have higher rates and potentially disappointing earnings from the highflying tech names that is not good for crypto currency one seen against inflation ironically. stuart: using the new fox pulse, looks like the president is taking hits on all fronts. what'd voters say about giving the president a second term? lauren: in a nutshell don't bother to read again. 36% said they would reelect president biden but 60% would vote for somebody else. he's an unpopular president and that's increasingly within his own party. if you looked at the decline between his first 100 days and his first year the disapproval rating went down so much, entirely by democrats. that is a big problem. as for congressional elections the message to republicans, we do not get too cocky because america is pretty split when it comes to who they vote for in the district, democrat 43,

republican candidate 44% that is pretty even right there. stuart: let's get back to the russian situation the state department is warning to leave ukraine russia is threatening invasion but the president is undecided and will decide whether to send troops to eastern europe it is considering restricting computer trip exports to russia. the president has his back against the wall, is he now toughening america's stand. >> he really does have his back against the wall and a big reason he has his back against the wall is because of the domestic things that you've gone through. a desperate politician in america can make very, very dangerous very bad decisions and that's what we're looking at right now where you have this malaise on the domestic front and the administration is trying to look anything to distract from that it is a very good

thing, the problem is if the president does commit troops and we do wind up in hot water with russia it is going to make all of these problems that he has on the home front much, much worse. stuart: he is toughening his stand, all of his advisors got together i believe overcame david over the weekend and they got to do something so they come up to send u.s. troops not to ukraine but eastern europe while planes and ships to nato and possibly restricting ship exports to the russians. i would call that a toughening of stand because they have tried this point. >> absolutely, this is the whole reason you should have a strong stance from the beginning because you don't want to wind up in a situation like this but joe biden did not do that but the real problem here president biden has yet to go to the american people and explain to the american people what it is

that is our vital interest in protecting ukraine borders from a russian incursion in the first place. while there might be a sugar high bump in the polls by doing something like this, the problem is the long-term result is going to be disastrous for the president because the people do not understand why it is were going to go to war in a far foreign place around the world in the president he was weak and desperate commits to that in very short order the american people will turn on it and he will wind up in far worse political shape. stuart: you think this president is prepared to go to work and have american troops firing at russians. i have a hard time expect enough. >> i'm absolutely terrified that a situation like this can get out of control. when you see the weakness that this president has displayed on every front so far, i think he

could wind up in a situation where he cannot prevent that from happening and i am terrified of that. stuart: a dangerous situation iranians have attacked abu dhabi and the chinese have thrown their warplanes over taiwan and russia threatens invasion, dangerous times. i think the market reflects these dangerous times, will you look at this the dow will be dodwell to the 400 points, 1.3% the nasdaq down over 300 that is better than 2% again and the s&p is down 1.7% premarket. now will close with the red ink flowing before the market opens. carjacking increasing in the big cities nobody safe not even politicians. d.c. council candidate carjacked at gunpoint in broad daylight. dr. fauci outlined in the best scenario for covid over long-term.

rotate. >> it gets down to a low level that it is essentially integrated into the general respiratory infections that we have learned to live with. stuart: learn to live with but what about masking vaccine mandates do we have to learn to live with them as well. i will ask doctor marc siegel after this. ♪ your record label is taking off.

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reading call across-the-board, down 300 on the dow, 250 on the nasdaq the selloff continues this monday morning, next question are we reaching peak covid, jonathan serrie is with us, do doctors think we fit the peak already? >> there is growing optimism that we will be in a much better situation going into february cases already show signs that they are peaking in areas hard-hit by omicron early on in the winter surge, federal health officials say that's a good sign the nation is headed in the right direction but they caution different regions in the country that will recover at different rates. ultimately they'll go when the same direction and there may be a bit more pain-and-suffering with hospitalizations in those areas of the country that have not been fully vaccinated or have not gotten boosters.

the american academy of pediatrics reports covid cases among the u.s. children have spiked her medically across the united states with nearly 1 million cases reported in a single week that is four times the peak of last winter search, the virginia governor glenn youngkin executive order took effect allowing parents to choose whether they were basks in schools are group of parents have sued to block the order over safety concerns. >> i do find it to be an extraordinary statement of irony that we are seeing lawsuits filed by people because the government is not telling them what to do. we are encouraging people to take responsibility and make their own decisions. >> speaking on "face the nation" scott gottlieb said he believes more parents would embrace the idea of masks and schools of

administrators starting out set a certain benchmark saying if you get case numbers or other metrics down to a certain level the masks can come off. he gives parents the idea that these things are not here forever. back to you. dr. fauci is talking about a long-term return to normal he said the best case scenario we learn to live with covid, doc siegel is with us. what is normality returned to normal what does that mean does that mean we have to wear masks and get a shot mandated in shots forever. >> the keywords are mandated i would say no and i think that you are starting to see the return to normal in other areas of the world places where there is a decoupling in the high case number below hospitalizations and load deaths like in portugal and israel even started to happen the united kingdom restrictions are being removed the point that doctor gottlieb made that he just quoted is

hugely important you need an endpoint you cannot say masks forever, mandated vaccines i don't think any of that works at backfires his big government i think people can be reasoned with and there's a lot of evidence out there that use of this vaccine if you're properly boosted increases your risk of severe infection dramatically decreases the hospitalization rate and death rate that is how you talk to people. if you mandate against their will they rebel and a backfires, that's what's been happening talking down to people. stuart: later in the show i will editorialize and say it is time to wind down mask mandates and vaccine mandates now, are you with me? >> i am with you on that i was in a coffee shop and some woman was wearing a cloth mask thinking she was doing everything to protect herself and those around her screaming to the top of the mask not covering her nose that is typical, these mandates are ridiculous because nobody

understands what kind of mask they're supposed to wear and how to where it. i have a tutorial mask mandates do not work in as far as vaccine mandates art is concerned have not worked where we have a 63% vaccination rate will have to figure out another approach we have to figure out a way to explain the vaccine and coming down the pipeline the more people will take. stuart: i see in israel 72000 covid cases last week, that is a record, what are the most vaccinated countries in the world. doesn't that destroy the vaccine mandate argument and record infections. >> it destroys the vaccine mandate keyword mandate, you can get vaccinated, he could get boosted and recover from covid and get immunity and still get it israel is seeing enormous a number of cases but you know what they're not seen they are

seeing the hospitalization still under 500 and the death rate 10 - 15 patient today compared to where the death rate is about 2 - 3 thousand it is a much bigger country. my point the vaccine works but mandated it on public safety doesn't make any sense his presence anyway and how are you protecting the public sector but mandated anything that doesn't prevent spread. i agree with argument. i think the vaccine works to stop hospitalization and death. we appreciated we will see you again really soon. researchers are studying lasting impact from the first wave of covid they're focusing on people who have lost their sense of smell. lauren: that's a common symptom even with the current wave sweetest researchers a hospital workers who were infected at the

start of the virus before vaccination were even available. half of them a distorted sense of smell indicated that for some people it is likely permanent. long covid one of the symptoms that you will have to live with for a long time. it would be a nasty affliction. stuart: part of your life. we can't go too far away from the market. we will cover right now not good news first thing on monday morning more selling down 400 on the dow, 260 for the nasdaq the opening bell is next. ♪

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♪♪ stuart: red ink still apparent down 400 for the dow, nearly to somebody on the nasdaq, he fits joins me right now this reminds me of the 1970s, i don't know about you but i was there strong inflation, easy money for and pressure, it did not end well. >> it did not i remember a lot of market participants who today have never lived through that and do not understand the

history, if you recall, i'm sure you do inflation begin at 2% the late 60s and mid 70s and finished reported in half in the 80s we had easy monetary policy never responsive government and coincidentally with the soviets going into afghanistan in 1979. flip all that around, here we are today. >> the response was the federal reserve jacked up interest rates dramatically and quickly and you have an awful recession. could the same thing happened again. >> i think that is the case i don't know how much intestinal fortitude chairman powell has to make that move but i would argue he let the cat out of the bag he cannot put the genie back in the bottle to use both expressions. i don't know what is going to do. if that is your outlook are you sure you're not buying stocks these days? >> i am an aqua divided they get a hurry i will split my package up and i will slow it down. the other thing that is

characterized is a rapid climb out of that it led into one of the most prolific bull markets that we seen in a long time anybody who is not identifying companies who are going to be here in five or ten years i think it is doing themselves a disservice, it's one thing if you need the money in the next year or two but three to five years out the odds are dramatically in favor of buying even if there is more selling today. >> we are still talking in terms of interest rates and inflation as hurting the market. talking about a bit about that is not helping. >> as a matter of fact i think this is the single overriding concern i don't think the fed matters and earnings they could put multivolume under billion-dollar in front of them and i don't think of, for gas. what is a hedge against war talk. >> i think a hedge against that is good to be great companies

making stuff to be chevron for example tied into oil markets that will be like general mills for example tied into food that is going to be companies that are away from any of the speculative aspirational choices there will be companies that make money. stuart: apple, microsoft, tesla, tell me the big three of the big five, what you want to call it they report this week could they put a floor if those numbers are really good the one that you want to watch his apple most capitalized liquid company in the world which means every bank and hedge fund and every endowment hedges apple, when the selling stops on apple that is your go sign that there will be four under the market. stuart: you don't know when the selling stops, you just don't know these things. >> you don't unfortunately. apple is 160, the high was 182, microsoft, premarket, 292, the

high was 349. is that a buying opportunity? >> i think so there's no question in my mind i'm playing a 3 - 5 year horizon or a ten year horizon and 92 something% profitability of a higher close, that is your horizon i'm going for. stuart: thank you for being with us, we always appreciate it, we're up and ready january the 24th in the trading has begun right from the start i know were going to be down and yes we are 400 points up not all of the dow 30 has open but is about to i see 26 in the red, 27 of the red pretty much across the board, we are down 450 points right at the very start of trading 1.3%. how about the s&p 500 down 7% last week down another 1.6% this monday morning, 72 points lower the nasdaq composite down

another 2% another 300-point drop you are down to 13400, the dow is down 500 points, big tech again taking on the chin all across-the-board, apple is down 1% metal platforms 2% down for microsoft, amazon is down 2% and alphabet down 3%, huge selling and the tech stocks this morning, crypto more selling take me through this, what is going on. >> bitcoin sex lows and we sell these prices for bitcoin in a theory of the number two crypto currency in july of last year to go back to the summertime we had a trillion dollars in crypto value being wiped out over the past seven days, 50% down from bitcoin, that is $600 billion a lot and bitcoin value theorem is down the other theory and

killers, dogecoin is down by 20% or so i have been talking throughout this entire month but the strong correlation between crypto, we are looking at the highest in a decade in terms of how bitcoin trades which is in line with the s&p 500 and the broader correlation could be a good thing for bitcoin according to ed you're getting sane with stocks with clarity from the federal reserve so will crypto and so will bitcoin. stuart: let's wait and see on that one. netflix is down again after a dreadful week 3% lower, do you think a dog ring. >> jeffries is joining the other nine analysts downgrading netflix $450 after the disappointing guidance for only two and half million subscribers which would be the slowest start to a new year and $18 billion to

get new eyeballs that is a lot compared to a lot of other streaming platforms but they do not 200 million already paid for their netflix subscription are not going anywhere. i don't want to hammer on peloton but i'm interested it is down again, explain please. >> a 24% drop last week and peloton did admit they are reducing production of the treadmills in historic closures because there isn't that much demand for their products. peloton investor blackwell's capital less than a 5% stake they want peloton to fire their founder and ceo john fully and sell the company because some say peloton $8 billion is down 80% from the 100-dollar peak their trading like fitbit and

below the $29 ipo price, did you watch showtime billions over the weekend pretty much like and the city another character getting a heart attack at a peloton bike. things are not going the right direction bad pr again. look apple. below 160 right now they have a product launch the first of 2020 what can we expect. >> apple is an correction territory down 12% of 182 and she mentioned. we have apple earnings later on this week which you heard from fitzgerald that it's going to be basically whether or not we floor to the selling especially in tech stocks at the biggest company on the planet makes a ton of money especially on a holiday shopping. which they put in $100 billion in sales in three months that will be a big deal here 12% down

with the recent peaks of apple there is probably in terms of companies like apple and microsoft that make a ton of money and. a lot of money and those that don't make any sales. when apple is trading at $3 trillion and they make $300 billion in sales, it is not out of whack compared to a rivian which makes a million dollars in sales in the hundred billion dollar evaluation. stuart: you have to take apple and microsoft to treat them a little differently because they're so strong financially there my current position is so strong in their product lineup is so strong i consider them differently. lauren: just to get back to device launches it is pretty positive when a company like apple in the supply chain shortage in the chip shortage can come out and say introduce ipads and iphones in march or april and these are their own made chips that says something about some of the slowdowns and what you call the traffic jam

that may be slowing down. i'm looking at kohl's, for some reason they're up 33%, what is that about. lauren: outperformance, you have another active investor engine capital pushing gold to sell itself because they offered $9 billion were so to buy the department store chain, brakes and borders as you know losing competition to the e-commerce online players now you have another activist investor engine capital advisors which is another active investor in kohl's pushing for a sale and the fact that the stock is trading close to the premium at 37%, is says maybe the activism of investors will get their way. does that make sense, brick-and-mortar has been handled so much you get more value by selling the company. stuart: sell yourself and make

more money, 32%. one of the huge conglomerates in this world is unilever, you walk into grocery store a quarter of all the stuff on the shelves is unilever, the gaining ground, i remember him from way back when. you know your activist investors revealing the fact that they have a massive stake in unilever, the food part of their business is ben & jerry's, i know you just mentioned you went to the supermarket a lot of unilever brands, the versions are small but they make their money off of dove soap anchors under personal care products. what they want you need to change the business given three times you have tried and failed to buy jfk consumer business, that is not a good track record to have. there might be a change in leadership. stuart: thank you very much,

quickly the market we were down 500 on the dow now were down about 400 points we are still off across-the-board plenty of red ink on a monday morning. next some democrats political agenda has failed so far according to bernie sanders. >> i think there is widespread understanding and what we done for the last six month has failed from a policy point of view and feel politically we need to change course. stuart: what would that cost correction look like, more socialism? karl rove joins us later in the show. in elementary school in denver is holding a black lives matter week of action in coaching children as young as five to disrupt the nuclear family. we have that story. inflation popping up ticket prices for some of the country's most popular museums and attractions you could buy a nice flat screen tv for the price of getting into the family into

sesame place these days we have the full story. ♪ ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care.

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stuart: like a big tech taken on the chin all over again microsoft on $5, paris and close to dropping below $290 a share. apple 159 alphabet, google down $57, amazon is close to being $1000 lower than their high in november, that is big tech check out tesla 886, please remember their high was $1224 a long way from high in they're down summer today the president is under pressure from inflation a new

fox poll shows half of voters blaming government policy for rising prices, hillary vaughn what is the inflation plan for the white house. >> they are trying overall to lower prices but there also continuing to stay focused on getting their climate change priority through congress as part of the build back better bill right now it solved even though it solved president biden's climate initiative that he has taken action including not renewing federal leases or drilling leases for federal lands' end stopping the keystone pipeline from moving forward has a really had an impact in some republicans are making the point that president biden's energy policy are having foreign policy implication making the world depended on russian fuel and line imprudence pockets and emboldening him. >> when biden shuts down america

pipelines american drilling puts regulation on our tracking and moves us away from energy independence he's moving the world towards russian oil and gas. then you add on top of the green lighting the russian pipeline which boosts the dirtiest form of gas in the world so the environmental argument does not way and. >> americans around the country are feeling the pain at the pump and new fox news poll shows 84%, 85% of people are concerned about inflation and 48% of people think that that is a direct relation to the biden administration policy that are to blame for the rising inflation. in the whole discussion around foreign-policy energy policy and what were seen with russia and ukraine i just got off the phone with american petroleum institute and they say this would be a great opportunity for the u.s. to showcase to the

world that they should be taken advantage of our energy supply and not russia's energy supply but of course the biden administration does not want to encourage u.s. energy production here at home but instead abroad. stuart: thank you very much 15 minutes into the trading session and the dow is down 525 points renewed selling in the last few minutes. i would've bring in stephen moore the economist of this morning, are the president's policies making inflation worse. >> is there any doubt about that there is no question i love hillary vaughn's analysis of what's going on with the energy market she is spotting correct i think of all the policies that biden has put in place the most destructive is an obsession of the white house with climate change and it's really damaged american energy. the price of oil right now, what is it that.

stuart: $83 a barrel. >> were producing 2 million barrels less a day that is $170 million a day that we are losing, that is about $60 billion a year were flush together toward the because were not producing a here and has no impact on climate change because all that it means to increase production in countries like russia and saudi arabia. this is causing a real problem not just in the united states but the world economy and what biden says, all the world has higher inflation but these others don't have the inflation rate that we do it's a direct result of the massive spending and borrowing let's produce this energy here at home i don't understand the logic. we have inflation problem in the federal reserve has to act against it goldman sachs should get for rate increases this year

end if we do i would suspect the economy had south, what to say to that. >> by the way depends on how big the rate increases are, i think the fed i've said this for the last year on your show that that is way behind the curve and dealing with inflation and they should be leaving immediately to do something to slow the spread of acceleration. by the way is not just inflation it is also empty shelves and the combination of higher prices it in many places you can go to the grocery stores and supermarkets in your seeing the empty shelves because of the problem of the supply chain. i have to leave it there. i am sorry to do this to you, i have to leave you more on inflation hits us all in many ways, ticket prices rising a popular museums and theme parks, which of these items has grown the most in the last year.

lauren: the most would be the met in new york city away from nothing to a donation to $25, the bottom art museum prices climbed 60% in the museum in sacramento up 60%, were now talking about walt disney world fund land in delaware, prices have doubled $30 a pop, santa's village which i heard is great up 50%, $48, up 34%. i was telling you in the break were trying to go to a waterpark in pennsylvania this is not orlando, and pennsylvania $99 per person per ticket. stuart: you and your husband and three children would've been $500 before you even start with the drinks in the transportation. lauren: $500 to goodwill waterpark in pennsylvania. everywhere that you turn. stuart: good stuff. thank you.

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's. stuart: that is amateur drone footage of tesla's giga factory in texas. it appears tesla has a really began producing its marble wide vehicles. that is news. every thinking about getting a new car this year be prepared to pay through the moonroof, jonathan hunt is in los angeles, what is the average price for a new car? >> a heck of a lot more than it was 12 months ago is the short answer. it is a very good time to be a car dealer if you can get the inventory. it's a very tough time to be a car buyer. take a look at the figures we are told by jd power that the average price for a new car in december was over $45000 that's an increase from 12 months earlier the far outstrips the

general rate of inflation. it's all about supply and demand were also told there is a hundred thousand cars at dealerships right across the entire country that sounds like a lot but look at what it is usually 3 - 4000000 a huge decrease in the number of vehicles available. if you're looking for a deal, get forget it. >> if you don't want to price the offering there is somebody will come in five minutes after you and want the same vehicle and be willing to pay the price that so quickly vehicles are turning and what's going on with prices right now. >> the supply chain crisis has got a lot to do with this. a lot of vehicles are actually constructed in the united states but the parts for those vehicles still have to be imported. here is transportation secretary pete buttigieg. >> a lot of times it's

availability of not only of imported cars but in our u.s. auto industry and the availability of certain parts or components that is one more element of a sense of urgency of improving the flow of goods across the country. until the bottlenecks are resolved you will see more issues. >> if you are hoping there will be some relief in the short-term, i'm sorry you're out of luck we're told by the experts that these kind of conscious and high prices on vehicles new and used going to continue at least until 2023. stuart: thank you for that we appreciate your input. still ahead steve forbes, karl rove, kt mcfarland, joe concha the 10:00 o'clock hour of burning is next. there's a different way to treat hiv. it's once-monthly injectable cabenuva. cabenuva is the only once-a-month,

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♪. stuart: good morning, everyone. it is 10:00 eastern. we have to get straight to your money because there is selloff and a half on wall street. probably because of all the war talk. dow is down 570 points. nasdaq down 326. that is a major league selloff. 10-year treasury the yield at 1.71%. so the yield on the treasury, that is not to blame for the selloff on the nasdaq because

yield rates are going down. oil down 2 1/2%. $82 a barrel. bitcoin, there is a selloff for you. look at this, we're down to 33,700 bucks per coin. red ink across the board on wall street today. now this. this morning iran backed rebels again attacked abu dhabi. last night chinese war flew close to taiwan. right now russia threatening to invade ukraine. the rivals and enemies are squeezing america. they are challenging president biden because they think he is weak. this is dangerous times. when the president seemed to okay a minor incursion into ukraine he looked weak. jen psaki had to walk it back but the damage was done. iranians, or their proxies attacked american embassy in iraq and used drones and missiles to attack abu dhabi twice. no response that we know by the

administration. china threatens a taiwan a close american ally. overseas we're not doing well. however, with his back against the wall, pressed from all sides the president appears to be getting tougher at least with russia. he is sending troops to eastern europe, not ukraine. extra ships to nato there is plan to restrict all important computer chip supplies to russia. that would hurt. cutting amount of international payment system. there is a plan for that too. he has himself to blame for the back to the wall situation for the past year. his policies seemed incoherent. his performance in public inspired no confidence. he is our president and in dangerous times it is time to rally around. let's hope the newfound toughness with russia works. the circling hour of "varney" just getting started. ♪ stuart: kt mcfarland joins us

this morning. kt, the state department says americans get out of ukraine. we're sending u.s. troops to eastern europe. sure looks like war. i'm saying he took, war talk i should say. the president is taking a more tough stand now suggesting u.s. troops to eastern europe. you think it works? >> look i think it's good because this is not just eastern europe. these are nato members. ukraine is not a nato members. talking about sending troops to the baltics, lithuania, poland, all nato members, good. restricting sales of microprocessors and chips to russia, also good. talking about potentially keeping russia out of the swift system, also good. but the single most important thing he could do is turn back on the american energy industry. because there is no option standing up against putin if germany don't go along. germany is not going along. they already made it really

clear. they don't want any part of this fight. why? because they get their energy from russia. they don't want to jeopardize that. stuart: if we start the energy engine, you don't neutralize putin, you do damage to the man, you certainly do that. you could help europe as well. what about this? china launched i think it was 39 warplanes very close to taiwan yesterday. largest show of force in months. seems like we're in a trouble, triple squeeze. russia, iranians attack us, that is triple squeeze. >> it is all interrelated. our adversaries sense real weakness on the part of the biden administration and confusion and a weak president, unpopular president, an american economy that is you know faltering. our allies look at this, they say, wait, can we really count on the united states after that some withdrawal from afghanistan?

our adversaries seizing moment in next couple months. i worry about february is putin's month with ukraine and march becomes china's month with taiwan and iran throughout is developing nuclear weapons. stuart: just suppose, i hate to do this, speculate, russia does make an incursion into ukraine, what happens? >> right. i think we may, that is the big question. i don't think putin will risk it because he doesn't want to risk retaliation. i think he will fight and win a hybrid war against ukraine. but let's say he does move tanks across the border in a significant way, like he invades ukraine, tries to take over the whole country, that is the crunch point. does the biden administration somehow try to fight russia over ukraine? there is only one winner in that war. that's china. or does the united states after all the tough talk, you know, make a bunch of excuses and kind

of slink away. who the people russians are dealing with? the same people in the obama administration who let the russians swiftly take and and next crimea. stuart: not a good situation. kt, thank you very much indeed. let me draw everybody's attention to the market now. we're off 600, nearly 700 points. war talk, that is what is doing. dow down 679. s&p and nasdaq down triple digits. jeff sica, market watcher of this monday morning. jeff, without being too cute is the beginning of the end or the end of the pinning? >> that is a good question, stuart. now everybody, we've grown used to volatility but now we're dealing with legitimate risk in the market. i don't think it is the beginning of the end. i do think it is the end of the beginning. i mean by that you know that

tired adage of everybody's a genius bull market. everybody has been a genius. now we're faced with some real threats. and, if we're going to get through this as investors, we have to begin to be a little bit more cautious and a little bit, a little bit more diligent when we decide where we're going to invest our money because now you have the potential of conflict with ukraine. you have the federal reserve that is not, that may not be acting as a backstop. you have just this overall sentiment where a market that has been pretty much priced to perfection has to decide what its next move is. stuart: okay. apple and microsoft report this week, two gigantic companies right at the heart of the tech explosion. could they, i think their results will probably be good. i'm making that judgment now but could they put a floor under the tech market?

>> stuart, i was just reminiscing with may self this morning when i was, thinking about when we were talking about who is going to be the first one trillion dollar company on your show. now we have apple, which is 3 trillion and we have, we have microsoft which is 2.3 trillion. these are tremendous companies, massive behemoth companies. they're both going to probably come out with some pretty good numbers but what the question is going to be is number one, what are they going to say in their conference? do they, in their conference calls? do they really think that the supply chain issue is over? how do they think the russian ukraine conflict is going to affect them? what is the next step for microsoft? microsoft is firing on all cylinders with 40% of their revenue coming from the cloud. and this recent acquisition of

activision which i think was brilliant puts them in the videogame market. i think there is a lot to be optimistic. stuart: hold on a second, jeff. get back to you in a minute. i saw the dow down 700 points, all the big techs are way, way down. lauren, peloton, can we get to that? we got calls to fire the ceo. i notice it has gone up 3% now. you found a winner. lauren: with the vix and fear above 35, stocks down 700, this is big deal. peloton came down so harshly. scathing letter sent to the peloton board by black wells capital. they own less than 5% stake in the company. they not only want the ceo john foley out, they're blaming him for misleading investors. vacillating on pricing, inaccurately forecasting trends. they also want peloton to explore a sale. mentioned apple, disney, sony and nike as potential buyers. bottom rhine they say the company was on worse footing

today than prior to the pandemic. stuart: i want to bring in jeff sica back again. why do you hate peloton? >> hate is such a strong word. this is a stationary bike company. they say they're a software company. when it hit 50 billion i was baffled, the fact it is now seven to nine billion maybe, i'm still baffled. i think peloton will go, will become a relic of the lockdown. it is going to be a reminder of people who were so bored sitting at home they had to buy a stationery bike and pedal to nowhere. so i don't think, i think the conversation about apple and nike buying them is interesting to me but if i were apple and nike i would wait for this to get hit a little more. stuart: jeff, i have to leave you for a second. thank you very much for joining us this monday morning, because the dow is now down 800 points. it has been a complete selloff right from the opening bell this

morning. we're down another 2.3%. 33,000 on the dow industrials. down 800. look at the nasdaq, down another 3%. really extraordinary move this morning. plenty of red ink. lauren looking at movers for us including microsoft. there is a mover. is it below 290 yet? it is. lauren: dan ives of wedbush, they report this week. another robust quarter. does microsoft really have problems indicative of the selling that we're seeing? likely not. he says azure cloud and the office should be strong. he calls them a boost in the arm for the overall tech sector looking ahead. stuart: i'm just reminded that the high on microsoft was 349. that was a couple months ago. you're at 287. i can't work out out the percentage loss but that is big drop. what do you have on halliburton. lauren: they are down with really strong earnings. raised dividend from 4 1/2 cents to 12 cents.

the oil is down today. stuart: moderna what about them? lauren: among top five most mentioned stocks on wall street bets. 495 at one point last year. 495 to 148. here is the problem. they don't have any many non-coronavirus projects that will result in revenue for them this year but i mean, another 7% today, fall from moderna. it is ugly out there. stuart: let's cover the selloff right now. the dow is down 785 points. the s&p is down 118. nasdaq is down 412. almost constant slide right from the opening bell. cryptos are really way down. last time we checked we had bitcoin at $33,000 per coin. put it up for me, please. see if it is down more. bitcoin, ethereum, can you get it up there please. it's a selloff. i will leave it at that okay. red ink across the board. i think we got it. 33,400 on bitcoin, down 3 grand. what a selloff and a half.

lauren: gold is up a little bit. stuart: not much. lauren: not much. investors there is a scary type feel to this sort of market. flight to safety. that is all you got. stuart: fox business investigation reveals billions in ppp loans were spent on luxury items. rolex watches, sportscaster. disgraceful. we've got the story. new fox poll shows 60% of voters would vote for someone else besides president biden. if the 2024 elections were held today. mark meredith with the report on that. former president trump will meet with the inner circle to discuss potential endorsements for the midterms. paris dennard works closely with the trump team. i will ask him what he knows about trump's gameplan. that's next. ♪.

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stuart: you're looking at the influence of war talk on wall street. stocks down sharply, all across the board. down 700 for the dow, down 420 for the nasdaq. check the 10-year treasury yield. now that is also, i'm not going to say it's a victim but it's a product of the war talk. with all these scares around and war talk going on constantly, a lot of people run for the safety of a u.s. treasury bond. they put money into that. the price goes up and yield goes to 1.71%. flight to safety right there. strangely no flight to the safety of gold. it is up a mere 50 cents at 1834. there is a flight away from the risk asset called by the coin. you're down to $33,000 a coin as of right now.

all the cryptos down. oil, strangely enough that too is down this morning, down a couple of bucks at $82 a share, a barrel i should say. and nat-gas, no spike there, 3.95 per british thermal units. gasoline inching, it is dead the same. still 3.33 national average. california it is still 4.65. let me get back to those fox polls. they suggest voters are not impressed with biden's policies in his first year. mark meredith at the white house. break it down for us, mark. reporter: stu, i can't imagine the dow being down 700 points, i can't imagine that helps the president's job approval ratings. you mentioned new polls, they are backing up what pundits are saying for the last few weeks, they're not impressed with the president's job performance or president's agenda. president's jobe approval rating at 47%. that is the same as it was back in december but his approval

rating does down from a year ago. voters think about future races, polling finding six out of 10 people would rather vote for someone else other than joe biden. the president dismissed reports that he is going to be a one-term president. he says he is going to run for reaction. he will be running with vice president kamala harris on the ticket. last week was a reset from the white house as they tried to move forward the voting reform legislation. it got blocked in the senate by two democrats joining with republicans trying to stop that going forward. that was almost a setback instantly for the administration. they say they continue to move forward. some question been we'll see a staff shakeup, whether chief of staff ron klain will keep his job. the president says he is satisfied with what his team is doing including those on his team but critics say this is the time to change the status quo. >> biden administration is suffering in part because they're not focusing on americans priorities, getting

inflation under control, getting shelves restocked, stopping crime in some cities. getting the southern border under control. that is where congress should be focusing. reporter: president will focus on later on today. he will hold a meeting with top officials to discuss all things inflation, supply chains. as you talk about inflation is not a problem that will go away overnight. president spent the weekend in camp david. we'll see if he talks with us as he gets off the helicopter. stuart: to bo focus on former president trump. he will meet with members of his political team, discussing endorsements, potential endorsements ahead of the midterms later this year. paris dennard is back with us. he worked closely with trump over the years. he have works closely with him now. paris, what have you heard, what is trump's strategy first for 2022? >> well thank you for having me on the show. as national spokesperson for the republican national committee we're excited to have former president trump attend our

fund-raiser coming up in march. so part of his agenda is supporting the rnc and our efforts to raise the necessary funds to have the ground game to all of our candidates in 2022 have the necessary resources, ground game and strategy to win. and win big and retire nancy pelosi. stuart: paris, what he wants presumably, former president trump is to put trump supporters as candidates in the midterm elections this year. that's the strategy, right? >> the strategy is to have candidates who put america first. the thing about president trump -- stuart: trump supporters. >> it is his agenda. yes, people who support president trump, also people who support his agenda, his agenda what people are responding to. his agenda what people are missing. and so when you looked at where we are today under the biden-harris administration, it is absence of an america first agenda that works. stuart: i got that. look forward to 2024. if he assembles a winning team on policy for 2022, he is going

to use that support, going to use that political momentum to run in 2024. i know he is running and so do you, paris, right? >> i don't know that he is running but i tell you one thing, we're going to be ready for whoever runs. that is why the chairwoman mcdaniel put out the letter to the debate commission, the debates have to be fair and objective. whoever takes that stage has a fair and objective way of presenting information to the american people so that we can win in 2024. stuart: okay. if i said this to you, americans liked trump's policies, they liked his agenda but they didn't like some of his, the way he expressed himself, some of the chaotic scenes that we saw from the president. what do you say to that? >> i would say that the american people are going to have a choice in 2024 between the disasterous biden harris administration and whoever comes up on the republican side. if the republican nominee has an

agenda that matches what donald trump was able to do working with republicans and congress and quite frankly working with democrats in bipartisan nature that candidate is going to win. that is what we saw happen in virginia with glenn youngkin. he talked about a virginia first type of policy. his agenda worked. he talked about issues that people cared about. he is the winner. he is the governor along with winsome sears and jason miyares. stuart: i have great respect for you because you're a diplomat. you answer questions so well. thanks, paris, for being here. >> thank you, stu. stuart: come back to the market. we've come back a little bit. we're still down 640 point with all the war talk going on. we'll break down various market sections for you. first of all financials down across the board. yield on 10-year treasury coming down a bit. that does not help the financials. they're all down as we said. energy companies, now they're all down. there is virtually no sector of this market that is unaffected

by the war talk. the price of oil is actually falling a bit this morning, you're at 82, $83 a barrel. that is not helping the energy sector. the cryptos, this is a real selloff going on here. bitcoin 33,600. ethereum is just 2200 bucks per coin. red ink all across the board this monday morning. just like last week. this too. d.c. city council candidate carjacked at gunpoint in broad daylight. carjackings have risen dramatically over the past two years, especially in the big cities. we have more on that. restaurants are getting creative to hire and keep workers. one barbecue chain with 500 locations is sharing employees with neighboring businesses. the ceo of dickey's barbecue pit on the show next.

♪.

s. stuart: this market is down sharply, coming back just a little from where it was a few minutes ago but still an awful lot of red ink all across the board. we have the buy now pay later

company, affirm, is moving, it is up in a down market? no, it is down in a down market. the story please. lauren: it is down 11%. they got an upgrade from stevens to equal weight with a 72-dollar price target. they say there are still rusks out there on funding costs on credit losses, when you get an upgrade, your stock is down 11%, speaks of environment investors are in. hulu tv will stream more soccer, get a exclusive right with fox sports. two select matches. stuart: look how far fubo has come down. not long ago it was 40-dollar stock. now it is 9.33. lauren: buy the dip. stuart: not saying anything. lauren: tried to find green today. it is hard. investors are playing defense. yes, all the stocks are still in the green. these are the names, clorox, kroger, kellogg's, campbell's soup the winners in march of 2020, in april of 2020.

you have that sense with an exception of the work from home stocks that were also doing well at that time that investors are nervous just like they were back then. stuart: these have pricing power. >> they do. stuart: as inflation goes through they can raise their prices still in a very good market. lauren: because you need to eat, right? stuart: yes, you do. lauren: you need health and hygiene type products. i think at some point investors say we will not pay the high prices. stuart: restaurants in minneapolis banning together to sue the mayor over new vaccine mandates. good morning, ashley webster. i would say i approve of this lawsuit. what do you say? ashley: i would say he would. over half a dozen restaurants in minneapolis suing jacob fry. on january 12th, they announced any establishment that serves food indoors will need to

economic for proof that the customers received a vaccine or procured a negative test in the last 72 hours. the suit says the mayor overstepped his authority. he is forcing restaurants and bars to lose additional customers and business already have been reduced over the past two years and also to include costs and new burden es. the restaurants want the vaccine order to be declared null and void ordering it restricts rights as restaurant orders. the mare something scheduled for today. stuart: it doesn't stop the spread. ruins business. please bring that to new york. ashley. i will get to you shortly. our next guest has more than 550 dickey's barbecue restaurants across the names. laura ray dickey joins us now. in all the places you do business, where is the worst labor shortage? >> we're seeing labor shortage

every place, but the worst is california. the northeast, northwest specifically are the hardest right now but we're seeing that across the board. stuart: you've got 550 restaurants across the country. so how many job openings do you have? how many works are you short in your 550 places? >> we have over 5,000 if we're fully staffed employees across the country. actually a little more than that, when you count the home office in dallas, texas, we're down 10, 12% right now. i have corporate office openings. i have management openings. i have partner openings. we have labor shortages across the board. more than we've ever seen. stuart: tell me about that. i believe you have, you're sharing employees with neighboring businesses. tell me how that works. >> we are. we have gotten together in usually business districts where you have common attraction, common traffic. we started to pool with our neighbors, fellow restaurant, any sort of retail to do job

sharing for folks that may want not quite full-time work but could work part-time schedules still work with one of the greatest challenges of child care that we're seeing being able to with very flexible schedules with folks. sometimes that works better than the -- to reach out to actually work together to try to fill that gap. stuart: how are you going to hire 10 to 12% of the workforce that you don't have? are you paying more wages? are you giving them a 401(k)? are the benefits better? what are you doing? >> so we always paid above minimum wage. we never had a challenge staffing. we've always been well above average. what we have adjusts is our benefits package. that is something instead of state by state we moved into a national pool. we have added stronger benefits and have added mental health, different health care options. goes all the way down to the hourly level, instead of just management benefits as previous.

stuart: still 10 to 12% short in your 550 restaurants. >> yeah. stuart: well, keep up the battle, laura rea, because it is worth waging. thanks for coming on the show to tell us how bad it is in various places. we'll see you later. thank you very much. >> thank you. stuart: 2022 could be a big year for fake meat. don't tell me, lauren, there is more fake meat products coming on the product. lauren: real meat grown in a lab from the cell of an animal. the technical term is cultivated meat. really expensive. if you look at the past two years, two billion dollars has been poured into this space. one company you might have heard of, sell eggs, plant based eggs in the supermarket now, called eat just, with jbs, a major meat producer. you will see what the next thing is. you need regulatory approval and a lot of money in the investment stage. you have to figure out how to make this stuff taste good so people will buy it. stuart: that is competition for

beyond meat. it is down 6.7% as we speak. lauren: cultivated meat. stuart: the sacramento district attorney said it is we held rogue prosecutors for putting criminals back on the street. roll tape. >> the fact we have a tsunami of poor public policies and rogue prosecutors not holding people accountable to the full extent of the loud. stuart: how about that, that is the sarc men toe, california, district attorney. more coming up. president biden is calling for more police funding as crime spirals out of control in the cities. we have a report on that one too, right after this. ♪.

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♪ feel stuck with credit card debt? ♪ move your high-interest debt to a sofi personal loan. earn $10 just for viewing your rate — and get your money right. ♪ stuart: it is still a major league selloff but we're coming back a little. the dow was close to 800 points. now it is down close to 500. i suppose you can say it is getting better. nasdaq composite i think was down 400. now down 337.

the s&p is down just, just, 86 points. the selloff continues. crime, getting worse. a police officer in d.c. has been released from the hospital now after being shot sunday night in the line of duty. in new york city hundreds gathered to honor 22-year-old fallen officer jason rivera. he was shot and killed while spending to a domestic violence call. his partner, another police officer is fighting for his life. madison alworth is with us. what's president biden's plan to fix this crisis? reporter: stuart, president biden says now he supports more funding for the police. that is really a break from progressives who obviously have been calling for defunding of the police for quite some time now. it not only seems to be a safe move for the president but it is also a smart move. take a look at this. the recent "fox news" polling released yesterday shows that 81% of voters are either extremely or very concerned about rising crime. defund the police advocates are

walking back stances following the death of rookie cop jason rivera. letitia james, said two years ago new yorkers lost faith in law enforcement we pray for the safety of our police and our communities. when communities are hit hard so are businesses. businesses believe despite call for more support things may get worse than better because of the new district attorney's soft on crime stance that allows repeat offenders to continually hit business. >> it is "whack-a-mole," a. you have individuals acting with impunity they get bolder because they know nothing is going to happen. reporter: you know, that means that these criminals can commit crimes and then be released immediately after. all of this led businesses to take privacy and security matters in their own hands,

hiring private security in some instances. obviously hired as a private security officer only has so much jurisdiction, excuse me, for what they can do but the businesses i have spoken to, stuart, those private security officers are the difference between being able to open their business or having it be closed because of crime. stuart? stuart: what a situation. madison, thank you very much indeed. more on crime. newly-released video show as d.c. city council candidate carjacked at gunpoint in broad daylight. ashley, this is not just a d.c. problem though, is it? ashley: not at all, stu. in this case d.c. council candidate fleming was about to leave a gas station, a group of hour men pulled up in an suv threatened him at gun point, and drove awaive. he said i'm angry this happened. we must eliminate the circumstances that led to the violent act.

the perpetrators are getting younger and younger. no suspects arrested in that case. shocking video be is it not. carjackings risen dramatically over the past two years. in chicago, 1hundred carjackings reported last year. the most of any large city. carjackings quadrupled in new york city over the last four years. same story in philadelphia and new orleans, where more than 280 carjackings were reported last year, more than double than a year before. a huge problem, stu. stuart: i understand officials caught thieves behind the flashmob robberies. i think home depot in particular. how many did they catch? ashley: well they caught at last count 19. multiple thieves this, is how it works. multiple thieves stealing products from stores like home depot, they have been nabbed after investigation into pawn shop owner who admitted to selling the stolen goods from

major retailers like home depot. here is what happened. they purchase the merchandise from people known as boosters, who shoplifted from area retail stores. according to documents, the shop's owner would advise the boosters what type of merchandise to steal, pay the thief as fraction of the true retail value of the goods. in nearly three years the pawn shop sold and shipped over $3.2 million worth of stolen goods to out-of-state buyers. this was in upstate new york, just one example. according to the national retail federation companies, are losing an average of nearly $720,000 per one billion dollars in sale all because of organized retail crime. it is shocking. stuart: yes it is shocking. back to you later, ash. in california the d.a. of sacramento says it is time to hold rogue prosecutors accountable for emboldening criminals. roll tape. >> it is the fact that we've got

a tsunami of poor public policies and you have got rogue prosecutors that are not holding people accountable to the fullest extent of the law we can. stuart: let me repeat. that is a california district attorney. we're not used to comments like that from a california d.a. her comments are in response to the stabbing death of ucla grad student brianna kupfer, in an attack carried out by a allegedly a career criminal. dr. fauci admits we will just have to live with covid. roll tape. >> it gets down to such a low level that it is essentially integrated into the general respiratory infections we have learned to live with. stuart: if we learn to live with it, what about mask and vaccine mandates? are they hear to stay. we'll take that on in the next hour. we talked about school boards demonizing parents who are want a say in education. a mother in pennsylvania says

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♪. stuart: the selloff continues. plenty of red ink left-hand side of the screen. look who is here, eddie ghabour, the man who got things right. eddie, kudos to you. you did get it right. you did say a big selloff was coming. it is monday morning, the selloff continues. where are we going? further south? >> i think right now we're actually oversold here, stuart. but i will tell you, as i've been saying we'll be trading like a bear market. even in bear markets we get bear markets values. that is the set-up for one week. there is one caveat on that, if mr. powell comes out wednesday, extremely hawk irk, this is the beginning of pretty sizable drop. if he comes out and is a little bit more, i'm not going to say dovish but isn't so aggressive in pounding the table on four rate hikes, i think we get a bounce by the end of the week and over the next couple of weeks, investors will have an

opportunity to reassess risk, start lowering risk like we've been recommending since november. in either scenario, the second quarter will being extremely problematic. stuart: so you don't buy the dip. you sell a rally so you can get out of big risk? why do you say the second quarter is a time for, i mean that is not until march or even april. why is the second quarter going stock worse than what we've got now? >> so i think, because the economic data is starting to weaken now and the retail investors have gotten crushed with crypto crash. they have been hammered with inflation, and so by second quarter, you have a weaker economy and the fed by the second quarter, they will raise rates in march, we know that we want to get ahead of that. and then, when you add all of that together with a slowdown. then earnings, earnings in the second quarter, when they do comps try to compare it to second quarter of last year, it

is impossible to hit that bogey. so the market cares so much about rate of change. and the rate of change at almost any metrics you look at is getting lower and lower and lower. so i don't understand how some people can just continue to put a lot of risk on when the writing is on the wall. it is coming. just a matter of when, how fast. stuart: eddie, we hear you, thanks very much for jumping on the phone so quickly today. we always appreciate it. eddie ga bar. >> thank you, stuart. stuart: let's change subjects. my next guest is a mother of three, an advocate of parents fighting against critical race theory. joining me is jesse. you actually ran for the school board in pennsylvania in the district. you lost. entire school board of your district is democrat. so you tell me, what's wrong with crt in your schools? >> well, thank you for having me. i want to say that crt is an umbrella term. a lot of school districts don't

use that and can easily deny having it in their classrooms. you want to look for terms like diversity, equity, and inclusion, anti-racism, social justice, cultural proficiency. you want to look at toxic elements that are coming from that. not all of it is bad. kids need individualized opportunities, equitable opportunities but we need to make sure that things like privilege walks, white privilege assignments, pronoun preference, sexually explicit books are not in our libraries. stuart: right. >> those are the things we need to look at and stop in our classrooms. stuart: you formed a parent group. it looks to me like you're beginning a new demographic, a new group of voters to organize for this year's elections, just in time. is that what you're doing?

>> well, we want to wake parents up. we want parents to pay attention and if it translates into votes obviously we want balance. we want balance on our school boards. we want balance in our policies. we want to make sure that political agendas are not coming before the education of our children, first and foremost. so we are encouraging parents to speak up when they see something happening in their, you know in their classrooms. we're encouraging parents to talk to their children. we are filing foias, right no know requests on professional development. we're looking how our district is using the american relief plans/funds because some of the funds are used for systemic equity and training. so those are things that we're looking at. and, yeah, i hope that it translates into votes. stuart: good. >> and holds districts

accountable. stuart: jessica, that is great stuff. i'm sorry, jesse. thanks for being on the show today. we appreciate it. tell us how you're doing. >> thank you so much for having me. stuart: still ahead. steve forbes, karl rove, karol markowicz, joe concha. some of in the media tried to paint the protest in d.c. as extremist vax march. it was not. it is antimandate. i'm not against vaccines, i'm against mandates. the time to wind them down. that is my opinion and "my take" next. ♪. ♪♪ care. it has the power to change the way we see things. ♪♪

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♪. stuart: 10:00 o'clock eastern time monday january the 24th, i bet when our viewers woke up the first thing they want to know what is the state of the market, anymore selling after last week, huge sally the answer is there's more selling the dow is down 600 points, the s&p done 100 and the nasdaq is down 355 this is a major selloff, the whole year has been a major

selloff. look at big tech really coming on sharply when you have a bit of a comeback microsoft reach 282 now it is 286, apple at 158, alphabet 25, 34, amazon 2811, down almost a thousand dollars from its high justin november. the meta platform known as facebook is under $300 a share. the ten year treasury yield down to 1.72% and bitcoin a whole area the crypto's big time selloff we've reached $34000 a coin on bitcoin at one stage this morning to head 31 and change. now this. some in the media played the week in protest in d.c. as an extremist anti-vax march. it was not it was the anti-mandate, very different

thing. i'm not against vaccines i'm against mandate the time to wind them down is now. quite simply i don't think you should be fired for refusing to take a vaccine that does not work to stop infection. big private companies now have a choice, the supreme court ruled you don't have to impose a vaccine mandate and i don't think they should, vaccination doesn't stop omicron so you're not keeping people safe and many companies are losing very good employees. same masks, why do so many schools exist children asking throughout the day. youngsters are the least vulnerable yet suffer perhaps the worst consequences of masking. what i cannot understand a college student easily wearing masks outside and in. what risk does omicron pose to healthy teens or twentysomethings. if you want to see what life is like without mask and vaccine mandate checkout for that you would not know there's a

pandemic. time for the restrictive states the usual suspects new jersey, new york, illinois, california to join the anti-mandate club that every american make their own choice in the top-down mandates that just don't work. the third hour of "varney & company" just starting now. ♪ >> i want to get to the markets with my former colleague steve forbes, we have a selloff here and it looks like it's driven in large part, not entirely but were talk what your analysis. >> the markets are waking up there is a possibility of a real war since 1945 far worse and more dangerous than we had in the bulk and the 1990s. the markets know these things can take unpredictable courses so they do not know what's going

to happen in the uncertainty leads to what you're seeing. the biden administration is like a deer in headlights now they're sending over a few thousand troops to eastern europe and studied over more ships that step should've been done weeks ago we should've laid out at the beginning. what individual next to prudent oligarchs are going to be sanctioned which make it clearer to go after his bank account, we know where that money is, do something real and now the administration has to consider something, that is putting u.s. forces into ukraine itself. it's a dangerous situation and this administration has been behind the eight ball from the beginning. stuart: i would not have american troops in ukraine fighting directly against russian troops. >> they would be fighting against russian troops they go in as a tripwire in the key of and make it clear were gonna pull them out and make it clear prudent that this is going to

have a peaceful settlement and there's ways to have a ukraine settlement but to do it on the course were on now boudin has a green light to do something very dangerous that can take courses that he cannot anticipate. stuart: another threat to the market i'm talking about, that is in the inflation search, goldman sachs says the inflation surge may push the fed into for rate hikes this year, what you make of that? >> the thing is not just the break hikes themselves it's what the fed is going to do with the balance sheet, it's been printing up attend of money but sterilizing by borrowing it back overnight that money will find itself into the economy which will let a real grip on inflation like we saw in the 1970s. the key thing is not just rate hikes but does the fed know how to reduce its balance sheet in a way that does not put the economy into recession and also starts to obtain the monetary

inflation we've had the supply-side inflation a little bit of monetary inflation now will get the bad kind, the really bad kind. the thing about the shortages the biden administration would leave the economy alone and it would eventually heal itself but the combination of interference by the biden administration and elsewhere in the fed's prospect of flooding the economy with money over one and half trillion is a real danger in the market is reacting to that. stuart: is a grim outlook, steve forbes, will see you again soon. back to the market in particular i want to take a look apple, microsoft and tesla there good report this week, what is their numbers going to look like. andrew left joins us. they all report this week, they're all weighed down as of right now. could they put a flaw under this market with good report this week? >> i don't think the market is going to look for apple or

microsoft and tesla's bellwether they could report good numbers in the stocks to go lower and report average numbers of the stock going higher there is bigger issues at hand mainly inflation. also will have a little bit a deflate of the stock. not everything goes up every day. i don't know were looking for a macro situation with the market right now that one or two stocks can save. stuart: how far down are we going in this particular run. >> we wish we knew that one. companies like apple or microsoft if you want to own them you have to own them you can't worry about what happens in ukraine you own great companies generating cash flow that has pricing power against inflation. even if we go down it's always good to go down to drive power by more as for tesla that's a world of its own. stuart: is there a possibility that the market goes down and stays down. i remember the 1970s the

market went down and stayed down for much of the decade in the really worried the same thing can happen now. >> earnings could be rate of 14 from 17 and it could stay there for a while it doesn't mean the economy is doing poorly it just means the regrading of the s&p index, that's quite a possibility but if that's the case of shy people to fix income which is been a desire for the past few years. stuart: i'm so sorry to cut it short real value your opinion. it's a very important day selloff across the board. lauren is looking at movers micro strategy certainly moving. crypto based. stuart: you think of michael sailor he has micro strategy in about 120,000 big coins, obviously they've taken huge losses in the s&p objecting to how the micro strategy wants to account for those losses and report them as not gap income to show what the incomes would've

been if they didn't have to impair the big one holding because bitcoin has tumbled micro strategy about 12% ford no longer taking orders for the maverick pickup, $20000 and they maxed out and they cannot build enough for the interest, that stock is down over 5% and coal should be a winner, up 33%. there could be a bidding war right now, takeover interest coming from star wars value who values the retailer is $64 a share, cold is getting up there as well as their partners. stuart: amazon, microsoft and of about when not a huge buying spree in 2021 despite threats that they will be broken up. how many deals are we talking about? lauren: about hundred together, microsoft 56 deals last year, amazon 29, google 22 that is more deals in one year that we seen in the past decade.

they could try to get ahead of antitrust legislation or any move by the government and the spc to prevent and take apart deals that have happened were prevent future deals from taking place. stuart: look at them go down, microsoft is down $11.284, amazon $2800 a share, 3770 was the highest, what we have on apple and what are they saying about bigger and better than ever for new products. lauren: we can see the widest array of new hardware ever for apple bloomberg is reporting for new iphones with the macbook pro and imac and air product upgrade, free watches and other products they will likely to use some of these products early, drum up appeal and then you launch a lot of them in time for the holidays. you can also see a 5g iphone. stuart: despite all of that done 2.7% at 150 hi, it is down.

>> everything is getting hit hard today. bottom line there's all the companies but they came up in a big way last year end investors are reassessing in light of the fed. stuart: tough to rally and board talk. the democrat party of arizona reprimanding kyrsten sinema after she voted against the filibuster reform. will tell you what they're doing with this editor. one elementary school holding a black lives matter week of action this will encourage kindergartners to disrupt the nuclear family and that's not all, we will tell you about that. bernie sanders says republicans are laughing all the way to the election. rotate. >> what is bother me very much is republicans are laughing all the way to election day. he actually went on to say that he wants a change of course, that is interesting what kind of course more towards socialism, karl rove takes that on next.

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the talk of war is standing stocks down the dow is down 700 the nasdaq and 400 and the s&p is down 112 almost a low of the day big tech really way down, apple is back to 158, amazon 2798. meta platforms well below the hundred dollars a share google

down 72.2.7% and microsoft down to $284 per share. new fox polls show how voters really feel about giving president biden a second term. i guess they're not too keen. ashley: i guess you are right let's put it this way it's not great news for the president, six in ten voters would back someone other than president biden in the 2024 presidential election if it were held today the end of biden's first year in office economic anxiety is higher than a year ago many feel the pandemic is not under control. the presidents job rating has been underwater since october and it still holds true with 52% disapproving of his job performance. biden's ratings are negative on all the tough issues, 52% disapprove of his handling of the pandemic that up from 34% in early 2021 even larger numbers disapprove on foreign policy, 54% and the economy 58% in border security 59%, by the way

73% of voters say they are only fair or poor that is also up from 66% last december these are ugly readings for the president. stuart: yes they are, i want to bring in karl rove, karl these are dangerous times when pressured by china, russia and iran because this is my opinion the president looks weak, what say you? >> i say you're right and think about all the things that he's done since the beginning to signal weakness in the case of ukraine make it clear that united states will not be militarily involved you want to have strategic ambiguity and he took it off of the table to talk about the outreach to iran and essence of the relationship with china all of this has added to the flavor and with the world

stage. stuart: that is a dangerous signal to me, bernie sanders knows it's going to be an uphill battle for the democrats this november. i want you to listen to what he had to say about the november elections, rotate. >> what has bothered me very much is republicans are laughing all the way to election day. i think there is widespread understanding for the last six months has failed for the policy point of view and feel politically. we need to change course. stuart: that is fascinating, change course. does he really believe that the democrats change course and move further towards socialism that they would win this year? >> he thinks the mistake they didn't force these things through and get them onto the books and they have been stopped from that by two members of the united states senate manchin in sinema who have allowed the rules to be changed in such way that all the spending goes

forward. it's amazing think about the fundamental flaws, his thinking we have $1.7 trillion of revenue to pay for an essence $5 trillion in spending over the next decade and were gonna hide that from the people by saying we will only have the child tax credit for a year end the subsidies for affordable care act for three or four years and free universal pre-k in child care and senior care will have those for five or six years and these gimmicks are going to hide the true cost of what they're trying to do. this thing is going down because several members of the united states senate who were democrats in every republican understand we cannot afford this it will drive inflation up even further. he thinks the idea of a 50/50 senate and democrats and republicans is absolute right moment to have a transformational piece of legislation that is the biggest expansion of the welfare state since a great society if not the new deal. talk about flawed thinking.

we've seen it from senator sanders and now his answer is let's take each one of the big spending items and bring them up for a vote in the senate and i don't have enough money to pay for this wish list, or you could ask every democrat to show up and say i'm voting for something that we can't afford with a lot of red ink the total is up to $3 trillion of additional debt and that will make it better at the polls. i can't answer your question i wish i could maybe desperation this is the last chance and gasp of socialism if i don't get it this year, they don't get it. i want to bring it to one row quick, and texas beto o'rourke says he's not interested in helping president biden forthcoming election. the presidents not popular in texas these days? >> sure he's not popular and frankly neither is robert francis or work, rather than double his troubles by bringing

joe biden down here he wants to get it on his own. he is a far left candidate in governor abbott is not going to do to him what theodore senator cruz did in the last election, that is ignore him he will point out how far left wing this guy is and how out of the mainstream of texas politics he is. we are in for a fun campaign this year. i know how it's going to end because the governor will not take anything for granted. stuart: it's great to have you back on the show i missed the whiteboard but maybe next time you hoisted up on him have another look at it. >> if you have me back whiteboard for varney. stuart: thank you, see you again real soon. democrats in arizona have officially turned their back on kyrsten sinema censoring here. what exactly does censoring a senator mean, what happens to her. ashley: not a whole lot is basically symbolic trying to make a statement arizona

democratic party executive committee formally censored senator sinema for her decisions on the filibuster and voting rights reform. the party caused cinemas actions to ensure the health of our democracy, sinema has prompted arizona democrats to find it challenging for her c, $450,000 has already been raised before the effort bernie sanders gets all about supporting a challenge for senator sinema. the senator's office as the sanction is symbolic move in they add the senator has promised to be an independent voice for the state. she is certainly got under the skin. let's put it that way. stuart: one big split of parties is it not. we gotta get back to the market, this is a desperate situation the dow is close to 700 points lower, 400 down for the nasdaq, the selling across-the-board,

virtually every sector is taking a badly, we are showing you financials, all of them down 3% or more. these are big names, j.p. morgan, goldman, bank of america, the biggest bank of america down 3%. the ten year treasury yield now up 1.72% that is the state of the market and it's about the war talk in europe that is bigoted down. coming up. the plan to live with covid. >> we would like it to get down to that level where it doesn't disrupt us in the sense of getting back to a degree of normality. stuart: what is the degree of normality what happens to us masks, mandates, vaccinations with the full remarks and will tell you all about it. two years since the first covid case reported in america former new york times writer barry weiss says it's ridiculous that were not back to normal yet, rotate. >> as we were told you get the

vaccine when you get back to normal. >> and we have not come back to normal. >> a lot more of what she had to say. she moved to florida to feel the sense of normality is back on the show. she is next. ♪

stuart: this is why you see so much red ink on the market america is considering moving u.s. troops to eastern europe and imposing a chip export beyond to russia. the state department is telling america to get out of ukraine and president putin of russia is considering, we understand according to the brits replacing galinsky the current president of ukraine with a pro-kremlin guide that is war talk and taking the market way down read one stock and an example of a huge selloff netflix, down another 10% this morning. 355 netflix. susan you look at the movers, what you have unsnapped.

susan: a downgrade this morning calling it for 15 stock also getting a downgrade of snap called a hold instead of a by and wedbush the target on the stock by almost half by $36 and you have to remember snap is down over 40% training at the lowest aborted 18 right now and wedbush says the tiktok opposition will be cutting heavily into snap sales let's take a look of what big tech, amazon is a surprise hitting a 52 week low down 25% from recent peaks one of america's biggest companies crypto currency apple is down 13% from 180 to record 13% down apple reports on thursday microsoft out tomorrow and these companies really need to blowout expectations that is

fantastic and crushed the quarter all the good news is then. but microsoft is slated to make $50 billion in sales and apple should put it another hundred billion dollar quarter, guidance will be key. stuart: i think you are right may be a blowout report and it could just put a bottom under some of the tech stocks, i don't know but what you take a look at the crypto, there is a fortune of money. a trillion dollars, six month lows for bitcoin 27% down looking at the fear gauge which tells you how to generate wall street looking the sharpest increase since november, silicone just to put the separate to enter perspective russia is one of the biggest silicon suppliers in the world. stuart: war talk is a big factor on the market today. thank you very much, let's get back to ashley dr. fauci is laying out his best case scenario in regards to covid,

what exactly is he saying. >> dr. fauci says the current surge caused by the omicron variant he believes by mid-february added the best case scenario will be to bring the virus under control and we just learn to live with it. take a listen. >> we would like it to get down to that level where it doesn't disrupt us in the sense of getting back to a degree of normality that is the best case scenario. we gotta be prepared for the worst case scenario. i'm not saying it's going to happen but we have to be prepared which are alluding to a moment ago that we get again another variant that has characteristics that would be problematic. stuart: let's hope not but after vaccination county pointed to therapies and test as a key component to controlling the pandemic and learning to live with it for the question of a fourth shot or a second booster, he said that should wait because further study need to show the

durability of protection from the first booster shot. stuart: we got it, former new york times writer barry weiss tells bellmawr that she is done with covid, rotate. >> look at the data that we did not have two years ago you will realize you can show your vaccine passport at a restaurant and still be asymptomatic and carry omicron, you will realize most importantly this is going to be remembered by the younger generation as a catastrophic moral crime. stuart: catastrophic moral crime, those strong words, the lady on the right-hand side moved to florida for the sake of her children and a better environment with covid. moral crime is that a little bit far? >> that is exactly right and i'm glad that barry has been seen it. i see for the better part of

this pandemic the way we treated children is unacceptable we put them last time and time again and we took a waste cool and extracurricular activities and play dates and made them eat outside of the ground in new york city and blue and it got cold we move them inside for silent lunches. meanwhile senior citizens who are at risk are dining all over the city as this this is no problem at all. we treated children as if they aren't the lowest risk of the entire pandemic and we made it through the childhood does not matter. >> you get moved to florida, give us a progress report. >> it is terrific my kids and been in school every day since we got here with no masks on, it is very saying, kids are put first and i been saying that about 40 for a long time long before we decided to move here, i interviewed governor desantis in spring of 2021 and he had said kids were his priority and i see that everywhere my kids play sports is normal in the

treated like the childhood matters like they matter. stuart: a california school board into the meeting just after two minutes because some people were not wearing masks correctly not just wearing masks at all but wearing them correctly, that would never happen important, would it? >> that is absolutely right it would never happen in florida there would be an uproar if that happens. the thing is do they really care that they were wearing masks correctly no she want to shut it down and she is masks as the excuse we will see behavior like that. the petty parents have the taste of power and they like it they want to keep it up with to be really careful about believing that she was really concerned that they were wearing their piece of cloth correctly. no she wanted to shut them down and that's exactly what she did. stuart: i was imported recently one thing that absolutely struck me was the difference in atmosphere in florida i did not feel like there was much of a pandemic going on but i live in

new jersey and work in new york the atmosphere is completely different. am i right, you would not know there's a pandemic in florida. >> there is a reason alexandria cossey cortez and eric swalwell vacation in florida it is a land of freedom and the free state of florida. the pandemic is very real i feel like people don't realize it is a real thing people get sick and die i been say new york should prepare for the pandemic spike for this winter all throughout the fall and i'm just a columnist. it is very real but we cannot stop our lives indefinitely waiting for 0 cases. that has not worked anywhere in the world, nowhere. florida is doing it right where the pretty life ahead of everything else. life matters living matters we need to live more. stuart: the voice of reason from florida. thank you very much for being here you better, back again

soon. in denver one elementary school to hold a black lives matter event kindergartners and first graders. what is going on here? ashley: that's a very good question centennial elementary in denver says it'll take part in the black lives matter at school week of action for school said it will instruct kindergarten and first graders to transgender affirming by recognizing trends antagonistic violence and clear affirming so normative thank you no longer exist. work your way out of that went a blm principle outlined by the school and black villages or the disruption of western nuclear family dynamics turns to the collective village that takes care of each other. the school says supporting blm is not political because is not inherently aligned with a single political party and despite concerns about the young age of the students in school says it is never too early to start talking about grace, one word

rubbish. stuart: absolute rubbish. well done you got a dead right. thank you check the markets again, more talk hurting the market big time down 750 on the dow industrials and 28 of the 30 are in the red. next of fox business investigation billions of ppp fraud went to items like rolex watches and a whole lot more the full report right after this. ♪ ♪ ♪ wow, we're crunching tons of polygons here!

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stuart: the white house as president biden will hold a video call 3:00 p.m. eastern this afternoon with european leaders. this is in response to the

russia buildup on ukraine border. that was announced a couple of minutes ago and the market took another step down another further moves south the dow is down 850 points, 2.5%. the nasdaq is down over 3%. there you go the s&p is down 137, 3.7% down for the nasdaq, 2.5% down for the dow jones average. the crypto also on the downside were at 34000 for bitcoin and we have been 31 a change. as ethereum $22 per coin. just as congress is considering another round of covid relief of fox business investigation reveals billions in fraud from ppp and an appointment benefits. kelli o'grady has a story. what did some of the fraudsters spend the money on. >> strippers, lamborghinis and rolex watches to name a few. one guy bought a fanny pack so

that feels a little bit more sensible. $100 billion in 2 trillion from the cares act, that is nearly 5% so we dug into the crimes and i want to highlight examples the largest was 35 million recording artist diamond blue smith pleaded guilty to file 79 fraudulent ppp apps with the proceeds to make luxury purchases including a ferrari for $96000 in addition to the car he obtained over 1 million and ppp. olympic bronze medalist received 10 million per company she had between 105 - 430 employees on different filings while the indictment alleges she had none some of the movie starring elijah wood with ted bundy and vitally the incredibly apocalyptic bella and a team of others were accused of submitting fraudulent ppp application seeking 14 million the team distribute proceeds to bake across across the world,

luxury jet and as people they in hospital beds many criminals obtain a million dollars each for more settle claims like early withdrawals from 401ks to more outrageous purchases like luxury real estate in prison inmates were able to snag 1,000,001 scheme and even more covid relief is being proposed but many critics say more than enough stimulus has been doled out especially when so much went to fraudsters and at this point only 2.3 billion of the hundred billion have been recovered. stuart: 100 billion covid relief funds deemed fraud what a headline. thank you very much, and into this i believe fraud charges have been raised against celebrities, tell me more. ashley: several celebrities entertainment and business leaders for defrauding the paycheck protection program for a total of more than $3 million a total of 19 people are being indicted in this investigation

including actress i even over i haven't heard of either but there involved, according to documents fraudulent ppp applications totaling hundreds of thousands of dollars were submitted based on false information it seems like a theme, the program was introduced in 2020 and the health businesses pay workers during covid restrictions seven of the indictment in this case were linked to mark mason and atlanta-based business consultant who had legibly took a fee of 2 - 5% if the loans were approved. but the law is catching up with them. stuart: thank you look at the nasdaq down 3.7%. even "saturday night live" taking jobs at president biden's first year in office. we have the tape and you'll see it the new york times editorial says president biden added to his own political woes by downplaying inflation, is biden beginning to lose the media,

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stuart: the white house as president biden will hold a video call with european leaders in response to russia's present around the ukraine border. when the news came out that market turns out all over again. the dow is now down 940 points, that is 2.7% and the nasdaq is down well over 3.7% that is a gigantic decline david to and have% decline for the s&p. that news about russia is really upsetting the market. criticism of the president doesn't stop there the new york times editorial board writes this mr. biden has contributed to his own political woes through much of the fall the president and other officials seem to be downplay the dangers of inflation. mr. biden's insistence on the plausible narrative may be contributing to the sense that he's not taking inflation seriously. and over at nbc is criticizing the president saying he lacks

competence and is not effective. joe concha with me now, is the president beginning to lose the media? >> yes i can into that definitively when the new york times turns on you it hasn't endorsed an resident in 65 years. when you lose them that is a problem. it goes back to the importance of messaging, the cardinal rule of politics and sales under promise and over deliver. the president's team led by ron klein in jen psaki they did not do that it was transitory for months now will be here for 2023. they declared victory over the supply chain intake mr. biden pete buttigieg say christmas and now probably 2023 homicides in city after city skyrocket in the border remains essentially open and they continue to side with teachers unions over parents. afghanistan is a terrorist is elated we see how aggressive

russia has become as it pertains to ukraine in the market is down a thousand points. democrats if they continue down the road and mr. biden doesn't make any changes in terms of letting go of his chief of staff and ron klain were going about this differently the way bill clinton pivoted he's in serious trouble and the party is doomed. stuart: 100 million americans have a piece of the stock market action usually through the 401k middle america sitting back seetheir 401k trashed the dow is down 900 pointed s&p et cetera you see it. that to me means the selloff because of the war talk in russia is a political liability come november for the president, what say you? >> big time remember he said at the press conference the disastrous press conference last week that a minor incursion would be okay and they had to said to half their administration to clean that up and at that point vladimir putin would like to be a point of ukrainian and european leaders are alarm this is the consequences of having a

president that chuck todd said people they biden as incompetent and this goes all the way back to august and the deadly withdrawal from afghanistan only 22% of the country thinks were on the right track. i would love to meet those 22%. stuart: forgive me for going backwards but i will play the tape with chuck todd nbc says president biden is not seen as competent and effective, watch this. >> or new nbc news poll suggests mr. biden either reset is no longer seen as competent and effective no longer seen as a good commander-in-chief and most damaging as easy-going and likable. stuart: i'm sure you have a lot to say give it to me 20 seconds. >> on cbs they did a panel with average voters and said the question was asked by brandon the anchor, you think you countries better off than one year ago and not of them raise their hands it was like a people, cbs, nbc, new york times

mr. biden lost the media and his party and they're going to lose big time 11 months from now. stuart: 25 seconds but we accept that. you are all right, thank you very much indeed. monday's trivia question, relief we needed today what is the northernmost city in the continent of the united states. there is your choices, we will see if ashley knows the answer after this. ♪ de, the unparalleled landscape of park city or the famed peaks of whistler, you face the hassle of lugging your gear through the airport. with ship skis, you're just a few clicks away from having your skis, snowboard and luggage shipped from your doorstep to your destination. with unrivaled pricing, real time tracking, ship skis delivers hassle-free. ship ahead and go catch those first tracks on fresh snow. municipal bonds don't usually get the media coverage ship ahead and go catch those first tracks the stock market does. in fact, most people don't find them all that exciting.

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stuart: what is the northern-most city in the continental united states? there's your choices, ash. what are you going with? ashley: i think it's between maine and washington. the obvious answer is maine, so i will go with blayne washington. stuart: i would go with maine. see what it is. we got it wrong. minnesota has a tiny little notch on top of that state. only area in the u.s. outside of alaska, north of the 49th parallel, forms a border between u.s. and canada. now you know, ashley. ashley: i know. i'm embarrassed. stuart: we got to get back with this. the president holds a videoconference with europeans in response to russia. we don't know what he will say. what that announcement was made, the markets took another big turn south, i msnbc big time.

the dow was close to down 1,000 points since june 11th of 2020. nasdaq composite was down 4% or was until moments ago. that is extraordinary selloff. this is a lot of red ink you're seeing on the markets today. war talk doesn't help, nor does the threat of rate hikes from the fed. time's up for me. jackie deangelis sitting in for neil today. jackie: thank you. i'm jackie deangelis in for neil cavuto today. the white house says the biden will hold a videoconference call with european leaders today. the s&p 500 now well into rec correction territory. we'll be on top of the fallout over the next two years. make sure you stick with us. lauren simonetti is here what is what moving. specifically a lot is moving, lauren.