interest rates go up because they are very intrasensitive. maria: i think that is terrific you give a us that disclosure thank you for that a pleasure to see you gentlemen thank you very much for staying with us on a busy morning steven mcmillan ken, cheryl casone liz peek tammy bruce a pleasure honor to be with all of you have a good thursday we will see you again tomorrow everybody thanks for to being here "varney & company" begins good morning, everyone. elon musk having the time of his life in the thick of things, his tweet overnight ruffled a lot of feathers. he went after twitters top lawyer who was in charge of sentry trump and the hunter biden story. he joked about buying coca-cola so he could put the cocaine back in it. he tried to reassure his restoration of free speech would not mean there is appear next to offensive content.

twitter's earnings report came out this morning i showed nothing spectacular on the way. stocks are $49 a share as of right now. a lot of investors, not sure whether musk will go through with the $54.20 offer. he could walk away from the deal, he's just lose $1 billion. chunk of change to him. stocks of 49. look at the rest of the market, i'm going to call it a rally, the economy contracted between january and mart, a surprise report, no real impact on the market though. look at the dow, of close to 200 points. the nasdaq also up close to 200 points. i'll call that a rally. how about meta, strong earnings report late yesterday and that stock is rally big time this morning, facebook added daily users. that's the key, up goes meta. bitcoin, let's do that.

very little change this morning. $39500 a coin. interest rates, little changed. tenure at 2.87%, slightly higher. even though the gd report was an 8% inflation rate. oil at $101 a barrel as we speak but gas keeps on creeping up. four, 14 is your average and diesel we got that price national average $5.12 a gallon. in other news, three big democrat run state diverted money from covid relief, supposed to be used to reopen schools for billions when to promote crt, phis training and equity promotion. what does that have to do with opening the schools? teachers unions strike again. democrats face a shellacking in november so says republican karl rove. democrats face an election with masses losses so says mark penn. incrimination's have started already. wait until you hear hillary clinton's warning about the return of fascism to america.

thursday april 28, 2022, party and company is about to begin. ♪♪ ♪♪ pat: . stuart: a beautiful day. it's a great thing. let's get to twitter. you can't get away from twitter or elon musk now. their financial report this morning, the stock is up ever so slightly. take away from the earnings report. >> no more guidance, no conference call, this might be all you get if the deal goes through. it would be great if you are on it so the revenue was $1.2 billion, a little light.

daily users a bit more, to 29 billion of them, that's it, that's all they've got. stuart: the bid from musk is 5420. all right, thank you very much. elon musk you got to say, he has a sense of humor. he twitted i'm buying coca-cola to put the cocaine back in. not that it's funny but he has a sense of humor. another user made a mean saying musk will by mcdonald's and fix all the ice cream machines to which musk responded, listen, i can't do miracles". i love the guys sense of humor, he's just not a normal ceo. >> he's not and he's doing what he said he wants to do, make jokes. free speech, talk about things. twitter is not doing the analyst call but i am curious to hear what elon musk has to say. i expect throughout the day we might hear something from him, potentially on the twitter results but that to you want to hear from.

that's because what he does, what he sees in the results is what he's going to think about doing in the future to fix this. stuart: maybe he's contacted the people who will lend him some of the money to buy twitter and saying look at this earnings report, it's not that bad, i could do something about it. >> buying this book company and wants to do something extraordinary with it. stuart: there's a more serious note, leaked communications from inside twitter reveal how employees are reacting to musk's takeover. q the panic. >> hair is on fire, many are threatening to quit some of the engineers, one says this, i will not work for this company after the takeover. another says we are thinning our wheels and coming up with worst-case scenarios such as trump returns and no more moderation. that's what it is, is the fear of being unable to control the narrative it's not their own,

it's literally making them sick and wanting to quit their high-paying jobs done out of the comfort of their own right now. stuart: they've lost control of the conversation they wanted to control, they've lost control. >> maybe they are scared elon musk takes twitter to texas where his other companies are or florida and they fly off the couch to another state. >> what's? come on. stuart: what you have to say about this? >> employees who have the problem, elon musk and don't want to work there are probably not going to work there much longer, there will be huge turnover. you will not get a new kind of company unless you get a new kind of employee first. >> we don't really know what the politics are so they are freaking out over a guy who might be libertarian, i think he is actually. we don't know what he's going to do. >> he's not partisan but he's got some intervals and free speech is one.

twitter is not going to be for you apparently, thank goodness for that. stuart: we got a special on fox nation running now, who is elon musk? we cannot answer the question because we don't know. we don't know. shall we move away from musk for a brief shining moment? let's look at apple, they report after the bell today, you're walking it up with a gain of almost 2%. this is the big one. >> it certainly is. if you look at the numbers, revenue at 93-point million dollars but the question is demand. goldman sachs says is slowing down but nope, it's still strong even as the supply chain curtails the phones by 15 million, that apple can produce and then look at china, the other risk. that's a fail of overall revenue at apple says this might be

price in but investors are expecting a huge buyback to be announced, $90 billion. i'd say the bottom line the bands we been speaking about is breaking up. microsoft and maybe apple on one side and netflix, alphabet on the other. stuart: here's a breakup of big tech. let's get to meta, i call it facebook, i'm sorry. the stock is up nearly 15%, highlight -- >> it wasn't a good report, the bar was set so low. he said the stock was so oversold, it got over 15%, what do you expect? they had a small daily, 1.96 billion versus 1.95 billion, that's it. now stocks up 16%. they missed on the revenue about $28 billion, 7% revenue growth rate, the strongest or slowest ever, why are you laughing? >> you are not a buyer here. >> extreme for a decent, if not slightly negative report of it.

they have to temper their spending, they are tempering it, only $90 million. stuart: exasperate -- >> after this report, do you? [laughter] >> things aren't as bad as it could be. i'm not going to argue because you have a strong view on this issue. stuart: we are going to leave this issue because we are in trouble. look who's here now, the man himself, i'm going to move away from apple and twitter. has the market hit bottom? what do you say? >> i believe it hit near term bottom. a tradable bounce absent any outside influence, more destruction, more supply chain problems out of the far east specifically absent those things we could have a run up into the summer but i don't think the long-term prognosis is great yet. stuart: by not?

>> i believe all of those things we were talking about, the supply chain, the conflict we have, the war going on in ukraine, the big issue is going to be as the fed navigates these things and tries to take away and put back and take away, they are not going to be able to manufacture that soft landing we want. i think we're just going to see volatility we are getting right now. down multiple% yesterday, up a% this morning before the market and that will keep going for a while. stuart: i think the fed is in a terrible position, we got 8% inflation rate reported in the first three months of the year within the gdp report and shrinking economy. how do they deal with that and not turn it into a serious recession? i simply don't know and i think you share my concern. >> i do share that concern, i think it was a teeny bit encouraging the gdp number we got this morning showed a little

bit of contraction due to probably the inflationary. we make it a little bit of help from self regulation and that is a big help. stuart: it is a big hope indeed. thanks for being here, we'll see you again real soon senate majority leader chuck schumer says he knows the way to fix inflation. raise taxes. the "wall street journal" editorial board responded saying tax increases won't cure inflation, another bright idea from the folks who brought you the monetary theory. economics professor, brian is with us, how do tax increases go? >> schumer says do you know what we need to do? we have an inflation problem and the fall is all of you spending your money so what we will do is raise taxes on you so we can take the money and give it to the government and that the government keep spending money. that's what he's saying it doesn't solve inflation because

it contracts the supply side of the economy which means fewer goods are available which means prices keep going up. and in the face of this negative gdp number talk about tax increases right now, he thinks some kind of political when, it's a complete political loss because everybody understands how foolish that would be right now. stuart: i got to move on real fast, because of a set coming in. you're here for the hour. plenty of time left for you. we got the numbers on the economy, how it performed january through mart. we have two details already this morning, fill out the blanks. >> one point 4% down in the first quarter. we were at 6.9 in the fourth quarter so three months you go from strong growth shrinking. that's a u-turn, a deep pothole, however you want to characterize it for where to go from here?

you keep shrinking? if you do for two quarters in a row then you are in for a recession or do you pop back up? i have a feeling we are in the letter category. you can wiggle your way in-and-out of the report, consumption rose by 2.7% but that was up by over 9%. overall, we are looking at an economy that shrank in the first three months of the year. stuart: interesting they are economy shrank and the market rallies, interesting. >> i think it's looking at the consumer piece, putting a lot of weight on that. we got inflation, consumers are hurting. stuart: thanks. programming no, fox nation on elon musk, who is elon musk? streaming on fox nation. quick check of the futures. plenty of green this morning, up 200 for the doubt and 206 for the nasdaq. coming up, madeleine albright funeral to warn fascism could

return to this book and could take over the country. >> he warned us in her book on fascism that yes it can happen here. stand up to dictators and demagogues from the battlefield of ukraine to the halls of our own capitol. stuart: will tell you what else she had to say. over the course of a few hours, doctor fauci went from saying they are out of the pandemic phase two saying the pandemic is not over. which is it? doctor marty makary is here to help us sort it out after this.

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♪♪ stuart: i find this music. [laughter] >> david bowie is boring. stuart: there's nothing boring about downtown mississippi which is what you are looking at right now. let's get serious here. doctor fauci, you cannot make up his mind on the pandemic. roll tape. >> how close are we to the end of this pandemic? >> we are certainly right now in this country out of the pandemic phase. i want to clarify one thing, i probably should have said the acute component of the pandemic phase. i understand how that could lead to misinterpretation, is the pandemic still here? absolutely. stuart: now exactly where are we? doctor marty makary joins us, i

want your opinion. is the pandemic over or what? >> we are definitely in the endemic phase, this is now the same level of influenza where we will see increase in cases in the fall. my anticipation is we will not the result and hospitalizations unless we have a different variant which we have to prepare for but we been in the endemic phase for month now, they been following the wrong number, total hospitalizations when really we know about 40% of those are for covid. i think he's creating terminology, i don't know what the acute component of a pandemic phase is, i'm not sure what he's referring to. stuart: it seems like we've hit a stall on the number of people getting boosted were vaccinated in the first place. the public at large seems to feel it's over, it's in the rearview mirror, we are moving on i think that's an accurate statement of public opinion at the moment. >> 95% of adults have circulating antibodies, aside from almost two months ago so

even higher now given the contagiousness of omicron ba2 so people should feel good about their immunity and in my world the pandemic is over when i got immunized. stuart: interesting. one last thing for you, president biden says will skip the eating portion of the white house correspondent saturday night, he wants to limit the risk of covid. does that make sense to you? >> he's been vaccinated four times for the same vaccine, not a different vaccine for different flu seasons. he's loaded with immunity, he should live his life, that's the modeling we should seek but doctor fauci won't go to the white house correspondent center, he described it as too risky. i think you will see a different risk threshold among public health officials and the general public. people want to move on and if you test positive, it's not the worst thing is there's no hospitalizations resulting. i think they should live their lives and live it more liberally. cover your faces profound

isolation is a medical harm, medical consequences. stuart: we should remember that. thank you for being with us, great work from you. we appreciate it. here's another one, denmark causing its covid vaccine program. i believe it's a first, what is causing the vaccine program been? >> they will encourage you to get vaccinated right now but you can get it if you want to, you can finish up your vaccine series. i'm quoting the epidemic has reversed and they also called it epidemic. 81% of the population is vaccinated, most of the vaccinated are boosted, that's all they can do for their pulling back on the program for this season. i will parallel this to the cdc because they said in ten americans have had signs of having covid, antibodies including three and four kids says all you can do.

stuart: you got a smile on your face. >> can you believe we are looking at denmark saying denmark is aggressively promoting choice and freedom compared to america? how bad as it? denmark, wouldn't it be great? stuart: quickly, futures. we open the market in seven minutes, we are going to go up again. 193 up for the back, 200 for the nasdaq. the opening bell next. ♪♪

futures suggest an upside move at the opening bell this morning and three minutes time. meanwhile, here is gary, good to see you again. i'll ask you the same question i asked everybody all day long. have we hit bottom on the stock market? >> unfortunately i've seen nothing that indicates characteristics of a bottom in the market. all we have been seeing is a couple of times were we had a low when we rally up for a little bit but then call back. we're just at that juncture right now, if the march lows are taken out in a couple of months,

i think it's going to have serious institutional selling, another let down so keeping fingers crossed. we try to work off that. stuart: it seems like a patent developing, a big selloff, down we go, they get a bounce and then another big selloff that takes us down some more. is that what you expect for the rest of the summer? >> i hope not but you defined the faces, two steps down, one step up, all markets of the exact opposite. now we are starting to get the news the market forecast was seen a contraction like numbers. we are already about inflation, a double whammy causing problems. you see it in the earnings numbers and a lot of companies, it sticks, i can promise you we will go lower from here. stuart: what are you advising your client to do right now with

any spare extra money they come up with? >> we've been oodles and oodles of cash since november, we hardly own anything. we're just kicking back our feet up and all we are doing is finding the companies blowing away earnings estimates, great revenue growth and look toward the future but right now, not seeing a lot and i know facebook is up but they are decelerating earnings and sales, we are looking to the opposite and we have a lot more to go. after the close today, apple and amazon i think will define the next few weeks. stuart: so goes apple and amazon and the market. is that a reasonable thing to say? >> they are a big influence on a lot of things so definitely, apple 7% of the s&p which is a mistake. s&p should fix that and as high as 45% of the nasdaq 100 and that's why you see trouble there

especially while you see facebook, netflix, google and others in their own private their markets right now. stuart: i didn't sell anything, maybe you told me to sell in november but i did not sell. did i make a huge mistake? five seconds to answer. >> market is 100 some odd years of history that would get a bad market and we get going again. i'm not worried longer term, right now you got to go with it. stuart: what about my life expectancy? gary, great to see you. ♪♪ market has opened and we've got plenty of green. the dow 30, the vast majority, 25 the dow 30 are in the green. dow opened with a gain of almost 200 points, better than a half%. s&p 500 on the upside, big game there. 1.3%, that's a solid game. the nasdaq will look at that, up 1.82%. show me big tech, i presume they

are all up, they are. microsoft 286. apple 160 alphabet is up close to 2332. amazon is up 84, etc. let's deal with amazon. they are up $82 right now, 3%. they report after the bell this afternoon. what you have on amazon? >> they expect the slowest growth in 20 years, it will grow 7%, $160 million in sales, eye-popping numbers but the rate of growth has slowed and profits are expected to fall 47%. you know why because are surging and amazon has dealt with that, prime membership, the price the you will search charges. we know how bad the numbers could be so if andy is able to fly over those low bars, maybe we will see the stock pop a bit more when they report and don't forget cloud services and that's

expected to continue. stuart: that's not a good time, the economy of the overall market itself. >> it's the same for the big tech stocks and mostly all of them. stuart: okay, got to ask you about boeing because i understand the ceo is now saying he regret the deal with drums air force one. why? >> it was a good business deal from coordinated, it was good for the american people. he got in, signed in 2018 at a discount of 3.9 billion, we didn't have these inflation problems in 2018 so they signed the deal, he wasn't even ceo at the time anyway, now because of this supply chain in the pandemic, all the cost have soared and boeing has to eat the cost. stuart: but i remember the time when the contract was given out, trump is negotiating the contract for air force one as i

recall. >> this is hilarious to me, under trump, no inflation, not a bad deal for boeing. you get biden and inflation goes crazy and you blame trump for the deal, he was smart. he had beds on inflation, boeing didn't, it's their fault. stuart: you are having too much fun. now tell a dock. when you look at the stock, down now 47%. at 293 a year ago and now 29. >> we knew it would fall. does the mental health market, it's not doing well. severe loss of $6 billion, they were a pandemic winner, i was prepared to tell you the stock is down 70% in the past year but now it's more than that. stuart: almost 90%. >> i think going back to the doctor advertising cost hit an online company. stuart: got it, down $25 $30 a share. then we have eight and a half%,

chip maker. >> diversification. they have huge growth in the different segments, handsets, the auto market, their chips. in the quarter that wrapped record revenue and current quarter revenue is rosie so investors are loving it. stuart: the company that size is a big game. how about mcdonald's? i know they pulled out of russia, it didn't hurt them? >> it will cost about $100 million but the report card overall, they were up almost 12% globally. really remarkable. why are we seeing the stocks fly? it's because with the ceo saying now on the call there is a concern around consumer sentiment and mcdonald's is a global company, probably more pronounced in europe for obvious reasons but hasn't yet showed up in the company's bottom line. stuart: we really depend on the

consumer to get the economy going and keep it going maybe they will have a limit on what they pay for. >> i think the reason they are not calling it tele dock anymore is because they will eat big macs. that's how you deal with the problems. stuart: i wasn't expecting that. [laughter] okay. not bad, brian. he. >> now we are getting creative, one out of ten. stuart: now serious on maternal, close to getting approval for covid shot for children, babies actually. under six months. how many mothers and fathers would have their babies inoculated? >> there are some. 28% of young children five to 11 are vaccinated, 28%. you raise a good question, there are some vaccination or the highway, they will vaccinate their child right there in the hospital.

right now there is no shot for someone as young as six months old. pfizer is testing it, they didn't have good results. now moderna have had results and they've asked for emergency room approval. stuart: if they get emergency approval, i wonder how many new parents will inoculate their six month old, i wonder. i'm not making judgment, just how many? >> does the vaccine protect against the latest variance? if the answer is no, who would do it? stuart: how many do? >> she still got covid, she's fine but if that's it, you shouldn't call it a vaccine, you should call it a treatment or flu vaccine. stuart: i'm not, i'm confused about board, they experience a 3 billion-dollar loss, slashing jobs as well. that normally pushes stock up. >> is just 1% of jobs, engineering jobs the people who

make the traditional engines but now they pivoted in a big way, that is the turnaround restructuring that requires a different skill set sofi hundred and 80 contractual workers have to go. stuart: a couple of months ago we were making a big deal about $20 a share. up from there -- >> 12% stake and as you know, caribbean is not doing well so that's one reason we are seeing the market response. stuart: let me move on to the dow, they are on the list frequently, apple number two, 159 there. s&p 500, meta platforms, not surprised. it's a 16%, huge game like that. nasdaq by meta platforms, i'm not surprised. 16%. >> amazon is on there, too. stuart: the dow is up 32-point, the first seven minutes, 5.4%. the ten year treasury, 2.85%,

gdp report this morning contained 8% inflation level. nonetheless treasury yields are still in a decent level. big going, sorry, .394. gold at 1830. the price of oil at 101 dollars a barrel earlier. $7.13 4 million. average the past gallon, 4.14. in california regular, 5.68. ouch. coming up, far from the royal treatment, employees at prince harry's mental health startup are crying foul. we'll tell you about that. everything is bigger in texas including crypto mining. the amount of electricity, texas crypto minors use good power the entire city of houston. the administration says they have effectively managed the

crisis at the border. don't laugh. roll the tape. >> we inherited broken dismantled system, effectively managed unprecedented number of noncitizens in the united states. stuart: i doubt my next guest would agree with that, nebraska governor pete will be with us, he's part of order strike force right after this. ♪♪

♪♪ stuart: a beautiful shot of the capitol, 41 degrees. the white house. then there's this, hillary clinton warning could dominate

the united states. watch this. >> she knew better than most and she warned us in her book on fascism that yes it can happen here. we must heed the wisdom of her life, stand up to dictators and demagogues from the battlefield of ukraine to the halls of our own capitol. stuart: the governor of nebraska is pete and he joins us now. i promise i will get to your state low unemployment rate in a moment. i'd like your comment on hillary clinton talking fascism. >> of course we have to be on fascism, we see it right now with russia's invasion of ukraine and one of the reasons we have to make sure we have to secure elections in this country so people don't try to take over or steal the elections and that's why for example here in nebraska we are supporting a

voter id ballot to make sure we can have the most care transparent election as possible, such tricksters from the ballot box and secure that. stuart: some people would call it fascism but i would not. 2%, is that it? i think you tied with utah for the lowest, how did you do that? >> with got the lowest unemployment rate not only in the country but history of brassica, close in our state history because of the strong pandemic response we had in recovery, we got great economic growth. we have more people employed today than pre-pandemic. we got a record number of nebraskans employed, 20000 more than three pandemic. that creates opportunity for nebraska families and we get ranked by the foundations having the second best children's economic well-being so it makes sense, families who have job opportunities, children are taking care of.

stuart: are you getting a lot of migration, people coming to the state? >> we are in looking to do more. we passed a bill for law enforcement officers, if there's law enforcement and other states where they are not cheating you properly, we appreciate other states defunding police, we are funding them. we had a record amount of law enforcement public safety and we write ad campaigns to remind nebraskans to come back to our state, we are at a great quality of life and hopefully meet new nebraskans we don't know yet. stuart: i would ask you about the order because you are in the border strike force working to address the border crisis. i don't think the administration is going to get rid of title 42 because the consequences, political consequences will be dire. i don't think they will lift it, what say you? >> i hope they don't because that's one of the ten points my other governors around the country presented to the president last fall as part of our ten-point plan to secure the

border and president biden is advocating his responsibility to the southern border, laughable to think they inherited something that was broken, the trump administration brought illegal crossings to a 40 year low and they have missed managed the border, we had over 2 million contacts by customs and border patrol last year, there will be more this year end a national security issue. we see that here in brassica, we are in the middle of the country. we see about, the amount of fentanyl is ten times what it was before the biden administration and has impact on real people's lives. griffith, a young 24-year-old mother of two, took a counterfeit prescription drug laced with fentanyl and overdosed and died. that's the human cost of the biden administration responsibilities at the southern border. stuart: thank you for being with us, republican in nebraska, we hope to speak to you again. >> thanks for having me on. stuart: signatory mayorkas claims the biden administration has effectively managed the

crisis. roll tape. >> we inherited a broken dismantled system already under strain, only congress can fix this. we've effectively managed unprecedented number of noncitizens seeking to enter the united states. stuart: brian, he did go on to say the situation is unsustainable. he said in the summer the situation is unsustainable and yet now he says it was under control. >> he should resign and i don't say that lightly that he should resign. he's wrong on everything, he's making stuff up, he's speaking half-truths at best, mostly untruths and he's doing nothing to solve the problem. he has nothing to recommend his leadership of this office, he's got to get out because he will not stand up to this administration and tell them the truth and they are not going to do anything about a dhs who will tell the president what's actually going on. stuart: thank you very much.

next case, releasing a u.s. marine in a surprise, is that diplomatic success? is the insight on that. three blue states using billions in covid relief to push critical race theory in schools, taxpayers money madison cawthorn all what has the full story after this. ♪♪ ♪♪ or. ♪♪

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getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com.

stuart: democrat run states used billions in covid relief funds to push critical race theory and schools. madison alworth has the story. take me through this. >> when you look at this, it's money that supposed to go toward helping kids to back to school but when you look at the dollars, it's concerning. billions set aside to help the schools but instead spent on anti- racism and implicit bias training all to light because of research from one nation verified by fox news, the american rescue plan act passed in march of 2021 without any republican support was billed as a necessity for reopening

schools during the covid pandemic. things like ensuring social distancing, ppe supplies and helping students academically that have fallen behind of closed schools. the law provided over $122 billion for the elementary and secondary school emergency relief funds but when you look at what some blue states, billions of taxpayer dollars spent on, you'd be surprised and it's putting it lightly. california 1.5 billion went toward opposite bias training for school staff, new york used some against $9 billion to implement reopening plans which supported putting diversity equity and inclusion at the heart of all education agencies in illinois find in the hands of the state board of education went toward providing the school district with training on topics like antiracism and equity. one nation telling fox news digital, it turns out biden's so-called american rescue plan for the multitrillion dollar

progressive shopping list, massive bait and switch for lifesaving covid eight. indoctrinate children to judge themselves and one another based on the color of their skin is wrong and has nothing to do with fighting covid or getting our economy back on track. federal department of education how to sign off on these plans saying in a statement to fox, the department is not encouraging the use of american rescue plan funds to teach and any claims to the contrary is false. the department believes politicians should stay out of the curriculums decisions must at the local level and engagement with parents, families and local communities. all of this continues to push for additional covid relief but when you look at the past money supposed to be spent on getting schools safe and back up to standards, you see what it spent on, it's no wonder there is some skepticism about additional aid.

stuart: billions of dollars that has nothing to do with getting schools open. >> reopened and safe and all of that the one brian is here, what you think? >> what a sham, billions of dollars and the parents are told it's to get your kids back in schools but they are not told when they get there they will be indoctrinated. new york hired equity warriors, many went to these equity warriors in the school, is that what you want your kids confronting equity warriors? stuart: nothing to do with opening the schools. out of time. [laughter] >> so much more to say. stuart: thanks for staying with us the entire hour. still ahead, attorney general of west virginia is back with us, california congresswoman young kim, ben domenech and bill hammer coming up on this show next. ♪♪ ♪♪

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♪♪ i am all shook up ♪♪ stuart: more elvis. more elvis. yesterday we played elvis at 11:00 in the morning and i sang along a little bit. i think the producers wanted me to sing-along again but i'm not going to do it other than to say good morning, every one, it is 10:00 eastern time.

it is a modest rally, dow is up 122 or 120, the nasdaq up a solid 2 thirds of one%. the 10 year treasury yield, 2.86%. big tech up across the board. microsoft edging down and the rest are higher. oil at $102 a barrel into bitcoin a fraction shot of 39,000 as we speak. on thursday morning, mortgage rates, what is the latest number? lauren: 5. one%, came down from the week before. this is affecting purchase demand, they are seeing the switch into adjustable-rate mortgage where is 378 and the coastal cities because of high prices.

stuart: it is locked in for 5 years. now this. as of now, thursday, april 28th, there are one hundred 93 days to the election, democrats are in panic mode, warnings from all sides, you're going to lose big. mark penn was advisor to president clinton and hillary clinton writing in the new york times he sees, quote, a wave election coming like 1994 when the democrats lost 54 seats in the house and 2010, the democrats lost 63 seats. he says the administration faces a cascade of problems all at once and they will burst like a geyser. mark penn is a democrat. karl rove, republican, in the wall street journal, he asks how badly will the democrats lose? they will take hits on

inflation, the economy and immigration and he says there's a lack of enthusiasm among young voters, that's not good news at all. he speculates the democrats face a shellacking, and they know it. the recriminations have begun. the left says democrats will lose because we didn't go for socialism. the moderates say we will lose because you promoted socialism. don't get too confident, republicans, you have a split of your own to deal with, his name is donald trump. the second hour of varney just getting started. look who is here, been dominic, the democrats are tearing each other apart. would you put a number on the number of seats you think democrats will lose in november? >> i think it will be higher than 60. we will see an incredible wave

because they are being hit on so many fronts, not just an election, it is not just about inflation or foreign-policy or security concerns, not just any election, it is everything all at once coming together and democrats haven't put forward a plan of their own how to solve any of these things, they are undergoing a generational shift, the elderly nature of the leadership of the democratic party is becoming a real problem for them and they are going to end up at the end of the day much more progressive, more further left and looks more like aoc than it does the tim ryans of the world and others who tried to shift the party in a more moderate direction. if stuart: if they win more than 60 seats in the house that's a landslide and that would carry over to them winning back the senate i would take it. that changes the political landscape completely, totally.

>> i think you are going to see a complete bloodbath and it will be a question more how significant what significant steps this new congress would take other than leadership which depends on the makeup of their own conference. you will see a lot of people win this time who are new to politics and in a similar way to the tea party wave we saw in 2010 are going to bring their new ideas and approaches. that can be tough to handle. other members of the republican leadership. stuart: you just came back from the border, you spoke with minority leader mccarthy, texas congressman tony gonzalez. what did you see? >> it was very sad. i arrived in the morning and saw a long line of border

patrol vehicles, they discovered the body of this national guardsmen who risked his life trying to save two migrants crossing the rio grande. the border is in crisis mode. i've been there many times over the years and this is unprecedented in terms of levels of immigration we are about to see in the reaction to pulling away title 42. that has been delayed thanks to a court case, the left-wing of the democratic party insists upon. we are going to see levels estimated at 18,000 people a day coming across, that is a huge boon for the cartels that make money from human trafficking and transporting fentanyl across the border and democrats don't have a policy answer to it because they don't want to go back and reconsider the policies. stuart: that is quite a prediction, 60 seats to be won by the republicans in the house and they will retake the senate, new political landscape.

appreciate it. back to the money. the gains are still there but moderated somewhat, dow is up 70, nasdaq up 65. look who is back. we like this guy adam johnson. he gets to the point. after this question have we hit bottom on the stock market. >> we are in the process of forming the bottom. it is something to say today's the day or tomorrow will be the day but we are in the process. i say process because i have a checklist, are we there yet? there are siu 9 indicators on the checklist, five of them i'm able to check off. another two are very close, 7 of 9, that tells me working the process. blue one last time you were with us telling us the general feeling was so negative that that is the time to buy. >> fresh data came out this morning, don't remember last

time i saw it this negative. every weekly american association of individual investors has -- are you bullish or bearish? bears are at 66%. more than half of the individual investors are bearish, 60 versus 15, 4 to one, you have to go back to 2,008 to find that kind of washout. last time they were 50% was 1992. sentiment is watched out. we have 35, you get it to 40, i would check that, 82% stocks in the s&p are trading below what the pro-plaps call the one month moving average. adding that up, you say this is what bottoms start to look like. stuart: i will bear that in mind.

let's have a look at this. in the report says facebook has failed to safeguard users personal data. tell me board. lauren: the facebook engineers, built with open borders, facebook doesn't know what it does with your personal data or where it goes, facebook denies the report but internally this report says there is no assurance facebook and deal with these privacy regulations as they affect users in different regions. stuart: i don't think privacy exists any longer but looking at some movers, daughters pizza down 7%. stuart: they fell -- stuart: sales are down? lauren: if you can't have your restaurant staffed the way you need to, unprecedented inflation, there is no relief in sight for them so these

challenges do continue. stuart: isar mastercard straight up, good game for a stock that size. the story. lauren: covid, doesn't still exist for people swiping their credit cards? they are seeing a jump in cross-border spending, translation, we are willing to get swabbed every time you want to leave the country. stuart: cross-border -- >> international spending. if you are going to italy you will put up with all those different rules, to where your masks and get your negative test because there is such pent-up desire to travel and go places and spend money to do so. stuart: international cross-border spending is a big deal but mastercard gets up 3% boost in the stock price. lauren: and sitting a lot of cash because we saved up a lot of cash. stuart: caterpillar is a dow stock down 4%. lauren: the problem is the price hike, more coming, are not enough to offset the higher

costs they are facing, the caterpillar is facing, supply chain disruptions, they are impacting their ability to meet demand for equipment for the rest of the year. so the timeline for these challenges is extended likely, no story. stuart: i want you to tell me about this city in texas. lauren: fort worth. stuart: they did a lot of crypto mining. is it fort worth or texas generally? >> fort worth, a pilot program and fort worth is the first us city to mine data. stuart: they use as much electricity mining crypto in fort worth as houston uses electricity. is that true? >> they just have three machines doing this but when they ramp up they could use enough electricity to power the

one. 2 million homes in houston. if that hurts the grid, overwhelms the grid they can throttle back. that the concern. this is happening in texas, you think oil and gas but there's the natural gas that is a byproduct of the wealth, typically, it is a pollutant but some of these capture the byproduct, don't pay taxes when they do thanks to texas supporting innovation and business and that is how they are helping to power computers that mind for the bitcoin. stuart: that is a good idea. thank you. remember when the democrats called the american rescue plan a matter of life and death? data reveals billions in covid relief was used implement crt in public schools. i will take that on in an editorial later. the sheriff of la county said that county spent $6 billion

addressing the homeless crisis but the number of homeless people has doubled. the white house sees strong growth in 2022 despite first quarter gdp contracting. edward lawrence has the story next. ♪♪ ♪ ♪ we believe there's an innovator in all of us. ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things.

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stuart: that is niagara falls. spectacular. that is on the canada side, 39

degrees. if you like the music we play follow us on spotify and search "varney and company". look at the markets, a modest rally going but not as strong as the opening, dow was up hundred, nasdaq 82. look at pinterest. i call this the ideas board. and increase in users, 5% to the upside. and 1.3%, edward lawrence at the white house was the white house expecting this. >> the president releasing a statement, in the face of a historic challenges, they reached out to me yesterday, and stressed the economy is

strong whatever the numbers, 1.4%, the expectation was a little more than 1%, the white house official telling me the economy is in the transition to longer-term growth from the reopening phase. expect strong growth in 2022 but stronger in 2021. >> if we look at it over time, looking under the hood, the slowdown relative to that is technical reasons like the change in inventory. they built up inventories quickly and growth in inventories are expected to be slower and positive this quarter. >> that is the reasoning. they are not forecasting a recession but there are real risks to the economy. they are talking about recession in their forecasts going forward, retail sales have started to slow month over month, home sales decreased

1.2%, in combination with the call for more spending. >> all the other spending and borrowing, it will contribute to more inflation which means economic growth will face more head wind as we saw this morning when we met reports for the first quarter. >> reporter: there's been no pivot for gas prices or inflation or any of the signs of a slowing economy we are seeing. stuart: thank you very much. the los angeles county sheriff is saying over the last ten years that county has spent $600 billion to address the homeless crisis. despite that money the number of homeless people doubles. here with me is congresswoman young kim from california. what do taxpayers feel about the money spent both such poor results in the you have any solution to this homeless

problem? >> thank you for having me again. you mentioned la county sheriff villain waiver --villenueva. 's job is making it difficult because of the policies of our la county da gascon and sacramento, it is making his job difficult. the homelessness issue is a pressing issue in california and we need to tackle it from all multifaceted ways. i can think of ways to address this. one is the housing issue. we have lack of housing inventory. we need to provide policy initiatives that will rezone, develop more affordable housing and talk about the low income housing tax credits so we can build more affordable rental

housing and develop and expand the workforce by working closely with the private public partnership so we can provide that opportunity and by doing it provide necessary job skills training needed to fill job openings with the right skills from the individuals looking for jobs and thirdly, we need to talk about dealing with individuals with mental health issues so they can get the right training at get them off the streets that also requires providing law enforcement with the right training tools to identify those individuals, to get them off the streets into a federal environment. stuart: sounds like a long-term solution we are looking at and another question labor shortages, supply chain issues, and small business having a

hard time across the country, why do you blame speaker pelosi for that? >> the reckless spending at the federal government led by majority democrats under speaker pelosi's leadership contributing to the higher inflation. in the state of california where i am from and i represent californians have been hit hardest especially with small businesses. as i mentioned earlier in your show, we have 20,000 businesses permanently closing so we need to get a handle on the reckless spending, and dealing with more problems with higher cost labor shortages, supply chain crisis, we need to get a handle on those things because i heard from small business owners during covid, some of them have been able to weather the storm but they are having difficulty bringing back the workforce

because they can't find employees with the right skill. stuart: thank you for being with us, we appreciate it always. come see us soon. californians facing new water restrictions, and ongoing drought. we have new rules. >> you can't water your lawn more than once we can have to cut your water use by 15%. if you don't, you are find $2000 for every acre exceeding the limit. this affects 6 million people including those in los angeles and officials in southern california declaring a water shortage. stuart: another problem for california. looking abroad, many companies have dropped covid restrictions but some top destinations are off-limits. we will tell you where you can't go. florida has quickly become a tourist hotspot. airlines caching in. it is a travel boom.

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stuart: the markets still showing some green but not a robust rally come in nasdaq is up 47. the movers include tesla which is way down again, down 50 bucks. lauren: it is down 17% and we have the twitter news of the purchase on monday and tesla investors are frustrated because the equity financing around the twitter deal is an overhang. will elon musk have to sell the money on $21 billion, wedbush addressing these concerns, those fears were all overdone but the twitter deal isn't expected to be done until october. this might be an overhang for tesla.

stuart: how about merck? among the leaders up 32%. lauren: one of the reasons, the surprised me because there covid pill, only 30% efficacy rate with huge orders and their cancer drug, analysts liked what they had to say, liked the forecast, stocks up 3%. stuart: southwest airlines, what did they forecast? lauren: only one person, a prophet for the current quarter. airlines are profitable once again and revenue would surpass pre-pandemic level so the latest airline, basically a look on staffing shortage the lead to all the cancellations are behind southwest. stuart: only up 1%. with that kind of forecast up more than that. they announced 5 more roots to

orlando and 1/3 how but in orlando. welcome back, andrew, good to see you. is florida the top vacation destination in america? >> without a doubt that is the case. it is incredible. i've been in this industry a long time, it is unprecedented what we are seeing, there is pent-up demand we are seeing, everybody -- florida has exceptional demand and it is becoming a year-round destination which is exciting to take advantage of. stuart: we are told the faa is going to hold a meeting with all the airlines next month for later this month and they are discussing the flight disruptions taking pl. in florida. what problems are we having? >> it is mostly the we we

don't have issues but when it gets a little dicey, there's a lot of problems, combination o the biggest piece of it and then you get staffing issues, congestion and demand. we are not the only ones excited to fly to florida and it gets worse from there but the f a a are aware of it and trying to keep us all informed and we will do what we can to mitigate those issues. we've had some bad days and lengthy delays and it hasn't stopped us. stuart: is summer travel going to boom this summer? >> it appears that way. we are seeing it in our workings and the whole industry has seen the same thing. a lot of demand to travel. a lot of folks haven't been traveling much and are excited to feel safe enough to move around and apart from that is a good economy, people have

disposable income and they want to fly around especially in the summer so the summer will be terrific. stuart: i flew to florida six weeks ago and paid x number of dollars. i flew back to florida same airline, same route and the price had doubled in a 6 or 7 week period. i am beginning to feel a little resistance to paying those prices and i suspect other people are. have you seen resistance to expensive ticket prices? >> we are a low-fare operator. that is how our business works, low cost, low fares, our business is about filling up airplanes and we need to take prices up to deal with energy prices which has gone up quite a bit. we are always trying to push it but at certain points we have gone too far and have to back it up a little bit but i share your concern, there are you can

go too far too fast and it is possible we may see that. we don't have that problem as much as others because we are a low-fare operator and offering credit will value to our customers each day. stuart: how much to fly charleston to orlando? >> charleston to orlando starting at $39 each way. if you want to know where you will sit ahead of time, a little extra but a pretty good deal. stuart: use it like a bus. you are all right, thanks for joining us, appreciate it. next case united airlines on your screen, stock is down half of one person changing their cancellation policy. >> if you pay a fee you can get a credit for your ticket. if you cancel it, this is for the cheap seats, basic economy ticket, you pay the fee you get the credit. number 2 you upgrade to a higher seat class on a different flight and then get

the perks that come with that so you don't lose money anymore if you can sell. quit canceling vacations of these days. blue one a lot of people. >> if you are stuck quarantineing. stuart: some of us have experienced, we will get into that. international travel picking up but there are several popular destinations that are flat off off limits. stuart varney here. which countries can you not go to? ashley: the bulk of the no go areas are in the asia pacific region. fancy a trip to tokyo you have to wait longer. japan starting to relax tricked entry measures with a limit on the number of new arrivals per day raise to 10,000 people but it does not include leisure tourists. same with china. walking along the great wall is on your bucket used you will

have to wait, not permitted to enter for tourism at this time. same for the gambling mecca, authorities in hong kong say from may 1st the city will allow nonresidents to enter for the first time in two years but be prepared for we 7 days of quarantine and tourists are prevented from visiting taiwan and if you plan to go to tonga this summer which you might be, you have to rearrange your travel plans, tonga is close. stuart: thinking more about going to the world cup in november. liverpool won yesterday just so we can inform our viewers what is going on in the world. jpmorgan changing the rules to return to the office. too many workers complained about being there full-time so they are changing the rules. we will tell you about it.

homeland security secretary mayorkas defending president biden's handling of the border. >> we inherited a broken and dismantled system. we have effectively managed an unprecedented number of noncitizens seeking to enter the united states. of of the one effectively managed? interesting words. i will ask the attorney general of west virginia if he agrees with that. patrick morrisy is next. ♪♪ at usaa we've been called too exclusive

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stuart: president biden is about to deliver remarks on the war in ukraine, he is expected to ask for more aid to ukraine in a couple minutes. we will bring you any headlines from it. some blockbuster mous, showing the price of crude oil because oil has risen on this news. germany says it is ready to stop buying oil and gas from russia.

lauren: that according to the wall street journal, paved the way for more sanctions, eu ban on russian energy, the change of heart was a deal they have with poland to get oil from the baltics, that is how they will do it. one more thing, we have nancy pelosi and chuck schumer, democrats on capitol hill saying the us needs to get tough on legislation oversight for big oil, they are hoarding supplies, profiteering from the war. stuart: i've got to move on. ben: is of the companies are to blame, it is a global market. stuart: i share your exasperation. to the board, 30 illegal migrants dressed in camouflage found being smuggled in a trailer in texas. brian is in eagle pass, texas, you spend another night with

texas troopers, tell us again what did you see. >> acquire night, part of that you will understand in a minute. alejandro mayorkas said the situation is being effectively managed by the biden administration but i spoke to business owners in eagle pass and they will say otherwise, mexican americans with businesses on the border in eagle passé the crisis is getting worse. a paintball business catering for parties, for kids as young as 12 years old and everyday dozens of migrants cross his business leaving trash, articles of clothing left behind by migrants who after crossing the river take off their clothes and use it to climb through barbed wire fencing set up by texas dps troopers two months ago. eddie sanchez, the owner of sumo fitness is migrants who illegally crossed over walk into the us behind his business, both business owners

are fed up and feel ignored. >> parties happen and at 8:00 you see 70 crossing all at once. you don't know if they are sex offenders, trying to get caught. >> i'm a taxpayer, why are you not listening to my voice? i am directly affected. hard enough to get customers in and not get scared by somebody else and eventually go out of business. >> reporter: record human smuggling continues, 30 one migrants dressed in camouflage uniforms were found in a trailer in west texas, the us driver was arrested by texas dps, those same troopers arrested a us citizen with 9 warrants out for his arrest, they arrested him for smuggling in four chinese nationals. in eagle pass looking live at live pictures over the rio

grande river, texas military department, border patrol working in tandem with mexican state police, operation mirror, the first time they are working with mexicans on a rapid response in the event of a mass migration event from a large surge of migrant similar to mexico in september when 16,000 migrants were under that bridge and one thing to note, governor greg abbott a couple weeks ago decided to relax vehicle inspection striking a deal with these four border states and ever since then they have picked up their own border security. we will see if that continues. stuart: back to homeland security secretary mayorkas defending president biden's handling of the border. >> we inherited a broken and dismantled system that is already under strain, it is not built, managed to current levels and types of migratory

flows. only congress can fix this. we have effectively managed an unprecedented number of noncitizens seeking to enter the united states. stuart: let's see what the attorney general of west virginia thinks of that. do you think the border has been effectively managed? >> you see what the biden administration has done, they are saying all is well, nothing to see here, if this were a baseball season and the biden administration is coming into their second-quarter they would be 25 behind first placement claiming they are in striking distance. they have been more inapt than any administration ever in the history of border, it is biden's border disorder and disturbing they are trying to destroy every legal tool they have to turn people back and that is why state attorneys

general have been forceful suing the biden administration by called for mayorkas to be fired, his incompetence, not doing his job. it is embarrassing at every level because this is one of your fundamental duties as commander in chief. we want the conversation is about lifting title 42. the judge put a temporary stay on lifting title 42. i have to come straight out with it. i don't think they are going to lift title 42. they will find a way of not doing it because the consequences would be dire. >> i think the a g stepped up. we were able to get the temporary restraining order to block what biden is trying to accomplish, we need the tools, if we don't have the tools we will get overrun and it will get worse and worse and worse so i know that a lot of centrist democrats and independents recognize the biden border policies are disastrous, i am hopeful they

will put a lot of political pressure on but biden folks have been tone deaf on this issue because it is part of the broader goal to get more people unlawfully into the us. stuart: if you manage to keep title 42 in place you are doing the president favor, bailing him out of a difficult ridiculous situation. >> we have to do the right thing but we are getting such rank hypocrisy coming because they want to stop title 42 but want to extend mask mandate in public transportation areas and on planes, there is no consistency but a broader political plan about control but what they have done not only in terms of a document it aliens but one hundred million a week week the mexican drug cartels are making on human traffic, flooding of fentanyl, that is how west virginia experiences this, it is outrageous.

stuart: is unconscionable. thanks for being here. always appreciate it. check the markets, a little green but not that much, dow up 9, nasdaq up 20, look at big tech, got to tell you again, apple and amazon both report after the bell today and both of them are up after that. the outrageous rent in new york city driving people to move out of the big apple, how much it costs for a 1-bedroom apartment, you will be shocked i suspect. foreclosure filings surging to the highest levels since the pandemic, months after the moratorium on foreclosures was lifted, jeff flock has a report on the housing crisis next. ♪♪

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stuart: just we 8 months after the moratorium on foreclosures expired foreclosure filings went to the highest level since the pandemic began. jeff flock, what is the story?

>> reporter: i come from a kitchen in a home in foreclosure in turnersville, new jersey but good news and bad news. i've got to give you the bad, look at these numbers. in march the number of homes with foreclosure filings numbered 33,000 plus coming increase of 30% from last month and triple what it was at this time, big states for it, big states, california, florida and texas have the most foreclosures but new jersey has one of the highest rates of foreclosure. to the good news this foreclosure crunch comes at a time when more people have equity in their homes. in addition it is easy to sell homes. listen to rick from adam. >> much better opportunities for softer landing for those distressed homeowners this time

around than there were last time. lauren: albert more is helping folks with foreclosure and we are going to talk to him extensively throughout the day on fox business. stuart: the bad news is foreclosures are up and that is a fact. we will get back to you. rents in new york city skyrocketing. ashley is back with us. how much for a 1-bedroom apartment in new york city? ashley: the average cost in the big apple $3420, that is the average for 1-bedroom in manhattan, more and more renters are saying no thanks and not renewing their lease, in some buildings the renewal rate is 60%, down 5% from the beginning of the year and these are tenants who took advantage of deep discounts during the pandemic but are now opting out

now that those rents are moving higher and higher again but finding a new apartment is not easy. across manhattan the first quarter vacancy rate below 2% and rents were up 20% from early 2,020 one. that is new york city. stuart: it sure is, 3400, one-bedroom. thanks a lot. still had, bill hammer, morgan ortagus, dan heninger, when the government spends trillions watch out, it will not all be spent is intended. in a report revealed how blue states use covid money to push critical race theory in public schools, that is "my take" at it is next. ♪♪ we all need a rock we can rely on. to be strong.

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>> people should feel good about their in the unity and the pandemic was over. >> record number of nebraskans employed, 20,000 more. >> all we are doing is finding companies blown away earnings estimates and the future. >> the long-term prognosis is not great yet.

>> in the process of that, don't recall that. you have to go back to 2008. ♪♪ living in america ♪♪ stuart: 11:00 eastern time. on april 28th, not that much price movement on the stock market, very modest gain on the dow industrials, looking for a gain of 59 points, nasdaq up 53. show me the price of oil. germany is ready to stop buying oil and natural gas from russia. that is a big deal. instead, they are going to import russia -- oil from other sources and bring it into the baltic sea, then ship into germany. that is a very big deal. the price of oil has gone up to

$104 a barrel because of that news. the yield on the 10 year treasury moving up to 2.86% despite the fact the gdp report revealed 8% inflation rate in the first 3 months of this year. ipod interest rates would go higher but no, $2.86 on the 10 year. let's get to the movers on the market, there are a few so what have you got to start with? lauren: 800-flowers has been halted for volatility. a steep loss, they blame shipping costs, labor costs and digital marketing, stock is down 20%. stuart: i remember 1-800-flowers when you got on the phone, you got to tell me about ford motor company, they are down 4%. lauren: they have a 4% stake in riien. partly because of that stake

they saatchi plus valuation but good news on ford, the f150 lightning is shipping in days. stuart: all those on order for the order book. takes a year. lily. are they up or down? lauren: they are up, solid earnings but the news is interesting. they have a promising drug pipeline including alzheimer's drug and a weight loss treatment and so far they have seen 20% weight loss, take the pill, lose weight. stuart: i like that. it is never that easy. stuart: i like this meta platform as well, up 20%. >> it sets the tone for the tech stocks we like to watch with apple and amazon which were up as well. the news of facebook or meta, they actually have their user

base more than expected and that is all investors need to know. arguably oversold but you have low expectations and beat them investors responding nicely to them. stuart: i made a mistake, it is up 12%. lauren: it was up 18. stuart: i'm sure investors will take the 12%. joe durrant joins us. long time since we saw you. i am well and have this question. is it time to move out of stocks and into bonds? >> i don't think so. the reality is we are having a retest, had a good end of march, the market is testing for different reasons. we had the fed tightening telling us they would be aggressive and then secondly the situation, awful situation in ukraine.

we recovered from that at the end of march and now the next round is china being quite aggressive in its lockdown which that is definitely a fleeting thing. we see with covid once it peaks, china will be fine but they are priced in. it is not really awful because the swinging up and down is an attempt in the same range, it has not been in the same range. what is hit hardest are the things everybody knows about, the growth stocks, netflix, meta and the things everybody tracks were hit hard but the s&p, we have been consistently saying you should own value stocks more but should not get out of us stocks. stuart: have we gone past and seen the bottom in the stock market? >> we are clearly testing this level, we broke through a

little bit but you need to remember the peak in the market is 30 months off of the fed increased rates and secondly the market predicts twice as many recessions as actually occur. it is already happening. to get out now is basically saying you think it will be worse than anyone who thinks it is. the market anticipates and reflects everyone's collective fears so every one as bearish as they have been since 1990, we had this level of bearishness, over the next 12 months, doesn't mean we will not shop around a little more but not a great idea. stuart: i hear you and i will probably follow your advice, appreciate it. now this. when the government spends trillions, watch out.

it will not all be spent as intended. one nation dug into the american rescue plan, democrat state, california was awarded $15 billion to get schools reopened of which $1.5 billion went to implicit bias training, ethnic studies and cultural competence. what has that got to do with opening schools, democrat state new york got $9 billion, the money spent to build diversity, equity, inclusion, access, opportunity, trust, respect, caring, relationship building but are the kids in school learning to read and write? they -- their opening plan and prevented strategies with emphasis on equity and diversity, we see the application of leftist education policy using your money. you see the hand of the teachers union pushing a radical agenda under the guise of reopening the schools. the fact is the public schools

failed miserably, the teachers union dragged their feet on reopening always demanding more money and when they got it they spent billions on a divisive agenda. bill hemmer is going to bail me out of this. the democrats call this life and death. the how they are spending it? >> proper ventilation, we will redo the windows. the virus would come in and it was a problem, in february 2021 a month before this was passed and the white house told fox business that this funding would provide schools the resources they need to safely reopen which is how it was characterized and fully server students, end quote. this is a problem in washington, when you have this cat and mouse game, the funding is fungible, what they tried to

do in april, $10 billion already passed and appropriated and work that for covid therapeutics, they say you are not going to do that, let you do that if you keep title 42 on the border in place. that has been punted. it is a cat and mouse game with money in washington and a lot of people are looking at this. one ironing on this. if you were to argue this money was going to crt and you did not approve of that as a taxpayer and an american how ironic is it that through covid, the zoom classroom went from the school into the homes of millions of parents who had a chance to see what the kids are being taught and that is the irony. stuart: it was a disaster. the economy contracted in the first quarter of this year january through march down

1.4%. that's not good news. bill:the last 1:45,021 was up 6%. we put those numbers together, easy addition or subtraction. b1 a huge turnaround. bill:a huge turnaround. two straight quarters, negative growth, folks watching the are word for the next 90 days whether we are headed that way but surprising that the earnings so far have been decent, they have been okay and the stock market is hanging in today, normally i would expect you have been watching more than i have for a longer time but if you have a number like this today, the market would fall to the floor but why hasn't it? stuart: a good question is i can't answer that question. maybe it will fall through the floor later but you are right, i would have expected with news the economy contracts you would

have a contraction on the stock market. >> these head wents were substantial, inflation, rising interest rates, supply chain. stuart: you know what is going on here. >> i'm not done with the main list here, you have covid concerns in shanghai and beijing after that. winds are blowing. b1 president biden just asked congress for $33 billion more for ukraine. a lot of money. bill:we are in right now for $3.3 billion today and the number will go higher. stuart: it is. great to have you with us. we will be watching you on america's newsroom, now, truth social, the social media apps backed by donald trump is the most popular apps in the country. we will tell you where twitter falls in the ranking. working for prince harry isn't the fairytale it is cracked up

to become a mental wellness company is reportedly cutting pay, inflation ballooning out of control. we have the story. a headline in the wall street journal, how elon musk can liberate twitter. vivek ramashwami will tell us how elon musk can liberate twitter after this. ♪♪ we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. ♪

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degrees, back to the markets. s&p up 34, that the better rally going on. moderna is down 2.6%, they asked the fda to authorize they are jam for babies as young as 6 months old, stocks down. the headline in the wall street journal, how elon musk can liberate twitter. vivek ramashwami joins us, take me through it step-by-step. how can musk liberate twitter? >> reporter: one thing we point out is there is a dilemma where elon musk said he wants to clean up the site, remove spam and spambot content from his fee. people acknowledge this pornography is legally protected but don't want to see that in the twitter feed. how do we take that

constitutionally protected speech while making this a platform that promotes free-speech? that's the answer we provide where we say you can take downfalls commercial advertising, fraudulent commercial content etc. but the principle number one is no viewpoint based discrimination can you can't discriminate against somebody on account of their expressed opinions. there are false fact if you can prove they are false but no such thing as a false opinion and in cases of offensive speech some users may not want to see it. our solution, give the choice back to the user rather than the company making the decisions. stuart: that can be done. technically that can be done. you know more about this but it can be done. >> the centralized model of censorship dated back to broadcast media. i think elon musk can poke fun at modern technology companies and say you are using outdated

technology for individualized choice. the simplest way is to leave the existing twitter algorithm intact, and moderation practice intact but let the user decide if they want to opt into it or if they choose to opt out they see the content that was filtered out as hate speech or misinformation. a more advanced approach is you support ai to let each user train the algorithm to say here's the content i want to see and affairs offensive content don't show it to me and i should have that right as a user. decentralized content gives power back to the user to make those decisions rather than the company making those decisions, that is what elon should do. stuart: donald trump's truth social has taken the top spot on the list of free apps, it has gone past twitter.

that seems like a sudden rise in popularity. >> it is my belief twitter, here's what happened, before the twitter acquisition was announced, what we saw, truth social in the 50s, twitter was down the list as well but people walk up to big news and there might be free-speech on social media platforms online starting on twitter bringing attention to the issue. elon musk does not own twitter, he's not made changes to twitter because he does not control the company. the deal hasn't closed. twitter app downloads went to number 2 on the apple downloads but through socials, a place where in the meantime, able to access free and open debate. if i'm interested in that this is the topic of the day, this is my best shot of being able to get it.

it is not long-lived. that is a different story. stuart: i want the big picture. do you think soon, later this year or next year, at some point, we will return social networks to a genuine town square? can we get back to that? >> it is going to be a tough pill for elon musk to climb but if he makes the right moves we can get there. i am an optimist and it will be good for american capitalism, it will expand social media companies to bring in commercially more valuable users but good for american democracy at our civic culture and restoring trust in one another and in our democracy. of the one that guy musk is quite something. >> i'm rooting for him, hope he succeeds. stuart: thank you for joining us. how about this? palace revolt, a revolt brewing

at prince harry's mental health startup which is better up. ashley: an uprising among career coaches. the mission is mental fitness helped by 2000 professional coaches but those coaches may need counseling themselves after their contracts were modified resulting in what they say is a sneaky pay cuts. they are upset about a new rating system that would influence their fees, the coaches are unclear about prince harry's role with the company raising questions, how meaningful the role is or whether it is marketing smoke and mirrors. stuart: he burned his boats. 's most recent comment is he wanted the queen to be protected. that is off the wall.

he can never go back. ashley: i wouldn't say so. he burned his bridges. stuart: ashley, liverpool, who did they play? ashley: villareal. stuart: might be all english european cup final. ashley: or all spanish, one or the other. stuart: how about this one. fidelity, the investment guys, hiring again big time. remember, they hired 7200 in 2020, 16,000, in 2021, and another 12,000 by september of this year. more people investing during the pandemic. it is official president biden requested an additional $33 billion in aid to ukraine. he says we are not attacking

russia, we are helping ukraine defend itself from russian aggression. a marine who was held in a russian prison since 2019 back on american soil name trevor reed landed in texas last night after prison swap with russia. i ask morgan ortagus about that. diplomacy at work? any nation that intervenes in the war ukraine will face a lightning fast response, that's the new warning from putin. our report from kyiv next. trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools.

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stuart: the president is taking questions. let's listen in. >> president biden: we said there's no need to go to the southern border. we set up a mechanism where they could come directly with the visa. >> a growing number of russian media and officials painting this conflict as a conflict between nato and the us and russia and nuclear weapons and a life-and-death struggle. and separately, lavrov himself is comfortable with the proxy and the list of things, with

those things. >> president biden: they are not true. it does concern me. it shows the desperation russia is feeling about their failure to do what they set out to do in the first instance. and so i think it is a reflection not of the truth but of their failure so instead of saying the ukrainians, equipped with some capabilities to resist russian forces are doing this they've got to tell people the united states and all of nato is engaged in taking out russian troops and tanks etc. . it is an excuse for their failure but number 2, if they really mean it, no one should be making idle comments about

use of nuclear weapons. it is irresponsible. >> back on for border, title 42, your democratic friends pressuring the white house to maintain that policy, give us a straight answer whether you will heed that request. >> president biden: i will give you a straight answer. we proposed to eliminate that policy by the end of may, the court said we can't so far and what the court says we are going to do, the court could say we cannot do that and that is it. >> you say this is not a proxy war, but war means war. how concerned that they will act accordingly? >> president biden: we are prepared for whatever they do. >> to ensure poland and bulgaria have sufficient supplies of gas.

>> president biden: poland indicated they have significant reserves they planned for as does not as much but bulgaria and we have worked with our allies from japan on to say we may divert our sale of natural gas and divert it directly to poland and bulgaria. >> how concerned are you about a recession, a contraction of 1.4%? >> president biden: i am not concerned about a recession. you are always concerned about recession but the gdp fell to 1.4%. here is the deal. at last quarter consumer spending and business investment increased at significant rates for leisure and hard products.

number 2, the lowest rate since 1970, 4.5 million businesses were created last year. we are in a situation where we have a different view than senator scott who wants to raise taxes on middle-class families and include half of small business owners in that so i think we will what you are seeing is enormous growth in the country affected by everything from covid and the covid blockages that occurred along the way. you always have to take a look. they are not predicting a recession, some are predicting there may be a recession in 2023. i know one thing, if our republican friends are interested in doing something

about dealing with economic growth, they should help us lower the deficit which we've done last year with $350 billion, they should be willing to work with us to have a tax code that is actually one that works and everybody pays their fair share and they should be in a position where shouldn't be raising taxes on middle-class folks but raising taxes on people who everyone acknowledges, the vast majority of americans, i've said it 100 times, you have 50 major corporations made $40 billion, didn't pay a single penny. no one under our proposal making under $400,000 a year will see a penny of taxes going up, not one penny. >> do you think covid aid and ukrainians are tied together? >> president biden: i am sending them both up. they can do it separately or

together but we need them both. >> schumer said you are getting closer to using authority to cancel $50,000 in student loan debt. what exactly do you plan to do in the -- >> president biden: my spokesman said that? >> majority leader schumer. >> number one, the first thing we did was reform the system that was in place that didn't work for anybody that allowed people to write out what they engaged in public service. almost a million, 785, i will get the number, 700 some thousand have had debt forgiven because of their work working in other means by which they qualify and we continue to make that easier. i am considering dealing with some debt reduction. i am not considering $50,000

debt reduction but i'm in the process of taking a hard look at whether there is additional debt forgiveness and i will have an answer on that in the next couple weeks. >> the president of the united states coming in answering questions from reporters, just came in at the end, he made two points. he called for tax hikes on businesses and on the rich and repeated at the end he is considering some debt reduction, student debt reduction. he will make a decision in the next few weeks, he will make a decision before the elections in november. i am critical of this. i suspect it is vote buying. he's underwater with young people, if he forgives their student debt he may be looking good for november. it is vote buying, that's a personal pinion. to the markets, some solid moves up for the dow, s&p and

nasdaq and let's check meta platforms. you can call that the stock of the day up 12% following a nice earnings report late yesterday. meta is up 14% above $200 a share. apple reports after the closing bell. investors appear to be optimistic, up 3%, same with amazon after the bill this afternoon and they are up sharply in advance of that report. us marine veteran trevor reed arrived on us soil, detained for three years. a high-stakes treasure prisoner exchange. morgan ortagus joins me now. what is the significance of this prisoner exchange? what is the significance in

diplomatic terms? >> reporter: i'm often critical of biden foreign policy but this seems to be at least what we see so far from public reports there wasn't money exchanged, no grand giveaways from the biden administration was remember thebergdahl swap, they released 5 taliban members, i was quick of that. the person they swapped, the russian, 9 of 20 years, he was a hardened cocaine trafficker who served prison time. it is good to get this marine back as long as we are not exchange money or favors. stuart: doesn't have anything to do with ukraine? >> it was good diplomacy. the person in charge of hostagetaking for the biden administration is a trump appointee, holdover, army veteran as well so we have confidence in him, he was hired by donald trump and mike pompeo at the state department but careful and hesitant to do this

because there's rule of law in america, not in russia. in russia they can say we don't like you and are throwing you in jail. we are hesitant about doing exchanges because we don't want to incentivize hostagetaking from russia, iran, china, whoever. stuart: i see china getting together with iran, military -- seems the whole world is divided into two camps, china, russia, iran, a couple others, against the rest of us. a very new division. >> reporter: this is why it is important not to get back into the jc poa. last year the chinese and uranian's had a 20 year defense agreement so we have seen the uranian navy and chinese navy conduct joint exercises together and the chinese are currently buying a million barrels a day from iran in total violation of us sanctions so if we went back to the iran

deal and give them $90 billion in sanctions relief they would use that money for chinese military equipment. this is not -- stuart: it is not. morgan ortagus, great stuff, thanks very much. totally different subject, chicago just kicked off its gas giveaway, that city is handing off $12 million of preloaded gas and transit cars to thousands of residents. grady trimble as the story from the windy city after this. ♪♪ chicago chicago ♪♪ that toddling town ♪♪ chicago ♪♪ chicago ♪♪ i will show you around ♪♪ at adp, we use data-driven insights to design solutions to help you manage payroll, benefits, and hr today,

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stuart: strange music for graphic that is california screaming but we will deal with it. the average price per gallon of regular is $5.68. lawmakers will hike the price

more because starting july 1st the state's gas tax will rise 5%, up %, up to $0.53 a gallon and that gallon of gas will cost more. the average price per gallon of gas in chicago $4.80. $0.70 above the national average. grady trimble is there. chicago handing out $12 million worth of gas and transit cards. who gets it? >> first and foremost taxpayers footing the bill for this program and the way it works is families who meet certain income requirements can apply for the program and the city of chicago will dole out 50,000 gas cards worth $150 each and 100,000 public transit cards worth $50 each. sarah alderman who voted against it called it a campaign gimmick and political stunt, 2023 is an election year for the mayor in chicago and

businessman willie wilson was critical of the program as well. he's also running for mayor and he has given away to million dollars in philips around chicago but did that with his own money at the federal level, democrats continue to blame oil companies for the high gas prices. they say those big oil companies are lining their pockets, some democrats also say progressive policies will help solve the problem. >> we need to invest in can selling student debt, investing in childcare that would bring down the cost of childcare, housing that would make housing more affordable. >> reporter: some companies are seizing on high gas prices to win over customers. walmart is offering savings of $0.10 a gallon, 14,000 gas station locations across the country but that is only if you

pay for their annual subscription to walmart plus. stuart: don't forget the annual subscription. what issues most interest college students as we head into the midterms in november. do you have an answer? ashley: fox news talked with some students at georgetown university and it turns out they have a lot of priorities. listen to this. >> covid and mask mandate. >> abortion because my home state of oklahoma recently banned abortion. a lot of people are going to die because of it. >> stricter gun laws. >> freedom of speech. >> inflation and the economy. ashley: a long list but according to the institute of politics at the harvard kennedy school youth voter turnout for the 2022 midterm elections is on track to match the record high turnout from 2018.

imagine, promised to wipe out student debt you might be able to win some of those votes. maybe mr. biden is onto something. stuart: you are on to something, it is called vote buying. back to the markets. check out the dow 30 sense of the market, roughly 2 thirds up, one third down, the dow is up 113 points, one third of 1%. democrats think spending money will buy them vote in the midterms but wall street journal guy dan heninger said that plan will not work anymore. he makes his case next. ♪♪

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stuart: it is a rally, modest, but in the green, dow is up hundred, nasdaq up 60, s&p up 30. jpmorgan insists its workers

spend 3 days in the office. the workers don't like it, they are pushing back. ashley: they complain the bank has been too zealous in making sure the workers spend those three days a week at the office including tracking employees's id swipes to measure attendance, some employees described feeling stressed out about the surveillance and they are being treated like children who don't want to do their homework and need constant monitoring. the bank says we agreed to reduce the office days from 3 to 2 and jpmorgan chase chief jamie nyman said he expects 50% of the bank's workforce would need to work full time in the office while 40% will adopt the hybrid model and 10% would be allowed to work remotely full time. they are trying to find that right balance. stuart: hard to come by any

right balancing any situation. i've got an op-ed in the wall street journal, democrats blue covid politics, biden and the parties progressive spending, more voter gratitude, not this time says dan heninger in the wall street journal. why won't spending more money work this time? >> it didn't work. they spent $2 trillion last year and spending more trillions this year and the expectation is they have come back to washington saying why aren't people more grateful for all that we have done, barack obama left the white house recently and was asked democrats have a good story to tell, they just have to tell it, the story is the problem. the last two years was the pandemic and people were struggling with their families, their careers, taking care of the elderly and the democratic

party start to finish has aligned itself with lockdowns, school closures and masking and they did so well past the point pandemic was receding and people were living under the authority of the government under government thumb for all that time and the democrats never displayed any real understanding of the struggles people were going through. the wall street journal just reported a week ago that new jersey, a blue state could go republicans this fall for almost one reason, the battle over school closures in new jersey. the difficulty understanding what people are dealing with with the pandemic is the reason a lot of people are simply going to vote against the democrats this year. stuart: the democrat run states underperformed during the pandemic. gop ran states emerged much stronger than the democrats

states. did the democrats misread the pandemic in the first place? >> i think they did misread it. at the outset everyone understood something had to be done to react to this virus but ultimately the democrats simply hid behind the veil of science and the data and abdicated political response ability to scientists like anthony fauci and they seem to be oblivious to the political effects of what was going on. we can have an argument over the science and the data but people got worn down by the school closure, variability and masking policy and it is hurting the democrats. stuart: the inability to go back to school without a mass, to learn again, up to the teachers union, that is my opinion, doesn't to the democrats any good at all. see you again soon.

you know what it is? a bit early today, 11:541/2, not quite up to speed at 11:55, the we will give you the question of the day anyway. what was the most popular car color in north america last year? was it silver, black, blue, or white? don't google it, just think about it. correct answer after this. these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

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stuart: did they come up with the best questions? i really tell you. look at this. what was the most popular car color in north america last year. ashley, i can hear you laughing. i would say, just come back from florida, i would say white because every car in florida is white. how but? ashley: just going to say the same thing. between white and silver. everywhere you go in in it is white. i'm with you. stuart: we were right. correct on this. 28% of buyers selected white. gray was the second most popular. gray? followed by black, blue and silver. now you know. okay, in florida you have got to have white. you don't want black on black, do you, you will bake. ashley: yes. stuart: thanks for all the help, ash. see you again tomorrow. check big tech, please. we got important results coming up this afternoon after 4:00. meta platforms up 14%.

apple reports at 4:00 and amazon. both socks are up as you get close to the deadline. don't forget, send in your things, whatever you want to send, in varney viewers. send fan videos. say you're watching warn any and company. varneyviewers@fox.com. might see yourself on tv, lucky people. neil, it is yours. neil: just finish my email to you. love the guy after you. anything i can do. stuart: send it in. neil: have fun with that, stuart, thank you very, very much. noon on the east coast here. buying time. gdp report had a lot of people worried. they dug into it. decline of 1.4% economic activity in first three months of the year. some are saying it's a