huge rally, in -- in asian stocks overnight hong kong you saw earlier up 4% shanghai composite up 3% because of movers if politburo this has been incredibly informative, we appreciate all of you, it is my honor pleasure to have a great weekend everybody see you on wall street 7 pm stuart: good morning, maria, everyone. we have a jam-packed show. amazon can't keep up the pace. we bought online in the pandemic and the pandemic is over and we are not buying like we used to. the stock down 10%. that's nearly $300. that means amazon is now worth about $150 billion less than it was yesterday at this time.

how about that? apple is down too by all measures it's doing remarkably well but on the infamous call that comes after the report apple said the company faces bigger problems in the future from china''s covid slowdown and supply delays, that could cost the company 8 billion in revenue. we will ask. tesla stock right around 900 bucks a share this morning, elon musk sold $4 billion worth of tesla stock to pay for his acquisition of twitter. that stock is well below offering price of 54.20. there are still doubters out there who don't believe musk will actually go through with the deal. we shall see. well, more volatility in the stock market. we had big gain thursday, modest losses, that's how we characterize it this morning. the dow will be down about 140 odd points, s&p up two and a half percent yesterday, down a

mere 40 points this morning. nasdaq taking it down, down 173 points, premarket. bitcoin still below $40,000, just above 39 ground. ten-year treasury yield not changing that much but up a little to 2.89%. here is the latest energy price inflation. you see this every single day, gas keeps going up. it now has an average price of 4.16 a gallon, keeps going up every day. look at diesel moving back to 5.18 a gallon. that's the financial markets. war news, the united nations secretary general visits kyiv for talks with the zelenskyy. the russians bombs the city while he was there. gutiérrez took the position and he told zelenskyy there's no way a war can be acceptable in 21st century, that's from the un. willy joseph cancel is first american citizen to be killed in the fighting. former marine who volunteered to fight in ukraine, he leaves a

7-month-old child in america. political outrage this morning, the administration has created a disinformation governance board. the left has lost twitter so the government now steps in to censor opinions that the administration doesn't like, unbelievable. the new york post called nina the misinformation tsar big sister is watching you. big friday show, the queens platinum jubilee and exile prince harry. we will cover it. we will cover it all, friday april 29, 2022, varney & company is about to begin. ♪ ♪ >> hi, good morning, this is brent darcey, you are watching

varney & company. ♪ ♪ ♪ stuart: thank you, producers, tom petty, the late and great tom petty, greats, really. a little quiet this morning because it's a friday. lauren: who works on a friday? stuart: people coming to the tuesday, wednesday, thursday and home on friday. it's almost empty. lauren: must be nice. stuart: really good stuff. let's get to elon musk. he told nearly $4 billion worth of tesla shares after twitter bid was accepted. good morning, lauren. do we know he's going to sell anymore? lauren: he said no, i wouldn't bet on it. he has to cover the commitment to finance the 44 billion-dollar takeover, 21 minus 4, $17 billion left and twitter investors are nervous he can't cover that and walks away from

the deal and tesla investors are nervous he keeps selling tesla shares to cover it. i wanted to keep it short today and we have a lot of news and elon musk just tweeted. bloomberg is reporting, let me do the bloomberg first. stuart: i'm sorry. lauren: we will get that over with. there's a lot. bloomberg is reporting that mackey and blumenthal wants him to testify. the far-left hates everyone themselves included and he replied to himself, i'm no fan of the far-right either. doesn't controversy make twitter in a way? stuart: that's what twitter is all about. lauren: how does he plan to turn it around is the big question? there are reports today that he will monetize tweets by charging a third party to quote a tweet, for instance, cutting executive pay and board pay as well as

jobs. those are reports this morning and also he's got a new ceo lined up, just won't say who will be replacing. stuart: you have a lot of in there and that's valuable stuff because that's one of the lead stories of the day and nobody knows what will happen to twitter. 49.38 to be precise. let's move on. amazon and apple, look at that. apple warning that they could take up to an eight billion dollar hit because of supply constraints. amazon looking at the slowest growth since the dot com bust and we have a lot of time with kenny this morning. that's a huge drop, down $300 a share to 25.91. is it a buy at 25.91? >> if you look at the chart, 2500 seems to be where it wants to go. i would be a buyer anywhere below say 25.50, i think that's

where it's got to go. we are 40 points away but it's broken all 3 trend lines and free fall at the moment and after report it makes perfect sense. stuart: is it justified, the drop is justified by the report? >> it wasn't that bad. listen, it's all a matter of a lot of factors, right, where weren't, what's the fed going to do, how aggressive, the whole conversation that's circling around where are the rates going and what does that mean for growth name. is it justified? maybe it is, maybe it isn't but on a chart it looks like 2500 is where it wants to go. stuart: tell me about apple, 1.61 is the price, they are firing on all cylinders? >> and announced bigger buyback. i love apple. it's always a buy. i think it's down 14 or 15% so far year to date and i view that as an opportunity. stuart: buying opportunity. >> i would be buying apple. stuart: you would be buying it

today? >> on any weakness. lauren: i just questioned if amazon is still a growth stock with everything going on, all the headwinds it faces because they are very much a consumer stock and this is the exact opposite what we saw from meta, meta had one positive thing and apple had one negative and the stock is going down. >> it's unbelievable, isn't it? facebook up 17% on the one positive headline because they missed on a bunch of revenue lines. everyone was voiding that out. stuart: okay, got to move on. you know what we will do now? lauren: what? stuart: politics, my favorite. president biden wants to crack down on disinformation, interesting. dhs secretary mayorkas revealed these plans on wednesday, roll tape. >> we have just established a disinformation board in the department of homeland security to more effectively combat this threat not only to election security but to our homeland

security. stuart: right, so we've got the -- what's it call the disinformation governance board. okay, and the gentleman on the right hand side of the screen republican from florida. the woman picked to lead the board dismissed hunter biden story and does she replace twitter as the censor of opinion biden doesn't like? >> she's definitely going to try to and you have the government trying to provide disinformation of themselves because they don't like freedom of speech and they don't like conservative speaking and that's a good highlight. she was against the new york post story on the hunter biden laptop which we all know now is true. it's crazy that our government especially in america where we have the first amendment and freedom of speech and freedom of expression is actually going to create a department of disinformation so that the government run by all democrats can tell you exactly what they

want you to hear. stuart: you can't have a ministry of truth in america, can you? >> absolutely not. this is all about beacon of freedom and beacon of expression of speech. stuart: it didn't seem like secretary mayorkas really had much to say about this, what's the name of it, the diversity -- disinformation governance board, he didn't have much to say about it but he's the guy in charge, isn't he? >> well, what's interesting is he tells us yesterday in the judiciary committee that he has finite resources and he doesn't have enough money to deport the 1.2 million illegal immigrants who a judge has ordered to be deported from our country because they don't have the assets and the resources but they have plenty of resources to create a disinformation bureau, a climate change establishment, all these different left-progressive things within the department instead of doing their actual job and fulfilling

orders to deport people that a court has ordered them to deport. stuart: resign but that's just my opinion. congressman, thank you very much for being with us, sir. jam-packed, so much to go at. we will see you again, sir. got the latest read on what's called the call pce, that's the core rate of inflation minus food and energy. what's the core inflation rate? lauren: 5.2% in march from last march. very high, but less than expected. why do i bring this up, it's the first slowdown that we have seen since 2020 and sign inflation might have peaked. okay. wait, wait, then we've got the employment cost index, labor costs, 32-year high, so has inflation peaked, it matters how you look at it, core what -- what has peaked? if you keep paying your workers more, you can't pull that back. stuart: 20 seconds. >> you go buy food and energy every day. the fact that they take food and

energy out i say inflation is subsiding is ridiculous because everybody needs to go food shopping every day and they are spending more money. stuart: wait a minute, decaf. decaf. i hate to do this, cutting you off like this but we have so much red ink. nasdaq down nearly 200, this is a friday morning. coming up the question won't be democrats hold the majority this november but how big the electoral hold will be that they have to try to dig out over the coming decade. those are not my words. that's from cnn formerly known as the clinton news network. president biden taking a hard look at forgiving some student loan debt, roll it. >> 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 or not there are -- there will be additional debt

forgiveness. stuart: my next guest is forgiving student debt is attempt to buy votes, florida congressman next. ♪ ♪ ♪ we hit the bike trails every weekend shinges doesn't care. i grow all my own vegetables shingles doesn't care.

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stuart: russia launched missile strikes on ukraine's capital kyiv, this happened just as the un's secretary general was visiting the city. matt finn in ukraine, the latest, matt. >> the latest update now 22-year-old marine veteran to be

the first u.s. citizen to die while assisting ukrainian forces here. he leaves behind his wife and 7-month-old son. his wife says her husband was a hero and all she wants for him to come home and be given a proper burial. the marine veteran was working for a private military contracting company on top of full-time job as corrections officer in kentucky and here in ukraine russia launched a widespread wave of missile attracts across the country late yesterday explosions reported in and around kyiv also to the north near belarus and the city of odesa, here in lviv we were under air raid' siren alert as well. railway reported 5 missile strikes near train tracks shortly after the u.s. secretary of state and secretary of defense used trains while visiting ukraine. now another series of missile attacks after antonio gutiérrez

toured the destruction and gutiérrez spoke with sect presit zelenskyy and he calls grease source of disappointment and anger. >> the war is an absurdity in the 21st century. the war is evil. there is no way a war can be acceptable in the 21st century. look at that. >> and back in the united states president biden is asking congress for an additional $33 billion in aid for ukraine, ukrainian president zelenskyy acknowledged the major expense but said it's worth it to protect democracy around the world. and president zelenskyy's office also saying there's an operation to evacuate those people sheltering and suffering, we have been giving you updates on that, the office did not giver details on the evacuation but says it will happen today. there have been previous attempts to get those people

rescued from the standoff. they've been unsuccessful. so we will keep you updated on today's attempts, stu. stuart: matt, thank you very much, indeed. now president biden's asking for an additional $33 billion in aid for ukraine. congressman mike welch joins us, the president has tied aid to ukraine with extra covid spending, what's going on here? >> yes, stu, that's a political gimmick and it's shameful and i certainly won't support it. we -- we have been flooded as you covered on your show for -- for over a year now, we've been flooded with covid aid, many of it being as much of it being abuse, there was a trillion dollars unspent by federal agencies when biden took office and he passed another 2 trillion on top of it. we need to get the ukraines the heavy weapons that they needed, they should have had it two months ago and he can't couple

this just like he date build back better and infrastructure and i think that will fall flat in congress. stuart: how about the president saying he's considering forgiving student loan debts, by the way forgiving $50,000 per borrower that means writing $321 billion worth of loans. congressman, i call it buying votes, vote buying, what say you? >> you know, it is buying votes, stu, and also an insult for everyone who did the right thing and worked hard and paid off their student loan. i have an 18-year-old that's about to go off to college and the cost of higher education is out of control. it's doubtful what you get in return in terms of return on investment. i don't know that every united states needs a climbing wall and whole foods and the bloated faculty that pumps a lot of nonsense into our -- into our kids. but meanwhile we are handing

18-year-olds these kind of unlimited loans. we've removed -- the democrats removed banks from the equations in terms of evaluating if you're going to get a 4-year degree in basket weaving is that a good return on their loan and are you able to pay it back? this is moral hazard and pouring more federal dollars like the progressives want to do on the higher education industrial complex which is what it is, it's an industry at this point particularly with tenure where folks can't be held accountable is exactly the wrong answer. stuart: all correct me if i'm a. kenny, i'm pretty sure you don't like student loan forgiveness. >> he hit it on the head. it is about accountability and it is, in fact, vote buying. stuart: that's an enormous amount of money. check futures, please, we are

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stuart: we have to take a look at amazon and you know we've got to bring in mark mahany, you know what's coming, your target for amazon, is it still 4,300 bucks per share by the end of the year? >> no, we lowered it. we lowered it to 4100. expenses came higher than i thought. hay had spike in fuel cost in transportation and shipping costs and took about $2 billion out of p&l in march quarter and additional 3 billion from the june quarter. i think they can work through this but expenses were a lot higher than i'd estimated. i'm still bullish on the stock but there's no question there was a negative surprise. stuart: i'm a little incredulous

that it goes -- >> price target. stuart: i'm still incredulous. >> look at what happened with facebook, one print the stock jumped 20%. you can have that when you fundamentals start inflecting especially the stocks that had been beaten down. i look at amazon, lowest multiple on free cash flow that we have seen in years so sentiment is very guarded on the name. you get a turn in those fundamentals, you can see a stock go up dramatically. stuart: at this point what is your best big tech top? >> i'm going to stick with amazon, i'm going to stick with facebook and booking holdings. stuart: meta at 2.04, formerly

known as facebook. that's one of your picks? >> that's right. i think it can get to 700. i think the sentiment on this stock could change dramatically, you put a couple more quarters together like they did last quarter, that's the kind that you can see after they have been beaten down and dislocated. stuart: we all live in hope i want to know what you are doing and what you said at 4:15 yesterday afternoon when the amazon results came through. did you fall off the chair? >> no, i don't fall off the chair. i deal with positive and negative surprises and i'm accountable for my calls too. the first thing i went to is i looked the top line was fine. as we pealed through it and maybe this isn't a huge surprise. amazon is the largest employer in the country, just about the largest employer. this company is more exposed to macro trends than any other given global presence,

1.6 million employees, they are shipping, they are freighting, they buy a lot of fuel so maybe at the margin i shouldn't have been surprised but i was at the magnitude of inflation impacts by the company. if amazon is seeing it you bet a lot of retailers are going to see it too. stuart: you're a brave man, mark, coming on the show with a prediction like that. ten seconds what you think of amazon. >> listen, amazon is going to 2500. i like amazon. target of 4100 is very aggressive. i think it's very aggressive. like you said, it's 2600. 600 point move. i think it's aggressive. stuart: okay, i'm looking at the opening of the market, down 100 points from the dow industrials, about 3 quarters of the dow 30 in the red. there's some selling again this morning. s&p 500, remember it was up 2.4% erday, down this morning but only .9%. okay. the nasdaq composite down 1.2%. you can see the influence of big tech on the nasdaq.

i mean, they are all down, microsoft is down, apple, alphabet, amazon, now amazon is down 305 points, dollars that is and meta at 205. let me see the china stocks because are absolutely soaring this morning. why, lauren? lauren: chinese regulators want to meet with the internet giants next week. they want to talk about regulation. the regulatory crack-down plus the covid lockdowns are killing the chinese economy and it's also bad look for president xi. he's seeking unprecedented term -- third term. stuart: retreat by xi, maybe easing up on the economy a little bit, easing up on big tech and up go the big-tech stock? lauren: how so, though? the limit on how much teens and kids can be on the mobile phones, maybe they pause that limit, that rule and beijing taking in equity stake in some of their big companies. they have, for instance, in

bitedance but will they takes% stake in some the other names. stuart: they did have a rule. good luck with that one. let's have a look at tesla, it is up today, not much, 1.5%. they have a recall? >> another one in china. second one in china. more than 4,000 model 3's, there's problem with the software, could cause crashes but they are calling 48,000 model 3 performances right here in the u.s. and issue with the speedometer not displaying everything. stuart: it's not serious, if that was serious -- lauren: the stock would be down. stuart: chevron reported before the bell this morning. i thought they would have benefited from spike in gas prices. lauren: and then some, they made 6. 3 billion in profit, 5 billion more than last year. are they raising output, that's what everybody wants to know? a little bit.

15% in the permian basin. stuart: senator warren would be -- $6 billion profit, she wants them to plow all that money into drilling for more oil, no she doesn't, she wants them to give it back to consumers. that's what she wants. lauren: in the form of rebait checks because they are spending so much on gasoline. stuart: exxon, they did what? >> biggest oil company, they are out for exxon mobile too and doubled profits and guess what, the left isn't going to like, they tripled purchases and showering investors with cash, the buyback program goes to $30 billion through 2023. guess what, exxon mobile is not increasing output, why should they? they are not increasing output and they should continue to stay profitable and they say exit from russia cost them 3 and a half billion. stuart: got it. let's have a look at intel. they are down -- that's a big drop. what's the problem.

lauren: ceo is trying to turn the company around and i don't think investors are convinced. the chip shortage till 2024, a lot of people thought it would start to ease up sooner. they don't see that. they are seeing soft demand by education companies, everyone was doing everything from home and that's changing and apple's decision to use apple's own chips in their macs that hurts companies like intel. stuart: down 5%, big drop for a company like that. robinhood. i heard people suggest that they will not stay in business, they are in such deep trouble. any comment? lauren: i would say their market has changed. they used to have a lot stereotype here young people out of work, sitting on the couch playing the stock rally. that changed because conditions have changed. they are back at work. the ceo and i'm quoting on the call we are seeing more

pronounced declines from those with level balances the demographic i just described. if you look at the user base, they had 17.7 million, now monthly 15.9 million. that's a big dropoff and the money that they made from each of those users, $53 versus 131 a year ago. so, yeah -- >> stuart: would step in and buy them. lauren: question for kenny. >> i don't see why. i think they were way overblown from the pandemic. the demographic there learned a hard lesson. i think it's as simple as everyone made it sound like. the video game monitor, i think it's bologna when you talk about long-term investing. long-term investing is not a game. as far as i'm concerned, robinhood -- >> stuart: dismissive of

robinhood. arc innovation, that's kathy woods etf. it's on track to have the worst month on record. first of all, lauren, what happened? lauren: okay, the fund is down 25% this month. what happened she doubled down on stake in teledock yesterday down 40%? she actually more than 600,000 shares across four of her funds. so she thinks that maybe teledock is the next tesla and next version of bitcoin or what have you. the crazy thing is that investors are pouring money still into her arc innovation funds. she continues to attract capital so people are obviously with her here. >> at some point it becomes value. it's ridiculous, 68% or something off of its high, right or this year. it's ridiculous but at some point all the stocks in that fund they are either going to go out or they will become value and then in the end she will win whether it's 2 or 3 years from now. it's ridiculous people are still pouring money into that fund considering the performance and where it's going.

stuart: if they are still putting money into the fund that's why it's going up a little. >> they will continue to get beaten up. stuart: okay. got an opinion. let's go. dow winners headed by can't read it? lauren: honey well. apple. stuart: up a little. s&p 500, winners headed by -- i can't read it. lauren: honeywell, norwegian. stuart: nasdaq composite headed by honeywell again. i want big names. i don't see it these days. in the old days microsoft would be up there, apple would be up there. they are not now. coming up president biden struggles and i mean struggles

through a speech o ukraine, roll it. >> putin's -- yeah. autocracy. [laughter] stuart: i founded that a little alarming to watch and we will play some more of it. talk about ditching, return to office plans, one big company is telling employers you can stay at home forever. he's not even close, the real competition is with senator warnock, can he pull off a win with trump support. hershel is here next. friday feedback, i want to hear the good, the bad and the ugly. e-mail comment at varneyviewers@fox.com. we might answer it later in the

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stuart: that, ladies and gentlemen, is dayton, primary voting begins in ohio on tuesday. look at this, cnn really admitting that democrats have a huge problem. here is the quote. the news that the u.s. economy unexpectedly shrank over the first quarter of the year is an absolute body blow to democrats. the question won't be whether they hold the paper-thin majority in the house and senate, that rather how big the electoral hold will be that they have to try to dig out from over the coming decade. clearly, they know they've got a problem and i think they do. let's get to georgia early voting for the primaries begin there on monday. the latest polls show herschel

walker with a commanding lead in his bid for the republican senatorial nomination. herschel joins me now, all right, herschel, you're trump's guy, i know it's helping in the primaries but will it be enough to defeel senator raphael warnock? >> well, you know, everyone talks about i'm a trump guy and you're right, trump did endorse me, but i have other endorsements as well. i'm doing everything that it takes to win it. the polls show that. i'm thinking i'm 20 points down and i'm meeting the people and right now when you look at it there's no one in my race right now, resumes measure up to mine when you take out athletics. i've done things that they haven't done in the business world and it seems like they don't want to recognize that but i think the people know that in georgia and that's what i represent.

i work for the people, i don't work for my opponents. stuart: not surprised. i have to tell you that the biggest newspaper in your state the atlanta journal constitution has a new article, it's about you, they say you spent years promoting health products with dubious claims, that's their words including one that, again, kills any covid in your body. herschel, i can see you're laughing about this but what's your response to those charges? >> well, you know, my response is i'm not going to answer ridiculous things and my opponents are trying to use it and i said what they need to do go out and meet the people, that's the reason i'm up in the polls. the people don't want to hear ridiculous things. they want to know what you will do for them. stuart: is that your main issue, the economy, inflation? >> there's no doubt. right now you can't afford gas to go to work. in the areas i grew up in, you

afford $100 to go to work, that's expensive. groceries are going up. people have to worry about that and they are talking about raising taxes, it's going to hurt small businesses and middle class, lower-income families. that's who it's going to hurt. they continue to talk like that's going to be okay well it's not okay. every time they spend money that we don't have, the value of the dollar goes down. i want people to know that and that's why i'm getting out trying to let the people know that this administration, biden, warnock, the schumer administration is terrible for georgia, terrible for the united states and people need to know this. you know, this is awful where we are at right now and we have to stop it and we need people in office that are not afraid to speak the truth. stuart: herschel, you don't speak like a politician and you speak like somebody who knows what he's talking about. herschel walker. early voting begins next monday

in georgia. >> tell people to go to herschelwalker.com. stuart: he's known for shorting tesla tusk and suing elon musk, now andrew left has some advice for the would-be buyer of twitter. he's here in the next hour. all eyes on staten island. amazon warehouse haunting the union jeff flock with the report after this. ♪ ♪ ♪ at adp, we understand business today looks nothing like it did yesterday. while it's more unpredictable, its possibilities are endless. from paying your people from anywhere to supporting your talent everywhere,

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stuart: push to unionize in amazon gaining a little steam. workers in a second warehouse in new york have been voting on a union. voting began monday night. ends tonight. any idea which way this thing may go? jeff: labor experts tell us, stuart, that it is easier to unionize a smaller facility than a larger one. this may not look like a small activity. it's about 1500 employees but it

is very small compared to the one across the street which already voted to organize. that's between 6 and 8,000 across the street there and they voted the union in and it's not just amazon, i mean, we are looking at starbucks, we are looking at verizon, apple, all l making a union push. why is that in experts saying it was the pandemic, being forced to work during the pandemic, maybe not getting hazard pay and being forced to being vaccinated. the perception was that unions, public employee unions, police and fire, for example, had good success pushing back against that. listen. >> look what we did for the workers over here. we got them hazard pay when they were coming to work, we told them they have to bargain with us before they can do it, we got exceptions to it and save it off completely. jeff: i know that you're going to want to know what the impact would be to all of us if amazon in broadway becomes unionized,

well, probably doesn't take a college degree that it's probably not going to bring down prices. the friend at the heritage foundation weighing in on that one. >> increase unionization is more bad news for consumers who are already struggling with this record-high inflation and the impacts on unions on employers will significantly drive up costs as much as 20% or 30% and at the same time they also reduced workers output. jeff: 11:00 p.m. tonight the voting ends, stuart, we should have the results on monday. stuart: okay, thank you very much, indeed, see you later. gerald storch with me now. good morning, gerald. >> good morning. >> let's get right at it. you're the retail guy on this program, what do you make of amazon? >> well, i still think amazon is a great company, the leader and the most important segment of retailing which is e-commerce. anyone who shops the internet knows that best job at it.

if you want something today and trust to get there use amazon. i'm a big fan of amazon. i continue to own the stock. i know it's down sharply almost 25% this year but the stock is -- i think that's big buying opportunity. when you lack at what's going on, of course, amazon was up huge last year, it was during the pandemic, everyone was shopping online. now that the pandemic is ending people are going back to stores more. so amazon sales were up 40% year over year a year ago, this year, oh, look sales are flat. well, over two years it's still 40%. so that's going to come back to normalcy as we get to the end of the year holiday time and all that excess capacity they had which they did overbuild too rapidly and all the rising cost will be spread and they will do just fine, thank you. stuart: gerald, do you see a recession coming because that would clearly upset amazon? >> i think that's a fear for everyone right now. it's clear that prices are rising faster than consumer incomes. it's also clear the fed has to

do something about it. today's consumer spending report showed that inflation was still high single digits just about where it's been so there's no reason for the fed to change the course of action they've been on, they have to squeeze it down. history shows it's impossible to bring it down without creating some kind of economic pullback if not a full recession. stuart: you're right. >> we will take the first gdp of the year which was not positive, a little bit of a warning shot. consumers are still spending, we are seeing that but eventually this could well run out of steam, certainly a slowdown, absolutely no chance we are not going to see a slowdown of some sort. stuart: bleak outlook, indeed. >> my pleasure. stuart: kenny, do you see a recession? >> it's impossible to avoid that. 25.27. what did i say 2500.

we were at 2560. stuart: you would be a buyer? >> i agree with him. in the long term, amazon is amazon. stuart: it is, indeed. thank you very much for sticking around. >> thanks for having me. stuart: you're a good guy. see you later. the petro, 10:00 o'clock hour of varney & company is next. ♪ ♪ ♪ ♪ ♪

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stuart: what on earth are we running at the top of the 10:00 hour? some guy shouting at me? i don't think so. what is it called, let me clear my throat? who picked that? we are moving on. good morning, everyone.

10:00 eastern, straight to the money. a little red ink visible at the moment, dow is down tweeight, the nasdaq 22, quite an improvement. the 10 year treasury yield 2.86%, not much movement, big tech all over the place, meta and apple up, google, microsoft, amazon down, down $353, that is 12% down. the price of oil up $1.07 per barrel. just received an important economic indicator, the latest read on consumer sentiment. >> 61.2, less than expected but a significant increase over the month of march, the april number and the final one, up 10% from the march level. if you want to know why gas prices have come down.

so still inflationary pressure but people feel it has gotten better. stuart: no impact on the market, showing a little red ink for the dow, s&p and nasdaq. ladies and gentlemen, boys and girls of all ages, the gang that can't shoot straight brings you the disinformation governance board, led by nina jackofitz, big sister is watching you. she will be running what amounts to a ministry of truth telling us what is good information suitable for you to see and what is not. the left of los twitter so they bring in a government agency to censor opinion biden and the democrats don't like, a government censorship agency, this biden team insists -- he has a record of information herself, she cast doubt on the hunter biden laptop story

proven to be accurate, approve the banning of the story from social media and she thought the fake dossier was just fine, russia russia russia, look how they dragged our country through the dirt, she is a leftist activist and now the government's sensor. think of the timing. musk bids for twitter, democrats know they lost an important manipulative tool so they create a new government center, desperation, 192 days to the election, heaven forbid ultimate opinion appears on the board or afghanistan. big sister is watching you, this is biden's america. second hour of varney just warming up.

i have two people with me in new york city. jason shea fits, tammy bruce on friday morning. first of all, the ministry of truth. >> everyone is or is. what is interesting is, we are relying on social media to censor. this is unconstitutional, you can't, the government can't control or censor or stop or punish you but what this shows is the story behind this is it confirms on relying on twitter but the signal purchased sense to everyone else, seem to have lost the new york times and

washington post, this entire network, external from the government, has somewhat collapsed, this is the obviousness. antifa's anti-fascist. it will be the disinformation bureau. it is going to propel us. they want to continue to rely on it but also of the establishment in general, these days are over. they are complaining they need to say no to the premise itself, whoever is going to run a censorship operation for a government will be a far left activist and is going to be a problem. stuart: next time tell us how you really feel. >> have to see if there are little files that we forget

about ourselves if we sat a wrong thing. >> this is similar to what obama's administered and tried to do, not their first go. there was a bill called stop online piracy act. it would have given homeland security and republicans were involved they -- it would give homeland security unilateral authority to take down any website with no adjudication at any time, no adjudication. a lot of people rallied, they always wanted to do this. this is something you do out of china but i don't think they need to give social media or media outlets an excuse to suppress information.

elon musk acquiring twitter, their biggest fears they will be exposed for the shadow banning, and an excuse from somebody in government. that is not the truth. we went don't see how this could work. >> it is illegal. the media to say this is why we suppress your ability to put it out on facebook or google or your search engine. >> this is what they really on for generations, we had three networks, two newspapers, and it was easier when it was walter cronkite for 15 minutes in the evening. this is bigger now and americans had enough and they want to stop it. they will fail but we've got to make sure there isn't too much damage in the meantime.

stuart: glad you used all your energy on this program. i'm sure you have some more left. thanks. see you soon. stay where you are because you are with me for the our. the latest on musk. he tweeted a meme hinting he has shifted to the right over the last 14 years. musk could soon become the most indebted ceo if the twitter deal goes through. new filings show musk has sold 8. $4 billion worth of total stock, most last tuesday and on thursday. what do you make of musk and twitter? >> if i am a shareholder involved in a company i want elon musk to be involved, everything he touches is done pretty well in this world. i think the exasperation and concerns are unfounded. he said he wants to be politically neutral. if he leverages his wealth,

more power to him. the single biggest most successful entrepreneur, saved the space program, tesla is a wonderful product, glad he's involved with twitter. let's bring in andrew left the you had contact with musk and tesla stock in the past. >> one of the few who doesn't believe the deal closes. the average, 5%, trading at 10% and there is skepticism there. musk sells real-world problems. what he has done with space and cars, he doesn't want to spend the next year in front of congress. the fcc even though they didn't let it go through and shouldn't be an issue.

it is given to one person specifically, with power comes a lot of meetings and they will want his time. dealing with twitter so you want it to happen. he could hire the best executives away from to billion and make it his next trillion dollar company. don't believe this deal closes. stuart: he would love to behold before congress. >> when you are the richest man in the world only one thing you cannot buy and that is time. happy to speak to a congressman directly for 3 hours whether it be zoom or his plan to go into dc, nailed on a chalkboard. he is solving big problems in this world.

stuart: it is a big problem. in the town square -- >> a social problem, not a technology. if you look at the problems he saw he could easily replicate twitter and get critical mass within 6 to 8 months and not spent $40 million. that is my opinion as a corporate president trying to do. we went president biden says he's not concerned about a recession. you think we will see a recession? are you investing your money in a way that takes account of an upcoming recession? >> as an investor you can't sit around and wait for a recession and hope to pick it and not pick it. a year and 1/2, we see the average recession in real time might be 6 to 8 months. try to pick a bottom and get back in when it is over, stay

invested in the stocks you believe in and hold it through. stuart: what happens to twitter stock if musk does not take the company. >> they get hit hard. if you are short twitter you lose $5 if he buys in and stocks down $15, what happens if not only not going to buy it but launch competing products? twitter is a product, not because i like it. normally because you like it, 40 billion. of the one fair enough. good stuff. thanks for joining us. see you again soon. back to the market, the dow down and i see roku a big time move up 8%. what is the story. >> about time because it is down 70% in the last 52 weeks. earnings better-than-expected, they grew sales by 28% and that

is what investors needed to hear, streaming company is improving, doing okay and i want to show you colgate paul of down 5% so there revenue missed and if you might notice it when you go to walgreens you might not see as much toothpaste because they are having issues with the supply chain getting the toothpaste and guess what, apple reversed course not by much, 3 quarters of 1%. this is the report card tim cook might strain and put on his wall in his office because it was that good. iphone sales topped $50 billion services but then there is a but and the but is the supply chain, they can take up to $8 billion in costs and that is what investors didn't want to hear.

stuart: everything was fine until they made that call. president biden says he is considering for giving more student loan debt but it will cost billions coming out of your pocket. we have some numbers for you. congressman jim jordan got into a heated exchange with senate secretary mayorkas wanting to know if the disinformation board will look into the remarks made by doctor fauci. >> doctor fauci, when you said the virus didn't come from a lab is that something this disinformation that imperils the safety and security of our homeland. >> that's not what your bulletin talks about. stuart: heated exchange, we will deal with more of it later in the show. there are growing concerns that putin may be expanding his were outside ukraine. we speak to the former president of ukraine who was on the show next.

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stuart: a little red ink on the left-hand side, the dow is down 238, the nasdaq is down 139. maybe this is why, oil extending its gains and looking at one hundred $7 a barrel for crude oil. gas and diesel prices keep on moving up. next case russian officials, acts of terrorism in, the enclave adjacent to ukraine. the former president of ukraine joins me now. is moldova plan reboot next next target? >> i might be the last person

not surprised by putin's intentions. for long i have repeatedly stated putin has in mind not only ukraine. the bulgaria and romania, slovakia, czech republic and mold over, this is the country which putin might go after those if he succeeds in ukraine. there should be no surprise here of putin's intentions, his chances outside of ukraine but after ukraine, crimea, donbas, alaska from the united states. stuart: forgive me but does putin have the military power, the military wherewithal to go after romania or poland as well

as mold over? does he have that military capability? >> i'm the first president of ukraine and proud that in 2014 it was me and my team created new armed forces of ukraine, we surprised the world by stopping the prudent military machine, which he considers the second biggest in the world. we surprised world and demonstrate this is the colossus on stand legs but we need to understand, the whole west, the whole free world and if we are together we definitely can win, we can stop him, we are proud that just yesterday the american congress voting -- stuart: are the weapons going through?

>> yeah. 's from tanks from poland already in ukraine, some armed personal carrier from australia already here. just today, speak with them when we, my team, transfer to them 18 armored vehicles with their machine guns. they confirmed to me they have started to receive armored personnel carriers. it is absolutely keeping our fight. this is a game changer. immediately after russian invasion, new additional 400 tanks, 1000 armed personal carriers, 100 jet fighters, we will stop vladimir putin. stuart: we will leave it at that, thanks for joining us,

interesting way to close it out. you are still with me, you heard what he had to say, you think he can win with the weapons we gave him? >> i'm surprised ukraine is still standing, it shows the weakness of russia but also the strength and determination of the ukrainian people. i'm encouraged the weapons are getting through but it will take more than 18 of that and 12 of that. it will be a lot more in the long drawn out fight and i think is a concern. prudent wants to cut off ukraine from its ocean assets and they have a lot of fighting to go through. stuart: it will take a long time. thanks. the governor of florida, ron desantis doubling down on disney. watch this. >> i'm not comfortable having one company with their own government and special privileges.

when that company pledged itself to attacking the parents in my state. walt disney was not that. stuart: lawrence jones talks to people across the country. is disney falling out of favor? the head of president biden's new disinformation board has troubling tweets herself, we have details next. ♪♪ ♪♪ ♪♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. your shipping manager left to “find themself.”

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stuart: i like to move it is the name of the song, no idea who sings it. realtor real, have i got that right? what is it supposed to be? >> you got it right. stuart: this is all new to me. >> old school. stuart: if you do like the music. if you recognize that you can follow us on spotif dagen:. let's get serious.

the markets don't like the look of this, the selloff has gathered some steam. the dow is down 360, the nasdaq is down 187. they just came about in the last half-hour, downturn in the market. lauren is with us, scott with honeywell, big move. >> is this industrial conglomerate, they raised their profit outlook, their aerospace sales were up and this is interesting, ppe protective gear, masks, those sales were down and analysts say their outlook was positive. blooming brands, the owner of outback, 2%, coming down a little bit as the old world market comes down, strong earnings for the past quarter, they raised their outlook for

sales for the year and they say customers are spending more. how much more? 14%, 45% at their steakhouse and the amazon story, as that stock plummets, 12%, it has taken down those other pandemic winners, the e-commerce sites, they are all down 3%. stuart: ouch is all i can say. the administration created what they call the disinformation governance gord. the woman picked to lead this board repeatedly dismissed the new york post story on hunter biden's laptop. what more do we know? >> she stirring controversy over partisan comments like hunter biden's laptop, she has

several tweets and article suggesting that was russian disinformation. in october 2020 story, she called the new york post hunter biden story a trump campaign product. the concern is consent during conservative opinions, something that is dragging elon musk's mega twitter buyout. the disinformation governance board being made two days after the deal to buy twitter, he responded to the governance board, with discomforting. he considers himself a free-speech absolutist, depending on this oversight board definition of disinformation that could be tough to navigate. take a tweet just last week saying she, quote, shudders at the thought of free-speech absolutists running these platforms. we reached out, details about the board, no response. i want to highlight some folks are behind this move.

a source and twitter says some employees are cheering on the oversight board hoping it will impede musk's plans. elon has a lot to overcome inside and outside the company. stuart: thanks, talk to you again later. we told you about disney world changing their greeting from boys and girls to dreamers of all ages. lawrence jones is with me. does that change the public's perception of disney? >> what we are seeing is parents want people to allow certain conversations to start with them. i contend there are three issues that will impact the next election will be the economy and leaving parents and their kids alone. it is not about parents not wanting to have difficult conversation about what is happening but they feel they should leave the conversation

and when you are expecting to go to the happy place you shouldn't be having difficult conversations. parents are either drinking or on the rides with their families so everybody is wondering why even start this to begin with. stuart: you are all over the country, talking to people all the time, did they show any unhappiness with disney itself, not the ideas of gender preference but disney itself. >> i was in alabama last week, i was in atlanta last week, i was in houston, all the parents are saying the same thing, they won't go to disney if this is the new standard that they -- it is the same thing, i would caution people because they dismissed parents during loudoun county and it is not the most conservative area so this is not a matter of being liberal or conservative, this is not a matter of being

pro-lgbt q community or anti-lgbt q community, this is about what parents should guide and conversations with their kids and they are trying to get in the way of parenting, this should be happening behind closed doors with their parents, they feel they are taking that role away from them and that ticks parents off. stuart: i want your take on forgiving student loans, listen to what president biden said about student loan forgiveness. >> president biden: i am not considering $50,000 debt reduction but i'm in the process of taking a hard look at whether or not there would be additional debt forgiveness and i will have an answer on that in the next couple weeks. stuart: do you have student loans. >> i do. it was predictable. it was a campaign promise essentially. they need these younger voters. i made the decision i have the

money to pay for it and started to make a little money. i'm not as rich as you. i started to get -- decided to put it aside in a separate account. if the biden administration decides to go with this. i disagree with their position on this then i will take that money and put it is a down payment on a house. if not -- stuart: you will accept the forgiveness of your loan. you put the money accumulated to buy a house but don't agree -- >> i disagree. to the university of houston i talked with some of the students, all of them agree with president biden on this. to extend the conversation is it fair to the people that have already paid off their loan and they admit it is not fair. if they have credit card debt, just pay that off, that is going too far. when it comes to being fair i

think everyone is agreed that this is not fair but they want to take the money. stuart: i think and i think jason thinks it is buying votes. >> i don't want to pay for lawrence's jet. congratulations. stuart: would be delighted. >> my kids shouldn't have to pay for his loan. stuart: i would be delighted to bail out lawrence jones. >> appreciate that. this is why ever since i started i call you brother because you act like a brother. stuart: what a guy. >> kids are paying for everything. >> being the brit that he is, you educated me, no one can do that. he educated me on the double-breasted suits. >> you said you can be tall and

slim, maybe not as slim. i can't do the double-breasted. stuart: you are 6 foot 3. >> 5! stuart: excuse me. >> ladies have a certain height range. when you say 3 you drop me down in their eyes. stuart: very sorry. >> much shorter than he looks. stuart: we have gone way over time. >> you should hear what is coming in my ear. thanks, everybody. a drought in california forces 6 billion residents to limit their water usage. we have the story, citizens in china sick and tired of being locked down in shanghai, you can hear them screaming and banging pots and pans from their balconies, gordon chang is going to deal with that next.

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stuart: heading south, the stock price movement of the date of the dow is down 400

points, the nasdaq down 200 points. a powerful marketplace but the selling continues. let's look at china tech stocks going straight up, there is speculation china could ease regulations on technology companies. republican congressman jim jordan press secretary mayorkas about the new disinformation board. a fiery exchange. lauren: very curious timing, the week we hear elon musk is buying twitter. play the exchange, you can hear for yourself. >> when you said the virus didn't come from a lab did that undermine trust in government and will that be something the governing board will look at? >> the disinformation board addresses disinformation that imperils the safety and security of our homeland and one of the primary areas we are focused on is the dissemination

of disinformation -- >> that is not what your bulletin talks about. >> the gentleman -- >> jim jordan wanted to know why aren't you saying when she said a vaccinated person can't transmit covid why not slap that is disinformation. mayorkas is positioning this as protecting the homeland but maybe the democrats own protection because if they continue to label potential vulnerabilities as dismiss or may information it is easy for them. why have a media? isn't that our job? stuart: we talked about this and concluded that we don't want a ministry of truth in this country and that is what this is board amounts to. >> this is something china would do. this is fundamentally wrong to the core of what we believe in the united states. we will let's go to gordon chang who happens to be with me.

we've been showing for some time the affect on the people of china and they are angry at these draconian lockdowns in shanghai. does xi jinping's future depends on his 0 covid policy being a success? >> he is acting like that. he is identified as the author of these policies he wants his president breaking third term probably this fall, if tradition holds it will be october or november. he believes any criticism of his policy or adjustment of it is like giving a dagger to his political opponents so he's not allowing any adjustment of this policy even though it is not working. we see this in shanghai and other cities. the measures are helping spread the disease but he is adamant. stuart: i don't see the end game because this illness, this covid variant will spread through china i think.

more lockdowns. what is the end game? how do you get out of it? >> there is no end game for them. the disease has to burn out before they have success as a policy because this variant has gone from the northeast all the way to shanghai, beijing, even gun them province, the factory floor of china so you see problems there, this has spread through the rest of the country though not as bad as the eastern part but the eastern part is the core of the chinese economy. stuart: you have an op-ed that says xi jinping makes announcement of china's greatest fear. what is china's greatest fear? >> the decoupling of china from the global economy. last month, $17.5 billion of withdrawals of portfolio on stocks and bonds from china. this occurred not at a time where there was flight from emerging markets in general but

just china. that $17.5 billion is a record and probably worse this month because the chinese economy in april has got to go into contraction. march looked negative but april certainly is because the lockdowns were more draconian. stuart: china's economy itself with these lockdowns is decoupling by itself. is not being decoupled, it is decoupling itself. >> and before covid you believed xi jinping believing the chinese economy should be dominated by state enterprises, disadvantaging domestic private entrepreneurs and closing china off from a cultural point of view. all these measures meant to soften beijing from the rest of the world and that has caused ripples but now you have covid accelerating the decoupling process and people like us are

saying should we be reliant on a totalitarian state that declares us and me. a lot of people saying it's not a great idea that we do that. stuart: always good, thank you very much. look at the bottom right-hand corner of the screen, the dow down 400 points. bottom line, more selling on wall street today. several states are suing the postal service over climate change. i will tell you what they are protesting. listen to what speaker pelosi had to say when asked if people blame the democrats for high gas prices. >> i don't think -- they are blaming the oil companies. >> they won't take that on your side in them in terms if -- the perception -- >> i don't think what you say is making much sense frankly. stuart: don't say that about our producer in washington dc. a fool report on washington's

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stuart: plenty of reading and that's my favorite especially these days can with the dow was down 400, the nasdaq down 237, general wave of selling of which we've seen a lot, digital world acquisition is up 8% after donald trump posts i'm back on the truth social apps. 16 states suing the postal service. good morning. on what grounds are they suing? >> the postal service has not accounted for the environmental harm of the vehicles. the suit is joined by the district of columbia, the city of new york and the bay area organization while environmental and labor groups have filed separate suit and the agency's environmental analysis to justify spending up to $11.3 billion on the gas trucks which only get 8.

6 miles a gallon was deeply flawed. the postal service has 230,000 vehicles making up one third of the country's entire federal fleet. it is planned to buy gas trucks in direct opposition to president biden's pledge to replace the federal fleet of 600 cars and trucks to electric power so it ends up in the courts. stuart: of course it does, this is america, lawyers decide everything. back to you later. the price of gasoline does continue to creep higher, the national averages $4.16 and it is up $0.04, one dollar and $0.27 and a your. democrats refused to take the blame. lydia is on capitol hill. what is speaker pelosi saying? >> reporter: speaker pelosi is saying democrats are not to blame for higher gas prices but yesterday chad program asked her if the public is blaming democrats, watch.

>> i don't think so. they are blaming the oil companies. >> they won't take that on your side in the midterms if you pass this bill and prices don't get better? >> i don't think what you say is making much sense frankly. it is the republicans stand in the way of us bring the consumer of the stranglehold of big oil you think they are going to blame that on the democrats? >> speaker pelosi and chuck schumer are planning legislation that will police big oil companies for price gouging, but oil and gas experts say that legislation will do nothing to lower prices because gas prices are set locally store by store, not by the large oil and gas producers. what they say would be helpful is adding new acreage for drilling and streamlining the regulations but in the biden administration we are seeing the opposite. refining capacity in the us

fell from 19 million barrels a day at the start of 2020 to 18. one million at the start of 2021, the first decrease in capacity since 2017 as refineries across texas and other states are closing and some experts tell me the biden administration's policies going green forcing refineries to close and that is dragging the price at the pump. stuart: i would agree with that. jason chaffetz with me this morning. i think we are paying the price for the administration's green dreams and this nonsense about dashing big oil makes no sense whatsoever. >> leading to the worst inflation we have ever seen. democrats have a house, the senate, the presidency, on day one, literally, president biden started to get of the keystone pipeline, made the regulations and permitting process more

difficult. of the president wanted to make a fundamental difference to the price of gasoline he wouldn't tap into the strategic petroleum reserve, he would do something that matters, streamlining the process to allow domestic production and exportation of gas into your, that would help with the war in ukraine and everything else. stuart: thank you very much for joining us. >> i love it. it is fun. front row seat. this is a good time. stuart: jason chafe it's, a good man. still had we have steve hilton, tomi lahren, and david webb. the uk was hillary the queen's 70 years on the around, royalty is respected in britain as long as the royals accept their duty. prince harry is a different story. he's not there in england, he hangs out in lala land giving contentious interviews alleging racism and bullying in the royal family. that is going to be "my take" next. with barely a bobble.

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>> it's crazy that our government, especially in america, is actually going to create a department of disinformation so that the government, run by all democrats, can tell you exactly what they want you to hear. >> it confirms how much they relied on especially getter, an entire network -- especially twitter, it's now somewhat collapsed. >> this administration is

terrible for georgia, it's terrible for the united states, and people need to know this. >> i'm a big fan of amazon, i own the stock. i i know down sharply, i think that's a big buying opportunity. that's going to come back to normalcy as we get to the end of the year, holiday time. ♪ and here we go, one more time. ♪ everybody's feeling fine ♪♪ stuart: interesting music selection for this day. can't say that i like my of them, so i'll move on. 11:00 eastern time, that's the time right now. it is friday, april the 29th. to the markets. i'm sorry, right before a weekend we've got somed red ink. the dow's down nearly 400, the nasdaq's down another 200 points, another wave of selling. the price of oil has gone up, that may have something to do with it, and how about the 10-year treasury in the yield moving up just a little to

2.869%. all right, that's the markets. now this. it's called the platinum jubilee of queen elizabeth ii. it's a really big bash to mark the queen's 70 years on the throne. very few brits alive today can remember any other monarch. she's well loved because, through thick and thin -- and there's been a lot of thin -- she's still there. not so, prince harry. he's not there. he's moved to california. he hangs out now in la la land, giving contentious interviews alleging racism and bullying within the royal family. he is not well loved. in fact, most brits that i know do not love him back. you see, royalty is respected in britain so long as the royals accept their duty. they're at the pinnacle of power and prestige. they can live the royal life. but if you chuck it all up for whatever reason, you're out. it's happened before.

edward the viii was king of the united kingdom and the dominion of the british empire, he was the emperor of india. but in 1936 he gave it all up to marry an american divorcee. he put himself before his duty to his people. he was allowed back for a couple of very brief visits, but he never lived in britain with again. because i i have a british accent, i'm often asked about the monarchy, and my answer is always the same. i am an american citizen who greatly admires queen elizabeth. she understands duty. prince harry does not. who better to follow this than two other fine guys with british accents, steve hill hilton -- [laughter] and ashley webster. steve, you first. do you think the brits would ever take harry back? >> i think you put it exactly right. i think you're totally right about that, and i think that i would say further more in relation to the queen, i'm not actually a fan of the monarchy,

i much prefer the american citizen is. like you, i'm an american now. having said that, there is no -- if you're going to have the kind of monarchy system, the constitutional monarchy that they have in the u.k., there is literally no one who could conceivably do it better than queen elizabeth. it is absolutely extraordinary after all these years. she has represented the country with such dignity. everybody respects, admires, loves her. as you say, no one can -- i remember when i was a kid at school in 1977, the queen's silver jubilee. we were given the day off school, we went down to try and catch a glimpse of the queen. i still remember that day. it's absolutely extraordinary how she has continued to uphold the finest traditions of the monarchy for so long without basically putting a foot wrong in all these years. it's quite astonishing. stuart: ashley, i think i asked you the other day, i think that

are harry has burned his boats. >> i do, he was known as the spare, if you remember, and i think what's really, really disrespectful is to go off to california living in a multi, multimillion dollar home and start slagging off everyone saying poor me and whining while using his royal credentials to generate multimillion dollar contracts with streaming services. i thought this may happen, but it took meghan markle to lead him by the nose and take him the other side of the world. and i think that's probably where he should stay. stuart: i agree entirely. ashley, thanks for taking part. you've got a british accent, but you're an american just like me. now, steve, 6 million if southern california residents will be forced to cut their outdoor watering. they'll only be allowed one today a week starting june the 1st. another drought. there's always manager in

california, isn't there, steve? another drought. here we go again. what's going on? >> you know, nearly everything that we discuss here, here's the latest thing from california, it's nearly always caused by the mismanagement of the state that we've seen now for so many long years of one-party rule by the democrats. yes, it's are true that in certain years you have less rainfall, less snowfall in the sierra as so that the snow pack which provides the water isn't as high as other years. but the system that was built marley in the 1950s to manage wart in the state was precisely designed with years of drought in mind. so the reservoir system in california is designed when you have a full year of rain -- which we had in 2019, not that long ago -- above average runfall to supply -- rainfall to supply the state's water needs for seven years. but we're now just a few years into it, and we're running out of water. why? they are literally letting the water out of the reservoirs back

into the ocean, and the -- on the grounds of protecting two species of fish, one of which no one's seen for years anyway. it is completely ridiculous. stuart: yes, it is. and it's astonishing that we keep coming up with these ridiculous stories one after another. [laughter] however, steve, on my prompter i'm receiving a message which says steve hilton has a new puppy. oh, we've got a picture. ahh, that's beautiful. i see two dogs right there. >> well, is so this is the big news, this is the important news, stuart. so we've talked before about the beautiful girl that arrived in our house, george. and we had a conversation about her name, george, who's the top dog in that photo. and you were a little bit concerned about that, georgie, short of georgia, that's an english kind of name, but the new addition to our family, much more appreciative of the name, she's called penny which i think

you'll definitely appreciate as a name. stuart: i do, indeed. and i think we've got a picture of this, our producer just got a bernie if doodle, is that how you pronounce it? >> that's what penny is, exactly. stuart: oh, so it's the same dog. liam, an adequate match for penny. maybe you could get them together. any excuse to come to new york, steve, and i know you'll take the it. >> exactly. stuart: good luck with everything, steve hilton. gotta get back to the markets, i'm sorry to say that. oh, the next revolution, 9:00 sunday, of course. now look, 355 points down for the dow, nasdaq's down 200, s&p's down 70 points. jonathan hoenig, market watcher for us this friday morning. can you tell me what's going on here, and are rewe about to hit a bottom to the market? >> tremendous damage. the bear market in stocks, stuart, look at amazon, new

52-week lows today, and it's widespread. about 8-10 new 52-week lows. but the bear market isn't just in stocks. i think real fear, the real damage is being done in bonds. stuart, just a major corporate bond etf, lqd, this is in a lot of people's retirement portfolios, it's down 14% just this year. a muni bond fund index is down about 6% year. so there's been damage done in stocks, we know that. there's a lot of damage done in bonds and fixed income that's not as actively tracked, but a lot of people are discovering the loss in their portfolio, and i think that's freaking out the market writ large. stuart: are we close to a bottom for the stock market who? we really haven't seen it just yet. certainly not in what's causing a lot of this, and that is inflation. nixon's treasury secretary said americans a -- have a love/hate

inflation, they hate inflation, but they love what causes it, government spending. inflation is really what is wreaking havoc on so much of the economy. my sense is we haven't seen that bottom just yet when it comes to stocks, and it always comes down to your own context. you are a long-term investor, maybe now is the time to put some money to work, but we ain't seen nothing yet when it comes to inflation or the downward trend in stocks either. stuart: you often come to us with some unusual stock picks, not run of the mill microsofts or amazons, like that. today it's i shares frontier markets. i know you like it. explain what it is, what it does and where it's going. >> i think that's what makes being a smart investor, not just going with the herald, but looking at some of the -- at herd, but looking at some after the radar. i'm looking at exactly that, frontier market. ironically, the only country

fund at a 52-week high today is saudi arabia. that means a lot of things, but certainly the fact that there is money being made in some of the less trafficked areas. sm is an etf, an exchange-traded fund, and not just emerging markets, but what they call frontier markets. i think if you're looking for a place to put money to work and you have 3-5-10 years, this is a place you're going to make money over time. stuart: jonathan hoenig. thanks, jonathan. have a great weekend. see you soon. now, we're looking at the movers, and he's la is moving, a 3% gain. lauren. lauren: elon musk sold more shares overnight, that brings his weekly total sales. all part of his deal to partially are finance his take private of twitter. just like that. stuart: you can do it. show me, please, pfizer. is it still -- yes, it is, under $50. is there a story here?

lauren: dr. fauci is speaking now, and he and he says the durability of the mrna vaccines is neither years long or lifelong. that always -- you might always need a shot, which would be good for pfizer, moderna and johnson and johnson, or maybe it would be bad. pfizer's down. stuart institute that stock doesn't move. pizza, domo's as in, yeah, pizza -- lauren: remember yesterday it was down $19 after terrible earnings? a down grade today but also several brokerages also came out, slashed their price targets, and they all said there is a severe with delivery driver shortage. part of the labor crunch that dominoes is dealing with. if they don't have people to -- i don't know anybody that goes to a dominoes to pick up a pizza. stuart: it's absolutely universal, isn't it?

lauer -- airbnb just told employees they could work from home forever. we've got that story for you. a local leader in eagle pass, texas, a democrat, calling out washington for the crisis on the border. listen to this. >> i respect president biden very much, he is our president, he's welcome to come here, he's welcome to visit, and i can tell you that this is not effective management. they have not done their job like they're supposed to, you know? if this would have been fixed, it wouldn't be happening. soother stuart a report coming up shortly. look at this headline from "the hill," a new day in media a thanks to elon musk. david webb wrote that. does he really think we'll see a big change on twitter? david joins me next. ♪ roll with the changes, oh, yeah ♪♪ at fidelity, your dedicated advisor

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muck i'm back, back in the new york groove. ♪ [laughter] stuart: yes, that is the statue of liberty. and we're playing that song because donald trump is back on social media. yeah, the former president returned to his truth social platform thursday after months of silence. he posted this photo of himself in front of the mar-a-lago property with the caption, i'm back. he wrote, despite the constant negative press covfefe, that tweet has since been9 deleted, he meant to say coverage, i think. what's expected for the democrats in the midterms?

it's expected that the markets will lose and the far left will win. that's the expectation. david webb joins me now. moderates -- now, look, it seems like moderates are going to lose, and it seems like the left will maintain their party position. so what kind of party are we looking at after november? >> well, stu, you're seeing on display a full progressive, further-left democrat party. look, age is a factor here. when you look at the leadership of the democrat party and you look at -- i call them the 80-year-olds, there are really some of them more than that, they're aging out of their positions. and over time the more progressive, actually far-left groups like working families party, the democrat socialists of america and other groups have built in these young kits to come in -- candidates to come in and take these districtses and grow their brand. so they're dragging the party to the left, they're becoming the

new leadership. and i knowst bad news for our country when you have somebody that far gone and so wrong on policy, but percent people who will suffer under them, i think they're going to be the blowback or at least have the presidential to be the blowback when you look at these failed policies, pailedded cities, the various failed, quote, reforms of policing, of critical race theory, all the things that people really don't want. stuart: okay. you wrote this headline, and i'll quote it for our viewers: a new day in the media thanks to elon. okay, is this really a whole new day across all media just because of musk? >> it is because he's that seminal moment, as i see it. but, stu, this is not solely according to or based on elon -- miss did with his build to buy out twitter. i gained 5,000 in the last two

days. that's pretty amazing, on my twitter. so have others. they're starting to see my tweets again. that's the problem in social media that's been throttling by the left. human beings write the algorithms. what he's done is he's opened for everyone to see. and you can see the reaction across traditional media. look at the failure of cnn+. that happened in this process. why in because they're reaching consumers because they don't buy. so media's changing, the technology's changing. elon kicked it into -- maybe we'll call it fired it off into space is, and he's really the x factor because he's opened all to see this. and if he follows through, then it'll force others or at least give them the imwe it is discuss to follow -- imwe disto follow through if they want to survive. stuart: thanks for being here,

david. don't be such a stranger. >> absolutely not, stu. good to see you. stuart: ads for job listings in new york city will soon need to include pay information. what's that all about, ash? ashley: well, jobs must include salary ranges particularly for women and people of color to get a better shot at fair pay. now, the rule was supposed to take effect on may 15th, but businesses complained, and the council tweaked the legislation just a little to exempt jobs carried out entirely elsewhere. for now the start date has been pushed back to november the 1st, but supporters say salary transparency is important given the fact that the median pay for full-time female workers was about 83% of what men made in 202 is. -- 2021. on the other side, critics say employers could decide to stop advertising jobs altogether and rely instead on unsolicited resumés if other recruiting

methods while others feel a -- fear a flood of a demand for raises once current employees see what the new hires can get. stuart: pandora's box opened up right there. what's this about airbnb employees allowed to work from home forever if they wish? ashley: yes, indeed. the company says or told it 6,000 employeesing they could work from home permanently and could move to anywhere in the country without a reduction to their compensation. what a deal. the previous plan was to have all the workers back in the office by september9 of this year. the latest data shows about 10% of american workers are still working remotely, that's down if from one-third in may 2020 the at the very height of pandemic lockdowns. now, some tech companies like google and microsoft have tried to create office environments that are more like vacation spots offering games, fried chicken and wine tastings. [laughter] as for airbnb, its remote work

policy is the latest effort to encourage people to use listings as pseudo-offices. why not? stuart: that makes sense to me. the social media company, snap, they're launching a new flying camera. all right, what's that? ashley: it's kind of cool. the camera is called pixie. it's a pocket-sized device with no controller. instead you use, you tap a button to send the camera into one preset flight path, an app on your phone. the device flies a few feet above the users to capture your photo and then lands in your palm. the camera can make 5-8 flights on each battery charge, and the videos and pictures automatically transfer into the user's snapchat memories. it canning store up to 100 videos, 1,000 photos.

we'll call it $230, it is available now in the u.s. and france. why those two countries, i don't know, but it kind of looks cool. stuart: yeah, it does look cool. if i could ever figure out how to use it, i'd like it. [laughter] ashley: that's a big if. stuart: the president is considering a plan to forgive $10,000 in student loans per borrower. that's going to cost hundreds of billions of collars in the long run -- dollars in the long run. we're going to break down the numbers. homeland security secretary mayorkas grilled on the border. roll tape. >> have any of the 42 illegal migrants on the no-fly list encountered at our southwest border been released into the united states? >> i do not know the answer to your question. stuart: why not? tomi lahren has that story next. ♪ i see a brand new horizon. ♪ see trouble on the way ♪♪

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♪ ♪ stuart: i know who this is, it's the who.

♪ lauren: you're right. [laughter] stuart: i knew that one. all right. and that's san francisco, by the way. normally you see the golden gate bridge, but today we're seeing an ocean view. that's san francisco. i'm afraid the markets are still on the downside, i've used the expression red ink far too often today. we're down 354 on the dow, 216 on the nasdaq. the selling continues. have a look at the 10-year treasury yield. where is it? 2.8ing 9%. that is not the problem on wall street. this is: big tech. look at it go down. microsoft down $5. apple back to 161. google is down $40. and, o oh, boy, look at amazon. it's down $354 a share, that's 12% down in a matter of hours. amazon's lost about $150 billion worth of value in the past 24 hours. how about that? next case, border patrol agents make major drug bust at the southern border.

the latest? they've uncovered 156 pounds of meth, 2 pounds of cocaine, 16,000 fentanyl tablets. bryan llenas is in eagle pass, texas, again. what are you seeing today, bryan? >> reporter: as part of operation lone star under texas governor greg abbott, the national guard this morning is cleaning out the brush -- getting a read outside of the rio grande river to put up more constantine wire to try to stop the flow of illegal migration. you'll see the wire all over, but that really hasn't stopped the flow as you see people's clothes that are ripped off from the if wire here on the u.s. side. now, yesterday we witnessed more than a dozen immigrants cross the river, mostly adult men. they were picked up by the national guard and border patrol. at least four migrants from africa also crossed illegally including a mother with a baby.

locals see groups of 50 or more migrants crossing daily. we spoke to yolanda ramon, a democrat, of eagle pass who says not enough is being done. >> well, i'm going to tell you one thing, i respect president biden very much. he is our president, you know, and as americans, that's what we do, we respect our president. but as far as being being managed the way it should be, i can tell you he's ewell come to come here, he's welcome to visit, and i can tell you that this is not effective management. i don't care what anybody says. >> reporter: record human smuggling continues in the rio grande valley. 322 migrants were apprehended while agents also rescued 40 migrants trapped in a metal box on a trailer that could only be opened using a power tool found on that truck. border patrol also intercepted over a million dollars of cocaine and meth. back here at the rio grande

river, we are getting word now of a funeral service for national guard specialist bishop evans, just 32 years old -- 22 years old who drowned for trying to save migrants crossing illegally. stuart: i'm going to move on, on the same subject, congressman jim jordan pressed secretary mayorkas about migrants on the terror watch with list. roll tape. >> have any of the 42 illegal my grants on the no-fly list been released into the united states? >> i do not know the answer to your question. >> the secretary of homeland security does not know the answer to the status of 42 individuals who came to our southern border who are on the no-fly list and the terrorist watch list, you do not know whether he was been released or not into the country. stuart: he makes a good point, doesn't he? he doesn't know about these terrorists? tommy lauren, what's your --

tomi lahren, the border control guy doesn't know in. >> unacceptable. the american people need to know who is in our communities. and we've got these folks on this terror watch list, those are the ones that were apprehended, caught. how many dozens more got through? that's the real crisis, how much fentanyl has gotten through, how many gotaways? we're already totaling tens of thousands a month if not more than that, they really don't know. you can't even put a number on it. and biden's listening -- not listening to the border control agents on the ground. also unacceptable. stuart: just imagine the political fallout if there is a terror incident and it's linked to someone who came across the border illegally. can you imagine the fallout for democrats on that? >> you'd think there would be. it always seems to be passed off as somebody else's problem, excuses made. we're getting nothing from this white house other than the fact that they have an open border, and they seem okay with it. stuart: i think they want an

open border. >> they absolutely want it, they want new to voters, and they're importing their support because they don't have it with the american people. stuart: i want to know how a youngster like yourself feels about forgiving student loans, because president biden says he is considering student loan debt forgiveness. are you in favor of student loan debt forgiveness? >> what a cheap trick to try to garner favor with blissfully ignorant young people, is exactly what this is. i am completely against in this because this is only going to cause more problems for the entitlement generation. you went to college, you paid for the an overpriced education, and now you want the taxpayer to pay for it for you. not only is that bad for the entitlement generation -- who thinks everything is free, by the way, it's not -- but it's also bad for inflation. and, yes, college does cost too much, i agree with you. but the government getting involved in forgiving things, that helps in no way, shape or form. it gives universities and

colleges no incentive to have competitive pricing in their tuition. it allows them to jack it as high as they want. the indoctrination camps are raking in the money at the detriment of young people who think there is such a thing as free lunch. stuart: did you just call american universities indock try nation camps? >> churning out liberal activists by the day, and we're going to foot the bill for this? stuart: you want to get into this. lauren: it's popular, and when the moratorium on paying your student loan ends the end of august, that's teed up perfectly for the midterm elections. i think we're going to see something, and i think it's going to backfire if they don't tweak it enough because it's not fair for a truck driver to be paying off the loans of someone who went to medical school or an attorney. stuart: it's obviously buying votes, and i don't think it's going to work. i don't think so. i want to ask you about yourself, because you moved from california to nashville. i take it you're happy in

nashville. >> i am very happy in mashville and in the state of tennessee, and there's so many people fleeing california for good reason, unaffordable, unsafe, dirty, bad politicians, a failed recall election that i was really hopeful for, but nashville, tennessee, is a great place. please leave your politics with gavin in california. stuart: florida, florida, florida. >> florida's great as well with. we have so many great red state- lauren: what time do the bars open in nashville? >> they're open right now. stuart: the bars? >> the bars. stuart, we'll have some fun, i promise you that. stuart: okay. [laughter] serious here. the white house wants to expand the tax credit for electric vehicles. senator manchin says, not so fast. he calls it ludicrous. yeah, we've got that story for you. new poll finds only 16% of us think the president's policies are helping the economy. 48% say they're hurting it.

edward lawrence reports after this. ♪ does that make me crazy? ♪♪ ♪

♪ 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.

♪ this is my country. ♪ stuart: this is my country, and that is dallas, texas. 73 degrees today. and there's this: in the first three months of this year, there have been a 59 earthquakes in the state of texas. that's on pace to set a new record. some are blaming this weather quake boom on fracking in west texas. they say injecting the water back into the ground puts stresses on the everett's a fault lines. got that. senator manchin pushing back on tax credits for welcome trick vehicles. what is he saying, ashley? ashley: he's calling the idea

utterly ridiculous, and here's why. take a listen. >> it has a waiting list for evs right now, but they still want us to throw 5,000 or 7,000 or $12,000 credit to buy an electric vehicle. when supply and demand, we can't produce the product for the people who want it and we're still going to pay 'em to take it? it's absolutely lewd rouse in my mind -- ludicrous in my mind. ashley: man chan says more money should be spent on hydrogen, and the west virginia democrat has previously criticized other aspects of the administers' plan include -- administration's plans including $4500 exa that for cars made in the u.s. be by union represented workers. stuart: i like senator a manchin. [laughter] he makes a lot of sense, that guy. now there's this, core pce data.

now, that's an inflation measurement which does not include inflation in food and gas, and it's the core, 5.2%. ed edward lawrence at the white house, does this mean that inflation is peaking? >> reporter: no, that's the end of that, no, it does not. [laughter] and who can move, who cannot pay food and gas in their expenses here in still, put that aside, core pce did tick down a little bit. but the white house likes to point out, and press secretary jen psaki likes to look at that month over month number, and it stayed the same, so it leveled a off at a higher level. a white house official told me that they expected this number to tick down. year-over-year pce inflation jumped to 6.6%. that's the overall inflation. that's the highest level since january of 1982, and you can see the trajectory on this graph. it shows both pce inflation

overall and core pce inflation and the trend lines there. president biden yesterday meeting with small business owners. in the public part of that meeting, inflation did not come up. the president has been pushing his narrative he's got a booming economy. >> thanks to the economic strategy, more small businesses are being created, and small businesses are creating more jobs faster than ever before. ing thanks in large part to the american rescue plan, last year americans applied to start 5.4 million, 5.4 million new businesses. 20 percent more than any other year. >> reporter: but no talk of inflation there. still, you and others talk about stagflation. weber the's dictionary says the definition is persistenting high inflation combined with high unemployment and stagnant demand in a country's economy. so we might have two of those three as we are starting to see some maybe weaker economic data on the sales side.

retail sales a little bit slower. still spending and pending home sales have been trending down recently at least. stuart: they have, indeed. edward with, thank you very much, indeed. i'm going to show you all the dow 30 stocks so you can get a sense of the market. it's quite clear there's a great deal of selling today because 26 of the dow 30 are in the red. the dow's off .83%. don't go anywhere, sports fans. friday feedback is next. but first, a look at midtown manhattan, which is very quiet today because it's a friday. in midtown manhattan people work in their offices tuesday, wednesday, thursday, three days a week in the office, mondays and fridays they work from home. that's why it's so quiet. we'll be back. ♪ ♪ everybody be cool, alright? with ringcentral we can pull bonnie up on phone, message, or video, all in the same app. oh... hey bonnie, i didn't see you there.

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♪ stuart: all right, let's go. let's not waste time on music, let's get into this. it's friday periodback time, so come on in, ashley and lauren. want to get started. first, this from dave. stuart, you used to like the music play on the show, who are the group's favorite musical groups? first of all, i do not select the music. i'm no longer allowed to do that

because i don't know mig about music -- lauren: i have said elvis presley followed by bruce springsteen. i'm an old soul. stuart: obviously. ashley? ashley: so many bands, we're going to go with the bands of my childhood, well, there's david bowie, what a performer, the who and. queen. david: stuart: there's a question about david bowie. if you like the music, follow us on spot pie. just search "varney & company," you get it all. judy writes this, does stuart have any pets? i'm sure dogs would love to run free on his farm. yes, i do, arthur and bailey. bailey on the left, arthur on the right. lauren: beautiful. [laughter] stuart: ash, i know you've got dogs. ashley: it's been dreadfully sad, baxter to the right and then gracie who passed away in february, and that's the worst

part is that they have to go. i think of her every day. stuart: i'm sorry about that, ash. lauren, you have pets but no farm in. lauren: i have no farm, i would have showed you my three beautiful children. we check into a restaurant restaurant -- we say weaver two adults and three animals. put us in the back. [laughter] stuart: amy writes this, tell your producer to get you a bigger monitor. there's no reason you should struggle, i'm sure they could find a good deal at costco. [laughter] the problem here, judy -- sorry, amy, the numbers are on a screen right there, but you can't move 'em closer because that would spoil the shot from the cameras, okay? helen just sent us this idea. i do so wish that a there was a varney, fox business coffee cup with you're all right on it. oh, look, they mocked one up for me. do you think that would sell,

ashley? ashley: oh, my gosh, yes. especially down in florida. everywhere i go i do get recognized, i've got to tell you, loyal viewers, they say hi, hi to stu, the whole team. so t-shirts, mugs, hat, you maim it, they go like hot caulkings. stuart: -- hot cakes. stuart: how much should i get out of that? lauren: we discussed this, ashley, i said $13.95, and he said that was way too low. who's going to spend $20 on a mug? suiter stoort it should be $20 a pop, and i get $5 for every one sold. the next person chooses to remain anonymous, i uh-oh. you're one of the people driving down netflix's stock price, by mooching off your friend's, relative's account, but hopefully netflix will end that soon, and then you'll have to

actually pay for your subscription. which the which point you'll cancel. can i mooch off you, ashley? ashley: you can. i do pay for mine, actually, be i know that you're very proud that you don't. stuart: well, i mooch off the family, you know? there's nothing wrong with that. lauren: ashley didn't say yes to you, stuart. stuart: it wasn't very nice. moving on, moving on. dan says what interview have you done this year that really got your blood boiling? nothing this year so far s but i do remember the time a young man called me a liar on live television, and i threw him off the set immediately. it's somewhere on youtube -- ashley: it wasn't me. [laughter] stuart: last one, janet. regarding the pregnant man emoji, i just thought it was a guy with a beer belly -- [laughter] do you show off your beer belly? do you really?

i don't think so. lauren: oh, wow. stuart: that's awful, isn't it? stu, why are you so concerned with truck acceleration? drag racing? no, i'm not. the new f-150 -- lauren: the lightning. stuart: i used to drive a porsche 911 turbo -- ashley: midlife crisis. stuart: yes, it was! funny you should say that, it was. [laughter] and i had to give it up because i realized that as i got holder -- older, my hand-eye coordination just wasn't good enough -- lauren: you realized that or -- stuart, no i was told. give it up, stu. [laughter] time's up, i'm afraid. thanks for sending in your feedback, everybody. look, it's time for the trivia question. here we go. how many u.s. citizens are over the age of 65? i'm one of them, and that's a a

fa. the correct answer after this. r? check out this backpack i made for marco. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ .. for rich returns.

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the highest number. that is the answer. 16% of the population, breaks down into 30 million women, 24 million men. i am not happy about that. why is it women live longer? than men? flat out discrimination. fortunately the time is up for me so i can't put my foot in it anymore. neil: where do we begin? i caught that actually. have a great weekend. thank you very much. welcome, i am neil cavuto and we will take you coast-to-coast on a ride for the markets and if you are concerned about april showers bringing may flowers if your idea of showers was a lot of selling you hope