>> yeah. deagen, maria, i'm sorry, i will be sitting on a beach somewhere with something if very tasty in my hand, maybe a corona, mow here toe. i doubt i'll make it to 100, but if i do, i ain't working. [laughter] maria: we're counting on it. dagen and mark, great to be with you. have a great thursday. stay with fox business, "varney & company" begins right now. stuart: yeah, i'm still around. good morning, maria, and good morning, everyone. the president slams republicans and what he calls the maga crowd as the most extreme political organization that's existed in american history following the supreme court leak which he has not condemned. he's going all a out to paint his opponents as extremists. he claimed to be a unifier, but under pressure he's become a divider. that's my editorial opinion. meanwhile, the supreme court overnight, hay started erecting

a security fence. justice alito, who wrote the leaked opinion, canceled a planned appearance. next case, inflation rages on. we've been showing you the damaging rise in the cost of diesel, up another 4 cents overnight, it now costs $5.47 on average for a gallon of diesel. there's a shortage in the most, and some new jersey stations are charging $6 a gallon, and it's going up. gasoline prices, the average there is $4.25 the a gallon, and that is up just 10 cents in a week. nat gas up as well. it's getting ever closer to that $9 per million british thermal unit level. this is all part of the energy price surge, and so is oil. price now well above $100 a barrel, you're at $109.33 as we speak. as for stocks, a minor retreat after yesterday's huge rally. the dow's going to be down -- it was up 900 yesterday, it's going to be down maybe a couple hundred at the opening bell

today. not much of a pullback. same story with the s&p and nasdaq. big gains yesterday, modest pullbacks. the fed raised rates 50 basis points, that's what started the rally yesterday. bitcoin, well well, admit -- it did okay as socks went up, this morning it's back below $40,000. interest rates, 2.959, to be precise. war news, "the new york times" says u.s. intelligence says -- gave them intelligence that end abled them to kill russian generals. they don't want to provoke putin, but this information is out there now, can be 12 russian generals are dead. here's something positive. the9 "wall street journal" reports that americans spend, travel and shop like it's 2019. there may be a war on, there may be an inflation surge, but les a new mood now that covid

restrictions are gone. it's spring and most of america is sell rate -- celebrating. i'm up for that. it's thursday, may 5th, 2022. "varney & company" is about to begin. ♪ ♪ i'll stop the world and melt with you ♪♪ stuart: what is it? put it on the screen, please. melt with you. all right. modern english? [laughter] lauren: if you know the song, but you don't know what it's called and who sings it. one of those. stuart: exactly right. modern english? never heard of that. i speak modern english. [laughter] we're going to start with elon musk. just gotta be. lauren -- lauren: yeah. stuart: he's got more money secured for his takeover of twitter. laura: yeah. he got another 7 billion in

funding from 20 co-investors, larry ellison putting up a billion dollars, sequoia, 800 million, fidelity, the southern wealth fund. -- sovereign wealth fund. add that up to the $8.5 billion he raised selling tesla shares last week, that's $15.6 billion. if you do the math, he's got clash 5.4 billion. this is oh, so close, and that is why, in my opinion, twitter's stock is up today. i wanted to say tesla, sorry. the. stuart: interchange bl. there's one more thing on elon before we go. there's a fox poll about him and his popularity. >> lauren: six in ten people say it's no big deal. 43%, you know, not concerned at all a, doesn't matter, 19% say not much. i was a little surprised by that. 44% do say it's a good thing that he's buying it compared to 30% say it's a bad thing. but you break that down along

part lines, republicans overwhelmingly view as a positive by 3 to 1. stuart: why am i not surprised? now, we're not quite done with elon musk. one more point to make. be sure to check out our special, "who is elon musk?" i'm in it. it's available to stream on pox phase. we started out -- fox fox nation. with we started out with elon musk and twitter because with i rather think that the fed raising interest rates by half a point is somewhat boring. they diss did raise interest rates a half point. brian, what's your name again? brian brenberg is with us this morning. [laughter] >> topic of the day, thank you very much, stuart. i appreciate it. stuart: they've raised rates by half percentage points, does it kill inflation? >> they've got to cope going, number one. number two, the dow was up 900 points yesterday when the ped raised interest rates. why? the answer is investors don't

think the fed is going to be as tough on inflation as they said heir going to be. that's a big story because if it's true, we could be in for inflation hanging around a lot longer than people thought. even just a week with ago before the fed did this. this is precarious, to me. stuart: liven it up for me, lauren. lauren: jay powell just restored the credibility of the fed. his opening statement at the news conference yesterday, i feel your pain, american people. inflation no longer transitory, it's real. so the fact that they're going to hike 50 basis points a couple of times and not do the 75, we could have seen a relief rally yesterday -- [inaudible conversations] stuart: i'm not buying it. >> the relief was that the fed is talking do havish again -- dovish again. that's not relief to -- lauren: recession is the word -- stuart: that was good. it was not boring, okay? it was not boring. lauren: quite right.

[laughter] stuart: d.r. barton's with us, market guy, this morning. all right. you chime in on this one. the fed raises interest rates a half point, and at that precise moment the dow goes up 900 points. why don't you try to explain it. >> well, i think lauren and brian both had some great points, and i think it wraps into here, stuart, that the market hates uncertaintiment when there's uncertainty around in any form, that keeps the market depressed. what happened yesterday was jay powell gave some certainty that they weren't going to go off the reservation and raise interest rates three-quarters of a point or a point, and and he gave us some good feelings in market land that they are going to try their best to do the some sort of soft landing. whether they can or not, we don't know. but at least we know they're not going to try to do it all at once. stuart: okay. is it time to buy back into the

stock market? >> we talked last thursday, stuart, about whether or not the market was in, hitting a bottom at that time. we got one more down day on friday, and i think we're seeing that people are doing things out in the real world not just in wall street land that are bringing money back to the markets. traveling, eating, doing all the things that we would hope would happen after pandemic slows down enough for people to get back to work. so, yes, i believe that we are seeing a place where we can selectively pick some right stocks and right sectors to start putting some money back to work. stuart: okay. i'll ask you the same question with, you know what's coming, what's wrong with me going out and buying a 2-year treasury note which yields 2.6, 2.7%, i hold it to maturity, i yet my interest, i've got no risk whatsoever and get a small tax break on some of the interest i

receive of and i have none of the risk of the stock market in why should i not do that now have -- now? >> depending on your time horizon, if you've got a 3-year time horizon, that might not be the worst idea with. it might be a really great idea, and that's okay for part of what you're doing. however, we've seen all of these big dips that we've had in the past, and this is more than a dip. this big correction that we're having is, they have resolved themselves to the upside over the past many years, and i think there's still a lot of cash out there even though the fed's going to pull some back this morning to keep this market from doing the really big dive this year. stuart: got it. d.r. barton, i'll take your advice. thank you very much, indeed. see you again real soon. all right, back to politics. house democrats defending president biden after he touted his economic record. how are they defending his record on inflation when we've got the worse in 40 years?

lauren lawyer i don't think they are, because i don't think they can. congresswoman mead of california right here. >> i defend the long record that the biden administration has established in really keeping this country afloat and alive. if it had not been for the biden administration during the pandemic, the most recent year of the pandemic, we would not have had the ability for people to buy groceries, we would not have had the ability for people to carry during the point where they were not working. so we have a record of helping the american people survive. lauren: still don't have the ability to buy groceries. are. [laughter] a cmn poll shows that two-thirds of americans, by the way, have cut back on their groceries. what you're looking at now is inflation. how concerned are you about inflation, 87% say they're concerned about it. but the democrats just, for everything congresswoman lee said, pour money into the system so you can get freebies.

stuart: brian brenberg is itching to comment on congresswoman -- [laughter] >> well, this is such nonsense. it's the reason people have such a dim view of the president, because he tries to say that. as foolish as that sounds, that's what comes out of the president's mouth, and people hear it and they say, are you kidding me? that's your assessment of this economy in i'm sorry, but you are living in a different world, mr. president, if you think he's been the economic savior. stuart: okay. good stuff. look at futures again, please. remember, we're coming off a huge rally yesterday. i think nasdaq was up 3%, and the dow was up 900. i'd call that a modest pullback, dow down 200, nasdaq down 165. modest pullback. do you remember, i certainly do, do you remember what hillary clinton called trump supporters? deplorables? president biden had a deplorables moment of his own, roll tape. >> this maga crowd is is really the most extreme political

organization that's existed in american history. in recent american history. stuart: he's talking about half the country right there. we'll get into it. democrats raised $12 million in the 24 hours following the supreme court leak, governor huckabee after this. ♪ yeah, i need somebody. ♪ ♪

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erected around the supreme court last night. all the way around. lauren, what are they worried about? lauren: the safety of the supreme court justices. the author of the leaked draft opinion, justice samuel alito, canceled a scheduled appearance for tomorrow. he would have been meeting with the district courts of louisiana, mississippi and texas, all states that have trigger laws that would make abortions illegal once we get the high court official ruling. and maybe there was fear of more protests, especially in those states. stuart: well, i can understand the fear of protest, but you just hate the toe -- to see the supreme court and other institutions with huge fences. that's not the way it ought to be. understandable but not the way it ought to be. democrats are worried that the abortion issue won't be enough for a midterm win. one pollster telling politico, and i'm quoting now, the issue will help at the margins, but to

hold the house or senate, we need inflation to go away. mike huckabee, former to governor of arkansas, joins us now. how much do you think this leak helps the democrats in november in. >> i don't think it helps them at all, in part because the issue of abortion is one where people have strong, passionate views. i'm passion may notly pro-life. there are people who are passionately pro-abortion. that's not going to change. so as much as the democrats may hi they're motivated to go because of a supreme court decision, pro-life people are are equally motivated to go to protect human life and to believe that every life has intrinsic worth and value. and the big lie the democrats keep telling, that democrats will figure out when and if this does, in fact, happening, the overturning of roe v. wade, it doesn't make abortion illegal. it doesn't end it. it simply gives it back to the states where it should have been all along. so this is a legal issue.

it is not the issue of abortion itself, and that's where the lie continues on the part of democrats who act like that the world's going to come to an end. some states, stu, will have more abortions. others will have none at all. but if hay want to have abortions, and here's what i would challenge them with: they say the majority of people support abortion. if that's true, then in all of that statement statements their elected -- states, their elected representatives will vote to have abortions in those states. the fact that they're worried that they won't is telling you that they really know that the majority of people don't support unrestricted abortion. stuart: okay. the other issue here is president biden ripping into trump forth support -- trump supporters, calling them an extreme political organization. i'm going to run this again because it's very important. roll tape, please. >> what are the next things that are going to be attacked? because this maga crowd is really the most extreme political organization that's existed in american history. in recent american history.

stuart: extreme political organization. honestly, governor, that sounds divisive to me. >> oh, no, no, stu. you're so wrong about that. this is the man who's going to heal america. he's going to bring us together. and he just did that by giving the big middle finger to half of the country and telling us what he really thought about us. i'm just amazed that there were people who actually believed when joe biden said that he was going to be a uniter and bring the country together. and that's what we get, is a person who not just insults us, but who thinks that we're loony tune because we happen to believe that loving america, believing in secure borders, lowering taxes, protecting our troops overseas when they're put in harm's way, keeping regulations off of business and growing jobs, somehow that we're crazy to believe such things. well, we're still crazy about those things and will be when we go vote in november, and it's going to be a real spanking to

the people who took us for granted or held us in contempt. stuart: one last one for you. the democrat candidate for ohio's senate seat is dodging questions on whether he'll let president biden campaign for him. watch this, please, roll it. >> will you invite president biden to come campaign for you? >> look, we welcome everybody's support, but i will be the pace of this campaign. -- face of this campaign. i don't think surrogates are going to play a huge role here. stuart: that doesn't sound good for president biden does it, governor? >> no, the answer really was his hong pause. you could just see the wheels turning. what am i supposed to say here? oh, my gosh. no, i don't want joe biden down here. i'd rather have the easter bunny if staff member who rescued joe biden from a question -- [laughter] so let's get the easter bunny instead. no. democrat candidates do not want joe biden to show up and campaign for them. that's pretty evident by the fact that he ain't going

anywhere doing campaigning. and you wonder why? i think next time you go to the gas pump or buy groceries, cowell mow why. you'll know why. stuart: i used to think sarcasm was a low form of wit, but you have raised it to a high art form. [laughter] governor, you're all right. see you again soon. >> always a pleasure but not lowest form. always. [laughter] stuart: okay. more new polls. okay, here we go. president biden's approval rate has dropped even further -- lauren: it's a cnn poll -- stuart: a cnm poll? lauren: yes -- stuart: the clinton news network show biden looking bad? lauren: wait until you hear the commentary that i'm going to back up with numbers from cnn. 41% approve, 59% disapprove, many line with similar one-term presidents. the biggest reason for the high disapproval rating is the economy where two-thirds

disapprove -- see that right there on the right? of the way the president has handled it, and more than half say the administration's economic policies have worsened it. this has resulted in a change of behavior. we are driving less, and as i said, two-thirds of people said heir going to the groce arely store and buying fewer groceries because of it. i'm one of those people. stuart: okay. we'll get to the cnn commentary in a moment because we're out of time. futures suggest we're going to go down a little bit at the opening bell but we had a huge rally yesterday. we'll take you to wall street next. ♪ ♪ still preoccupied with 19, 19, 1985 ♪♪ big game today! everybody ready? alexa, ask buick to start my enclave. starting your buick enclave. i just love our new alexa. dad, it's a buick. i love that new alexa smell. it's a buick. we need snacks for the team.

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with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. ♪ stuart: i think it's time we revisited big tech and look at the left-hand side of the screen there, they're all down today. ray wang is with us, and we're going to be talking about big tech that pays big dividends can. right. first off, old tech, actually. ibm. hay pay, what, merely 5%? >> nearly 5%. they're the granddaddy of big tech. what's going on is you've got dominant businesses, dominant market share, and what they're doing is putting money back into

dividends. stuart: that dividend is not likely to go down, is it, at ibm? >> no. they've been paying those for a long time, and it's pretty consistent. is. stuart: what chance of a capital gape if the stock goes up? >> i think there's a high chance. stuart: really? 5% dividend? i'll take it. next one is intel, what are they paying? >> about 3% as well, and if what they've been doing the if you've been watching, there's a turn-around going on at intel. heir getting government grants to build in the u.s., but they're paying a consistent dividend, and intel's been doing that for the last 10 years. stuart: pat? >> dwell sinker, the ceo -- get sinker. stuart: i'm not that familiar with the guy, you know how it is. cisco, what cothey -- do they pay many. >> about 3%. stuart: i thought it was about 3%.

ibm is nearly 5, intel is 3.25, and cisco is just over 3%. >> yes. stuart: i'd say that's pretty good for technology stocks. >> it is. and you're getting consistent dividend, you get the qualified dividend payments, and what that means is you're not paying the dividends -- you're not paying the gains at your personal income tax rate. you're paying them at a lower rate. for most people it might be 20%, 15%, that's a long-term capital gain. stuart: but if you get into the new techs, apple, oracle, microsoft, they pay way 2%. >> under 1% in some cases, apple's at .55. they're growing and reinvesting a lot more into the companies, so you're going to see mature companies are paying higher dividends. the newer ones who have higher growth in their stocks are paying a little less. stuart: see, i remember ibm 23r-9 good old days like the 1970s and 1980s.

it used to stand for ibm, i've been moved. it crashed in the late '80s, as i recall. but 5% from ibm, that's not bad. >> they're the bellwethers for tech and, of course, apple and microsoft are probably going to pay off more. microsoft has the capacity to pay up to 3% dividends if they wanted to. stuart: if they wanted to. ray, stay there, please. we're opening the market. in fact, it is now open. we expect downside move for the dow industrials right from the if opening bell, and that's what we have. we're down 250. that's .7%, and almost all of the dow 30 are mt. red, they are down this morning, .7%. as for the s&p 500, also opening lower, down almost 1%. and the nasdaq composite, that's down too, you're up 1.4% -- off 1.4% there. i presume, therefore, that big tech is really moving down now that the market's open, yes, it is. microsoft down nearly 4, apple's down a couple of bucks, google's

down 30, amazon down 72. meta is down $6, so big tech selloff this morning. now show me shopify. now, that's down huge. that is a major company, down 17%. it was a pap demick winner. what happened -- pandemic winner. what happened? lauren: change. the economy is no longer many pandemic mold or in rebound mode. shopify is the latest victim, and what does it do? it helps small businesses with their online operations. it reported the slowest revenue growth in about a seven years and a huge miss on profit as their expenses for labor and transportation rose. so down goes the stock. it's a theme we've been talking about for a while now. stuart: we have, indeed. i'm interested in costco because i know they reported a big jump -- it's down. a big jump in same-store sales in april. lauren: just april. a a i think they did so well in

april because they offer customers a deal. you feel like you can get more for less, and we're cost conscious. i mow they two got -- i know they got two upgrades and is one downgrade. i will have to look into that further for you. stuart: costco, a giant company like that, that's remarkable stuff. all right, move on. etsy, i always call it the -- can site, nonetheless, 4%, what's $14% what's their problem? up lauren similar to shopify and amazon even, you know? but the difference is in especially city's case, in the quarter that wrapped, they did better than expected. outlook is disappointing. consumers have less disposable income to spend, and the ceo says they're spending it, they have more places to spend it on. less money, more options because the world has opened back up, things are different k and they did so well during the pandemic,

they're giving some of it back. we talked about the seller strike, they drastically increase creased fees, it basically had no impact. stuart: you're nodding along here, or ray. when they go on the call and make any kind of problem mt. future, down goes the stock. it's become a theme. >> all about the forecast. stuart: and that's in the core usually, that's where it comes from ebay, down the as well. lauren: speaking of forecast, the forecast was disappointing. active buyer numbers, those fell 13% in the quarter. something called merchandise volume, it's a key metric, that fell 20% in the quarter, so they're slowing down. companies, instead of prioritizing growth, they're prioritizing cost consistenting in many ways -- cutting. stuart: some really big percentage losses. lauren: it's a very volatile market right now. stuart: next case is booking holdings, and heir going the other way. they're up $164, 7.8%. that must be a good sign of good

summer travel. haarp lauren the one constant in all of this is the area that has not been negatively ima pacted by travel because prices are all up, yet we're accepting those price hikes, and we have the travel bug, right? we've got to get it out of our system. booking says european demand, cross-border demand particularly for the month of april, is back big. they expect that to continue through the summer. and when you look at room nights booked, it's another key metric, they're 10% above pre-pandemic levels. so we're back traveling. we're going to concerts again, we're shaking people's hands -- stuart: i don't know anybody who's going to europe for a vacation. lauren: my parents are going in, like, two weeks. stuart: sorry, i take that back. lauren: they have to do a million tests to get there -- stuart: see, i wouldn't do that. i'm not interested in traveling overseas. lauren: what is wrong with you? you want to go to australia and

new zealand. stuart: yeah, but i can wait. [laughter] >> revenge travel. lauren: you don't want to go overseas? stuart: i spent much of my early life traveling around the world. i've done that, i've got it out of my system. i'm an old man now. where do i want to go these days? other than to see the kids in australia and new zealand. let's have a look at waypair, online furniture people. don't tell me they're down big. they are. 16%. lauren: yeah. bigger than expected loss. stuart stuart what's the problem with furniture salesesome backup lauren because we bought it all when we were bored at home during the pandemic, so it's slowing down. they had an adjusted loss of clash 1.96 versus a profit of $1 a year ago. their sales fell double digits, their active customer numbers fell over 20%. the stock's down 17%. i found a positive. it wasn't easy.

we're spending more when we go on wayfair. stuart: that's inflation, isn't it? lauren: that's true. so i guess it's not a positive. you ruined it. i tried so hard. stuart: it's on my prompter again, tupperware. they were down really big, 30% yesterday. lauren: they were. stuart: another 9 now? lauren: yesterday they pulled their guidance, and today they faced the wrath of analysts for doing so. i know of two downgrades and several brokerages cutting their price targets. d.a. davidson doesn't like the direction of the company, they say they have excess inventory. so yesterday you had the numbers, the earnings, but the company said now you have what the brokerages says, what wall street says. tour start okay. i remember -- do you remember tupperware parties? cothey still have them? lauren: i think they might, but i have not been invited in a long time. you kind of know someone and you have to spend money -- stuart: good old tupperware.

>> multilevel marketing. stuart: very interesting. you know a lot about a lot of things, you really do. let's take a look at the dow winners, please. what's the top one there? lauren: united health. stuart: okay. and the rest are all down. so the top performer is the one winner on the dow 30. how about that? the s&p winners headed by -- lauren: two days in a row, it's a lithium company, alba marrow, booking is never two on there. stiewcht stuart it's a lithium company, batteries, right? lauren: electric vehicle batteries. there's a huge shortage right now, we're relying on china, so they're trying to bring back production to north america. stuart: was twitter on that list? it's above $50 because musk has got the finance -- another $7 billion. so nasdaq winners headed by booking holdings, up $193. we'll take it. a ray, or thank you very much for being with us.

the head of the mission's second largest teachers -- nation's second largest teachers union -- roll tape. >> our kids are in crisis. two years of disruption, two years of looking at the screen, two years of not having a normal kind of routine and rhythm. stuart: i think that's really rich. her union pushed to prolong remote learning. they didn't want to open the schools. look at her now. take a look at this in the bronx, new york, robbers used sledgehammers to bust into a jewelry store. it was broad daylight. and then look at this, california. a shootout with robbers at a smoke shop caught on camera. one potential dead -- person dead. clearly, city crime is still a huge problem. diesel prices hitting a new record again today. what's driving that spike? i'll ask dan eberhart, he's an oil guy. he's on after this. ♪ take my tears and that that's

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stuart: president biden touting his economic policies, highlighting what he calls a drop in the deficit which he says is the result of his policies. grady trimble has the full story for us. what do you have, grady? >> reporter: suh, it is true that the deficit fell by about $350 billion during president biden's first year in office. it's expected to fall by another $1.5 trillion this year. the president happily took credit for that in his speech, but that's missing some important context. take a look at chart from the office of management and budget. it shows the skyrocketing deficit, largely because of pandemic spend ising, those pandemic-era programs though, they're coming to an end, so the

deficit will naturally drop. after that the projection is that the deficit will start trending upward again for the next 10 years. on top of that, the committee for a responsible federal budget points out the american competition bill, the restaurant relief bill9 and the policy of student loan debt cancellation among -- with other policies would add to the deficit. also worth noting in the speech about the state of the economy, president biden largely glossed over inflation. >> bringing down the deficit is one way to ease inflationary pressures in an economy where the consequence of a war and gas prices and oil and food and, it all, it's just a different world at this moment because of ukraine and russia. >> reporter: the latest fox news poll found that about 9 in 10 americans are concerned about inflation, stu. when they ranked it among all sorts of issues, inflation and the future of our country, the number one issue right now.

stuart: yes, it is. grady, thanks very much, indeed. and here's part of the problem, a diesel problem, a huge shortage. inventories of diesel plunged to the lowest seasonal level since records began more than 30 years ago. prices skyrocketing. you're going to pay $5.47 on average for a gallon of diesel right now. that's up $2.38 in one year. look who's here, dan eberhart, the ceo of canary, one of the largest privately-owned oil field services companies in this country. dan, why the short supplies of diesel? >> well, the refiners just w haven't been prepared for the economic boom that we've had happen. and, you know, right now normally the diesel engines would be building for the summer, so the fact that we're hitting a low now is really an inflection point and points to an even bigger spike june, july, august. stuart: why is there going to be a bigger spike? >> normally the inventory builds because they're moving the most

goods around in late q2, early q3 of the year, and what's happening right now is the inventory is low now. normally you would be building for that summer period. so the fact that they haven't is really concerning, and i think it's a pinch point in the economy. stuart: so where do we go? we're at 5.47 now. and as i understand it, there are 10 statements in which diesel is $6 a gallon -- states. where are we we going from here? >> first of all, i think this is going to produce inflation, you know, all throughout, you know, other goods and services. but what's going to happen is the refiners are going to switch from producing gasoline to change hair mix and produce more diesel. just as we head into the summer driving season, consumers thought it couldn't get worse, the pain at the pump couldn't get worse, it's actually going to get higher because of this refining capacity shortage. stuart: i see what you mean. so they go to switch from refining gasoline to diesel because there's a heavy demand for diesel and prices are going straight up -- >> to solve this problem, and

we're doing this just as we head into the summer driving season. so not only are oil prices high, but also, you know, refining capacity is pretty much -- we're pretty close to 100% in the u.s. always, so we're going to have to take from gasoline production to produce more diesel to solve this problem which is going to push gasoline prices higher, which is going to hurt consumers. stuart: good stuff. dan, thanks very much, indeed. brian, 70% of consumer goods are carried on diesel-using trucks. >> right. stuart: this creates inflation across the entire -- >> yeah. everything you want to buy, everything you want to move is going to get more expensive. these guys see diesel prices a heading up above $5, getting close to $6, that increases their prices, you pay more. i think what's scary though is that refineries have to shipp the diesel, you know, that might relieve diesel prices, but you're going to pay more to move around in your own car. this is just whack-a-mole, stuart. we only have so much capacity.

you take care of diesel, gas goes up. we need a real solution here. we are just getting, like, shuffling chairs around a table. stuart: can you imagine being a trucker with a big rig with a 300-gallon couple of tanks? you're looking at almost $2,000 for a fill-up. that's extraordinary. all right. everybody, thanks very much, indeed. especially you, dan, good stuff. see you again later. bringing the metaverse to real life. facebook opening its first physical store. don't understand it, but e we've got a preview for you. only 30% of people say it's a good time to buy a house. does that that mean the hot housing market is cooling? i'll ask our real estate guy, mitch roschelle, after this. ♪ my job is in a small town because there's little opportunity ♪♪ ♪ feel stuck and need a loan? ♪

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with our everyday pricing. switch today. so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. stuart: a new if poll, several poll, only 30% of people say it's a good time to buy a house. that is a record low are. mitch roschelle, our housing guy, with us now. now, are we coming out of a housing bubble? if we're coming out of it, will we have a soft landing or a hard landing? >> i'm going to say, stu, we

were never in a bubble. the most recent bubble which led to the financial crisis was a period when we had 14 months of supply on the market, now we have very little supply on the market. so what was driving up prices was simple supply and demand. i called it a boom and not a bubble. and when you have a bubble, you have a burst. when you have a boom, you have you have a soft landing. long-winded answer, but i think there's going to be a slowing or a chilling in the market but not any kind of a train wreck like we've seen in the past. stuart: when you say a chilling in the market, are you talking about lower-end housing where the pricing may just be getting a little wobbly? you could demand anything six months ago but not now? >> right now, first-time home buyers, which is largely, heir in the low ensawtistically, they're still there, but they're stretched. it's not just the higher mortgage rates, it's also inflation taking a big chunk of their wallet. so they're a little more apprehensive, that that's why

you see the studies that you started with. so the prices are getting a little wobbly because there's not as many of them chasing, but there's still enough of them. they don't buy that house, what's the other option? renting. the inflation rate in rent is considerably higher than home prices, so they're sort of forced into with buying because it may be cheaper than renting. stuart: what about the supply? i know it's been extremely tight, but you're seeing some people are beginning to put their homes on the market. it's spring, after all. >> it is that time of year, but it's also a psychology thing. you and i have talkedded about this for the last two years, they were holding back because they were worried where would they move. that was one issue. that issue is going away a little bit, but the bigger issue is they want to get the highest possible price they can, and knowing that mortgage rates are going up, they're starting to get apprehensive about holding on too long. so we're seeing, and i do these informal survey ises of

realtors, we're seeing more and more people contacting realtors saying i think i want to list my house. and anecdotally, my street in florida where i live has two houses on the market now for sale -- not mine -- for the last year there was nothing on the market for sale. and i don't know if my little sample is statistically valid, but i think more and more you're starting to see people put their houses on market to get that price before it's too late. stuart: hey, professor brenberg, economist, is a bad -- is it a bad time? >> if you you don't buy the house now, what are you going to do, wait for mortgage rates to get above 6%? i think what's happening is a lot of people are saying, man, i better do it right now. we were in the real estate market just recently. that's what we observed anecdotally, we've got to get this done before rates go up, with we don't know how high they're going to go, inflation's a concern. you might not want to buy right now, but you feel if you don't

debt it -- get it done now -- >> if rates are 5 and six months from now they're 7, boy, are you going to be upset. we have a good problem which is sellers feel the same way as buyers. so we don't have the strong seller's market, buyer's market dynamic because sellers, i think, are putting their houses on the market for the same reason. stuart: mitch roh -- mitch roschelle, thanks for being here for 5 minutes. professor brenberg, thanks for being here for the hour. [laughter] still ahead, ben domenech, pete hegseth and alveda king. the 10:00 hour of "varney & company" is next. ♪ anything can happen, anything can happen ♪♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle,

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after yesterday's big gain, up 900, down 470 as of right now and the nasdaq up 3% yesterday down 2. 5% as of right now, let's check the 10 year treasury, that something to do with it? the yield has gone straight up to 3.03%. that is why big tech has come down. apple, microsoft, apple but, meta and amazon on the downside. when you use percentage terms, oil up $110 a barrel. it is rampant. 10:01 thursday, mortgage rates the number please. lauren: it is 5.27%, the highest since 2,009. affordability is an issue. rates are going up. the supply chain is an issue. that is the state of the

housing market. 18 months ago, candidate biden was the great unifier can't today president biden has become the great divider, railing against what he calls the maga crowd, the make america great again crowd, to the president making america great is an extremist agenda. wednesday he said he wants to help ordinary people as if trump did not help ordinary people, lest we forget the real wage gains in the trump era easily beat the inflation pummeled wage gains under biden. ordinary people are the primary victims of biden's inflation. interesting to see a million republicans turned out to vote in ohio's republican primary double the number in the democrat primary. the president says this mega

crowd is the most extreme political organization that existed in american history, then qualified it saying in recent history. he is clearly going after trump. i don't think those one million republican voters in ohio will appreciate that, not a unifying message, is it? i can't resist making a comparison with what candidate clinton said about republicans in 2016. roll tape. >> you could put half of trump's supporters into what i call the basket of deplorables. the racist, sexist, homophobic, xenophobic -- >> hillary reportedly said i think i just stepped in it. correct. biden's over the top attack on republicans is eerily similar, second hour of varney warming up.

hegseth, you're on. >> didn't know you booked extremists on your program like me. stuart: you've got an extremist host. will biden regret those remarks? >> i don't know, hillary did. barack obama said the same things about clinging to god and guns. this is the true sentiment of the left. remember when donald trump said they are not coming after me, they are going after you, i am just standing in the way. you and i are used to being called names, call us extremists, they are talking about my parents and my high school buddy and guys who work for a living and go to church and work hard and want the country to have borders and be respected and supported, that is who they are going after. if you are hoping to use a

potential row v wade decision to mobilize your base because you have nothing else to run on, find to be a democrat with something else to run on you have just once again reminded the maga crowd which is made of a lot of republicans, independents and former democrats how the left thinks of them and reenergized conservatives and i don't think a single supreme court justice back down on this draft statement if that was the intent. they are clinging to the lifeboat of row v wade and the strongman characterization, it is revealing of how they feel. all the candidates have said it and they mean it. stuart: dealing with a couple other things. the governor of california gavin newsom issued an executive order on crypto. what is he doing? >> figuring out how to use it and protect consumers.

when they do use it. california is home to one quarter of the block chain businesses. this is a place for new technology and innovation but also the place that can stifle all of that with roadblocks and regulations and gathered from this order, they might do that again. the new crypto laws must incorporate california values like equity, inclusivity, take it from here. stuart: say that again. equity. >> inclusivity and environmental protection. i heard the latter for many people, many places, but inclusivity, anybody can use it. they are $0.03 each. >> i am all in for diversity, equity, inclusion and environmental protection, don't underestimate gavin newsom's

ability to mess something up but with bitcoin, get involved or get out of the way, look at miami's embrace of forward-looking technology, it works for a state that is thriving, they can't afford to lose industry but china band bitcoin and bitcoin operations, like jurassic park, life finds a way, crypto will find a way. the technology is revolutionary, person-to-person with independent validation. >> the great equalizer. stuart: channeling your inner biden. we are glad to have you on the show. i don't like what i see, who would?

the dow is down 560 and the nasdaq down almost one hundred points. we need a market analyst like gary kalbaum. 's claim what is going on. the fed raises rates a half a point, the dow goes up 900. first thing this morning a big selloff. what is going on? >> the biggest 1-day rally throughout our history, always the bear markets show themselves quickly. they are down 900 points, the only areas that i see has a bullish trends. staples defensive type issues, and a massive downtrend, it is an absolute slaughter with many

akin to what we saw, 2,000-2,003, down 70% or 80%. quinn caution continues. stuart: we are not out of the woods yet. >> 900 off of whatever news yesterday they are going after the risk names, the nasdaq, i've been saying for a while, we don't listen to jay powell anymore. if interest rates go higher not good. if oil prices go higher not good. i don't care what jay powell does he is so far behind what the markets actually do, he needs months and months to play catch up. not good news for the inflation front. stuart: sorry it is so short. deal with twitter please.

lauren: musk lined up $7 billion to finance his buyout and reports say he will leave the company as ceo at least to start should the deal go through, don't know if we could pivot to tesla because tesla is down 4%. tesla investors think this report that elon musk would be temporary ceo would be a distraction for tesla. stuart: here is a comeback story, see world, i know the stock is down 6%. incident their attendance back to pre-covid levels? >> they reported a smaller loss and the stock is selling off to the tune of 6.6%. >> we are up 9% when one of their competitors increase their guidance and then

increased its own guidance and that is why it's stock, it expects average prices for lithium to jump twofold. they are in good business. stuart: lithium goes into the electric batteries. bill gates, talking about musk's take over of twitter. lauren: he said he couldn't pinpoint the motive hines musk wanting to take twitter and this is what he said at the ceo council summit. >> the track record with tesla and space x pretty mindful, never underestimate. what is his goal where he talks about the openness, how does he feel about something that says vaccines kill people or bill gates is tracking people.

lauren: gaetz went on to say social media must curb the spread of disinformation, if it should. the fox news polling, is not concerned with elon musk is buying twitter, 6 in 10, maybe not a big deal to every day americans or every day life. stuart: moving on, just ahead on this program, nina jankovitz displayed crt in schools, why was she appointed to the administration's disinformation board, secretary mayorkas's surprising answer to that question. the federal reserve raises interest rates 1/2 a point. many say a recession is inevitable and we will deal with that. the white house refuses to condemn the unprecedented supreme court leak. watch this. >> i don't think we have a

particular view on that other than to say we note the unprecedented nature of it. our focus is on not losing sight from what the content is in the draft and what is at risk here. stuart: i think the leak makes an enormous difference and been dominic will have that next. ♪♪ we can't go on together with suspicious minds ♪♪ we can build our dreams ♪♪ ♪♪

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down significantly, and here's why we've got a selloff in big tech. the yield on the 10 year treasury above 3%, 3039 to be precise. markets don't like that. fears of recession mounting after the fed raised rates. edward lawrence has more on the fear of recession. >> this is something people are very concerned about. the president has a celebration for cinco they mayo as many americans authorities party will find it is more expensive this year because of inflation. the president touted the economy and the federal reserve, the largest increases in may 2000. the most possible economic downturn or recession, does

believe it is a soft landing. >> they both said the fed is so far behind the curve on inflation, and no one thinks it is straightforward but a plausible path to this, a good chance and they try to achieve it. >> they step in and handle inflation, and more government spending, that he testified before the cares act was passed, no package could be large enough but has no opinion about government spending going forward, president biden would like to see a way to lower costs, not inflation.

stuart: i think i understand that. the white house is refusing to condemn the supreme court leak. >> i don't think there's of you on that other than we note the unprecedented nature of it. focus on not losing sight for what the content is and what is at risk here, our focus is on highlighting what the content would risk whatever it is across the country. stuart: been dominic, welcome back to the program, good to see you again, the president said yesterday what are the next things they are going after? my question is gay rights, gay marriage, interracial marriage, is that, you are laughing but the democrats think or try to convince us that is going to be questioned next. are those things going to be question? >> absolutely not.

no one really believes that. it is demagoguery. one of the things that is so disappointing in this moment is the supreme court had been one of the last institutions in american life that had not seen this type of radical tactic used in the past, did not have this level of distrust among a small set of people in an institution that is largely trusted by the american people has opposed to other branches of government. the fact this white house which is run at least in name by a president who said that he represented a return to normalcy, return to the normal approach to politics that people could be used to where people were not lighting their hair on fire over every issue every day, instead it turned out, electing him lead to doubling down on these radical approaches whether it comes to economic policy, steps they are

taking in those areas or something like this. this should be the easiest thing for everybody on all sides to condemn as a negative for the country, the demagoguery, the idea that clarence thomas is himself in an interracial marriage is going to somehow target that as part of a conservative majority is laughable. stuart: you mentioned you don't think the president is in charge. >> i wonder what this presidency really looks like. when president biden got into political office the first time around he was a critic of roe versus wade, consider very centrist on the abortion issue, spent his career opposing taxpayer funding for abortions until the last five minutes when that was something he had to go radical on to get to the white house. now his response to this moment is to suggest somehow this is

going to lead to an escalating culture war where a conservative court targets young children and the like is not true. it is not true. it is something i think we would not have heard from the joe biden we were mostly familiar with during his tenure in the senate but we hear it now and it makes me wonder who is driving operations at the white house, who is whispering in his year with that idea. stuart: that is a good question which remains unanswered. thanks for being here, see you again soon. even with the supreme court leak, democrats are worried about the midterms. what is the worry? >> inflation. and the issue to hold the house and senate will we need inflation to go away. all americans feel inflation and abortion gives democrats, and appoint tissue, with the enthusiasm behind it right now.

the draft opinion on taking it away. antiabortion and democrat causes. that's not a lot of money. that amount of money after ruth bader ginsburg got double fat. stuart: mexican officials clear out of migrant encampment around 2000 migrants to cross into our country. we have that story. look at this. brazen thieves and sledgehammers to bust through and rob a jewelry store in broad daylight, criminals in new york feel emboldened, we will deal with that next.

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bonterra resources new experienced ceo is overseeing a pea on the company's estimated 3 million ounces of gold. while drilling and permitting continue across all of the company's assets in quebec. bonterra resources. stuart: it is a selloff, down 600 and the dow, and down 466. it was down 3% yesterday. some of the movers include crocks which is down 4% and i want to know why.

lauren: it is so good. it is very volatile. they saw big demand, raised their forecast, full year revenue, $3 billion, growth of 50%, stock was sharply higher down 4%. stuart: vista outdoor. lauren: they are separating into two publicly traded companies, outdoor pursuits, the other for ammunition including remington. overall, people are going outside because of the pandemic, overall sales 36%. stuart: moral of the story, if you see ammo in the store, buy it because it is hard to get. lauren: stocks up 3. 5%. %. at that level it is a multi-year hi. they experienced a serial

worker strike, didn't impact them, grew their profits double digits and sales rose as well. stuart: 3.5% in a big downmarket. and busted through a jewelry store, in broad daylight. what do they feel about this surge in crime. >> reporter: consider this. that left the latest reason new yorker said they are fed up with crime, this happened near times square, makeshift recording studio police looking for multiple suspects, new yorkers looking for a solution, register voted survey, the number one issue, 40% saw crime, 15%, followed by homelessness at 12%, new york

city mayor eric adams got thumbs down from most new yorkers, 54% said they disapprove. when it comes to subways 43% said during daylight hours they feel very unsafe or somewhat unsafe, the number shot up to 61% when asked about subway travel in the evening. putting more cops in the subway, 86% support that idea. the latest crime statistics show in april compared to the same period last year subway crimes spike more than any other category, 53%. there has been a decrease in the number of murders and shootings, overall crime in the city including assaults and robberies increased 34%. new yorkers have their own theories for the crime surge.

>> prison reform, a lot of problems with locations, jobs. >> during the pandemic a lot of people lost their jobs. a lot of people out of work. >> reporter: concerned about crime is not unique to new york city, voters in los angeles recently surveyed, crime and public safety as the second most important issue when deciding who they are going to vote for in the next mayoral race. the number one problem for los angeles, the problem of homelessness. blue one david lee miller, thanks. i want to bring in the chief executive of a chain, supermarket chain in new york city, i have known him for a long time. he's with me now. you run a chain of grocery stores in new york city. what does it make to take a profit in an environment like this? i take it you are profitable but it must be tough. >> right now it is extra tough

doing business in new york city. drugstores have been closing all over the place and even our sharpton has said to me he went to local drugstores and had everything locked up. it comes down to you know what it comes down to? violent crimes versus somebody stealing a loaf of bread because they are hungry. violent criminals have to be put away. on my show, the chief of staff of rudy giuliani says we have 27,000 prisoners at rikers island. all i am saying, the violent criminals, 3 strikes and you are out. 10 or 20 or 30 strikes, violent criminals have certain points, you have to put them away.

they don't belong in a civilized world. stuart: i talk to the mayor. the problem is the state senate. the right to override the governor and the right to override, threatening the mayor, they are in the threatening business. they are in the threatening business, common sense republicans, enough is enough and asked what point do you put these people away? i am talking about violent crimes, and police commissioners, 3000 of them. if we put away those 3000

people who -- 10 times and above. new york will be back to the new york we know and love, we need new york back and we will take new york back and i will tell every new york voter and every single one of them you better vote the right way, i wouldn't. stuart: one quick question about supermarket to new york city. do you hire private security guards? >> we have security guards, retired police officers, nobody ever hit anybody, but these people, when they see a big back. a more cowardly store. stuart: your managers used that, that manager in your company -- >> absolutely.

you can carry a bench stick, watched the old expression. stuart: speak softly. stuart: great to have you on the show. >> i feel passionate. >> we will take the city and state back. stuart: we are just two months away from the deadline to recall la county da george gascon. how many signatures in this recall petition do they have now and how many do they need? that is your phone. >> more serious stuff. >> reporter: they need one hundred 66,000 more to get the 10% support of registered voters, deadline july 6th, the second recall attempt since he has been in office. if they get it and it looked like they will because they

have the momentum the recall question goes on the november ballot. stuart: moving on. big tech, start ups leading the post pandemic recovery in arizona, small businesses reaping the rewards, so many are flocking to the copper state. i thought it was the grand canyon -- grand canyon state. turns out is the copper state. beyoncé backing lemon perfect, a beverage company. i ask the ceo of lemon perfect how he is doing. we will be back. ♪♪ you'll always remember buying your first car.

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emx, the royalty generator - building shareholder value visit tryfarmersdog.com through royalty creation and acquisition. get global exposure from rising gold, silver, copper and battery metals prices with significantly less risk. emx royalty stuart: will you look at that? nasdaq composite has lost all at than some of yesterday's big

gain, nasdaq 550 points, the dow industrials up 900 yesterday down 700. big tech, apple dropping below 160, all of them down 4%, 5%, etc. . a major selloff across the board. almost wiping out yesterday's gains. one of the reasons is the yield on the 10 year treasury back to 0.039%. flocking to arizona, helping local businesses bounce back from the pandemic. madison allworth is at sweets called bruin arizona. what is great about arizona? >> reporter: what i have been hearing for the week is people of the open spaces, the tax environment, the general freedom you get. a lot of people moving from the

west coast and choosing this place. i want to bring in someone who has been here since i was a little girl, i'm with emily, you have seen workers, remote workers that are choosing to move to arizona, what are they telling you about why they live here? >> they love the environment, that there is something for everybody here. you have a crowd no matter what. >> reporter: you opened the shop in 2017, you see new faces everyday. >> every day. >> reporter: they are coming to businesses like this, working here or choosing to work here and it is helping these businesses. i went down the street, went to a boutique, the owner opened during the pandemic, incredible growth, 100% year-over-year, telling me she saw holiday level shopping during christmas time but that has remained consistent up to today, she says running the business she runs would not be possible in any other state.

take a listen. >> arizona is so great for small businesses keeping the doors open during the pandemic a we opened in november of 2,020 and in other states wouldn't have been able to do that, wouldn't have survived. >> reporter: because the state is doing so well both of those businesses deal with inflation, the shop is experiencing a lot but with increased inflation they are getting some increased business and favorable business environment. stuart: arizona is a nice place, one hundred 20 in the summer. take a look at this. i am going to show you lemon perfect, described as a hydrating lemon flavored water with 0 sugar and no artificial flavors or sweeteners, the chief executive, he joins me now. you did $600,000 worth of

business, retail sales in 2,019 and now this year 2020, three years later, you ask but to bring in 60 million year. >> hopefully we will beat that. stuart: i would have thought, when i go into the stores, how much do you charge for lemon perfect? >> not really right. it was an incredibly challenging game. and the enhanced water category. stuart: how did you get your distribution? >> the right packaging and right pricing architecture, it gives you a chance to make a little noise coming out of the gate. stuart: we have a picture of beyoncé, on the left-hand side of the screen, did she help. >> i can't get into specifics

how the investment came to be but well-documented, was announced last week. blue and you sell nationally or just in your local state? >> we are in all 50 states, amazon and our own website, lemonperfect.com. stuart: a real shift in taste, $1.99 gets you a lemon perfect drink, $60 million in revenue. we love success on this program. i want to say congratulations to lemon perfect. i hope to see you again. >> thank you. stuart: how about that? consumers are spending more but i'll be back to paris pandemic levels?

>> you said who goes to a concert? live nation, 45% from 2,019, no concerts planned for this year than they did three years ago so looks like that will be an industry that hasn't been changed by covid. gym memberships are higher, people are sick with a workout from home, they don't want to see people again. there is a need for child care. stuart: i will editorialize about this at the top of the hour that we are bursting to get out and about, we've got the money and are doing it. lauren: with prices going up for everything does that change the equation when you got your trip out of your system and realize i don't have that much money left. we will listen to the otori laptop and i will answer your question. randi weingarten admits the negative impact school closures have on children. >> kids are in crisis.

for two years of disruption, two years of not having a normal kind of routine and rhythm, recovery is really tough. stuart: doesn't randi weingarten bear some responsibility for all those school closures that went on and on and on. kayleigh mcenany will take on in our 11:00 our. workers putting upper fence around the supreme court building. protests rage over a leaked draft opinion on abortion. alveda king says states are waking up to the sanctity of life, alveda king joins me next. if you're a small business, there are lots of choices

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even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. stuart: i will give you a sense of the market by looking at the dow 30. 30 dow stocks on the left-hand side of the screen are in red. they are all down. the dow itself is down 850 points, almost complete

reversal, yesterday's 900 point rally. 50 basis points this morning, there is talk the next rate hike, 75 basis points, that upsets the market. the yield on the 10 year treasury, 3.04%. we have a bad case of energy price inflation. we have oil earlier today at $110 a barrel, diesel went to a brand-new record high of $5.47 a gallon. in ten states, $6 a gallon for their diesel. that is a real situation that has taken the market down big time, straight up yesterday, straight down today. the 10 year treasury, the yield is 3.05% as we speak. anything to add to this? >> reporter: we saw a relief

rally after jay powell spoke about the market telling us we are not out of the woods, recession talk is on the table and sows the idea that the fed cannot engineer a soft landing. speaking of inflation, labor costs are at an 8-year high. the productivity, the biggest decline since 1947, that is not a good sign for a healthy economy in general, mortgage rates rising. i can go go on. b1 it is a complete reversal from yesterday. i want to go back to the supreme court leak and bring in alveda king. a pleasure to have you on the show even on a day like this. i hear that a lot -- i hear about women of color are going to be hurt the most if rove versus wade is overturned. what is your response to that? >> women in the

african-american community, all women need life, liberty and the pursuit of happiness. for an african-american woman what could be better than to have the question of safety put back to the states so the community and we the people can be involved in making america better? reversing a rovio wade decision and sent to get back to the states will not even end abortion but it will cause us in every state to look at the needs of that woman, that baby, maybe even the dad, the family and the community. when we begin to care again about our mothers, our babies and our families america will be stronger so african-american women can benefit from having compassion, come back into our lives so we are not scared and frightened, thinking abortion is our only way out. stuart: i want to thank you for coming on the show today. on fox nation tonight is a

special because today is national prayer day and i know you are in that. >> please tune in. we were just about to get that. thank you for being with us. still had today, kayleigh mcenany, blake masters, all coming up, arizona senate candidate. the pandemic is over, we are ready to celebrate, ignoring the recent rise in new cases, ignoring the cdc remedy masks on planes. covid is still with us but it has gone from our everyday lives and we are celebrate and, that is my opinion, "my take" and it is next. ♪♪ ♪♪ ♪♪ need to get right back to where we started from ♪♪

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09%, virtually there in a bad case of energy price inflation, oil at $110 early this morning backing off to one hundred 8, higher on the day. adam johnson is back, good timing to come back on a day like this, up 900 yesterday, down 800 now. explain what is going on. >> there is no consensus. i can tell you i've never seen in my career so much misery, so much unhappiness among all the people in my business. there are so many crosscurrents, trying to resolve the fact that earnings and employment are strong and on the other this drumbeat of recession is so loud we don't know what will happen with ukraine or covid or inflation. what we do know is going to

happen is life is going to move forward and we will get back to normal. there will be prosperity again, there will be clarity again, we saw dems is of that, we just have to take a long-term view, stability will return. stuart: several times you said the feelings are so negative, more negative than they have been in many years, that is a buy signal. >> it isn't i can quantify that. on monday the volatility index, some of our viewers are familiar with that, price options, people call it the fear index, went above 35, it went to 37. if you go back historically every time it goes above 35 and you look at where stocks are one year later they are 25% higher on average, typically in a given year stocks are up 8% or 9%. when you get the spy, everyone is scared and it is at its

worst, that is when you put in a bottom. was the bottom yesterday or today? i don't know but i am buying and that is what matters, you put your money where your mouth is i am deploying capital. ashley: you will have a one or 2 year, not 5 or 10, one or 2 years you think it is safe to get back in now because one or 2 years from now you will be making money. >> yes, just as an example, look what they did to facebook when it came with earnings not as strong as people expected 1/4 and 1/2 ago they took the stock from 350 down to 150, it is back to 220, you knock these wonderful strong companies down, you can say i don't like it but it is a strong company that reachedes 2. 8 billion people every day, look what they did with google, took it down 25%, it is coming back, look what they've done

with salesforce.com. on and on, paypal, square or block, they've taken all these companies down to points at which you say they are trading cheaper than the s&p 500 and growing at 20% per year, that is something we ought to buy and that is what we have been doing. of the one do you get resistance from some clients? i'm not brave enough to do this at this point. >> i have had several zoom calls with clients who said are you okay holding here, yes, it is the correct thing to do for thoughtful long-term investors. stuart: long-term defined as? >> a year or more. stuart: the long-term is 5 or 10 years. >> god bless you and i love you for that but i will make it easier on people and say if you just give this a year you will be very pleased, volatility index when it goes above 35, 12

months later on average stocks are 25% higher, the vic's went 37 on monday. other indicators like we will leave it at that. believe that that. stuart: good to have you on the show at the moment when the dow completely erases all of yesterday's gains and we are down 800 points. >> it is very hard but you have to keep a steady keel, you need patience, persistence and a mantra. my mantra we've said before is we are long exceptional companies, macro forces are wreaking havoc on markets right now. stability will return and our companies will excel. stuart: you made me feel a little better even though i am losing my shirt. adam johnson, you are all right, see you soon. change of subject, now this. i promise to change of subject and got it for you. the news recently has been very negative, highly contentious because it usually is, the nature of the news business but

may be we overlooked something that is a big positive. here's a headline from the wall street journal. americans spend, travel and shop like it is 2019. and exuberant back to normal. there is a war on and inflation surge and they are erecting a security fence around the supreme court, but the pandemic is over and we are ready to celebrate, we are seeing animal spirits turned loose again. live nation, ticketmaster people sold 45% more concert tickets in february then in february of 2019. talk about lingering again. planet fitness had 15. 6 million members in january up from 14. 4 million in 2019. we are sweating and close proximate he again. carnival cruise says bookings for the second half of this year are back to pre-covid levels. it is more than doing things, going places and spending

money. it is a post covid state of mind, we are ignoring the recent rise in new cases, ignoring the cdc which still recommends masks on planes. what we have is a get out of the way, get off my back, i am going out and about mentality. although covid is still with us it has gone from our everyday lives, it is spring and there is a new and positive mood in this post covid world. kayleigh mcenany joins me now. do you share this upbeat positive forget politics and the stock market. you think the country is positive? >> hard to forget politics. easy for me to forget the market. nevertheless i do feel to go on a plane, i was on a plane when they announced they were lifting the mask mandate, there was jubilance. i understand there are some who have to wear their masks for a conditional want to wear their masks but to be on a plane at have some semblance of normalcy, to walk through the airport, the streets of new

york city people are out and about i feel optimistic. stuart: it is a wonderful thing glad to have it back. bursting to get out, let's do it. i will get to something i really want to get to, the american federation of teachers randi weingarten, finally admitting the negative impact school closures had on young children during the pandemic, role tape. >> our kids are in crisis and we have a mental health crisis before covid that for two years of disruption, two years of looking at the screen, two years of not having a normal kind of routine and rhythm. recovery is really tough. stuart: somebody has to say this, randi weingarten must bear a good deal of the responsibility for all the school closures for two years.

>> she sounds like she should have been a member of the trump administration when we were singing from the rooftops, me from the podium this does irreparable damage to students namely students in low income communities who fall behind, child abuse reporting went down in dc and nationwide because that is reported in schools, the irreparable harm to our children the american academy of pediatrics said it would lead to morbidity and mortality, keeping our schools closed and when we said this from the podium we were called unscientific, out-of-control, crazy, fruitcakes, every name under the sun and she was the cheerleader for keeping schools closed and the damage can't be undone. stuart: thanks very much, i've got to refer to the market. we are watching you on outnumbered. looking at the dow which is down one thousand points. all of yesterday's gains completely removed. do you have something on this?

>> since june 11, 2020, this, this, this is a nervous market. people are trying to figure out what is going on when companies report greater earnings and everything looks great and all of a sudden getting beaten up. we were talking and you were talking about animal spirits being unleashed in your editorial and i agree they are, people are ignoring the rules, even ignoring the higher price of going to a concert are going on a vacation but if the economy continues to go down, another quarter in a recession those animal spirits will be crimped and that is part of what the market is seeing right now. stuart: can we get the 10 year treasury yield? i was watching a moment ago and it went to $3.08, it is up there. that really upsets various

sectors of the market. i keep saying this, this nagging energy price inflation problem the keeps getting worse. diesel had another record high, gasoline moving up close to its record high. i've got oil which went to $110 a barrel, it adds up to an inflation problem you can see in the interest rate rises and in the stock market. what you are looking at is 18 hours, a complete reversal, and down 979. we will follow this for the rest of the day on fox business. 9000 flights canceled in

florida alone, we've got a report on that. and shortage pushing up prices to all-time highs, inventory at its lowest level since 2008. any relief in sight? diesel at $5.47 states, in 10 states it is $6. ukrainian president zelenskyy calling for a cease-fire in mariupol, he wants to get civilians outcome under heavy fire by the russians. of course we are watching the markets, much more varney ahead. rizon business unlimited is going ultra! get more. like manny. event planning with our best plan ever. (manny) yeah, that's what i do. (vo) with 5g ultra wideband in many more cities, you get up to 10 times the speed at no extra cost. verizon is going ultra, so your business can get more. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get

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plus nasdaq is on 594. we are completely erased all of yesterday's very big gains, and exceptionally volatile markets, you don't see this often. we had a 2000 point swing for the dow industrials in the space of 18 hours. look at big tech. a selloff, apple is down $7, amazon is down 7%. meta platforms is down 6%. apple, move on to microsoft, down, 4.7% down, the size of microsoft and google is $100 a share, 5%. the 10 year treasury, that is the root cause of this problem. a few minutes ago it moved up

to 3.08%, 3.5 year high for the treasury yield and always upsets big tech when the guild goes well above 3%. we are talking about the possibility of a 75 basis point gain for interest rates next month. lauren: i make the argument the selloff is about the fed who assured, jay powell assured the markets that we are not going 75 basis points in june. the market doesn't believe him. if you look at the futures there's an 83% chance that the market thinks the fed is going 75%, 75 basis points in june. it was a knee-jerk reaction we are seeing in matter of hours. blue one complete reversal. on the phone is eddie deboer, the man who has been right

about this market, forecasting heavy selloff in the first quarter and in the beginning of the second quarter of this year. eddie gabor is on the phone. is this the selloff you're talking about. capitulation cell, is this it? >> we are not there yet. as i told you when the vic's was at 20, we need to see in the 40s before we can capitulate. i used a strong term a couple days ago about the word crash. what i mean is a 20% drop in the broader market but if you look at individual securities they are crashing, the darlings of last year many of them are down 50%, people keep trying to find the bottom and i don't think we are there yet. stuart: why not the bottom yet? >> a couple things. number one, the mega stocks

have not taken the beating i believe they should, the larger tech stocks some of them are down 12 to 13%. s&p is only down 13% year-to-date, that is not a market. we need to get 20% and the fed was extremely hawkish yesterday. the narrative said they weren't, they said they would raise 50 basis points three times, the market can't handle that. stuart: most of the selloff today is the result of people looking clearly at the fed and saying they will raise rates dramatically, that is what is going on in this market? >> the combination of how aggressive they are doing and into the economic slowdown, the narrative continues to be the economy is strong. i disagree. i think the economy is very fragile.

the fed chair yesterday said inflation is a tough thing on families. if it is a tough thing on families, how does that equate to a strong economy? we are not in a strong economy. it is slowing down at a very fast rate. when you tighten monetary policy at the same time that is when you have major drops in risk assets and i feel for the folks who have written it all the way down but those who can't get any worse, they are going to be sorely mistaken. stuart: i feel bad because i just issued an editorial, literally 10 minutes ago, in which i said we returned to a positive mood because the pandemic is over, it is no longer part of our everyday lives, we are shopping, traveling, spending money again. that contradicts what you just said. you think the economy is fragile. a positive mood. lauren: a strong job market and can't overlook that.

may be eddie could respond to the fact that the fed's do a mandate is to control inflation which affects 100% of people at all levels and -- stuart: what do you say to that? it is a strong job market. what do you say to that? >> that strong job market is why the fed will not be able to get inflation down because of the wage inflation. when you look at the bottom line of these profits jpmorgan's profits were down 43%, that is first-quarter earnings, a big part of that is wage increases. not a lot of people are talking about that. this tight labor market is extremely inflationary and at the end of the day the consumer is going to have to pay that so the tight labor market isn't going to go away. look at natural gas, look how high natural gas is, that's not coming down anytime soon and so we are in this spot where the

middle-class will get squeezed and profits are compressing extremely fast. stuart: thanks for jumping on the show at short notice, we needed you on a day like this and appreciate you coming on board, see you again soon i want to continue with the theme we had on this program for some time now and that is energy price inflation. we've been concentrating on for price of diesel, the national average is $5.47 a gallon. a year ago it was $3.09, a huge spike in diesel and just recently. stephen is the expert in this area. first of all, why the shortage of diesel in the northeast and where is the price going from here? >> absolutely, the nice thing about commodity pricing is demand and supply, we have very

strong demand and not enough supplies so let's examine fat. supplies on the east coast in my hometown of philadelphia we are a shell of ourselves when it comes to refinery capacity. we cut the entire capacity on the east coast, refineries up one third, this makes us reliable on imports and transportation from the gulf of mexico. the major pipeline, colonial pipeline is at max capacity. we can't increase anymore pipeline capacity. we have a shortage of us flag vessels, that is to say we have the jones act which requires interstate transport to be on these vessels, since we don't have enough we don't have enough barges warships to ship the diesel along the east coast. we have to compete with europe

for the rest of the imports. we don't have the refinery capacity. stuart: i have ten states to keep the price of diesel above $6 a gallon in the national average is $5.47, give me a prediction, a national average of $6 a gallon on diesel fairly soon? >> it is dependent on crude oil - crude oil prices, the higher it goes the higher diesel goes. when oil prices, crude oil prices jumping over the past two days on the likelihood the eu will go ahead with the ban on russian oil imports then certainly yes, there is a very good potential we will see $6 diesel in the near term. i want to add that with these prices along with food inflation the seeds of recession are sewn. stuart: i hear you, thanks for joining us on short notice, we appreciate that, thanks very much indeed.

show me bitcoin. has it been dragged down? it is down $37,000, in a moment we will tell you how california is working on a plan to regulate cryptos. the markets are not in freefall but they are way way down, we lost all of yesterday's gains, the dow was off 3%, 1000 points, back with more on that next. if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though.

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stuart: selloff, case closed, selloff. dow is down close to a thousand points. if it closes down closed with thousand today, first time it has done that in two years. i've got a list of the biggest losers on the screen, salesforce.com is down 7%, nike is down 5%, and home depot 4%. anymore on the list? go through it if you can. not the we want to show our viewers how much money you are losing but you want to know cognizant technology down 10%, ebay is down 9. we will keep running that on the left-hand side of the screen, that is how much you are losing. keith fitzgerald is on the phone with us. is this the capitulation selling we hear about?

>> this is very close but there is what i call a return to reality. it was fear of missing out that we are not actively considering basis hikes but today they figured out actively considering and not considering are two different things so this is deleveraging. it is a sign that the markets are working normally. we've got to have selling and buying to build the strength needed for the next rally. have we hit the bottom? probably not but the reality is this behavior is symptomatic where markets want to go. stuart: you won't tell us this is the bottom. we are not there yet. >> i don't think we are. the psychology is very much one of fear and greed, no balance between the two, it is all on or all off. the difference is like playing

chicken. the problem is the other guy holding the steering wheel out the window where you can see it. stuart: would you buy anything at all today? >> i would not. if you look at the quality, there's beginning to be a clear dividing line, playing on the fringes of tech which are highly leveraged into real quality players, the big dividend players, gas companies and energy companies, microsoft and apple will be comparative safe havens. that is the stock i am focused on today and will be for the next several weeks. stuart: you don't think it is time for stock investors to go to bonds, to buy bonds you hold to maturity to milk the interest without risks to your capital. you don't think it is time?

>> if it fits, and elderly investor. inflation is rising, buying the bond at 2% or 3% doesn't make a lot of sense. bond markets are more juiced than stock markets. there will be additional volatility people have not counted on. the sec is long overdue in raining and wall street and all the shenanigans it plays. in the meantime the rest of us normal people like you and me and all the viewers are taken on our white knuckle ride. stuart: you are right about the white knuckle ride after that. thanks for coming on board so fast, we always appreciate that. the dow down close to 1000

points, nasdaq retracing yesterday's again and same with the s&p. that is a major league selloff 11:30 eastern time this thursday morning. show me bitcoin, that has been dragged down. it is in tandem with the rest of the market, barely at $37,000 per coin as we speak, just like the stock market. meanwhile the governor of california, gavin newsom, has issued an executive order on crypto currencies. is he trying to regulate them? lauren: creating a framework and having research done on it. california has 1/4 of a country's businesses they are so they need to step up if they want to keep those businesses because they have seen miami, wyoming, attract the investments. stuart: he is not backing bitcoin, not saying cryptos are great but the industry is in california and we will support it.

lauren: how do we support the industry and protect users in the industry as well as how do we do that while keeping with california values which include inclusively, equity and environmental protection. put all of that in the commission and what they are going to find out. stuart: thanks very much. look who is here now. blake masters, a republican running for a senate seat in the state of arizona. you are also a venture capitalist. just for the moment can you ignore politics and take a look at these markets. you are a venture capitalist, you know about this stuff. what is the problem? can you tell us? >> you can't ignore politics when thinking of the markets anymore. everything is inextricably linked, president biden and his at ministration just ruining the economy, we had it pretty good under donald trump's economic policies, they were

working and biden is giving it all away. i look at the markets from a financial perspective but a political one, what is happening is almost the destruction of once healthy economy. we won you know about this, do you think the fed got it wrong by waiting too long to start tightening credit? >> i do but it is hard, they don't want to cause a recession, these bad economic policies put us in a situation where it is hard to reverse, there are not a lot of good options the biden administration because they are incompetent or willfully ignorant putting the pedal to the metal on these horrible economic policies, the stuff gets worse the more it gets better. but when you think we get a recession? >> i'm bracing for that. i hope not but i think so. stuart: i want to talk about the border. if you are elected to the senate seat in arizona how would you fix the border crisis?

only got a minute left. >> it was working. triple the size of border patrol. that is a hard job in the best circumstances, what about the worst circumstances which is what we have now because the biden administration is doing everything they can to make it as hard as possible for border patrol to enforce the law. we have laws on the books, the correct amount of illegal immigration is 0. we need to arm and support the border patrol, finish the wall, use technology, eyes and ears on every inch of the border and with political will be can drive smuggling and illegal immigration down. that is what we need to do. stuart: thank you for being with us today and thank you for commenting on the market which you are in a position to do and we appreciate that. we are watching of the markets of course, they are down across the board. mark tepper is next.

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stuart: the nasdaq, left-hand side of your screen, having its worst day since september 2020, the dow is down 880, nasdaq down 550, huge losses across the board. i will put up a list of the losers, scroll through them, look at salesforce, gigantic company down 6.6%, nike down 4.7, we could go on like this forever. mark tepper joins us on the phone. do you think we are near bottom yet? >> don't think we are there yet. 3700, 3800, a bit of footing and begins to reverse course. there is more downside ahead.

you are talking about a complete 180 from yesterday, total bloodbath in the market and i think right now reality is setting in, 50 basis points was too week yesterday. i was calling for 100 basis points hoping the fed would meet me in the middle of 75 and despite what jay powell said about the economy being strong i don't know that investors would believe that despite what some people are trying to say and otherwise and 0 chance of a soft landing despite jay powell seeing he can make it softish. stuart: explain something to me. had a press conference yesterday i was led to believe that jay powell had said we are not going to raise interest rates by 75 basis points, next time it will be 50 basis points.

this morning we are hearing talk about a 75 basis point rate hike in june. where will that come from? >> let me give you my best explanation. you saw wall street appear on powell's extremely dovish decision but mainstreet business owners not very happy about it. many of my clients and friends own small businesses because we are all concerned about inflation or margins getting squeezed. there was a recent survey that showed 80% of mainstreet business owners expect a recession this year. plus 3% move yesterday was great for wall street, my firm, and my clients, at the same time that is not reality, not what people are experiencing on main street and you see that come to the forefront today.

investors are understanding we have serious issues here, 50 basis points won't do it, jay powell might not know what he is doing, might be asleep at the wheel. is likely he has to continue typing during the recession because he has to fight inflation. stuart: i take it as of this moment you are not buying anything at all. >> we are sitting tight, being very patient. we will invest and kick off stocks as the opportunity presents itself but there's another 10% downside from here. when we are buying we are focusing on shorter duration stocks. a lot of people have hopped on the dividend payer bandwagon. i am not going to bore you with that but what people should be focusing on is not dividend yields but shareholder yields. that is stocks that pay a

dividend or are engaging in share buyback because the buyback is as short duration is a dividend. if you are starting to pick stocks off look for stocks that have high shareholder yields, growing their dividend, that is where you want to focus now. stuart: thanks for being on the show all of a sudden, short notice can we appreciate it. i want to talk about the jobs report that comes tomorrow and i wonder if expectations for that jobs report have anything to do with today's selloff. lauren: the fed when we talk about our 75 point hike they don't run the risk of hurting the job market when there's 11 million jobs open for every person who wants a job, the jobs report for the month of april is expected to save 390 one thousand jobs were added wildly on a plane and rate falls to 3%.

yes, inflation will hurt companies and you have to pay workers how much more but the market is healthy. so many jobs open. that might give the federal make the market think the fed has more leeway take rates because they don't have to worry about hurting the job market. stuart: i see what you're getting at. the strong jobs report mice means the fed has to raise rates more in the future. so that number tomorrow will be important for the stock market. lauren: look at the length of the work week, fell in the first quarter but worker productivity going forward. stuart: age:30 tomorrow morning. that tells the story. every single one of the stocks

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stuart: 11:51 eastern time and the selloff continues, we are down 1012 points, the nasdaq is

down 600 points. it is a selloff. on the phone, michael lee, the man we used to call the super bull who changed his mind a couple months ago. is this the bottom or are we close to the bottom? >> i hope we are close to the bottom. i don't know if it is the bottom, so much uncertainty about interest rates and without uncertainty comes extremely ugly days in the market like we are seeing now. i think we are due for relief rally, what we saw yesterday, in technology stocks, facebook is one of the most innovative advertising companies, ever built trading at 15.5% price to earnings multiple which is below the s&p 500. there are some deals out there,

things i have been looking at, see ibr, cybersecurity etf is down 5% today so there are some deals out there, looking at these technology names that got their butts kicked over the last year. stuart: thanks very much for being on the phone with us as short notice, the dow is down one thousand 65 points and inching lower as we speak, 3.14%. the markets worried about a recession, what is the story? >> yesterday the market looked at jerome powell and the fed and said you raised rates but it wasn't too bad. i have a pacifier or the punch bowl is somewhat spiked, this will be a soft landing is what he said. today, the market says inflation will be persistent at 8%, really hurting american families and it will go on and on and you will see rates rise

which could have a chilling impact on corporations and their borrowing power. two can second quarters of negative gdp growth and we are in a recession, we could that there with news out of europe, lockdowns in china that could impact demand as well, the situation isn't that great and that is what the market is responding to. stuart: thanks for stepping in. we have the king of business on the phone with us now. larry, thanks for getting on board at short notice. do you see a recession in the immediate future? >> no i don't. stuart: what is the problem today? >> it is more complicated. yesterday the market loved what the fed said, 75 basis points off the table, not starting their bond runoffs, portfolio runoffs until september. it was a terrible statement and

probably powell should go before the truth board. i would suggest one piece of data that came out that is very sad is the nonfarm productivity so productivity crashed in the first quarter but unit labor costs up 7% and the implicit% and the implicit price deflator for business was up 7%. no matter what jay powell may say you won't get inflation down without a very difficult tightening cycle and he is postponing the tightening cycle and it dawned on investors that yesterday was a whitewash, today was more sobering when these labor numbers came out, the fed statement yesterday didn't even mention a wage price spiral, didn't mention.

he sounded like president biden, blamed it on putin and the ukraine war and covid. the fed should take some blame and the fed has the burden, he is not paul volcker no matter how anytime see invoke volcker's name. it will be rough sweating, people shouldn't -- you can't look at the crazy move plus 900 i am always a believer in stocks in the long run but this transition away from high inflation will be more difficult. by the way, very dear friend jared bernstein, don't agree on policy, member of the council of economic advisers for biden was on cnn and opened the door to a recession, the first

person to say that is a possibility. stuart: looks at this moment, capitulation showing. 1028 points, the nasdaq is down 4%. the capitulation is supposed to mark the bottom of the market. we are not near the peak interest rates and i am talking about marketed interest rates. i noticed the 10 year shot up today. it is 308. stuart: 309 now. >> 3% convincingly and it will have to get to 3.5 or 4% in the next few months and i think

that puts downward pressure on multiples. earnings, profits are okay so far. a bit mixed but in the aggregate, more beaten than losses. with rates going up, discounted present value of future earnings goes down. this rise in market rates is going to be difficult. it is not over yet and i don't think the stock market correction is over yet. stuart: we have been making a big point on this program about energy price inflation and it is very much with us, diesel at a record high today, natural gas is up there as well, crude oil back to $107 a barrel. i don't think this energy price inflation is going away anytime soon. that is the basis of inflation throughout the whole economy and it will get worse. that is the biggest problem around, inflation. that is to you.

>> two things. number one. gasoline prices at the pump still around 41/4. i can't agree, i don't think energy is the only inflation problem. when it's all over the place. you could take anything out of the cpi, i don't want to, mind you, but you could take it out you would still have a 6 1/2% cpi. remember the fed's inflation target is two. i come back to my point. the central bank will have to be much, much tougher. you're in a transition. look the fed is not going to support bonds and bond rates the way they have. stuart: okay. >> the market is waking up to that. larry, i have to jump in. you know what a hard break is. >> yes i do. >> right on 20 seconds from a hard break. thank you for being on the

phone. see you at 4:00 this afternoon. thanks a lot. we're coming up to the end of the show. as we round it out i want to say thanks very much to lauren and jackie. thanks for your appearance today. by the way we're leaving you as the market at its low for the day. the dow is down 1120 points. the nasdaq is down 652. that is a selloff. time is up for me. neil, it is yours. neil: that, my friend, is an understatement. thank you very much, stuart. mirror opposite what we saw yesterday. a lot of people are reassessing exactly what it is jerome powell was saying when he seemed to encourage the markets that 3/4 of a hike in interest rates next month was out of the question but again as we were indicating yesterday, certainly on fox news he did telegraph the possibility of half-point hikes maybe for the foreseeable future. collectively rates go up, balancing out