maria: welcome back. okay, let me just end with telling you we are off of the lows of the morning, dow industrials down 398 right now, dagen mcdowell, liz peek it's great to be with you this morning thank you so much we will see you again tomorrow. >> thank, maria. maria: and this sell-off continues and worries over the federal reserve's ability to take on 40-year high inflation. have a good day we'll see you again tomorrow "varney" & company begins right now. stuart: good morning, maria and good morning, everyone. a big stock sell-off rising energy price inflation, rising interest rate, you are waking up to an ugly mess on wall street here we go. i'll start with this another record high for diesel. the average is now 5.54 i paid 6.40 in new jersey and $7 diesel is reported in some parts of the northeast. gas matching the old record high $4.33 is your national average for regular. this is the inflation you see every single day.

stocks, look at this , sharply lower this friday. i'm sorry this monday, after last friday' selling. the dow is going to be down about 300 maybe 400 points, s&p down 60, look at the nasdaq, down 250 points right now it is 25% from its record high. that's a significant sell-off. bitcoin, earlier, we had it down to the $32,000 level. you're looking at 32, 800 as of right now that is about the lowest level since january. and here is the interest rate story. the yield on the 10 year treasury moving above 3.2% earlier, you're at 3.13 so its come down a bit, but earlier, we were at 3.20 and this means that mortgage rates go up more, the 30 year fixed rate is already above 5.25% heading up from there. putin's victory day parade over didn't amount to much. there were fewer troops in the

march and surprisingly no flyover. the kremlin blamed bad weather, in his speech, putin broke no new ground, no new draft of constructs, no declaration of victory, but a russian official did attack elon musk for the satellite help he gives to the ukrainians . in response, musk tweeted, if i die under mysterious circumstances, its been nice to know you. clearly, musk was threatened. outraged this morning, at the activities of pro-abortion demonstrators. they disrupted church services in los angeles, they targeted the private homes of justice kavanaugh and chief justice roberts, tonight they will target justice alito, who wrote the leaked opinion turning over roe vs. wade. it's monday, may 9, 2022. it's going to be a very big day. "varney" & company is about to begin.

♪ i won't back down ♪ stuart: that was tom petty, why not? wonderful, the late great tom pe tty. here we go, elon musk, he's out done himself. we can usually rely on him for at least one good headline. today he's given us two. he's been threatened by the russians and he's got big plans for twitter. lauren: yup. stuart: good morning, lauren hope you had a wonderful mother's day. lauren: thank you, i did. stuart: you want to tell me what you did? lauren: i just went to my mom's, very nice. stuart: let's get to elon, okay? how is musk responding to this threat from the russians? lauren: well, this is the tweet he wrote overnight. if i die under mysterious circumstances, its been nice knowing you. kind of cryptic. it was mother' day so his mom responded and she said elon, this is not funny. she said that on twitter, but what he's referencing is just that. the russians threatening him in

a way, because his starlink gave internet access to ukraine and the russians are calling that military communication equipment so that's that part of the story tweet aside, got a question? stuart: no, no. lauren: the new york times got a hold of how he's telling investors he's going to increase twitter's revenue, its user base , and he actually wants to grow revenue five-fold to $26.4 billion by 2028, from 5 billion last year. stuart: how's he going to do it? lauren: less content moderation, he says you bring in $10 billion from selling twitter, subscriptions, right? and you cut the advertising in the process, you quadruple your users to 931 million in six years. stuart: that's the plan? lauren: that's the plan. stuart: stocks down. well, everything is down and that's what we got to get to now the stocks across-the-board are down maybe they have been swept into this. look at this. the dow is going to be down close to 400 points in 29 minutes time and the nasdaq is

down 260. jason katz with us this morning to watch the market for us. all right, jason, here we go again. it's a big sell-off. do you think we're close to the bottom? >> last week, when i was with you, i said we need capitulation frankly, unfortunately we're not quite there. in spite of the fact that we had 90% down volume last week, and the bull/bear sentiments are arguably the worst i've seen in my career, we're not there. so the path of least resistance has and will unfortunately be to the downside, unless inflation proves otherwise, and this wednesday is pivotal. all eyes should be on cpi. i think if the number does come in around 8.1 we could find our footing, at least for the time being. stuart: 8.1%? we would find our footing? that still sounds very very high to me. >> it's all relative, of course last month, it was 8.5% so it's like going to bed with 104- degree temperature, stu, and you wake up with a 101, 102

you're still sick, but perhaps getting a little bit better? stuart: okay, i understand. i got that i got that. well what does the ordinary investor do? just sit on the sidelines and wait for things to settle down? >> i mean, look. if you were lucky or smart enough to meaningfully reduce equities, i hear your guest eddie ghabore come on and i tip my hat to him, you you are appropriately weighted to the right equities based on your age and objectives, sometimes, stu, the best trade is no trade so i would really emplore investors if you have high-quality stocks and you know they're enduring competitive advantage stocks, you really don't want to make a precipitous decision because you have to be right now not once but twice. it's not just your selling it's your buying. stuart: yup, yup, and that's exactly what i'm doing, jason. microsoft and blackstone, my two principal stocks that i own,

come all the way down. i'm not selling, i'm waiting, just hanging on. is that crazy or what? >> not crazy. those are two companies that have access to the capital markets, pristine balance sheets , they're going to endure inflation or not, so sit on those hands of yours, stu. stuart: i shall indeed, thanks for the advice, jason. you're all right, we'll see you again soon, thanks, mr. katz. >> thank you. stuart: bitcoin, down to 32, 800 right now. how much is that off its peak, lauren? lauren: half. i mean, the high was right near 80,000 and now we went below 33,000, and this could spell a new leg lower. what is bitcoin right now? you know it's moving along with the stock market, in fact it sold off more drastically so it's not a hedge against inflation like gold is, and it's not, you know, that meme stock which it felt like back the end of last year when it was disconnected from anything else.

so this is a reckoning for cryptocurrencies and how you want to own them. stuart: sure is. i hate to see what happens if it drops below 30,000. lauren: and it might. stuart: it might. i don't know but there you go, 32, 800 at the moment. let's move to politics, house speaker pelosi is calling leaked decision from the supreme court a slap in the face to women. roll tape. >> it is about something so serious and so personal and so disrespectful of women, here we are on mother's day, a week where the court has slapped women in the face in terms of disrespect for their judgment about the size and timing of their families. stuart: all right, let's bring in mercedes schlapp this monday morning. do you think this ruling is a plus for republicans in november >> look i think this ruling does complicate what we're looking at in terms of the mid-term elections because you're going to see the democrat s really hone in on this issue and they're going

to raise money, especially for their liberal base, it's going to motivate their liberal base to come out and vote in the mid-term elections, you're going to see them pushing this messaging saying that abortion is going to be banned everywhere which is not true and so the reality is, i think, for republicans is they have to make sure that their messaging is clear. this is about we're not going to be destabilizing the supreme court. we're not going to be trying to threaten our supreme court justices, and quite frankly, the power should go back to the states on how they should regulate abortions. that should be the clear message , and so at the end of the day, i think you're going to see voters focusing on the issues that matter, that being inflation, that being the fact that biden's un popularity continues to grow, and so when people are looking at their gas prices, their food prices going up, they're saying that's my most important issue, i'm going to vote with my pocket

bookish issues as opposed to the social issues that i think the democrats are betting on because they pushed a very failed woke agenda. stuart: can you just deal with this real fast, mitch mcconnell says legislation for a national abortion ban is possible. do you think republican party wants to go that far? >> look, i think the republican party understands that it is important that the unborn have rights, and that we stand for the life of the unborn. i think at the end of the day, the republicans agree for the most part that this should go back to the states. let the voters decide how abortion should be regulated in their states. i think that's going to be the priority for republicans. i think that you find that the vast majority of americans agree that you should ban abortion at the time of the vitality of the child, usually that being about 20 weeks, and you find that common ground when it comes from a legislative standpoint. that be the way the republicans

are going to move. i think the democrats will take this too far, especially if they continue to try to bully the supreme court justices. stuart: and if they disrupt church services that will not go down well. mercedes schlapp thanks very much good to see you monday morning. >> thank you. stuart: look we got to follow the market very closely today, obviously, because we're looking for a sharp sell-off. at the opening bell which is in about 20 minutes time, dow is going to be down close to 400, nasdaq down 265. a nationwide shortage of baby formula is getting worse, and some families are getting desperate. we'll have a report on that. it's not even sunny yet, but the white house is already warning of a covid surge in the winter. roll tape. >> if we don't get ahead of this thing, we're going to have a lot of immunity, this virus continues to evolve, and we may see a pretty sizable wave of infections, hospitalizations and deaths this fall and winter. stuart: good thing we've got a doctor in the house, we do have one his name is dr. marc siegel

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i know there's conflicting information about dupuytren's contracture. i thought i couldn't get treatment yet?

well, people may think that their contracture has to be severe to be treated, but it doesn't. if you can't lay your hand flat on the table, talk to a hand specialist. but what if i don't want surgery? well, then you should find a hand specialist certified to offer nonsurgical treatments. what's the next step? visit findahandspecialist.com today to get started. stuart: it still looks like a sell-off the market opens in 15 minutes we're going to be down about p 300 for the dow, 230 for the nasdaq. look at the 10 year treasury. earlier this morning it reached 320 and now it's down to 350 actually it's all over the place there's a lot of money in the bond market moving around. all the big tech majors are down in percentage terms. look at apple 154 on apple and zaporizhzhia is down $68, alphabet down 40, microsoft at

269. federal health officials predict another covid surge, it could be coming, jonathan serrie joins us when will it arrive and how many people could get infected, jonathan? >> hi, stu. well federal health officials are predicting as many as 100 million americans could become infected with covid and that it could happen sometime during the fall or winter that we might see this surge. that's based on a range of hypothetical models they are looking at and also past experience over the last two years of the pandemic; however, white house covid-19 response coordinator ashish shah says a surge in cases doesn't necessarily mean a surge in hospitalizations and deaths. >> we seen a surge of infection s here in the northeast we've not seen a huge spike in deaths because the population is so well vaccinated and boosted. that's not true for the whole country. reporter: the white house asked congress for an additional $22.5 billion in funding to continue providing vaccine,

tests and treatments. republicans are pushing for a lower price tag of about $10 billion. daily case numbers are beginning to decline in shanghai, which had been experiencing a huge surge, however the chinese government continues strict testing and quarantine procedure s under its zero covid strategy. sources tell reuters lockdowns will stay in place through this month, in an effort to prevent a rebound in cases and stu, in beijing, where cases are still only in the dozens, they are also enforcing strict procedures there, banning indoor restaurant dining and shutting down about 15% of that city's massive subway system. stu? stuart: that's going to hurt our supply chain. that's for sure. jonathan serrie, thanks very much indeed. dr. marc siegel joins us now. doctor, 100 million people could be infected this winter, but people don't seem terribly concerned right now. should they be? >> well, not the way that they are being warned and told and

scolded again. i mean, dr. ashish, i know him well but i don't like that tone because it's a switchback. the white house correspondents everybody flooded in there including no masks and now he's warning doom and gloom, hospitalizations and deaths. here's reall it, stuart. we have the tools but the biden administration is not ponying up on the tools we need. they are asking for $22 billion but what about pre-paying for some booster vaccines that actually cover omicron? remember we were promised that. it's not coming out until the fall and maybe not by the time we need it. we need those boosters, we need to acknowledge natural immunity what the administration still hasn't done and how about sending a message about paxlovid that pill is working i've given that to hundreds of patients at at this point and it's working really well. sometimes you need a second round of it but we need to make sure people know where to go to get it so if you have paxlovid and you have a booster and omicron variant already you are not going to end up in the

hospital most likely. that's the message that should be sent. we have the cases may increase in the winter but we have the tools we need. we got to get them out there. stuart: well new york city, the caseload, new cases, up 32% in just the last 10 days. city health officials say look, everything, all the options are on the table. do you think new york is about to return to some kind of restrictions? >> i certainly hope not by the way, because new york has about an 80% full vaccination rate and again, we can get paxlovid here. by the way, i want to make a point about masks. you know, i think masks are useful, but not like the mandates they're talking about. how about we teach the public what the value is? that this turned out to be a respiratory virus that was primarily passed by the nose, so if you're in close quarters, in an area where there's a lot of covid you might elect to use it. instead we see a mandate and everyone is wearing it over the chin. useless. then mandate is gone, nobody is wearing it.

that's not public health. mandates are not public health. stuart: okay, i just need to have you cover this one. the cdc's investigating 109 cases of severe hepatitis in children happening in two dozen states. what's the story, doctor? >> very concerned about this , stuart, even though the numbers are small and it's not spreading widely but i think that this is due to an adenovirus 41 which is a pretty severed. doesn't usually affect children this way so that 14% need liver transplants but the bottom line is, it maybe causing an inflammation in the liver, and i think it could be due to the fact that young children were locked down and shutdown and didn't have the kind of interactions they usually have, which causes the immune system to develop properly. that's got to be looked at and is being carefully looked at. could end up being called lock down hepatitis but it's something that's a really severe situation for very young children, isolated cases still. stuart: got it, dr. marc siegel we'll see see you again real

soon. >> thank you. stuart: three americans found dead at a sandals resort in the bahamas over the weekend. do we yet know exactly what happened? lauren: no, but authorities are reportedly looking at the air conditioners in the hotel which may have sent toxic coolant into the air, you have three americans dead, two men and one woman and a fourth woman was airlifted to a local hospital. the state department is closely monitoring this and the police are waiting on the autopsy reports, but imagine that you're on vacation and all of a sudden, no signs of foul play, and let's say it was the air conditioner. it was just in those rooms, how come other people weren't affect ed by this? stuart: we still don't know exactly. lauren: casey and scary story. stuart: got it thanks lauren: check the futures again, please still a sea of red ink. we will take you to wall street and the opening bell, next. ♪

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stuart: all right, for the benefit of our radio listeners i'll tell you there's a lot of red ink on left-hand side of the screen, the dow is down about 340-350, nasdaq down

about 240, so significant losses across-the-board. keith fitz-gerald with us this morning. what do you want the fed to say now, because it seems like the ball is in the feds court. they've got to clamp down on inflation, they have got to raise interest rates but we got a stock market sell-off. what do you like to hear from them now? >> stuart first of all good morning and second of all i'd like to hear the truth, the american people would like to hear the truth they made one of the worst calls in financial history, they are reevaluating things and they are going to take matters into their own hands. the fed is supposedly an a political institution how about returning to pro-growth policies how about putting money where it's supposed to be need and how it's supposed to get there. don't play games don't talk about all of the things you might do, stop letting all of the federal reserve jawbone and upset the marketplace. come down to chairman powell what he says goes, but make it significant. stuart: well do you think they should stop, they should start to print some more money again? should they -- >> no, i don't.

stuart: what should they do? >> too much money is part of the problem, it's sloshing around like a punch bowl. there's just too much of it now they have to take it away but they can acknowledge that they had no close, that in fact they made a mistake because americans like the truth, americans are not stupid. americans will return to the hope and resiliency that makes this country great, and that's where the fed needs to go right now. stuart: wouldn't that destroy their credibility, not destroy it but take it down a peg or two. >> like they have any? respectfully, to you, stuart, i don't think the thread has any credibility left at this point. it's a failed institution and as far as i'm concerned the best thing they could do is hang up a sign that says "we're closed, we failed, we're out of business." you and i have talked about the mark etiquettes taking matters into their own hands if the fed doesn't fulfill their mandate. i would submit the markets are doing exactly that and if the fed wants to get ahead of that they have to take back that control and be positive and have to be direct and they are going to have to be blunt and the american people would respond very well to that. stuart: i'm listening very

carefully what to the you have to say and it doesn't sound like you think we're near a bottom. >> know, stuart we're closer than we were, but again, we have not seen the massive capitulation that you and i spoke about friday. people haven't thrown up their hands. your neighbor hasn't sworn off stocks at the barbecue but you know what the bull/bear sentiment stuff is as bad as i've ever seen it in 40 years of doing this. that is almost a very powerful bullish indicator and as i'll say something bearishness is in fact bullish so if you got the right companies, the quality companies, the companies that now are going to change our world that's where you need to be right now but sometimes the best investment, the best trade, particularly when the stuff hits the fan, is to sit there and take a deep breath and do nothing or maybe even buy a little more shares. stuart: yeah, i agree with you that's exactly what i've been doing. i haven't bought anything else but i'm just sitting on my hands just waiting, hoping that not necessarily be a rebound, a major rebound, but just that we'll sort of level off at the bottom, and we can figure out what we're going to do in the

future. >> that's the key because one of these days, the fact that everything is so terrible, it's going to become less bad. when it becomes less bad, then all of a sudden hey, that's kind of good and then when you get from it's kind of good to wow we're back in business now you have a full transition. >> [opening bell ringing] stuart: just a couple seconds to go and we'll start trading this monday morning. let's see how much selling we've got at the opening bell because there is the opening bell. the market has opened, and right from the start i'm pretty sure we're going to be very sharply lower. just waiting for the dow 30 to open, most of them have now opened, we're down nearly 400 points that's 1.1%, and all the dow stocks are in the red, and there's one not yet open i think it's proctor and gamble but they are all in the red. right across-the-board, and in the first couple seconds worth of business, the dow is down 430 , the s&p is down 1.5%, you know, you know it's a big sell-off when you start using percentages and the nasdaq

composite is below 12,000 now, you're 11, 900 the loss in percentage terms. microsoft down, apple, alphabet, amazon, meta platforms all on the downside, all across-the-board. all right, susan li is back, thank goodness and please, a big deep dive into big tech. what do you have on this sell-off? >> yeah, you know, i was just listening to you and keith fitz-gerald so what exactly is capitulation in your view, because we've lost $9 trillion in stock value, so far in 2022 that's pretty significant, wouldn't you say? we lost $1.5 trillion as a canadian economy in the last two trading sessions of last week, so some would say look you're 23 % down for the tech-heavy nasdaq, you're almost in bear market territory with the s&p 500 down 15%, so what does capitulation look like to you, stu?

stuart: 2,000 points down in a day with no rebound the next day just that's what's traditionally meant by capitulation selling, you throw in the towel, that's it, i'm out. >> well you have that 1,000 point sell-off last week the worst day in the past year, right? if you look at the meme stocks, at this time last year, we were talking about gamestop, amc, those traders have lost all of those gains over the past year according to morgan stanley, and so if you want to look at the retail traders which at one point made up 30% of the market, so let's say they have already gone away. stuart: i don't know, but we're down 400 points in the first couple of seconds of business, and that's quite a sell-off after last week as well. i need you to talk to me about elon musk and twitter. he's got plans to change the company, leaked to the new york times what are the highlights? >> yeah, so this was pretty incredible, because some of that investor presentation shows that musk wants to quintuple, that

means drive twitter sales, up five times by 2028 and wants to cut reliance on advertising down below 50%, he's looking to more than quadruple users to 931 million by 2028, so twitter currently has around 217 million daily active users, and he's looking to also drive 104 million subscribers to a new product called x. no more details on that, but elon musk, he wants to hire thousands after cutting hundreds and when he steps in he's also very ambitious entrepreneur as you can imagine. you don't drive an electric car company to a trillion dollar valuation on a million car sales if you're not elon musk, so i can see those big numbers. will he actually hit those targets? stuart: well okay, let me get to bitcoin and the cryptos. you've been -- >> you're not going to touch that one? stuart: you've been to the miami crypto conference, went to the

bahamas crypto conference there was sightings of susan li in all these places but it seems to me that bitcoin is just offering no relief from the stock market. it's not a refuge, is it? >> no, i mean, i think that correlation has clearly broken down. don't forget this is ago cash kind of market where you're selling everything whether it's stock, bonds, bitcoin, cryptocurrency, and that type of correlation, by the way, that near instant selling across-the-board is nothing that we haven't seen many times in the market, stu, so what crypto is trading like it's a high beta triple q, that means it trades pretty much in line with the nasdaq and we have, well you have bitcoin prices trading closer to its lows since july 2021, and the problem is, with bitcoin, i think 30,000 is going to be the next tesla is that more than one-third, i'd say roughly 40-50% is held in the hands of just a select number of individuals, we call them whale trader, and

indications and fundamentals and financials show they are starting to sell and as you can imagine, stu, when they start to unload that's when prices start to fall. stuart: let's move on to ford and rivian. what's this about ford trying to unload part of their stake in rivian, because both stocks are down. >> yeah, that lock-up period expires from its ipo back in november and that means early investors, insiders can now sell and you heard ford is doing that they are selling off 8 million shares, we're looking at sub what 24 this morning for rivian, slightly above that, but remember that it went public at $78 a share. now, also remember that ford is still keeping 94 million shares so that's a majority of their holdings so 8 million is less than 10% of their actual stock that they hold in rivian, and rivian used to be worth $100 billion on a million dollars in sales last year, and some would say look, you know, if they aren't going to hit that 25,000 car production target

this year, that's a big problem, when that stock started to slide stuart: and we're all following uber as it moves heavily south in terms of its stock price it's at $25 now, but the ceo says he wants to cut costs for the company. how is he planning to do that? >> so well, he's looking to basically cut incentives, cut marketing, hiring is a privilege in his view, and that's pretty much echoed across silicon valley in this seismic shift where money is hard to come by these days, and so also you have uber now saying that we need to be profitable not just on an adjusted tax basis, but really on a free cash flow basis and that's really being echoed across silicon valley. you heard meta last week, stu, saying they would slow hiring and spending themselves and that's not exactly a surprise when you have interest rates moving higher and cash is hard to come by in the stock sell-off stuart: you've got it. great to have you back, susan. all good stuff thank you very

much, see you again shortly. let's get to see the winners on the dow industrials. they are on to me. they are all down, so there's no winners on the dow stocks, stock list shall we say. s&p 500, yeah, we have a couple winners there i don't know them very well though i see moderna and etsy on the list and let's have a look at the nasdaq winner s, that's charter communications but again absolutely none of the majors although netflix is in there again, it's slightly higher, up just a buck 1.82 on netflix how about that? that's the markets. we've opened up this monday morning, we've opened down. one democrat senator using florida's education law to paint republicans as the party of hate roll tape. >> this effort in florida to sort of target gay kids in schools -- >> the bill is about not talking about sexual identity from k through third grade. that's not targeting gay kids. stuart: that was a very good

exchange and you'll see more of it later and florida's attorney general ashley moody will be here to set the record straight on this issue. look at this , smash-and-grab, washington d.c. group of thieves made off with 20,000 bucks worth of luxury eye glass frames. move on to philadelphia. a man with a gun in each hand opened fire broad daylight, all caught on camera. the criminals it seems are undeterred. administration new inflation sca pe goats, railroad, jeff flock has the story after this. ♪

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going to a high of 77 degrees a very nice day in vegas. check those markets we've been open for 12 minutes we got 12 minute worth of selling dow is down 420, nasdaq is down 180. the white house has a new target and it's inflation blame game. the railroads. jeff flock in philadelphia. why is the white house now blaming railroads? reporter: they say there's not enough competition among the railroads i'm at the csx yard in philadelphia, stuart, and you see those tracks owned by csx. the administration wants to force the railroads to open up their tracks that they built and maintained to competition in other railroads. what do the railroads have to say about that? well take a look at what the association of american railroads said to fox business in response, to pin inflation narrowly on railroads or ignore that railroads face many same labor and macroeconomic pressure

s felt throughout the supply chain is divorced from reality. new regulations would only worsen the situation. worth noting that railroads had a record year in terms of transporting freight last year, 26 million carloads and the intermodal things that i have behind me up about 6% so they're pulling their weight on this , and a lot of people think economists that if you start to regulate the railroads more heavily, you force freight on to tracks which are already over burdened. listen. >> every proposal that the democratic congress and this administration has put forth to regulate railroads would effectively reduce the capacity of railroads and take goods traveling currently on railroads and put them on trucks, where we have much more congestion on our roads and highways. reporter: and not only that, stuart, if you like the environment, and i know you do, freight on the rails is actually a much more efficient way to go and a greener way to

go. they transport 40% of the nation 's long distance freight and put out only 2% of emissions, so it's clean and green. now, fair and balanced on the railroads they did make a ton of dough last year, dnsf, warren buffett & company and union pacific both made about $6 billion in profit last year, so maybe some people don't like companies makit. jeff flock, we'll see you again later, thanks a lot. look we're on the theme of inflation here, so look at this. the average price for a gallon of diesel moving way up now, 5.54 that's the new high, it's a record. in california, look at this. diesel averages 6.51 a gallon, that's extraordinary. stephen moore joins me now. look we're talking here about inflation going up from here, and i think it does go up from here, when you've got diesel and gas and heating oil going through the roof like this.

it just feeds other forms of inflation, doesn't it? >> well, it sure does, stuart, and by the way i think a lot of the analysts got it wrong when the fed raised rates last week. that was not a hawkish stem against inflation. it was doveish and that's one of the reasons ever since the fed took its action the market has just gone way into the red, and i think it's because they're not doing enough to stem this inflation. it's just a killer. now, look, i think people are getting sick and tired of joe biden always pointing his finger at someone else for these inflation problems. he blames the , remember it was the meat packers and then it was the drug companies, and now it's the railroads and it's this industry, the tech company. look, we have inflation because there's massive trillions of dollars of too much spending in the economy, the first thing that has to happen if we're going to bring this inflation down is we've got to start cutting government spending, meanwhile, joe biden has

proposed just in the last couple of weeks almost $2 trillion of new spending while chuck schumer 's talking about reversing the trump tax cuts it's a very dangerous situation. stuart: you say that the best comebacks after the pandemic, the best buy restaurants is in red states, not blue states, red states. you want to explain the difference? >> it's amazing you look at these cities in florida and cities, you know, like fort lauderdale and miami and then you look at the number one area where restaurants have made the biggest comeback stuart you want to guess it's austin, texas , where i see the blue states, the cities that have really gotten crushed, the three cities with the biggest decline in restaurant sales, you know what they are? new york city where you are, minneapolis and chicago run by democrats who shutdown their economies and they're paying a high price for it. you're just not seeing comeback in those cities, and

the combination of shutdowns, high crime and high taxes are just killing. look i'm from chicago, stuart. i love chicago it's one of the great cities in the world but its just been destroyed by bad leadership, lori lightfoot is one of the worst mayors in america, and it is amazing. that's people are going to the red states, stuart. they are going to texas, florida , utah, i just got back from montana. it's booming! that's where people are headed. stuart: yeah, you're right that's exactly where people are headed, red states. stephen moore, thank you very much indeed, we'll see you again soon, thanks, steve. this is getting serious, a nationwide baby formula shortage is actually getting worse. what's behind this shortage? lauren: it's the supply chain because i tried for months to get baby formula and it was very difficult to do so you had to go to many stores but now you have a recall by a major supplier app that they make similac, so you put them together and stores can't get it in. 40% of brands are sold out and then you have retailers like

walgreens, cvs and target limiting the number of purchases you can make. think about a working parent. you have to leave formula for your child. they don't take any formula because of gastro issues, et cetera, so what do you do? stuart: people are getting desperate. lauren: some are making their own formula, you should not do that. that's been a trend that could be dangerous if not deadly. stuart: desperate situation, all right, thanks very much. coming up, what the do we have for you i'll tell you. putin celebrating victory day with a military parade through moscow. looks to me like he's actually losing, not winning. former ambassador to nato kurt volker is here with analysis. according to one estimate for giving $50,000 worth of student debt would cost taxpayer s over $1 trillion and is it even legal? hillary vaughn has the full story, after this. ♪

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stuart: new questions over the legality and the cost of canceling student loan debt.

hillary vaughn, come on in, please, give me the story. reporter: good morning, stuart. well some democrats pushing president biden to cancel some or all of student loan debt, still insist that it will cost nothing and all the president needs to do is use his executive pen to get it done >> i think he has the authority to do it. i would support a more limited forgiveness of debt. i'm one of the few members of the senate that still has student debt. i don't need my debt forgiven. i also think that this focus on debt excuses the colleges for this dramatic increase in tuition. reporter: but lawyers say federal budget says even small scale and targeted student debt cancellation would still cost taxpayers at least $230 billion, 70% of that money would go to people who don't really need it, and the group also says that doing so would worsen inflation

and ultimately make college more expensive in the long run. the white house has been grappl ing with this decision because they admit they don't know if it's legal, and have been looking at outside legal experts to give them guidance in a leaked legal memo a former education department lawyer advises a private client that sweeping student loan cancellation is not likely legal , saying this , "if the issue is litigated the more persuasive analysis is tend to support the conclusion that the executive branch likely does not have the unilateral authority to engage in mass student debt cancellation" but legal or not, free or not, stuart, some progressives are still pushing the president to just do it anyway before the mid-term election. stuart? stuart: well i think it's their last desperate hope of winning in november, i suspect that, just my opinion. hillary, thank you very much indeed. got to get back to the market, the s&p has hit a new 2022 low, it's down to just above the 4,000 level, dow is down 300

nasdaq is down 200. look at biontech bucking the red trend, their vaccine sales tripled in the first quarter and stock is up 3.3% there is some green there. still ahead attorney general of florida ashley moody, charlie hurt, kt mcfarland and resident theologian jonathan morris. >> ♪ we're half way there, living on a prayer ♪ . . nice.

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♪. stuart: sounds like the rolling stones to me. is it? surely. lauren: it is the rolling stones but i'm not certain. stuart: i'm trying to inject a element of lefty, everybody. it is 10:00 eastern. straight to the money. you will not like what you see because we got a continuation of last week's selling. dow down 300. nasdaq down 260. 10-year treasury, yield right now is 3.11%. earlier this morning it reached

3.20%. real gyrations in the bond market. all of it big tech down. microsoft down $7. oim down. bitcoin also down. no relief from the stock market if you go into bitcoin. it is at 32,900 bucks per coin and now this. all weekend i was getting a nasty feeling about the market how it would open this morning. i went to gas, paid 5 bucks a gallon. 4.33 is a national average. diesel for the tractor, $6.40 in new jersey. national average, 5.54. new high. went to the grocery store, shocked, shocked, at the price gains and empty shelves. serious inflation hitting right now. you know what that does to the economy? interest rates rise. we move closer to recession. no matter what they tell you,

when rates rise at some point stocks fall. that's happening this monday morning. the dow is currently off 380, s&p 71, and the nasdaq down 264. it is another big tech rout. google, amazon, meta, microsoft, all down again. look at rising interest rates. yield on 10-year treasury. 3.11 now. it was 3.2 earlier. don't look for relief in bitcoin. all the way down to 32,900 bucks a coin. hard to see much relief. shanghai, beijing still tightly restricted. so our supply chain problems persist. the biden team won't let america dramatically ramp up energy production. so there is a continuing supply problem there. the federal reserve, suddenly can't start printing a ton of money to relieve the market that would only make things worse. here we are, watching the slide. does anyone see a bottom? that's the question we've been

asking. it is what we're going to ask jeff sica who joins us right now. close to a bottom, what do you think? >> you know what? one thing i've proven, i'm very bad at predicting bottoms but one thing i can say you have to look at this drug called margin which is out there. there was a trillion dollars of margin debt just a couple years ago. that has declined somewhat but what is happening is, this selling, this avalanche of selling is being caused by margin debt, margin calls. so what i'm looking at for a bottom is to see that margin debt begin to unwind further and then we'll probably see a bottom but i don't think we're near that right now. stuart: this margin thing, i can go to my stockbroker, borrow money, use that borrowed money to buy stock. that is called buying on the margin. >> right. stuart: when the stock goes down, broker sass to me, hey, stuart you better pony up more

money to keep your position here. >> right. stuart: i have to sell stock to get money into it. is that how it works? >> exactly. these robinhood investors, 15, 20, million robinhood investors who never experienced a bear market, they're handed money for pennies on the dollar to margin, they're the ones who are panicking right now. they are the ones who are creating the selling. plus you don't know exactly what -- it is like carbon monoxide, you can't really tell it's there, it is invisible. you don't know how much the institutions have well. this is about leverage. stuart: i believe the dividend yield on s&p 500 is roughly 3%. i can buy a treasury security, hold it to maturity, get 3% with no risk. some people need to get out of stocks or get into bonds? >> stuart, let me say this i have not owned a bond since i had a mullet and drove a camaro.

it has been a while since i owned a bond. first of all, if you look at inflation, inflation is 8%, even if you're getting 3% you still have a negative return and you said it, you have to be willing to hold to maturity in order to benefit because you're going to see as interest rates go up bond prices go down. so i would say that anyone who is going to buy a bond, you have to be willing to be married to that bond and stay committed to it because you will see some declines as interest rates go up. stuart: so no bottom yet from jeff sica. we'll leave it at that. thanks, jeff. good to see you again. lauren, come on in please. look what is going on with boeing, 4%. lauren: so they have the 737 max 10, carries 230 passengers. hundreds of orders. it is still not approved by regulators. it has been three years. that delay could cost boeing

$16 billion in lost sales and shares hit a new low on that. stuart: 16. lauren: billion dollars. stuart: no wonder it is down. tyson foods is up, eking out a small gain. lauren: meet costs a lot of money. beef was up 24% in the last quarter. tyson said despite them hiking prices for ballpark hotdogs, customers are paying. good news as we're heading into the summer and barbecue season. stuart: i want to see ilumina. it is down big. what is the story. lauren: genomics company on friday they were told to pay $330 million on patent infringement on a chinese company. they're appealing. some brokers are cutting their price targets. they're worried if this appeal doesn't go through, i illumina will be in big trouble.

stuart: jpmorgan, goldman sachs are monitoring how much time employees spend in the office. i bet that is not popular with employees. lauren: any place i worked i swiped my badge when i go into work. we accepted that. jpmorgan, 40% of employees are hybrid, three days a week. they're tracking them swiped a badge, that they showed up when they supposed to, so easy to work from home. you think this backfires? stuart: i have no idea. lauren: if you peel like a child being tracked and monitored, right, you can work at morgan stanley because there are opportunities for workers these days. you say, you know what? i'm paid well. i'm supposed to show up five days a week. i will do that. stuart: all i know it is a monday and traffic is very light today because office workers in new york city tend to spend three days in the office,

tuesday, wednesday, thursday. they have monday and friday at home. lauren: i would do the four-day weekend if i could. stuart: so would i in a heartbeat would do it. last one for you, we got new data which cities are getting hit hardest by inflation. spell it out. lauren: these are areas where people are moving. phoenix is number one. not a list you want to be on, inflation there, 10.9% in past one year. much of that is housing. we say the prices of homes in phoenix are crazy. what about rents? gilbert, southeast of phoenix, rent up 81% in a year. most apartment or rental in the entire nation. number two and three on the list, atlanta and tampa. all popular areas. more people coming in. more demand what they can offer. the price goes up. stuart: why am i not surprised. lauren: where are prices coming down, guess, guess? stuart: where are prices coming down? lauren: san francisco. stuart: why are they coming down? lauren: losing population.

i thought you would know that. it was not a trick question. stuart: you got me. all right, lauren. proabortion activists took to the streets and rallied outside of the homes of conservative supreme court justices. watch this please. >> this [bleep]. you don't get to take away our bodily autonomy and enjoy saturday night at home. you get to do one or the other. >> what does it mean to march. >> this is personal. this is taking to the personal space. they did this, not us. stuart: they did this, not us. paris dennard joins me now. spokesperson for the rnc. paris, good to see you again. welcome back. does the supreme court leak help republicans in november? >> well, i will tell you that the supreme court leaking, that document, is a travesty, it is shameful, it should not have happened and it is a clear indication the left is wanting to intimidate the justices to try to rile up the pro-choice,

pro-abortion groups to do that, but in terms of it mobilizing republicans, absolutely it will mobilize republicans. we have to remind republicans that elections matter. we need to make sure we have republicans in office that support life and also on the presidential level, come 2024, we need to have people like president trump in office, republicans in office because if it had not been for president trump, we would not have three supreme court justices. whoever the nominee will be, we want them to appoint conservative jurists in the supreme court. stuart: paris, we are told ending a borings hurts women of color, approximately 2/3 of abortions are performed on women of color. what do you think of that? >> well, i think since the radical left wants to racialallize everything including abortion, interesting they don't want to talk about the racist roots of planned

parenthood. margaret sanger was a racist who wanted to control the black population by limiting growth of black racism which includes abortion. they don't want to talk about the racist roots of planned parenthood and how they continue to abort nearly 19 million or more black babies since roe v. wade was decided. what really hurts black women today is rising inflation, gas prices, instability of our southern border having fentanyl pouring in. defund the police movement, violence, crime, murders. democrats need to talk about those issues dis proportionately hurting black women and entire black community. stuart: paris dennard, rnc guy. thanks. we'll see you soon. gas prices so bad, so high, a lot of people are now cutting back on using cars for things like grocery shopping and

doctors visits, believe it or not. we've got the story. democrat senator chris murphy clashed with our own bret baier. watch this. >> this effort in florida to target gay kids in schools, i mean -- >> bill is not talking about sexual identity from k through third grade. that is not targeting gay kids. stuart: we have a lot more on this for you. we'll play the full sound. all eyes on moscow, putin puts the military on display. parading troops for the world to see. former u.s. ambassador to nato, kurt volcker, deals with it next (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades.

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♪. stuart: putin blamed the west for the war in ukraine during his victory day speech today. here with me now is former u.s. ambassador to nato kurt volcker. mr. ambassador. putin claims to be winning but the parade that we saw in moscow didn't seem like it was up to much. he broke no new ground in his speech. honestly looks to me like he is losing. what do you say? >> well i think the practical matter, he is losing. he has not been able to destroy ukraine, take it over, remove the government. he has not achieved more limited objectives they set, taking over eastern ukraine. that is being contested. ukrainians are pushing back around kharkiv and kherson. a couple of things to note. no aircraft fly overs. that is unusual. i guess their aircraft are

otherwise occupied. i would say the soldiers marched very well but you didn't have this declaration that these places that russia occupied are part of russia. nothing of the kind this is very subdued by comparison. stuart: europe is still not fully banned russian oil and germany has not come through with all the weapons and commitment they were supposed to make to the ukrainians. are the europeans beginning to drag their feet? >> well i think germany has gone up and down. we heard very bold words from chancellor scholz after russia's invasion. that they would provide lethal arms. then it got strong again and ratcheted back again. very unclear where the germans are at this point and on energy the european union said initially they would ban oil sales by the end of the year. i'm told, i was in europe this week, i'm told it may happen

this sum per but it hasn't happened yet. elsewhere in europe everyone is strong pushing back on russia with the exception of hungary. stuart: are there any signs of domestic opposition within his key circle of advisors with putin, any opposition at all? >> i think the signs are hard to raid at this point. he has put several generals under house arrest. he did send the head of the armed forces to the front lines to take direct command of the operation at some point. that is very unusual as well. he put heads of intelligence services under house arrest. if you look what he didn't say in his speech today, all those things that didn't happen, i think it is an indication he knows it is not going well. he can't claim to be achieving some great victory when everyone can see for themselves it is not happening. all he can do is really provide justification why russia suffer the so many casualties. stuart: go back to the one point we were making this morning, there was no flyover in the

parade in moscow and canceled in other cities as well. what does that tell you? maybe the planes are no good in the first place? >> i seen a lot of speculation about it. one to me, those planes are engaged in combat over ukraine and resources are limited. they don't have a lot of equipment to spare. they were concerned about security, maybe a rogue pilot would do something. that is more dramatic speculation but one can't rule it out either. stuart: what about the threat to elon musk, the oblique threat because musk supplied satellites to ukrainians, what about that? >> i think that is in the category of rhetorical lashing out. i think they find things to say to try to shake people up but really they have got to focus, if they're going to try to get any success out of this operation in ukraine they have to really focus on the ground there. stuart: got it. ambassador kurt volcker, thanks for joining us, sir.

always great stuff. >> thank you. stuart: yes, sir. we go to kyiv. that is where trey yingst, that is where we find trey yingst. what is the reaction there to putin's parade? reporter: stuart, good morning. russian president vladmir putin spoke today in moscow but made no major announcements about the war taking place in ukraine. his remarks came as the country marked the annual victory day that really sets the end of world war ii and commemorates the surrender of nazi germany. with more than 11,000 troops marching and military equipment rolling through the russian capital, putin made no declaration of victory or broader announcement of mobilization of forces. without evidence of planning to retake crimea and threatening nuclear war. adding this. >> translator: you're fighting for the homeland, for its future, so that no one forgets the lessons of world war ii, so there is no place in the world for execution, and nazis.

reporter: russian troops and separatist leaders participated in smaller parades and events ukraine in places like southern port city of mariupol and southern city of kherson. holding a large black and orange banner walked the streets of mariupol where estimated 200,000 iranian soldiers are holed up and steel plant. the facility takes fire after they said that all civilians were evacuated over last couple days. fighting continues along the eastern front lines. in kharkiv ukrainian troops had a offense sy could push russian troops back across the border. stuart: trey, thank you very much indeed. right there from ukraine. back to the markets. we have a downside move across the board. the dow is down 420. the nasdaq is down 300. this is a contain ages of selling we saw on friday of last

week. take a quick look at virgin galactic, all the way down to $6 a share. there is a financial firm, named truist securities. they have cut virgin's price target from 24, all the way down to 8. the stock now, 6.40. how about that? new survey showing surging gas prices forcing people to make significant changes to their driving habits. lauren, like what? lauren: going to the store less often. consolidating trips. driving less in general. 2/3 say they do that when gas does costs between 4.12 and 4.35. where are we now? 4.32, one penny shy of all-time high. we're cutting out unnecessary trips we don't have to do. stuart: if you're filling up the tank, if you have a 15-gallon tank, you're paying a lot of money. it is painful. you notice it.

drive a little less. lauren: 2/3 already saying that. stuart: 2/3? lauren: 2/3 saying that. stuart: a majority of people saying that? lauren: i go with the majority. i think it gets even worse because it looks like gas prices are moving closer to five dollars now. stuart: sure looks like it. thank you, lauren. attorneys general of missouri and louisiana, say the white house colluded with social media giants to censor speech. attorney general eric snit from missouri, he lays out his case in the next hour. the border crisis spilling into small towns in texas. it is leading to dangerous car chases, nearly one every day we're told. we got a report on that for sure after this. ♪.

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stuart: all right. regret to say selling space speeded up a bit. we're down 450 on the dow and 337 on the nasdaq composite. that is a heavy bout of selling in the first hour of business. lauren is with me. i want to look at the cybersecurity stocks. i have no explanation for this. they're way down, five, 6%.

lauren: crowdstrike is down 25% in the past three sessions. we don't have any immediate reason why these stocks are down. maybe they're caught up in this bout of selling taking the major market averages down. stuart: you like to come up, here's the reason of the day. there ain't no specific reason. they're maybe swept up in the general selling. party city, oh -- lauren: look at that. stuart: cut in half. lauren: they reported a loss wider than they thought. same-store sales could fall as much as 1%. they thought they would rise. now they're falling in the current quarter. ceo says, look, costs for us, whether it was freight or input costs, they, it got worse as the quarter went on. there is no end in sight to rising costs they base. cut in half. stuart: that is a tale of woe if i ever heard one. this drugmaker they're up. lauren: i had to find a

positive. moderna, some of the other drugmakers are positive today. what is interesting about this stock the latest sales missed expectations but they came out and said we generated more than a billion dollars free cash that would be a record for them. they will use it to pay down debt. what the market is down 500 points there is a winner. stuart: you found one, took a long time. well-done, lauren. look at this exchange, between democrat senator chris murphy. and our own bret baier. it is all over florida's parental rights law. roll it. >> this effort in florida to sort of target gay kids in schools i just think is mean-spirited and something that i had not seen from the republican party. >> i'm going to interrupt you. to target gay kids in schools. the bill is about not talking about sexual identity from k through third grade. that is not targeting gay kids. >> absolutely is. it is sending a message to these

kids -- >> with your children, did you talk about sexual identity as kindergartener? you talk about the birds and bees, let alone the birds and birds at that age. stuart: that is interesting, isn't it? joining me now attorney general state of florida ashley moody, back on the program again. attorney general, great to have you with us. >> great to be with you. stuart: are you in florida targeting gay children. >> again i would submit to you that this is disinformation that we routinely see among those on the radical left. it is no surprise that parents around this nation are waking up to what is being taught. let me rephrase, what is being pushed in our educational system. governor desantis and leaders in florida trying the very best that there are parameters protect very young children or information, teaching curriculum that may be inappropriate, too

complex for young minds and this smear campaign against the leaders in florida, that they in any way are targeting or bullying or harming young children is directly opposite of the intention and as a mom of a school age child, i think every mom and father across this nation would want that from their leaders. stuart: i don't know anyone who has a young child, i mean, sir, and under, eight and younger, i don't know any parent who wants gender preference taught or instruction of gender preference to the very young children. i don't know anybody that wants that. i guess what the democrats will do try to extrapolate out. it is not about gender preference for young kids. it is about gays, lgbtq, it is that issue, but it is not, is it? >> that is why i think it is so important that media outlets focus on the facts and what is actually written and proposed

legislation and protections. we want people to be treated fairly and decently. leaders work towards that every single day but we also have responsibilities to live up to offering an educational system that presents educational material at an age appropriate time. stuart: right. >> parents, we feel that gutterly, i'm proud there are shows like yours willing to represent and discuss it. stuart: another issue, you're calling for dhs secretary mayorkas to resign for creating that disinformation board. i don't think he is, he is not going to resign. so can you get rid of this disinformation board without him resigning? >> well, the american people need to step up and demand it. talk about this, this disinformation being pushed throughout our information, secretary mayorkas is a walking fraud. he is supposed to be leading a security agency yet every act,

every decision, has you know mined security of this nation. his actions are propping up transnational criminal organizations. that is from a report within his own agency that i released. we see record number ever drug traffickers, sexual offenders, those on terrorist watch list coming into our country. he has ininstructed that our top law enforcement officials now release those committing crimes that are here illegally back into our communities and under his watch a record two million in one year have flooded into our border and into our nation. he has failed miserably and he is not a law enforcement official as he purports to be. his every decision undermines our security and the american people need to demand that this president wake up, or start pushing back against those radical handlers of yours and start protecting this country. stuart: i am going to leave it right there. madam attorney general, great

pleasure. thanks very much for being with us. >> absolutely. good to be with you. stuart: yes, ma'am. pull walgreen's up on the screen, please. virtually unchanged but i know they settled a big opioid lawsuit with the state of florida. how much do they have to pay? lauren: $683 million. they admitted no wrongdoing but agreed to settle with florida. in total, florida settlements, $3 billion from 12 defendants as they pertain to the opioid crisis. more than 6,000 floridians died because of opioid overdoses that is the last year available from data in 2020. probably higher now. stuart: lauren, thank you. let's head to the border now. small towns texas getting hit hard by human and drug smuggling attempts. nate foy is in texas. what is this about daily car chases? reporter: stuart, we have new videos that we're going to show you momentarily. even before title 42 expires in

two weeks, small communities are seeing an uptick in drug smuggling, human smuggling leading to videos. we have the video from the sheriff's office. the driver of a pickup trucks pull over, i should say pretends to pull over, then after being still for a few seconds, they pull up on to the grass on the side of the highway. the deputy, a single deputy conducting the traffic stop follows. you see migrant, after migrant pouring out of the pickup truck a single deputy overwhelmed. many migrants get away. look at next video. suv crashes into a tree. pretty serious crash. deputies get out of their car. they go towards the right side, passenger side of the suv, perhaps attending to an injured passenger. while all of this is happening. you see migrants running away, even a fair bit of time after the crash, migrants still getting out of the suv.

here is deputy talking about these chases. >> they're pretty bad. they have, we utilize stop sticks as best we can, somebody is getting to the communities where, some of them result in deaths, fatalities. serious injuries. reporter: stuart deputies avoid pulling cars over in town. they do it on the outskirts of town so people are not put in danger. speaking of stop-sticks. they wait for a driver to pass a bridge, the stop-sticks are deployed. the is uv comes to a halt. in this case the migrants are apprehended as deputies get out with the weapons drawn. another issue is property damage. deputies say they see a big uptick in local ranches being destroyed, particularly fences being destroyed as migrants make their way through private property, trying to head in order. send it back to you. stuart: nate, we'll take it.

thanks very much indeed. i'm looking at market. i see losses accelerating a little. the dow is down nearly 500 points now. the nasdaq is down over 3%. it's a selloff. we'll have more on it after this ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity. and helping you plan for future generations.

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stuart: we're close to 500 points down for the dow industrials. off 484 to be precise. that is 1 1/2%. nasdaq significant loss, down better than 3%. that is 371 points. if you add it all up, you have the nasdaq down almost 30% from its all-time high. that is a significant selloff. same with the cryptos, way down this morning. look at them go down. bitcoin is back to 32,700. ethereum back to 2300 bucks. in percentage terms, very sharp drops. going the other way, the price of gasoline. we've got it just one cent shy

of the all-time high for regular. that is 4.33 and rising. for heavens sake, look at diesel. that is a brand new all-time high, national average, 5.54. i'm paying a lot more than that, well over six bucks in the northeast in new jersey. that's inflation. the ev makers, look at them go down all across the board including tesla. listen to this, more than 25% of the ev charging stations in san francisco, they don't work. good morning to you, ashley, what's the problem? reporter: good morning, stu. a new study shows it is all well and good to promote electric vehicles but the current infrastructure, no pun intended is simply not ready. one in four as you say public electric vehicle charging stations in the san francisco bay area do not work. the study conducted by a professor at cal state berkeley shows that the problems varied from unresponsive screens and payment system failures to

network failures to broken connectors, not good. the survey by the way did not include tesla charging stations. those are only usable to drivers who own tesla vehicles. california says it will ban the sale of gas-powered vehicles starting in 2035. so you know what? they have got to get going on this infrastructure otherwise it is going to be a disaster. stu. stuart: is that a prediction or statement? i don't know which. we'll take it, ashley. reporter: bit of both. stuart: long lines forming at costco and sam's club gas stations. because gas is much cheaper there compared to nearby stations. madison alworth at a costco in new jersey. how much cheaper is the gas there, to say just down the street? reporter: stuart, the gas here is about 20 cents cheaper than any of the stations you will find down the street. so the national, excuse me, the new jersey average price of gas right now, 4.4for regular. this gas station selling it for

4.22. you can see why people want to fill up here. normally, member after costco, come to get food and items. you fill up gas. it is smart. people are making a trip specifically for the gas because of those savings. that is coming at a time we see gas prices coming back up. you mentioned, a high right now, the national average 4.33. so close to breaking a record high we saw earlier this year. it is up 13 cents in just a week. other retailers, not just costco cashing in on this. other retailers like walmart trying to entice customers with cheaper gas. recently announcing that their plus members are going to get 10 cents off per gallon at their over 14,000 gas stations around the country. it could be a push someone needs to sign up for their membership when you look at the trajectory of gas prices. >> the possibility that the national retail average price hits five dollars a gallon. that all depends on the ability of the oil markets to come up

with alternative supplies to russian oil. reporter: yeah, you know, and unfortunately now lipow says the u.s. government has not done enough to increase domestic production on the federal land. but what he does say that we are seeing steps in the right direction within the private sector. we are now up up to 700 rigs. that is 60% increase from this time last year. we're moving in the right direction. unfortunately prices continue to move up. lipow expects another five to 10 cents added on just this week. you can see why someone would make a special trip to a costco or a sam's club or maybe a walmart location to save the 10 to 20 extra cents. stuart? stuart: i can't imagine the political reaction to five dollar gas, if it gets there on national average. madison, thank you very much indeed. look at meta, as in meta platform. they're opening their first retail physical storm today. are they selling goggles,

ashley? ashley: they are with the seasick patches. that is a great demonstration, stu varney. it is opening a showroom for vr headset technology where customers will be able to purchase the quest 2 headset and other gadgets. the meta store at the company's campus in burlingame, california. meta investing heavily in the metaverse, adding new features to the hardware devices that serve as access points to the virtual world. the facebook owner says it will start testing tools for selling digital assets, experiences within the virtual reality platform horizons world. that is vr platform launched late last year. consumers are waiting for the next version of the quest 2 vr headset. analysts say are critical to the metaverse plans. only 5% of teens, according to one survey, stu, actually use vr headsets regularly. we talk about it a lot, it is

taking longer than expected to catch on. stuart: i'm not surprised. you can get a little seasick, wearing one of those things so long, any period of time can't be comfortable. ashley, we'll get back to you shortly. next issue, protesters filling the streets outside the homes of conservative supreme court justices. watch this. >> the whole world is watching. the whole world is watching. stuart: joe concha is coming on the show shortly. he said the white house is endorsing this kind of intimidation. joe concha actually is next. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine.

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and your doubt. heat makes it last. so you'll never sit this one out. new icy hot pro with pro-level contrast therapy. rise from pain. stuart: the office of a pro-life group was targeted with a molotov cocktail arson attack. where did this happen, ash? reporter: it happened in madison, wisconsin, where an office of wisconsin family action was damaged by fire. local fire department said a molotov cocktail was thrown inside of the building but it did not ignite. they believe a separate fire was started. the flames were quickly put out. but the outside, as you can see the anti-abortion office, message with abortions aren't safe, then you aren't either. the attack was condemned by

president biden in a statement from the white house said in part, americans have the fundamental right to express themselves under the constitution. whatever their point of view but that expression must be peaceful and free of violence, vandalism or attempts to intimidate the attack now under investigation by the madison police department. stu? stuart: thanks, ash. look at this op-ed. it is in "the hill," the newspaper. white house tacitly endorses intimidation of supreme court justices. joe concha wrote that. he joins me right now. so, the president is saying, he does not endorse intimidation. you're saying he does. >> he is not condemning it either, is he, true. >> or his press secretary for that matter. look what you think about what happened just a couple years ago, stu in virginia at a baseball practice, steve scalise, sever other lawmakers shot, once that happened i would think doesn't matter you're democrat or republican, both

sides of the aisle would condemn these sort of actions. there is a u.s. code can't protest in front of homes of a, in this case a justice because it is intimidation, clearly. so, i would think that we would see more condemnation coming out of the white house. we're not seeing from the president, also last year, krysten sinema, she goes into a bathroom at arizona state, protesters follow her in. they are filming her. she has to go into a stall to hide out. president said, that is part of the process. no it isn't actually. stuart: that didn't work. sinema never changed her opinion on "build back better." i think it had a lot to do with joe manchin, senator joe manchin saying don't do that. knock it off. >> i think that is what is going to happen here as well. these protests do not reflect well on the pro-choice movement. stuart: will that be reflected in the november elections? it is six months to the elections in november. >> yeah. stuart: we've got this stuff going on with the abortion issue, which is an issue for

democrats? >> i've been counting the days until the midterms. i can tell you it is 183 days. there is a little clock comes up on my computer every day. will it have an effect? i don't think this eliminates the big, big issues, inflation you're talking about on the show every day, gas prices, crime, the border, education, where democrats look more like the anti-parent party and pro-teachers union party. not the way you want to be seen. war in ukraine will obviously be going on. all those issues stomp out this one. plus remember, when you asked the question in polling do you oppose abortions after 15 weeks? a majority do. so this isn't like the slam-dunk that democrats got a hail mary on, yeah everybody is pro-choice in this country. actually it is right down the middle. i think it's a wash. i don't think it gives one party or another an advantage. it goes back to the issues we talked about. stuart: joe, for coming into the studio. great to see you one-on-one

face-to-face. >> you're all right, stu. also lauren. that is your copyright. stuart: could be. concha, you are all right, ashley, despite it all. still ahead, missouri's attorney general eric schmidt will join us. kt mcfarland, charles hurt. theologian jonathan morris. putin's victory day speech broke no new ground and the parade itself failed to impress. this is not what he wanted. ukraine clearly got in the way of his victory day. that is my opinion and he is next. usaa is made for the safe pilots. ...

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>> at the end of the day, i think you're going to see voters focusing on the issues that matter, that being inflation. i'm going to vote with my pocket book issues as opposed to these social issues that i think the democrats are betting on. >> americans like the truth. americans are not stupid. americans will return to the hope and resiliency that makes this country great and that's where the fed needs to go. i don't think the fed has a shre d of credibility left at this point. >> i think people are getting sick and tired of joe biden always pointing his finger at someone else for these inflation

problems. we have inflation because of massive trillions of dollars of too much spending. >> what i'm looking at for a bottom is to see that margin debt begin to unwind further, and then we'll probably see a bottom but i don't think we're near that right now. >> ♪ you make me feel, well i feel all right ♪ stuart: that's sixth avenue in manhattan, new york city, it's a monday and a lot of people don't come into the office on monday, they do tuesday, wednesday, thursday but not monday. that's quiet looks so quiet in the middle of the day in midtown manhattan. it is 11:00 eastern, monday may 9 and the sell-off really continues with a vengeance. the dow is now down 500 points that's 1.6%, the nasdaq composite is down 400 points that is 3.3%, and the s&p 500 is down over 102 points that 2.5%.

major league sell-off, all across-the-board. check the 10 year treasury, earlier this morning, the yield hit a 3.5 year high of 320, it's backed off now, 3.09%. big tech all of it, every single one of them sharply sharply lower. when you start quoting stocks in percentage terms you know you have a big loss going on and bitcoin is down to $32,000 per coin, a significant loss there today, and also, in ethererum. quick check of the price of oil, that's down $5 lower, you're all the way back to $104 per barrel. all right, kenny polcari joins us for the market analysis this monday morning. kenny? are we at least close to a bottom, do you think? >> do you know what? it feels like it's getting there , stu. i think it feels like we're getting to that point of capitulation when you see this kind of action that we're starting to see.

now this may not be the very bottom but like i said to you last week when they start throw everything including the kitchen sink out you know you're there, right? and today's action because there wasn't anything so specific to ignite it, suggests to me that we're getting people are getting frustrated and tired and the markets going to reprice and it's probably going to overshoot on the downside but that's the capitulation part. stuart: but you don't expect a sudden massive rebound, do you? i mean, for the past 12 years, if you got a big sell-off you could expect buy that dip and off she goes to go straight up again. you don't think that's going to happen this time? >> well i don't think it's going to happen this time because the situation is never right. the fed isn't standing there like they have been the last dozen years supporting the market keeping rates at zero we're in this environment where the fed is going to move and this whole 50 basis points thing is bologna, it's clearly going to 75 and they don't believe what jay powell said last week

and even if he's true the market thinks that it should be a 75 basis points move and it's going to take valuations to that point stuart: how do you mean? you mean the market is going to do the job of the fed for it if the fed doesn't act with a big rate hike, is that what you're saying? >> exactly. if the fed, the market is telling you that they think inflation is out of control, the fed is behind the 8 ball, and if the fed doesn't get more aggressive the market is going to do that work, it's going to reprice the risk, based on what it views rates should be and where they will ultimately end up going, you and i both know this because we talk about it, right? that the fed has to get in front of the inflation read if they in fact want to tame it. stuart: i don't see a safe haven , so all i'm doing is sitting back and sitting on my hands and just waiting for this thing to pass and then figure out later. >> well, listen, and in this environment, i think you're absolutely right and i'm doing the same. new money that i've put into the account is just sitting there in cash, because when it gets as unsettled and chaotic as this , is exactly when you

should sit back. nothing says that you have to do something every single day and you have to buy or sell something everyday. it says you should actually for a long term investor you should actually take a step back for one minute, let this play out, because look, prices are probably going to get a little bit cheaper so what's the rush? and when they start selling the really big names like the apples and amazons and the microsofts, that's when you know that people are just desperate to raise cash, because their big mega cap names you can raise a lot of money very quickly by hitting the sell button and that's what you see , kind of the end of the capitulation is when they go after everything under the sun. stuart: to capitulate or not to , what's going on, kenny thanks very much for jumping in this morning we always appreciate it. folks you now this. so much was expected of putin's victory day parade, maybe he would threaten to use nukes. maybe he would order up a general mobilization or declare

victory in ukraine, but his speech the center piece of his very big day broke no new ground and the parade itself failed to impress. this is not what putin wanted. ukraine clearly got in the way of his victory day. there was no flyover, no demonstration of air power, the kremlin blamed bad weather, maybe his air force has taken as big a beating as his army. the flyovers were canceled in all cities not just moscow that's pretty significant. there were fewer troops in the parade and no foreign dignitaries in attendance. putin couldn't cover up the mall ing his troops have received. they looked good but they have been suffering. he was trying to turn pride in russia's defeat of germany in world war ii into support for the invasion of ukraine. in his speech he called ukrainian defenders nazis, that's not working. zelenskyy, who is jewish, broadcasts his own ukrainian victory day speech, right after hosting first lady jill biden and canada's prime minister trudeau. he looks strong, putin does not.

one last thing. putin brought elon musk into the story. a russian official accused musk of helping nazi ukrainians with his spacex satellites. musk tweeted, if i die under mysterious circumstances, its been nice knowing you. musk's mom replied "that's not funny." yeah, so true. come in here, charlie hurt. charlie, i thought this parade was underwhelming what say you? >> yeah, no, it really was and step back and think about this. i mean, this is not the way i think vladimir putin intended for this to go. he thought that ukraine was going to be a quick hit. it be behind them, he would have taken over the country, he would have invaded, everything would have been successful, obviously he's met tremendous opposition at every turn. its been a massive failure, it's hurting his country in real ways

but more than anything, it's destroying whatever shred of credibility vladimir putin had on the world stage and of course when we look back at this , a few people, other than international actors, few people other than elon musk will be credited more with helping stand up ukraine against this invasion stuart: yeah, i mean, he's done an awful lot for the ukrainians with his satellite system, and now they are threatening him. i mean, that's pretty crazy, isn't it? threatening the world's richest person, elon musk? come on. >> and you're threatening somebody who all he has done is he's provided communication to ukrainians at a time that they have been invaded, and of course , you know, i get why his mother doesn't think that tweet is funny, and it really isn't funny, but it does kind of reveal the sort of bad boy shoot from the hip guy that elon musk is and quite frankly, that's why a lot of people love the guy.

stuart: yeah, get that satellite system into russia, and let the russians see what their leadership is doing wouldn't that be good? >> radio free europe, exactly. stuart: good. a report of npr claims the supreme court draft on roe vs. wade was leaked by a conservative, just watch this , briefly, please roll it. >> the leading theory is a conservative clerk who was a afraid that one of the conservatives might be persuaded by chief justice roberts to join a much more moderate opinion and then there's another theory that it was an outraged liberal clerk but i think the only one that makes sense is that it came from somebody who was afraid that this majority might not hold. stuart: are you buying that, charlie, that it was leaked by a conservative? >> oh, my goodness. i would like to believe it, because you know, nina totenberg has been a reporter covering the supreme court for a few decades.

few people i think covering the court covered the court longer than her she's a reporter not an opinion person. if she knows something tell us what you know. give us the facts. otherwise, we don't care about your opinion about all of this , and by the way, i think that if you did a poll of most people who are closely-connected to the court about their wild theories about how this leak occurred, she's completely, she's miss reporting that one part of it, and it really is why i think so many people have lost faith in our business, the media, and quite frankly why they should lose faith in the media, because you have people like nina totenberg who parade herself as a legitimate reporter , and then she's actually just sort of a opinion monger casting wild conspiracy theories. stuart: yeah, well said. charlie good stuff, thanks very much for joining us. >> great to see you. stuart: charlie hurt. all right, come on in lauren, please. i want to look at the movers. i see lordstown motors is down to $1.6 a share.

lauren: $90 million quarterly loss reported they need more cash, more funding to get their endurance, electric pick-up on the road. production is a year late now expected to start next quarter, but the thing is they're likely losing money on each one they sell because they are so far behind and the costs for it have gone up. stuart: everything is a mess. how about riot blockchain, what's with them? lauren: yeah, this is part of the crypto sell-off, about 40% of bitcoin owners are now under water on their owning so when you look at riot blockchain it's down 16%, silvergate capital, a bank that accepts crypto, all these are just down sharply. the selling is fierce and it's pretty widespread today. stuart: it is, how about block? the digital payments. lauren: and look just last week they said look we're not seeing a decline in overall spending, their stock price entertainment up 10% at one point, and now, fast forward a few days you have

at least half a dozen brokerages bringing down their price target s. i want to tie in cryptocurrency to block. last week they actually reported lower adjusted profits on weekend demand for bitcoin, so this crypto sell-off, it's not just right now. it's intensifying right now but its been going on for a few weeks. stuart: we've got a sell-off almost entirely across-the-board i can't think of a single sector doing well. all the cryptos same story plenty of red ink. next case surveillance video shows a gunman opening fire in broad daylight in philadelphia. it was an ambush attack, we'll tell you all about it. parents are panicking over baby formula shortage, some stores are now being forced to limit their sales, we have a report. senator lindsey graham says there's no ramp in the ukraine war. roll it. >> somebody's going to win and somebody's going to lose and i hope and pray and do everything in my power to make sure ukraine

wins. stuart: kt mcfarland takes that on, kt is next. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. - i'm norm. - i'm szasz. [norm] and we live in columbia, missouri. we do consulting, but we also write. [szasz] we take care of ourselves constantly; it's important. we walk three to five times a week, a couple miles at a time. - we've both been taking prevagen for a little more than 11 years now.

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♪ stuart: that was bono and the edge performing a surprise concert inside a train station in kyiv, ukraine. they were invited by president zelenskyy as a show of solidarity to the ukrainian people. train stations are still being used as bomb shelters in kyiv. vladimir putin lashes out at the west at the victory day parade, which is a celebration to

commemorate the end of world war ii. jennifer griffin at the pentagon the latest on this , please? reporter: all eyes here at the pentagon were on putin's speech today in red square to mark the victory day, the anniversary of the victory over nazi germany it was not a mission accomplished speech. he did not use it to declare all out war in ukraine or to call up, instead a subdued alternate reality presented by vladimir putin suggesting the war will grind on. >> you're fighting for the home land, for its future , so that no one forgets the lesson of world war ii so that there is no place in the world for execution and nazi s. reporter: of note, despite the perfect blue skies, there was no air component to the parade. the russian state television said the russian war planes did not participate due to bad weather. more likely, it's because most are bogged down in ukraine, some even shot down. of note there was no sign of the

top commander of the russian forces in ukraine. general garasamof, who was reportedly targeted, possibly injured, while visiting the front lines in ukraine last week, so while the russian t-90 battle tanks rolled across red square, the ukrainian armed forces marked victory day in ukraine by releasing drone footage of all of the third generation russian t-90 battle tanks they have destroyed on the battlefield with javelin anti-tank missiles provided by the u.s. , uk and others. meantime the first lady of the united states, jill biden, spent mother's day inside ukraine on a secret visit to meet president zelenskyy's wife and to show solidarity with the ukrainian people. of note at the red square parade today, there were 11,000 cheering russians filled the square, evidence that putin 's control of the propaganda narrative inside russia remains intact, despite new reports that 500,000 ukrainians have been deported to

russia and placed in what are being called filtration camps. in other words, concentration camps. that is how vladimir putin decided to mark victory day, to mark the end of world war ii and the defeat of the nazis. stuart? stuart: terrible. jennifer griffin thank you very much indeed. now, listen to what senator lindsey graham is saying about russia's war on ukraine, roll that tape, please. >> there's no off ramp in this wavelength. somebody's going to win and somebody's going to lose and i hope and pray and do everything in my power to make sure ukraine wins. if putin loses then i think that's a great day for europe, a great day for the united states. if putin is still standing after all this , then the world is going to be a very dark place. stuart: kt mcfarland is with us now definitely our foreign policy expert. kt, no off ramp. does not mean no negotiated peace? do you see this in those terms? >> no, i think it's a big mistake to talk about it in

those terms. you know, off ramp, no negotiated solution, well what does that mean? it means the russians win or the ukrainians win, and let's just talk about the reality. not what we want, but what's possible, and three things are really important here. number one, vladimir putin can go on fighting in ukraine forever, as long as oil and natural gas prices remain high, if he doesn't have to sell them to europe he will sell it to china, and sell it to india. as long as those prices remain high he's got all the money he needs to have a grinding war and the statements he made at the victory day parade, to me, indicate this is his new normal. he's going to keep fighting this for a long time, and then secondly, you know, vladimir putin is popular in russia. the narrative he has, he's spin ning this as a great nobel cause for the russian people, defeating nazis and ukraine, so he's going to have his popular support for a very long time and

then finally, stuart, he thinks he's russia. he's been in power for more than two decades. he thinks he's the personal embodiment of mother russia, so he's out looking for some kind of, he'll retire, he'll be pushed out and a lame duck. if that happens he's a dead duck , so i think all the things that lindsey graham are saying, let's find a negotiated solution and then we buy time to do what lindsey graham wants, which is the russian people to get rid of vladimir putin on their own. stuart: okay, kt, i'm just going to change the subject here because taliban, the taliban rulers in afghanistan, they've ordered all women, you got to cover up, head to toe, all over again and can only leave home when necessary. where is the american women's rights protests when this is going on in afghanistan? where are the protests here? >> well, isn't that a tragedy? and isn't that hypocrisy? because in afghanistan when a woman puts on a berka, she

basically goes under house arrest and when you go to afghanistan, when i went like 15 or so years ago, you would never see a woman on the street. not even covered, they were under house arrest at home and then what happened is that the women got rights, they got educations, they had opportunities, they took the berkas off. i just want to show you this , stuart when i was in afghanistan about a decade or so ago, this handbag was made by an afghan war widow and it's made out of her old berka as she took it off and made a handbag out of it and enterprising enough to sell it. this is what the afghan women are going to have to put on again. that berka, they are going to lose all rights and be under house arrest and one of the many tragedies of afghanistan. stuart: well-said yes indeed it is, kt, thanks very much for being with us always good. we'll see you again soon. >> thank you. stuart: check the markets please , heading a little further south actually the dow is down 576, the nasdaq is down 426, and

the s&p is down 108 points, you're looking at serious losses across-the-board. now show me ford motor company, and rivian. rivian down really big, they are off 17% on reports that ford is going to sell 8 million of its rivian shares, it has 102 million going to sell 8 million, down goes rivian and ford is back to $13 a share. the drug crisis in seattle, so bad that bus drivers are getting sick from secondhand fentanyl smoke. people are lighting up on the buses and nobody is stopping them we've got the story. president biden claims he is a catholic, can he call himself that and support abortion rights our resident theologian jonathan morris takes it on, next. ♪ keeping the faith ♪

do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining stuart: all right, check those markets, please. heading further south, now the dow is off 620, nasdaq is down 434 and the s&p is down 111

points. the biggest movers looks to me, susan, come on in, please. it looks like the big tech they are getting trashed today. >> yeah, especially with the 10 year treasury yield crossing 320 this morning, so far this year we've lost $9 trillion in market cap, that's a lot of cash, fresh one year lows for the s&p 500, as we inch ever closer to bear market territory for the s&p. bear market is down 20% from recent peaks, nasdaq already down by a quarter, you're down 25% and yes, tech is leading the sell-off again today, now uber is a great example of this cash preservation phase that we're in, a seismic shift as they call it, and they are cutting down on spending and the same thing we heard from meta and mark zuckerberg last week. now, cryptos are trading like technology, like a nasdaq eft all of a sudden, highly- correlated we have bitcoin near it's lowest since july 2021 and some are saying we could even get sub-$30,000 for

bitcoin so that's more than 50% down from the highs and also if you look at palontier, here is another great example, down by one-fifth after losing twice as much as anticipated in the first quarter, and they are guiding for a softer springtime, because what they call unforeseen geopolitics, stu, and we're looking at the worst day in two years for this stock. stuart: it's ugly indeed, is it not. all across-the-board, thanks very much, susan see you again later. eddie ghabore is back with us this morning, obvious question is this the capitulation selling you've been talking about? is this it now? >> we're not there yet, stuart. one of these days i'm going to come on with i believe to be really good news but look even as much carnage as there has been and i sound like a broken record, the s&p needs to get down 20-plus percent in our opinion and the vix needs to get into the 40s and we're just not there yet. i don't think the average person actually realizes how much leverage is in this system.

i mean, if you take a step back and look at last year, for example, the government sent checks to millions of people and the stock market and crypto market turned into the wild, wild west and there's a lot of leverage in the system and when you deleverage you start to see things like this happening and this is the beginning of a deleveraging process and it's extremely painful and we haven't seen it in a while and i think that's why it's caught a lot of people off guard and they keep thinking today is the bottom and we think it's going to get worse before it gets better. stuart: where do i go for protection? just leave it in cash, whatever i've got, fresh money coming in, leave it in cash? don't do anything with it, is that what you suggest? >> look, obviously depends on how you're positioned but one thing that i hear that i respect fully disagree is people say if you have cash it won't keep up with inflation. that says cash . there are certain periods of time in history when it is

better to not try to be a hero, and just be patient. what will come from this , for those that are prudent and have protected themselves, is the buying opportunity of a lifetime, but until everyone comes on tv and says all right, you need to get out of the market, you haven't capitulated yet. my guess is based on client feedback, we're still one of the only ones that are continuing to say it's going to go down even further and of course we could be absolutely wrong. i know that and the market will humble you quickly but now, having cash there's nothing wrong with it in our opinion. stuart: i'll try to remember that, eddie. i'll try to conserve the cash. eddie ghabour. you've been right so far and we always appreciate that. thanks for being with us. >> thank you. stuart: president biden says the supreme court has gone overboard in that leaked roe vs. wade draft, but he's sang a different tune back in 2006. roll tape. >> the idea we're going to make a judgment that is going to say that no one can make the

judgment to abort a child based on a decision by the supreme court, i think goes way overboard. >> i do not view abortion as a choice and a right. i think it's always a tragedy. i do not vote for funding for abortion. i voted against partial birth abortion and i vote for no restrictions on a woman's right to be able to have an abortion under roe vs. wade, and so i am, i made everybody angry. stuart: jonathan morris is our resident theologian an and jonathan joins me now. can the president be a good catholic and support abortion rights at the same time? >> yeah, so good catholic is the issue. yes, he is, by definition, a catholic, he was baptized a catholic and he has not left the catholic church for another faith. he still says he's catholic but

all of us have to try then to align our not only our beliefs, but also our actions with the thing that we say that we are. if he says he's catholic it's super clear what the church thinks and teaches about abortion. it is an essential teaching, it will not change, and president biden i think is being spineless by saying i'm personal ly against it but publicly i'm going to be the most radical abortion agenda policy president in the history of the united states of america. it's spineless. stuart: will catholic bishops continue to provide the sacrament, communion, with politicians who want to restore abortion rights? >> yeah, i think basically, the bishops whether it's a good decision or a bad decision, i don't really know, has decided we're not going to get into using the distribution of communion as a way to teach, or as a way to come down on

politicians. we're going to talk to them personally, privately. i think it's a bad decision by the bishops, because actually, church law and canon law require s that the administrator of communion not allow that communion or that person to provide public scandal and that's what i think president biden is doing. he goes to communion and says i'm in communion with the church , i'm receiving the body of christ, and then i'm going to go to my office and write policy that goes against the church. stuart: okay, and you think the president a little spineless at this point. okay. >> yeah, i think it's just an illogical argument to say i'm personally against something but i'm publicly, i'm going to do exactly what i'm against in my personal life. stuart: i understand, it is a contradiction, very difficult. jonathan morris, theologian, great to have you with us, sir thank you very much. >> thank you very much. stuart: let's get to this

nationwide baby formula shortage. it's actually getting worse. lydia hu at a cvs in new york city. is that particular location, where you are now, is that limiting purchases of baby formula? reporter: yeah, stuart, it is. each customer here is limited only three baby formula purchases per transaction. you know, this shortage started during the pandemic with supply chain issues, but it's getting worse now that abbott nutrition has issued a voluntary recall for three of its formula products back in february. that happened after four infants were hospitalized and another two died and it's possibly in connection to consuming some of its formula products. now the most recent data shows that the national out of stock average for baby formula jumped to 40%, just three weeks ago, stuart. only certain states show baby formula with 40-50% out of stock

but now that's risen to 26 states. some states harder hit than others like iowa, south dakota, north dakota, missouri, texas and tennessee. as you mentioned retailers in response are limiting purchases for customers. cvs and walgreens confirming to fox news that they are limiting customers to three products per- purchase, but some experts say that this rationing is going to encourage hording and bulk buying. >> unfortunately, the ability to be able to forecast whose going to come into your store, whose going to stockpile is extraordinarily hard. reporter: and now, some reseller s on sites like ebay are taking advantage of the situation. they are reselling formula products that usually cost between 20 to $30 for prices that we're seeing into the hundreds of dollars, but now , the infant nutrition council of america, it is saying in a statement that, "formula

companies are committed to ensuring continued availability of infant formulas for every baby" but stuart i have to say it doesn't seem like that assurance is providing any relief to parents that are desperate for formula just yet. stuart: and desperate they are, lydia hu thank you very much indeed see you again later. look at this. let's talk about crime. thieves ran sack an eye glass store in virginia. roll tape. >> the cops are on the way, man the cops are on the way. stuart: clearly, the crime wave is still with us, and we're going to get into it. jason rants will join us on the dangers of secondhand fentanyl smoke. believe it is nor it is a big problem in seattle. he is next. ♪

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stuart: news flash, the dow just hit a new low for the year, we're back to 32, 300 down 515 points, nasdaq is down nearly 400 again, and the s&p is down about 100 points. okay? sell-off all across-the-board. what do we got on tesla? first of all show me the stock it's down nearly 6%, the story? lauren: there's a lot of news affecting tesla today including what we're seeing from rivian and lordstown motors and the ev space but adam jonas, a very prominent tesla analyst at morgan stanley, he says tesla is a decade away from achieving full self-driving, so achieving autonomy at-scale. stuart: that's a long way away. lauren: a lot longer than elon musk makes you think so that's why adam is saying it was down 6 % now closer to 8% moments ago. stuart: ouch, got that on tesla, thanks, some bus drivers in seattle are getting sick from

secondhand fentanyl fumes because addicks are smoking on the bus. jason rantz, our seattle guy, he joins me now. jason, you went out, you saw this and photographed this. is nobody stopping these guys lighting up on the bus? >> no one is stopping it. every once in a while you'll get a bees driver who will intervene but they are told not to. the problem has gotten worse over the last couple years because unfortunately our bus management believes that law enforcement is racist and that we would not be doing fair enforcement any more so as a result you've got a whole bunch of homeless drug addicts who have basically taken over our buses as well as light rail and just doing whatever it is they want to do. it used to be marijuana now it's clearly a combination of either fentanyl or heroin, we're lean ing more into the fentanyl because the supply is so out of control and they are casually smoking fentanyl on the bus as i witnessed quite a few times or at the bus stops, so wherever it is you turn, this behavior is

happening and unfortunately, it's costing people their lives while in addition, obviously, both a nuisance and potential danger for the people who are on the bus. stuart: it's just an endless series of crazy stories coming out of seattle, and this is another one, but what gets to me , jason is it never seems to change. you could always just keep coming up with these horror stories one after the another. >> it's going to get worse. let's be clear it's going to get worse. right now there's an initiative collecting signatures and apparently the polling suggests that it's going to get to the place where it gets in front of voters to legalize drugs in washington state. so we're going to see a lot more of this if that initiative actually passes. stuart: but what kind of drugs? >> all drug, all personal possession of drugs be legalized or criminalized. what they are saying is rather than put someone in jail we'll put someone in treatment except none of the dollars actually go towards treatment in an effective way and how do we know this? we look at oregon which is

already passed virtually the exact same initiative although they have a civil penalty, less than 1% of the people who have gotten a civil infraction or possession of whatever substance they are involved in, go to treatment. less than 1% i think it's like .85%. that's a total failure. stuart: yeah, the craziness just seems to me, the craziness just rolls on. jason rantz, thank you very much for being our seattle by reporting on this we always appreciate it. come see us again. >> thanks, stuart. stuart: violent crime rocks major cities over the weekend. ashley's got the full list, a full tally start with philadelphia. what's happening? do we have a connection to ashley? he froze. the screen just kind of frozen. so i'll bypass ashley for just a moment and show you what's going on in the market. carnage, the dow is down 500 points, and you've got about 24 of the dow 30 in the red.

that's the new low for the year for the dow. it dropped below 33,000 and it's now 32, 393. the sense of the market shows you left-hand side of the screen , there's plenty of selling going on right there. can you show me any other stuff that's going down? how about the cryptos? can you just put the cryptos up on the screen because there's carnage there as well. we're down to 32000 bucks on the bitcoin, last quote was 32, 800 yeah, bitcoin is 32, 200 now , ethererum 2,300 litecoin is 84 and change. man, it is a sell-off. more "varney", after this. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like...

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stuart: i want to show you the inflation that you are see ing and feeling every single day, then maybe we can understand why the stock market is selling off. the price of gas, national average is now 4.33. that ties the all-time record high for gas prices in america. now look at this. the price of diesel averaging 5.54, its never been higher than that, ever. that's a record high and obviously, adds to inflation all over the place, and that's one of the reasons inflation, one of the reasons why the dow industrial average is down 500

points, well 464, and why the nasdaq is down 370, why there is a sell-off in stocks. i just want to look at peloton real fast and there's a stock that's just been beaten up, and it's down another 7% today to $ 14 a share. what's going on? lauren: they have a new, they are trying to rebrand themselves they have a new campaign, a first-ever tag line called " motivation that moves you" and i'll focus on the instructor that you will buy a peloton bike and pay to take that class through a subscription because you like the teacher and the instructor. motivation that moves you. tag line. investors aren't buying it, in fact, credit suisse cut their price target today on the stock as a result. it's down 7.25% today, peloton is down 81% in the past 52 weeks , so the pandemic economy has faded. stuart: it sure has, all right, thanks very much, there's peloton for you. the attorneys general of missouri and la are suing the administration.

they claim the white house colluded with big tech to censor speech on a number of issues including covid, and of course hunter biden. the attorney general of missouri , eric schmidtt joins me now. your honor, on what grounds are you suing? >> well listen, the government can't violate the first amendment by suppressing speech and government can't outsource that to the big tech and that's what we're a edge hadding in this lawsuit taking on two of the biggest most corrupt institution, big government and big tech and the way they do it, a couple different ways. first, they holdover these special protections that big tech has principally section 230 which makes them immune from typical liability because they aren't considered a publisher so they hold that over the left does unless they sensor more. the second way they do it is the direct collusion that we see now, jen psaki in press conferences has told us, with her own words, that they're working directly with facebook to flag "disinformation" this

has played itself out in a number of fronts whether it was the laptop from hell, election integrity issues, certainly during covid with the origins of covid and then with the efficacy , so those are just a few examples but in this lawsuit we're essentially alleging they are violating the first amendment doing it with their big tech partners and it needs to stop. stuart: it's not so much a question of you winning the lawsuit. it's a question of filing the lawsuit, following it through, and exposing what you claim the administration of big tech is doing. this is exposure kind of thing, isn't it? >> well we're intent on winning too, but to your point, they're terrified in discovery that would happen so we move forward with this , we get to ask because it takes depositions, ask for e-mails and documents related to how are you could lewding with these big tech partners, and we already know, for example, dr. fauci working with facebook on what he considered to be disinformation. by the way, yesterday's disinformation often becomes the

facts, right? and we know this , but right now , we see from the left is on all out effort to label everything they don't agree with or it is a threat of misinformation or disinformation has to stop but this lawsuit is unique. it's a landmark lawsuit in the sense that we're alleging that they are outsourcing this , you know, illegal censorship. they aren't able to do this but they are doing it by another means and that began while we filed a lawsuit. stuart: i'm dying to see the discovery process and that's a fact. mr. attorney general, eric schmi tt, thanks for joining us. >> good to be with you again. stuart: yes, sir. well look at that it is now 11: 55 eastern time, on this monday morning, and you know what that means? it is the trivia question. which year was the first mother 's day? 1862, 1889, 1908, 1931? don't google it, folks, the right answer will be on your screen after this.

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>> 1908. stuart: lauren. 1931. i know it is wrong. stuart: i go with 1889. 1908. a woman named anna jarvis held the first mother's day celebration in west virginia. it wasn't until 1914, president wilson designating sectioned of may, as not mothering sunday. dave asman in for neil cavuto. david: i'm david asman in for neil cavuto. we'll look at the latest from elon musk and twitter. why he second. out that cryptic tweet about