biotech is at that peak closer to bottom in biotech than anywhere else. >> thomas final word. >> i would say i see some of these stories coming down we have a long road ahead, i don't know -- >> amen echoe that we've got a lot of pain. >> great panel conversation thanks have a good day maria: i'm sorry, i had to say have a good day but it's hard after the news. stuart: you are all right as far as i'm concerned. it's a big deal to me. good morning, maria, and good morning, everyone. all right, folks, this is it. the big number, inflation report. consumer prices were 8.3% above april 2021. that represents a very slight decline in the year on year rate but it remains extremely high.

elevated as they say. strip out food and energy and it's 6.2% reading. inflation is spreading out of the volatile food and energy sectors. now before that report was released, stocks were solidly in the green up 2 or 300 points nor the dow. half hour to digest the numbers and look where we are now. dow will be down 200 points. s&p maybe down 40 and the nasdaq down 20 points as well. there's disappointment that we did not see what the economists say peak inflation. above 3%. 3.07. that's not going down well on the nasdaq. and inflation-related item for you, new high of gasoline 4.41 national average and diesel holding at its high of 5.55 no matter what the president says, he does not have a viable plan

to beat this inflation. i'm going to show you bitcoin. it's down today right at -- it actually dropped below $30,000. there's big news in crypto, stable coin is supposed to keep even with one u.s. dollar but overnight it dropped as low as 31 cents. that's a very big problem. stable coin issuer terra tanking and so is coin base. there's shivers throughout crypto land this morning. coin base is down 24%. i'm telling you shivers in crypto land today. elon musk says donald trump may return to twitter if he wishes. musk says the decision to ban him for life was morally wrong, permanent bans he says should be extremely rare. in the past trump said he would stay on his own network truth social. trump's influence on republican candidates, however, trump's candidate for governor in

nebraska charles, he lost by 3 points. he had been accused of groping women. we will be concentrating on the turnout. other primaries show a big surge in republican voting. prince charles and prince williams, the queen has not been since in public since march 29th and real concerns about her taking part in great platinum jubilee. wednesday may 11th, 2020, varney & company is about to begin. ♪ ♪ ♪ stuart: that's just what i needed, i don't think so. look, there's no question about

it, folks. inflation is the story of the day. this is what we don't need. it's the start of the year so far frankly because it's had a big influence on the economy and the markets. now as we reported top of the show, consumer prices in april up 8.3% in the past year. lauren, what else does that report tell us? lauren: there's one number that stock out to me 0.6%, core month to month number. when you strip out food and energy, inflation rose double the rate of march and much more than we had thought. the headline month to month number is 0.3%. you can touts that but i think it's completely because gas prices went down last month and now they are back up at record 4.40, they will go up heading into summer. stuart: most analysts don't think we are in peak inflation, not quite there. shah galani. the market is way down because inflation does not look like

it's peaked, do you agree with that statement? >> yes. this is a 500-point swing in the dow, stuart. pretty scary. i think not unexpected. the idea of hope that we have seen peak inflation is behind us now and lauren pointed out with energy prices down bringing the monthly number down for headline cpi, we now know that energy prices are going up. gasoline is hitting new highs, the number is higher as far as the component next time around. i don't think we have seen near peak inflation but we may have seen peak earnings for companies that can't pass along higher prices. i think investors are worried about that alongside higher interest rates. stuart: president biden to me doesn't have a plan to combat inflation, not a plan that will work, that's an opinion of mine. where is the bottom of the stock market, are we there yet? >> i don't think we are there yet, stuart. i believe the bottom will come

when the fed overreaches and interest rates spike too high, too fast and they are going to call an end to price -- their hikes and end to the key that they haven't started. the fed cannot possibly sell off assets into a market that isn't receptive for it. they are going the raise rates on their own as far as the market is concerned. at some point the credit market and the stock market are going to revolt and when we see that, that's going to be the bottom and i think it's probably going to come fairly quickly i would say within a couple of months and then great opportunity for investors to buy that dip. stuart: okay, you are not buying just yet. you were the king of buying dip but not buying this period? >> we are putting our toes in the water for sure because there's so many great companies on sale but we are buying with a caveat that we are -- we know we are probably going to average down and buy more. we are not taking full

commitment positions now but we are starting to buy some greats that we love that are on great sale already and will get cheaper and i think hopefully trying and catch some near the bottom and be ready for the bounce. stuart: got it, shah gilani see you soon. president biden refusing to take responsibility. watch this. >> i think our policies help, not hurt. the plan forward but congressional republicans to raise taxes on working families, lower the income of american workers. i never expected the ultra maga republicans who seem to control the republican party now to have been able to control the republican party. stuart: todd pirro with us this

morning. todd, the president attacked republicans, he didn't offer an economic plan for inflation. he gave a campaign to me. that's the way it seemed to me. >> 100%. he knew that a disaster report was coming out. tried to get out of it not in plan of action but attack against republicans, attack what the left loves to use labels, ultra maga, what does that do, the left loves to use label, they like to label everything because they don't have no argument and two they ties it to trump which the left thinks is the only chance of salvaging something this november. what else did the president do? he attacked republicans for wanting to raise your taxes florida senator rick scott has a random plan that has no weight whatsoever but he's trying to tie republicans to that plan. republicans have no plan for inflation, let me tell you something, you watch my show every morning you can come with a list of republicans that come on our show with a plan specifically there's no plan for

gas. really? i got one plan for you, joe. open pipeline. that's all the plan that you need. stuart: you know that's not going to happen. >> not going to happen. stuart: gas prices went up again 3 cents higher to new high of 4.40 per gallon. that's 4.40 a gallon. memorial day weekend, a couple weeks away, that's when we all start driving, that's when prices go up some more. this inflation ain't going away. >> that's why it's great that you asked the question to your previous guest. the stock market look at those numbers they're not thinking this is going away any time soon. so you have this and then if you want to feed your baby, you have that concern as well. i mean, all of this stuff is compounding. there's no way the president can sit there and say, oh, this is republican's fault. the american voters sees through that. they know it's happening. they blame president biden and there's no reason they shouldn't. this is 100% his fault. stuart: got it, thank you very much, todd. we found it, we got the elon musk headline of the day.

he says he would let trump back on twitter. okay. said that. take us through the whole story. lauren: i think the world's richest man is proving to be man of the people. listen here. >> it was not correct to ban donald trump. i think that was a mistake because it alienated a large part of the country and this is the point that i'm trying to make which is perhaps not getting across, is that -- is that banning trump from twitter didn't end trump's voice. it will amplify it among the right and this is why it's morally wrong and flat-out stupid. lauren: man of the people with common sense. twitter founder jack dorsey agrees, it was a business decision, it shouldn't have been and we should always revisit our decisions and evolve as necessary. he goes onto say permanent bans of individuals are directionally

wrong and then he said it didn't work. it didn't because donald trump still gets his message out on tv, endorsing candidates now in the local races. and i'd argue because during the trump presidency i felt like he was our assignment desk for reporters. he tweeted something, what is he talking about and that would carry the conversation for the day. that was distraction. we don't have that anymore so the american people see what's actually happened -- happening the biden presidency and i think that helps trump. stuart: i hope he goes back on twitter. lauren: you do? stuart: yeah i would love to. lauren: you think he does? stuart: time will well. let's get serious to the cryptos the so-called stable coin meant to stay at consistent value of 1 u.s. dollar, however, overnight it break the link dropping as law as 31 cents.

can you explain to me, lauren, why this is sending so many shivers down the crypto market and why coin base is tanking. >> because there are worries about the coins about the exchanges. let's talk about coin base, u.s. largest exchange lost users and added risk factor to their service during earnings clause so in an event of a bankruptcy, you might lose crypto. that's very scary at a moment when 40% of bitcoin holders are under water. you that. then you have the stable coin which is called terra usd or ust. it's pegged to the $and backed by other crypt's. it lost its dollar peg. you noted it fell 31 cents. it shows that that particular model doesn't work and also show it is cyclical issue of confidence in crypto. what we are seeing is similar to a loan on a bank. i don't want to use such strong

language but that's what it almost feels like. can crypto currency weather an economic downturn which we are in? stuart: bitcoin back to 29.03 at the moment. that's down. ethereum back to 2,185 and light count down as well. shivers throughout crypto land today. all stuff going on. check futures, please. overall 140 for the nasdaq, coming up democrats see no problem with protesting outside the homes of supreme court justices or at churches. watch this. >> you think that these protestors should be outside of supreme court justices homes and interrupt churches? >> i get interrupted and protest all of the time and welcome it many ways. >> protestors should be able to get right in people's faces. stuart: he's going the take that on for us. the trump endorsement hitting a road block in nebraska last night. is the former president still a republican king maker? i will ask a veteran republican

strategist after this.

stuart: it is a good day sunshine. they have the beatles at 9:18 eastern time. you're looking at charleston, west virginia, high of 85 degrees today. former president trump's influence was put to the test in yesterday's primary challenges. lauren, how did the picks do? lauren: home run in west virginia, alex won by 19 points.

>> it's a big message. people want conservative agenda. donald trump did that as president. he made it clear. biden is out of control and voters are rejecting that in huge numbers. lauren: here is nebraska. the governor's primary, trump's pick lost to jim, herbter faced misconduct allegations. 25 of the candidates he's backed have won primaries so far. stuart: are you comfortable with, i mean, nebraska did not go trump's way, the other election in west virginia, did

go his way. >> i am comfortable. the president's endorsement matters except when it doesn't. what i mean by that is flawed candidates and candidates who run bad campaigns aren't going to win. and the endorsement gives you a platform to go talk about an agenda that you want to put before primary voters if you follow the model that the president laid out which is we keep taxes low and we bring more of our healthcare services and products back to the united states to be produced, you have an energy policy that includes all across the board energy which helps keep prices and inflation down, then you're going to win. stuart: do the voters like trump's policy or do they like his brash style? don't say both because i think there's a split here. >> well, it is both, though. there are people who voted for the president because they liked his policies and maybe not his style and there are those particular republican voters who liked his style that said we've

had enough of this progressive agenda. it's whatever they feel like on any given day versus sound economic policies that list all votes. stuart: let's move onto pennsylvania. three-way race. we have fox poll in terms of voter preferences. at the top of the liz is dr. oz with 22%, david mccormick second with 20% and trumps backs oz, it's a close race, is trump's endorsement to put him over the top in pennsylvania? >> it could very well be enough to put him over the top. particularly when you take dr. oz's celebrity going into it. republicans want a winner going into this fall. all that said, stuart, if the democrats nominate lieutenant governor federman, extreme progressive in a state in philadelphia with but-collar workers that would leave easily them, it don't matter who we nominate. just like in ohio last week,

great for jd vance but any nominees will beat tim ryan. stuart: what about the gubernatorial race in georgia. >> governor kemp. >> he couldn't beat jon ossof. you've looking good so far you think? >> so far so good. stuart: would abortion debate be part of the primaries -- midterms? >> it's a group that we are losing badly with. we have to talk about other issues that will help bring them in and show that we are for values that they care about and

issues that they care about. all of that said, part of it's wishful thinking on the democratic party they try to push to go and biden's policies are the reason that it's where we are. stuart: more enthusiasm in the republicans. you're looking and feeling good i'm sure. >> i am. stuart: check futures again, please following the 8.3% inflation rate. we have a little red on the screen especially the nasdaq going down about 101. 100. we will take you to wall street for the opening bell next. ♪ ♪ ♪

stuart: all right, the man that you're about to see, the market analyst has been on the show every day of the week thus far because he's been right about the market and its direction. eddy gabor is with us again. all right, eddy, you saw the

number 8.3% inflation in the past year. to me that means the fed has to keep on raising rates. my question is, what happens to the market when they do keep on raising rates? >> look, stuart, after today's number my biggest fear is that they will follow through with 50 basis point hikes over the next two months for a total of 100 basis points. if they do that -- first of all, they are grossly miscalculating the economy believing it can handle that. if they do that i have strong conviction that we will be looking at s&p down 30%, some of the darlings of last year that are down 60, 70, 80% are going to go to zero and the only thing left to sell because of the liquidity crunch that that's going the cause are going to be the large cap stocks because that will be the only thing really left that hasn't had a huge direction and i know that's not a bloomy outlook but that's the reality of what we are facing. this economy and the numbers are

deteriorating even faster and worse than what we have laid out to your viewers and clients and it's extremely dangerous right now and i'm fearful what the fed is going to do to this market. stuart: we open the market in 90 seconds. we will go there when it opens. i want to get this end. do you see the cryptos as a danger to the stock market? >> 100%, stuart. when i look at the leverage that's in the market, the area that has the most amount of leverage is crypto, okay. and the news this morning of stable coin breaking the buck, it's extremely alarming, imagine if everyone today tries to get their money from there, what's going to happen? my concern it's going to create panic that will spill into the broader market and as we know panic is not good. if the fed does do the rate hikes, crypto has the highest volatility of all asset classes, you can see it get cut half from here. stuart: we will end it there with the statement that you could see it, bitcoin get cut in

half from here. okay. you've warned us all along. i hope that you're wrong now. we will see you next week. the opening bell, they are about to start ringing it. they are clapping and cheering. not a lot probably but the nasdaq in particular will be down because the yield on the ten-year is well above 3%. that's a little technical. you're about to see red. here we go. right from the start we are down a few points for the dow industrials and it's an even split. winners and losers amongst the dow 30. no clear trend for the dow at this point however, look at the s&p 500. it is down almost .2%. there it is, dropping below the 4,000 level. i want to see the nasdaq. i believe it's sharply lower and -- well, not that bad. it's down .77%. i presume that big tech will be down this morning. yes, it is. all of them in the red this

morning. you have to go back to the yield on the ten-year treasury, well above 3%. when that happens big tech goes down. there you have, the yield is 3.02%. we need somebody to take the big picture and have a look at the big picture and susan li is going to do it. all right, what do you have to say, susan? susan: i looked at the stock market reaction after. it's still hat, inflation data. maybe less than 8 and a half percent which is what we saw in march 40-year high. i looked at the money market rates and looks like u.s. interest rate expectations are that they are still pricing in, wall street is pricing in a 7-day basis point hike possibly, basis points plus next month and you've heard jarome powell, stu, they are not thinking about it, wall street says we don't believe you and that's feeding into the mentality of the markets right now and you know

that recessions are more psychological than actual because it's really the mentality and the spending habits that lead the economy, right? stuart: all right, we are down -- no, we are up 80 points on the dow in the first minute and a half of business. toyota down 2.7, well, they reported a big drop in profits, didn't they? susan: well, it was still record profits, guidance wasn't great. you know, toyota is still the world's largest car makers by sales at least and they are predicting costs will cut, compared to tesla which shipped 300,000 and that might give you indication as to why tesla is worth a trillion dollars and worth more than all the other car makers combined. toyota for its part say they expect to ship 10 million cars this year compared to tesla it's going to ship 1 and a half

million. that's roughly 10% of what toyota ships but you heard musk yesterday talking about possibly aiming for a lot more production in if future. he says the locks in shanghai are being lifted quickly. he expects china to account 35% of long-term production and expects to sell 20 million cars. this is an aspiration, not a target, by the year 2030, that sounds pretty bullish. stuart: a fine aspiration, that's for sure. disney struggling $108 a share. they report after the bell today. what are you looking for? susan: well, they're limping into the earnings. look at the stock reaction. disney plus subscribers key. analysts 5 million plus in the first three months of this year and that global subscribers closer to 140 million. anything positive would be better than what we saw for

netflix, lots of subscribers for the first time in 11 years. abc, espn, the weakest quarters in their entire business year to start off 2022. obviously any commentary on florida revoking the special status will be interesting as well for the market. stuart: sure will. unity software, i believe they make video games and if you put them on the screen they are down 35%, what happened? susan: two big video game companies unity software helps publishers make games with their software and sales were light and guidance weak and the pandemic boom seems to be waning for everybody and the road block, kid's video maker, expected sales falling short. here is the really sticky part is that they expect losses to continue for the foreseeable future. they say costs are up and tailwind is fading. daily actives were pretty good, 45 million or so, two-thirds under the age of 12 but also

shows you that games as you know games is a bigger business than music and movies combined but that's pandemic boom is fading. stuart: got it. susan, fast-food names reporting before the bell today. i know wendys came out and they are down 9%. start with that and what's wrong? >> falling short. you're not buying enough of the jalapeño cheeseburgers. higher costs they say. it's not surprising. you'll be hearing this over and over again from ceos throughout the year talking about inflation and higher labor costs and that's cutting down on profit margins and here is what i found surprising, krispy kreme, the donut maker actually did better, they made more sales and money apparently international markets were strong for krispy kreme doughnuts. we might be health conscious here in america but offshore people still like sugary delights. stuart: i think krispy kreme do

drive-thrus. coin base -- coin base is down 71% for the year. i know they reported. they have a revenue problem? >> i think they have a profit problem. they have a business problem. they reported a surprise loss in the first quarter of this year for the largest listed crypted exchange here in america. sales came in light. user transactions dropped by a fifth and there's less interest as you can imagine to trade when crypto prices are going down. earnings were already bad but they got even worse when the founder ceo brian armstrong tweeted that there's no risk of bankruptcy for the economy and the company. so wall street was thinking, wait a second, was there a risk for bankruptcy? nobody was thinking it until he mentioned it. stuart: right. susan: they felt they needed to reassure investors because of possible fcc rules and

guidelines. coin base has $6 billion in cash. they are not going bankrupt tomorrow but when you throw that kind of idea in the markets that really does have people thinking. stuart: bitcoin is now $29,400. susan: i was listening to eddy gabohr. i don't think there's necessarily systematic risk or -- it is a bank run right now but i think it's contained because it's smaller than other stable coins out there like tether and the like. stuart: i think so. susan, thanks very much, we will see you again later in the show. look at the dow winners headed by chevron, oil companies are doing very well recently of the look at s&p 500 winners headed by electronic arts, duke realty is there as well and the nasdaq top of the winners list is

electronic arts, again, they are doing well. now, better take a look at this, the mayor of chicago claims the supreme court is coming for the lgbtq plus community. she says it's, quote, a call to arms moment. excuse me, a call to arms in chicago, i don't think so. it's a good time to be in the collectibles business. this batman comic could go for over 2 and a half million dollars at auction. we will have it live on the set along with the auctioneer later in the show. message for america's ceo. focus on making money, not politics. my next guest started the fund, it's already got big-time backers like peter thiel. next.

♪ ♪ ♪ ♪ stuart: san francisco, high of 60 degrees this wednesday in mid may. elon musk says twitter's ban of trump was wrong. roll tape. >> it was not correct to ban donald trump. i think that was a mistake because it alienated a lot part of the country and did not ultimate result in donald trump not having a voice. i guess the answer is i would reverse the permanent ban. stuart: he would reverse it. good to have you back again. do you think trump should go back on twitter and ditch his own social network? >> i don't know that he should ditch his own social network. i would like to see him and

every elected official by the way engaging on twitter because i think more free speech and public debate in public square is a good thing. to answer your question, stuart, i'd say yes. stuart: why do you think he said his initial ban for life was morally wrong? can you explain that to me? >> absolutely. i think it's about giving the voice back to the everyday citizen. it's not even about donald trump. it is about a country and the movement and a group of everyday citizens who had their voice represented by one of the elected leaders they put in office. it happened to be the highest leader in elected office in all of the land. but i think that in a democratic society part of what it means to live in a democracy is to have an equal voice in that democracy and when you take important public squares like twitter, like modern social media companies and tell half of the population and that democracy that their voice can't be represented, i don't think that's insult to any politician or donald trump, it's an affront to every one of those citizens. i think that's why he calls it a

moral wrong. i think that's why it's good for the country to put the debate back in the public square, whether or not you agree with it, that's beside the point. stuart: yeah, i know you have a new company which is going the launch funds. you've already got backing from peter tile and bill ackman as i understand you will tell ceo's to stay out of politics. are you going to become an active shareholder? >> the issue we are fixing here i see a fiduciary breach committed by largest asset managers in the world. blackrock, they manage 20 plus trillion dollars more than gdp of the united states by the way. they are using the funds of their clients, everyday citizens of this country to voice policies onto corporate america that most of their own clients actually disagree with.

i think that's a fiduciary problem. that's what we are fixing by representing a different voice in corporate board rooms instead, telling companies to focus exclusively on delivering excellent products and services to their customers rather than political agenda. stuart: who do you say the big three, blackrock, who else was there? >> blackrock, vanguard and state street, the three largest asset managers, block rock is the biggest. >> they are your targets? >> absolutely. we will compete with them head on. one of the things that i talked a lot, stuart, there's antitrust problem. part of the problem and the arizona state attorney general is investigating this according to recent piece that he wrote, if you got the ceo's of the mayor oil companies in a room and they decide today cut gas production and gas prices spiked as a result, that would be an obvious price fixing scandal. but now the top owners of the

firms are guiding them to do the same thing we celebrate the narrative under the esg. the best solution isn't state action or government action, it's competition through the market itself and so we are going -- jokingly say help them fix theabout trust problem, that's the good news for them. the bad news is by taking market share, that's certainly our business plan. stuart: thanks for being here. thanks so much, sir. >> thank you. stuart: senator introducing legislation to take on disney. what does the senator want? lauren: he wants to strip disney of copyright protections granted by congress and upshot disney could lose copyrights to original design of mickey mouse. it would lose commercial control of iconic character. not only cap but also retroactive. the latest bout between the gop, congress and woke business. stuart: i just wonder howdies any feels in journey in woke

land. lauren: i don't think we will know for sure. silence is golden, maybe that's the message. you do entertainment, don't do anything else. stuart: $108 a share and reports after the bell this afternoon. congresswoman michelle steel, republican from california, she's trying to end racial discrimination in college admissions. parents sounding the alarm of baby formula shortage. what can they do i will ask dr. marc siegel who joins us after this. ♪ ♪ ♪

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decided that we have seen peak inflation at 8.3% because we have a complete turnaround on the market. dow is up 250, nasdaq is up 100 and bitcoin has recovered. now back to 31,000 bucks per coin. so quite a turnaround in the last 22 minutes. bill gates has tested positive for covid. he says his symptoms are mild and he will isolate until he is healthy. there is a nationwide shortage of baby formula.

getting worse. 43% of stores which sell it are out of stock. dr. marc siegel joins us now. doctor, what's a parent to do? you might not be able to nurse, you can't find supplies at the local store, what's the alternative to formula? doctor: well, this is a big problem, stuart. even though cdc says 85% of women breastfeed the fact that 42% need formula. this time the government is not doing enough. before they are doing too much. the usda has a program called wic, women, infants and children which is responsible for over 60% of the formula around the country. we need to ramp up federal involvement here and get the formula made. there's only 3 main manufacturers, stuart, abbott, johnson and gerber and obviously abbott is in big trouble here because they had to have the recalls back in february which led to the problem. we need the government to get the formula out there.

we can't tell parents, you know, extended longer or water it down or use something on the internet. that's extremely dangerous. we need this to be careful, we need it to be safe, we need it not to be contaminated and it's for many infants all they have to sustain themselves. the solution here is actually the usda and fda stepping up to the plate and getting this done. public-private partnership, remember that? stuart: we remember that from way back when. i'm interested in this. there's a weight loss drug by eli lily, trial of 72 weeks, those given highest dosage lost 73 pounds. sounds too good to be true, doctor. doctor: i love this, stuart. lily makes this drug, here is what it does. it works on gut hormones, increases the amount of insulin you make and decreases the

amount of glucagone that you make, decrease it is sugar that you have and as you said decreases weight on average over 50 pounds and 2500 people studied. that's 22% of body weight in a lot of people and this actually mimics what you get from bariatric surgery without the surgery. huge game-changer the drug, i'm waiting to see the approval process. i expect it to be approved fairly soon. i think this will absolutely be a game-changer, i will be prescribing it. stuart: do you happen to know if it's in pill form or injection or regular pill, what is it? doctor: no, it's in pill form. but it's something that's going to have to be figured out how often you have to take it and it is something that will be easy to use, absolutely. stuart: and you think might be on the market prescribable by you and others doctors like you within six months doctor: i believe within six months you will see this, absolutely. and there's a drug already on

the market like it called novanordax makes by the way but it's not as good. i think this one is better because it hits two different hormones, this will be taking over the market and i think it'll be out in six months. stuart: best news we've had all day, dr. marc siegel, thank you very much for joining us. i want to hear about this. still ahead, nigel firage and liz peek at the 10:00 o'clock hour. that's. ♪ ♪ ♪ throughout history i've observed markets shaped by the intentional

and unforeseeable. for investors who can navigate this landscape, .. for rich returns.

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the place today, as high as $3.07, now at $3.01, that is giving some help to big tech as the rate came down from $3.07 to $3 in one set. apple but is the only winner among the big tech stocks and that is up $13. price of oil almost $105 on barrel and bitcoin all over the place today. a few minutes ago, $29,000, and out of 31-numtwo. with great fanfare, the president announced his plan to tackle inflation but it won't work. instead of a policy the president delivered a campaign speech, that is all it was, a set up for november, desperate attempt to blame and demonize the other side. too late. inflation has been building since ed canceled america independence, inflation won't

relent, the president can tax-and-spend and promise trillions to buy votes but it won't stop price increases we are seeing and that is what we are seeing. a record high for gas paying an average of $4.40 a gallon, $5 in some western states on average. industrial energy known as diesel at a record high of $5.55 a gallon seeping into the overall economy. in april consumer prices are up 8.3% compared to april 2021. we are in a new year. if you're under 40 you don't remember anything like this at all, you are not used to what i don't like and probably would prefer a president whose has some idea how to get inflation under control, it does seem like 1979 all over again. second hour of varney just getting started.

liz peak joining the in new york city. does the president have a viable plan to beat inflation? liz: no he does not and there are two main reasons. one is the democrats have yet to acknowledge nor has president biden the fact that too much spending got us here. even as inflation ramped up from under 2% in the first month he was in office to 8% now, continuing to talk about build back better, will cost $3 trillion more and pretending that is going to bring inflation down, that is when the honesty measures, pulling for this president began to go south, nobody believes that. the second problem is you touched on they cannot give up the climate agenda, they cannot admit that gasoline prices are important to the average american and everything they've done since biden took office

including offending the saudis and removing any chance opec was going to raise domestic international production has worked against gasoline prices. you didn't mention fuel prices can year over year up 80%. by the way airline fares up 18% in one month, part of that is jet fuel prices. they need an operation warp speed to get as much oil and gas produced over the next five years as they can do in the united states, that would begin to bring i think oil prices down. the spr release has been somewhat effective in tamping vote increase in oil prices but we have tons of natural gas and oil. why are we not producing them. it could happen. stuart: your op-ed says biden, dems despise elon musk now and

hope antitrust claims can derail his twitter take over. how would antitrust legislation affect musk and twitter, how could it stop musk from taking over? >> they are trying, there's a group pushing the fcc to get involved, whatever it takes to stop it is what they want to do. the federal trade commission could take a look at the star link satellite operation that musk has that is on loan to ukraine which has allowed ukraine to have internet service. they say that conflicts with twitter which is ridiculous, that is a social media platform and this is the same group, people like this who had no problem when google and apple and facebook conspired to put parlor, a right wing emerging competitor out of business by taking it off their apps store

and getting it to the internet platform, the hypocrisy is unbelievable but the left cannot tolerate free-speech, they will do whatever it takes to stop the takeover of twitter. stuart: thank you very much. staying on elon musk, he's never out of the show for long, he says he would let trump back on twitter. >> that was wrong or stupid but band permanently. >> i think it was not to ban donald trump, that was mistake because it alienated a large part of the country. banning trump from twitter didn't end trump's voice. it will amplify it among the right. this is why it is morally wrong and flat out stupid. liz: the voice of a large

majority of the population. when you took that away those people felt they didn't have an equal say in our democracy. stuart: let's go back to the markets. we've got some gains for the dow, 200 up cabana the nasdaq turns south and look who is back today. i would like you to address the 8. 3% inflation rate that was reported this morning an hour and a half ago. do you think we are at are close to peak inflation? >> yes i do. the number it will come down to will still be too high. they will play into the narrative of disinflation by mostly focusing in the last segment on energy inflation because that is where the administration can have an impact. i don't think there's much on the inflation that is coming from the supply chain side, it is heading down. stuart: is that why the market is up?

>> and 200 points. >> h&r block. is that dividend growing? >> i sent this to your producers before it opened up, 14% this morning. i talked about on your show before. we had great returns from this. h&r block just reported last night we have a 4.6% dividend, they grow the dividend every year, they brought it back 13% of their stock last year, which rose the dividend because they are paying the same dividend to the shares. a backdoor dividend increase so they have 1/4 -- >>

>> they have grown their dividend 21% from where it was a year ago. many people thought two years ago when they shut down the malls in the country, they would not collect rent. they are at 94% occupancy from the best quality tenants and best quality malls in the country and they are paying, this is what stuart varney loves, 5.75% dividend yield. we when i would take that from simon property group and also 4.6% from h&r block but a lot of people concentrated on your offering every week. back to the movers on the market, start with electronic art. 10%. lauren: they were able to boost their profits and raise their annual dividend 12%.

bad is they are ending their videogame partnership after almost 30 years. stuart: the international soccer federation. what we have on roblolx? lauren: the retail interest, the news is not good, the pandemic boom has faded, they expect a loss for the foreseeable future. the stock was down yesterday? the news is bad overnight but a huge gain. and the like. stuart: show me carvanand. lauren: 12% of their staff and to pay their severance, their salaries or pay for the rest of the year it is at 35 now, down 90% from its all-time high. they cut the price target to 40 but from 115. a pandemic winner.

reassessing value right now. stuart: same with peloton, a huge winner for the pandemic, they are slightly higher today, $0.50 but still have problems. lauren: they had to raise money to fund their restructuring as they are saddled with a back log making some investors question of turnout is possible for them. credit suisse question that and said company is likely going to look different. the record low was $11.25. stuart: it seems a wonderful thing in the pandemic. everybody was buying expensive bikes. lauren: right now is a clothing rack for a lot of people that you put stuff on instead of using it because you can go to a gym and ride one of their bikes. stuart: is that an admission? lauren: i don't have peloton. i want one but don't own one. we one democrats see no issue with massive protests outside

the homes of conservative supreme court justices. watch this. >> they have first amendment right to be there and protest. i welcome it in many ways. they are erecting barriers to keep protesters as far away from themselves as possible. i think that is fundamentally wrong. lauren: stuart: been dominich will deal with that. gas prices and record, $4.40 a gallon. florida congressman byron donald says the administration's anti-american energy policies are to blame for that. president biden takes aim at senator rick scott, says his ultra amaga agenda will make inflation worse. >> the plan made working families poorer. senator rick scott of wisconsin, a member of the senate republican leadership laid it all out, their plan is the ultraamaga agenda. we want rick scott is from florida, not wisconsin and he

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stuart: mixed back on the market, nasdaq down 30, dow up 200. consumer prices jumped 8.3% year over year, edward lawrence is digging through the numbers, can you break it down for us?

>> the white house says look at the core inflation month by month, that went up from 3% last month to 0.6% this month so core inflation going the wrong direction leading the way on this prices for food, shelter, airline fees and new cars, let's look inside these numbers, eggs up 23%, chicken more than 60% this is year-over-year, milk 15%, utility, gas up 23%, new cars 14%, airline fees 33.3%. to handle inflation president biden is calling on congress to pass his social spending package, than the president reiterating he has released millions of barrels from the strategic petroleum reserve to help inflation now which is not really work, gas prices hitting record high today at $4.40 a gallon. diesel fuel also a new record. when i pressured the issue about this with the white house, took no response ability

for their policies. >> the pandemic was going on before he took office. fighting this historic pandemic has been front and center for his agenda. we know every economist will tell you it is the major driver of inflation over the past year plus and we continue to fight the pandemic since then. >> reporter: the president is trying to transition the economy in a better way. >> president biden: the other path is the ultra amaga clan put forward by congressional republicans to raise taxes on working families, lower the income of american workers, threaten the sacred programs americans count on. >> reporter: vast majority republicans don't support that plan. the president says if you like what you see in the economy, don't put republicans in charge. stuart: president biden accused the republicans of planning to raise taxes on 75 million

people, listen to florida senator rick scott's response to that. roll paper. >> this is not working, what the president is doing as he lies about things, go to rescueamerica.com, 11 steps, what he said today he lied on that also. i want to make sure medicare sticks around, he supported cutting medicare and social security in the u.s. senate. biden just completely lied or is completely confused but either way bad for the country. stuart: congressman byron donald joins us from the state of florida. you are being called an ultra amaga. what do you say to that? >> don't know what they did in their polling, maybe they pulled their phrase or help their democrat base be more motivated by getting to the polls but this ultra amaga line is more propaganda out of this white house, since we talked about this for so long president biden has failed america in so many ways, he has

to have talking points to make his poll number, he has failed the country, inflation is a mess, oil prices are up, he has no plan, he has no agenda except the bernie sanders plan which is continue to fail america over the first year and a half of his year and 1/2 of his administration. stuart: we have a new record high for gasoline up another $0.03, $4.40 a gallon, diesel right there at a record high, $5.55. i want you to wrap up president biden's plan that was released to bring inflation down. do you believe it brings inflation down at all ever? >> no. 's plan is a flat out joke. if we listen to president biden we will get more of what we see in the economy right now. we've not seen inflation like this and 42 years because of president biden. we've not seen working families seeing their purchasing power being devalued because even though they are making more money everything is more

expensive that has been brought to us because of president biden. we've never seen the strategic oil reserve cut by 40% and bag our enemies for oil, that is because of president biden. why would you follow this man? he does not know what he is doing. we when i said earlier on the show it reminded me of 1979. i'm sure you don't remember 1979 but i do. it was a period of high inflation and the only good thing was it ended with the election of ronald reagan which may be we will get something the same this time around, last 30 seconds do you. >> we need a change of leadership. our current leadership is making jimmy carter look good, that is how bad it was. i was only one-year-old but i have been told the stories, it was awful and, it is awful now. we need a change in the white house, we are going to get one in november. stuart: just a child, mr. congressman. >> than i was. stuart: you can come back

anytime you like. big oil bracing for a shareholder revolt this month. what is it all about? lauren: they hold their annual meetings and shareholders want to question existing climate strategies at the energy giant and vote on resolutions the target emission reductions because no major oil and gas companies aligned with the paris agreement goals. they want them to do more. stuart: you are supposed to turn profits as a company. paris hilton was spotted at the white house yesterday. we will tell you what the hotel heiress was doing there. parents across the country struggling to keep their babies fed as a massive formula shortage takes hold. we speak to a mother of 5 said the administration must do more, she is next. ♪♪ rescue me

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very different an hour ago in the market open, we opened down, now we are up 300 points for the dow, 6 or 700 point turnaround for the dow industrial, nasdaq up 50. some of the movers include h and r block which we talked about earlier, it pays 4% dividend and is doing very well. lauren: i want to duck out this isn't the time for tax season. h&r block proved they are more than once a year stop, they offer services in keeping for businesses throughout the year. better-than-expected earnings, increased their outlook. stuart: what about cold? lauren: activist had been pushing them to replace most of them. kohl's is currently evaluating bids, they did reject one but they are in the midst of trying to figure out how to turn the company around.

"america's weather weekend" stuart: let's talk about rivien. lauren: at one point their shares hit their lowest since their debut on the public market. we had a period expires this week, stocks have been hammered. some upbeat sentiment going into their earnings report we will talk about tomorrow. stuart: got that. let's talk the baby formula problem. is worsening. did the fda say when the huge formula plant will reopen? lauren: the avid plant in michigan has been closed for three months and the fda did not say when they plan to reopen. there was an issue linked to similac made by abbott in infant death. the fda told them you can't link the deaths to that formula but that plant is closed.

they are working to reopen it, increasing production at other plants, major problems for families out there trying to figure babies, if you have a top plants closed. stuart: bethany mandel joins us, mom of 5 joining us, the editor of heroes of liberty. you say the baby for miller shortage is met with indifference, total indifference. that is a bit strong. total indifference. >> reporter: i wrote a calling and said this is a major problem and absolute silence, people had no idea what i was talking about. senator jack reed, democratic senator, said this is a problem. open letter to the fda, the middle of april and total silence and total indifference from the biden administration.

the last couple days, enough momentum was reached by people posting empty empty shelves in their stores and amazon subscriptions people are starting to realize this is critical. it is late for people have this relevant. lauren: they have this large plant, it was shutdown three months ago, has not reopened since. the fda can't walk in and say open it up and produce that product. it's not easy, is it? >> it is and it isn't, the fda should be making sure everything coming out of there is up to safety standards. blue when i am sure they are but there is a limit to what they can do surely. >> issues going on so the fda, every way, slow to act on the whistleblower report and slow to act on reopening the plant but this is a major domestic output area, these plants, 46%

of formula in the united states we use comes from china. we have supply chain issues on one's meal and not producing enough deep mystically and it should be a top priority for the biden administration and doesn't appear to be. stuart: we take your point. thanks very much. thank you very much. you have youngsters of your own, i don't know if your youngest is in position to take formula or not. lauren: we transitioned to regular milk. i have to admit some guilt. a few months ago i looked for baby formula when half breastmilk, a working mom, i couldn't find it and this was months ago. maybe this was because of the supply chain you should before the abbott recall which exacerbated the issue and between my husband, myself and my nanny we would go to local stores and then we would come home with one case of 6, you can't give a baby any formula, they are fussy.

this is the biggest stress for families out there. stuart: i don't see the fda can't just walk into this abbott facility and say produce. lauren: they have to make sure it is safe especially when you have a recall that has been linked although abbott is denying it, to infant death but it was an issue before it happened. when i was in these stores seeing bare shelves why wasn't it addressed a little sooner? stuart: it was just written off as part of the supply chain issue. lauren: nauert is a major problem. i heard from one woman who shipped them formula and put it into different type of box, they were worried the outside of the box said the name of the formula that it be stolen. is this where we are. and can't feed your baby.

stuart: very political this morning. stuart: it is scary actually. look at those. i've been in that situation. stuart: i will move on to paris hilton. she was spotted at the white house yesterday. any idea why she was visiting the white house? ashley: to discuss the abuse of children at residential facilities. she spoke out in support of legislation aimed at establishing a bill for teenagers in care facilities. as the wind howls and she goes and she actually ran into chuck grassley who tweeted out this photo saying met with paris hilton to discuss how to stop abuse in residential care facilities, she detailed her experience as a utah boarding school where she said she was

physically and mentally abused by staff at that facility so that is why she was at the capital yesterday. stuart: the house where facebook was invented just hit the market for the first time ever. we will show you what the california home looks like and how much it has been listed for. mortgage rates at buys level since 2019, homebuyers have to take on a lot of debt, jeff flock has that story next. ♪♪ do you think about me now and then ♪♪ ♪♪

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stuart: dow jones industrial average is up 347 points.

a little over 1%. the 10 year treasury yielding 1.01%, the yield has come down a little bit. gold, $18.50 an ounce. 29,000 bounce back to 31-four. the price of oil $105 a barrel, natural gas moving up a little bit 3.7%. new high for gasoline, $4.40 on average, racking up $5.85. for the first time since it was built, the house where facebook was created has hit the markets. i could see on screen, how much is that listed for? ashley: $5.3 million, in silicon valley, has 6 bedrooms,

the biggest selling point is first tenants, mark zuckerberg and dustin moskowitz, the cofounder the multibillion dollar global company meta-originally called facebook. he asked zuckerberg what he did, connecting the world through a company called facebook. the homeowner responded i don't care, if this check doesn't pass you are not moving in, the rest as they say is history. about 10 interns in the sunroom in bunkbeds. this did become the original headquarters. 5 million. stuart: any place in los angeles hills. there is no shelter from inflation, skyrocketing housing

prices mean headaches and debt for homebuyers and renters. jeff flock has the report from philadelphia. what do you have? >> reporter: i got a house as good as mark zuckerberg's house, this is the townhome in the neighborhood, philadelphia, fishtown, tremendously watching you guys on the fox business network, fishtown, very popular and prices through the roof both for buying and renting. let's put the numbers up. $1900, average rent up 17%, major cities, new york, $5000. >> absolutely wild. haven't seen this in 25 years. >> reporter: this will soon go on sale -- >> 3500 per month, same unit as

this, 11 applications in 24 hours, the next rental in the next month or so will go up $700, same house, that is how busy. >> reporter: walked me into the kitchen as i show rental availability in philadelphia. almost 300,000 rental properties in the city of philadelphia, right now 2,000 more available. you can't get a place. >> inventory remains low jacking up higher than it has ever been. >> reporter: maybe jared shows you the kitchen, 3 bedrooms, three baths, beautiful layout, folks moving to the suburbs putting this on the market, they will make some the on this but got to turn around to pay. >> this is built in 2018, they have a lot of you equity

because of the low inventory and it offers a lot especially parking which is hard to come by in this area. >> you can after mark zuckerberg's house, a beautiful pl. in philadelphia here three levels of beauty. stuart: but the rent is going up big time. thank you very much. staying on the housing market new yorkers fleeing the state moving to miami and other places driving up the rent, apartment rents in miami. what kind of rent are you talking about in miami? ashley: in some cases the rents of double than the locals are not happy. miami area apartment rent is up 58% over the past two years through march, the fastest growth, in the metro area. in condo buildings where rents

have doubled just since last year. realtors blame the migration of so many finance and tech professionals pour into the city drawn by florida's year-round warm weather, lower taxes, and watch newcomers say is a more business friendly environment in places like california or new york, many new residents have high paying jobs and significantly higher rent in those expensive west coast and northeast cities making the steepest miami rent seem reasonable. in some places 3500 a month, sometimes people come in and offer $500 the asking price. stuart: i would love to be in that marketplace. later on, see you later. markets, the dow is up 400 points. big tech doing pretty well this morning.

except for meta, apple and microsoft, those three are down. still ahead, the supply chain crisis claims another victim, wine. some wineries in california now experiencing major delays in production in wine country next hour. and fewer of them have ever seen it. they will show it to us after this. ♪♪ (dad allen) you know when you see a great deal on a phone, and then

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crypto market this morning. as for the 10 year treasury yield, that should help the big tech stocks. earlier at 309. tesla says they have to stop taking orders on popular models. ashley: it is a good problem but because of the long delivery timelines, demand for electric cars picked up as technology gained momentum, and the short-term skyhigh gas prices prompting more interest in evs. and it is stopping taking orders for beyond a certain period. meantime tesla is recalling about 130,000 vehicles in the us following an overheating issue that may cause the center touchscreen display to malfunction.

the recall covers tesla's s and x from the 2021-20222 model years and 3 and why from the 23, the vehicle maker will provide an over the air software company to resolve the issue. stuart: i hear volkswagen will resurrect the scout, the off road vehicle. ashley: part of volkswagen's effort to expand its offerings in the world's most profitable automotive market. it is still a relative minnow in the us but one of the largest automakers in the us but the scalp electric pickup truck, the plan would see scout operators a subsidiary in the us outside other vw brands, lamborghini, bentley, quite a lineup, it will mark the first time the vw has created a new

band based in the united states. stuart: thanks a lot. gary was at the 1 test drive of the new electric ford f 150 called the lightning. first of all a lot of people are not putting in an order for this thing. >> 200,000 reservations. they sold out for the 2022 model year. the f 150, they use the f 150 to build it to keep the prices down. it is a different truck. the most powerful f one hundred 50 you can buy, and independent suspension better than the f 150, more like an suv or car than a pickup truck and it can go off road though is more for work and the cool features, the big front trunk, they can use it as a generator.

as a backup generator for your home, you can use it for arbitrage and the rates are cheap and during the day power your home and the rates are high with the cheap energy you store in the trucks. this is a neat bonus. you can't use it all because you can't drive the truck and certain amount so you have it ready to go. stuart: that works. >> some use their ford f 150s, to power their homes, to make that set. what is wrong with it? let's talk the pricing first, $40,000, 230 mile range version. it is up $400,000 of the jump, people are buying, no doubt about that. the real question, keeping those prices down, they start

building truck like that. stuart: which do you prefer, the f 150 lightning or the hummer ev. which do you prefer? >> apples and oranges. this is regular mainstream good old-fashioned truck, the insane off-road, the 4-wheel steering, quite a bit crazier causing $112,000 right now. i would pick that aside but this is a better value for sure. stuart: a little fun driving the hummer than the f 150. >> nothing wrong with that and a 9500 pound trailer, like nothing attached to the truck, it is like a freight train. early when it is a lightning rod, 0 to 60 in four seconds. did you put your foot down and try it? >> the tires and everything. stuart: it is three seconds. 1000 hp. stuart: you are all right,

thanks very much, good stuff. california congressman michelle steel, ben dominich, a gigantic party planned to celebrate the queen's platinum jubilee next mostly everyone hopes the queen will appear in person but it is not looking good. queen elizabeth just canceled her appearance at the ceremonial opening of parliament. tough call. that is "my take" next. ♪♪ ♪♪ ♪♪

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>> this is a 500 point swing in the dow, hope we've seen peak inflation is behind us. >> try to confront about one not with a plan of action but an attack on republicans and an attack using what the left loves to use, labels. ultra amaga. >> a situation that has not only rip and voters but independent voters to believe biden's policies are the reason they are where we are. >> they follow through 50 basis

point -- a strong conviction that we are looking at s&p down 30%. >> they cannot admit gasoline prices are hugely important to the average american. fuel prices year-over-year up 80%. stuart: take it easy. from tom petty, the late and great tom petty, let's go straight to the markets, 250 points, the nasdaq south, down 40. the 10 year treasury yield at 299, it had been 311 earlier, some big changes. as for big tech a mixed picture. only one gainer and that is google. microsoft, apple, amazon, meta, down. oil down 104, it is still $104

a barrel. now this. in the first week of june a gigantic party is planned to sell rate the queen's platinum jubilee. it will be the biggest bash since the golden jubilee two decades ago. everyone hopes the queen will be able to appear in person at the festivities as she says i have to be seen to be believed. but it is not looking good. queen a lisbeth cancel her appearance at the ceremonial opening of parliament, that is her most important state function. they made all kinds of adjustments to the schedule like shortening the speech and the distance she would have to walk but it wasn't enough. look clean hasn't appeared in public since march 29th at the memorial service for her 29 at the memorial service for her late husband prince philip. her frailty makes harry and megan look really bad. from their california mansion they were accusing the royals of racism and bullying just as

hairy's grand father lay dying and his grandmother the queen is retreating in her grief. prince charles and prince william took the queen's place at the opening of parliament. harry is in california. the queen is resting at the palace, the changing of the guard is done. strange time for the brits most of whom have never known another monarch, no term limits for kings or queens. third hour of varney roles on. the story of the day is inflation. the april inflation report showed consumer prices up 8. 3% in the past year. mark tepper is with me this morning. do you think inflation has peaked? >> i think probably a lot of the violently accelerating

inflation is behind us but if we are talking about has it peaked, put it in perspective. we are not going back to 2% inflation anytime soon, maybe ever. best case scenario 3 or 5 years, 3% or 4%. when people have peak inflation, when people say inflation is back to normal, that is not the case at all. if you actually look at the month over month excluding food and energy number we accelerated from 0.3% last month, 0.6% this month, expectations were 0.4%, that is x food and energy so you can't blame that on putin. as i said before, the fed needs to be aggressive. they should raise 100 points. blue when they didn't. they will raise rates in the

future, it is a recession inevitable? >> i think so. i don't think the fed will navigate a soft landing. we are expecting made the, i didn't check this morning, another twee 8 hikes this year. absolutely insane, the economy is not strong enough to handle that and the fed has a dual mandate. on the one side price stability, on the other side will employment. what is not a mandate is propping up the stock market. what also is not a mandate despite what people believe is keeping us out of recession. may be indirectly since obviously high unemployment and recessions correlate but that's not a mandate and i do think the fed has to continue hiking into a recession and threw it as well. stuart: we've not had bottom on the stock market. >> no. in fact, we need to see some

panic selling. the average stock down 24%. if you are in a recession, historically it comes down 36%. since the pandemic started, $1 trillion has flown into equity etfs, last month 20 billion flow out which is a big number but that is nothing when you consider $1 trillion came into equities over the last two years so we are not seeing any panic selling. what you want to watch for is apple and tesla. when investors finally start to sell their beloved companies they think are invincible that is when the bottom hits. we when you didn't mention microsoft. we will see you again soon. i see the big mover, one of them is yeti. lauren: an innovative company always doing cooler than everything, their revenue is

19%. one issue is very expensive for them to get products into the us because of shipping costs and nearly doubled their 2019 sales and aiming to boot international to a fifth of their business so they are a winner today. stuart: got several of them. airbnb, it is up 3%. lauren: this is doubling down on the pandemic trends, you can work from home or work from vacation. now airbnb is letting travelers, making it easier for them to split their long trips between two different properties. some people want up to 6 months, how do you find a homeowner to accommodate that? what is not easy. airbnb look at their numbers. in the last quarter the number of people who wanted to do that hit an all-time high and longer stays are the future. blue one very interesting.

lauren: pandemic trends continue. stuart: something called all birds. lauren: is bad news, stock down 15%. they just went public at 15 in november. first-quarter loss lower there forecast problems overseas, they say the us business is on solid footing. i don't think the market agrees. they are not the cheap issue in the world either, the customer will pull back. but when they went public in november when the market was at a high at 15 and now just under four. thanks. president biden tells americans we have two paths to choose from, his path or the ultra amaga crowd. roll tape. >> president biden: americans have a choice between two paths, reflecting two different sets of values. my plan, tax inflation and the

grow the economy. by lowering costs for working families. the other path is the ultra amaga plan put forward by congressional republicans to raise taxes on working families, lower the income of american workers like they did the last time they were in power. stuart: ben dominich joins us. i was thinking of what the president said. on the one hand i think he is right and that there is a distinct divergence of the path. he's going far left and trump is not exactly far right but on the other hand he got the amaga crowd wrong. i don't know of any republicans who want to raise taxes. commentary please. >> the thing that is interesting, what he is referring to is a plan put forward by florida senator rick scott who is a very strong fiscal conservative. the irony of the situation is what he's talking about is scott's approach to entitlement

reform and making sure everyone is paying taxes which is something he believes is important. that is not maga agenda. it is a throwback to the pre-trumpian years when it comes to the republican party, fiscally conservative but just rick scott's plan. the president is seizing on it to demonize republicans but most people know that under the maga agenda or the trump agenda which most republicans have adopted they backed away from the entitlement reform we've seen advanced by people like paul ryan in the past. it is an absurd thing to claim and i am sure they like the sound of it in their head at the white house but the idea that you will frame this ultra amaga crowd is crazy and the time of massive inflation which is they want to inject fiscal responsibility into government, don't think that's going to fly. stuart: the supreme court weekend abortion issue. senate majority leader chuck

schumer sees no issue with protests outside the homes of conservative justices. watch this. >> protests are peaceful, my house, there are process 3 or 4 times a week outside my house. that's the american way to peacefully protest is okay and that is my wife, sorry. maybe there is a protest outside. as long as they are peaceful will that is okay with me. stuart: what is your reaction? >> my reaction is the democrats are playing a dangerous game here. these protests that are going into neighborhoods including neighborhoods their close to my home, a lot of people are hyped up because they believe what is going on is unacceptable lauren: a theocratic regime, a handmaid's tale situation where birth-control is banned and they are pulling condoms off the shelves and there's no

abortion anywhere in america. that is not true. but they have been ginned up to that point by a media and far left of the democrat party that has been lying to them for a long time. it is fine to say people peacefully protest but if a bunch of people showed up in red hats and waving the american flag, i think they would be singing a different tune. this is a different position and i think this court needs to rule sooner rather than later to move on from this point where these protesters believe they can influence the outcome. stuart: thanks for being with us, always appreciate it. republicans calling on the supreme court to end discrimination against asian american college applicants. congresswoman michele steele is helping to lead that effort, she is here to make that case. the backlog at the ports in california's wine industry, we have the report from napa,

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hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 stuart: the swing of things. i like red wine. emilyville, california, 52 °. folks. got to tell you there is a supply-chain problem in the wine industry. kelly o'grady is that a company called port of cork in napa,

california. there is a cork shortage. is that accurate? >> that is. they have one hundred 38 million quarks if you can believe that, one of the biggest challenges they are facing is shipping, supply chain snarls are hitting every industry. born you wine business is no different, folks are having trouble getting their hands on bottles, labels and quarks. this is one of the world's largest cork harvesters and processors of quarks and they are struggling with that severe inventory problem, shipping times are so untreatable, they have all those quarks branded at the port. some have support for a month buried in a massive container where trucking is not available and shipping costs skyrocketing. they get their quarks from portugal and shipped into oakland. that used to cost $2,500 a container. today $14,000 a container with

little explanation as to why. we spoke to the ceo and despite labor shortages and inflation, shipping he's dealing with the most. >> biggest challenge we are faced with is the shifting line, tremendous pressure, telling customers we can't deliver for another month or several weeks so that is put from it is hit, the supply. >> reporter: the supply chain is not something you can turn on or off. the line industry. lauren: stuart: you can convert to the screw top bottles like australia and new zealand but that is far. see you later. >> reporter: of course plastic. stuart: that is true. 80 house and senate republicans file a joint amicus brief in

support of ending race-based college admissions. congresswoman michele steele is leading us brief alongside senator ted cruz. spell it out for me. are asians discriminated against in education? >> reporter: it has been happening for how many years? in california we got rid of a 1996 program and four years graduation, carl judge graduation rates increased so much from 33% to 55%. this nation and this country has no place. we have to get rid of it. and we found all these colleges are using basis to admit all these college students. we cannot do that. stuart: that is where the discrimination occurs, in the application process. asians tended to be weeded out regardless of their sat scores or other scores.

the application process where they weed it out. anywhere else in the college life asians are discriminated against? >> it is all the hard work, not just -- asian americans, not just a study but kids are working really hard. kids are working hard not just academically but when they are working hard for extra stops and we have to accept these kids. especially race factor, accepting these students. not only asians accepted 18% to 20%, no matter how many applicants.

you see that. discrimination has to be gone from colleges. stuart: a supreme court case will deal with race-based admissions, you are on the side it says don't do it, no racial discrimination in college applications and you are joined by senator ted cruz to do that. when will this case be heard? >> this fall. this actually, this is against fundamental value of american culture so we have to show we have to stop this and this will be heard this fall and we went court to hear not just from senator ted cruz and me but additional congressional members and senators, 80 of them joined our amicus brief. stuart: thank you for joining us, we appreciate it very much.

republicans in california hope crime and inflation can turn out some republican victories in the midterms. take me through the story. ashley: it could. mail ballots already going out in california for the june 7th, a myriad of issues, homelessness, soaring home prices and possible but he'll of roe versus wade. republicans we should note haven't won a statewide election in california since 2006, democrat voters don't forget, outnumber republicans to to one statewide though many have left. we will see what the latest numbers are. some congressional races closely watched include republican rep mark mike garcia who is defending his seat in a democrat leaning district, interesting to see how that turns out. democrat representative katie porter is a star of the party's

progressive wing looking for another term in a closely divided district in orange county, one to watch. republican rep michele steele who we spoke with is looking to win a second term in a district with a slight democrat edge. interesting to see how that turns out. one of the criticisms of the republican party from those observers in california, they have a thin bench. don't know whether that is true or not but they say it is hard to get popular candidates in a state that is so dominated by democrats but come the day as some sarah, keep the faith and you may not live to see it. stuart: republicans elected to a statewide office, i won't be around to see it, so far in the future, probably right. let me get back to the market, the dow up 200, the nasdaq down

60, the s&p is up 18 points. look at apple. they are discontinuing the ipod after more than two decades. the ipod touch will only be available while supplies last, that's not affecting the stock, just interesting. ipod was around for two decades. janet yellen argues banning abortion would damage the economy. i honestly don't understand that and i find it outrageous. what exactly is she saying? ashley: yellen says banning abortion would be damaging for the economy because it would reduce a woman's ability to balance their careers and their families. take a listen. >> i believe this -- eliminating the right of women to make decisions about when and whether to have children with have very damaging effects on the economy and would set

women back decades, denying women access to abortion increase their odds of living in poverty or need for public assistance. ashley: yellen went on to say that roe versus wade helped allow women to finish school and increase their learning potential leading to higher participation in the workforce. republican senator tim scott responded saying framing of the issue of abortion around labor force participation feels, quote, callous. stuart: i am in agreement with that and the senator could have gone further than that. coming up consumer debt hit a record high, is the economy already slowing? everyone hopes the clean will appear in person at her platinum julie but not looking good, fragility makes harry and megan look bad. i wonder what nigel farage thinks of this.

he is here and nigel is next. ♪♪

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now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-763-2763. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763 stuart: the market showing a mixed picture, nasdaq down, dow

up 250. i'm interested in coin base which is sharply lower, 21% down. explain it please. susan: the record dropped for the world's largest crypto exchange, supplies lost, steele fell short, trading volumes down by half, user transactions down by 1/5, less interest, prices are falling, earnings already bad but it got worse when founder and ceo brian armstrong, no risk of bankruptcy for the company. trying to alleviate concern on wall street, wait a second is their risk of bankruptcy not good for the stock? now electric car company today, toyota's record profit came with warnings of operating profit dropping by 50 this year because the supply chain concerns, cost, inflation, the biggest concern right now as chip supplies from china.

elon musk says the shanghai lockdowns are being lifted quickly and china will account for 25% to 30% of total's long-term production and targeting 20 million cars by 2030. not necessarily a target and on deck today disney earnings and disney plus subscribers will be key, wall street looking for 5 million plus, abc, espn likely putting in the weakest quarter in the business year and i will show you this, outperformance from robelkox, losses will be expected for the foreseeable future but this pays for growth here, daily active users went up to 49,000,002 thirds of their users are under the age of 12, think of the long-term pipeline for the company. stuart: that i did not know. that is the youth market for sure. thanks very much.

the administration continually change their tune when addressing rising inflation. this is a big story, a long story. ashley: how did we get here? how long will it last? who is to blame? you ask the white house and you get a different answer every day you ask. >> i really doubt we are going to see and inflationary cycle. >> president biden: it will pop up a little bit and then go back down. >> go to the grocery store and a pound of meat is more expensive than it should be. that is less related to supply chain issues. >> president biden: inflation has to do with the supply chain. the first cause of inflation is once in a century pandemic. this year we have a second cause, the second cause, mr. putin's war in ukraine. ashley: depends on the day who gets the blame but the biggest culprit according to the administration's greedy corporations taking advantage

of the situation to fleece consumers, a giant cabal coordinated, a fiendish plan, that is the real reason behind runaway inflation. just ask elizabeth warren. stuart: i entirely agree. they don't want to have a clue either. you walk into a supermarket and you will see items, some items are in short supply, the shelf is empty or rather bear. madison allworth is at a supermarket chain in new york city. can you tell me which shelves look to be the most bear, which products are running out? >> reporter: they do a great job, you look at the cold cut section it looks pretty full but i'm told this is the hardest area to stock. honey ham, someone were to buy one there is none left and the other categories that you are also seeing have 2 or 3

containers. store stopped buying from certain companies because they can't keep the inventory coming in. dealing with inflation but also dealing with scarcity and for americans that is hard to stomach. but that in perspective. before the pandemic you would expect 7% to 10% upper range to have shelf scarcity, now we are consistently dealing with 12% and you notice it when you go shopping on the weekend, that is when you see those empty shelves, depending on where you live. this is all at a time when inflation is xi -- high. look at ground beef. prices are up nearly 15% and a way to typically see that is to wheat at home but food at the grocery store is 10. 8%. americans are really hitting both ways, they save 10% more if you can get items, want to

give another example, the big scenes here, normally this whole area, you take one back, this whole area are stocked with cans is empty. this is a grocery store in new york city so they make a lot of use with the small space they have but in new york city we see an area with less items, that is a true indication that scarcity is here not just, can't get the items. stuart: thank you very much indeed. prices rising fast at one restaurant but can't keep up the changes on the menu. they have a solution. ashley: pretty basic, as prices rise no amounts on stickers that are then slapped on the menu. that's how the miami river caée in little havana is coping with the runaway cost, no stickers, telltale sign that prices are

going up at such a rapid rate the staff is struggling to print new menus fast enough, stick a little sticker and write in the new price, rewriting prices on old menus is cheaper but also case in point, how they have risen so quickly. the restaurant's taco deal wednesday and friday was one dollar, taco, now it is $2 a taco. stuart: i had a problem with the pronunciation of taco. english i would say taco, you can't say that. ashley: in a drive through the guy kept saying what? tacos please. it took a while. stuart: we've got another one. household borrowing climb to a new all-time high. what is the number? ashley: consumer debt and

credit eating $15.4 trillion, the rise in total household credit boosted by $250 billion increase in mortgage debt which stands at $11.1 trillion. don't forget mortgages make up 70 one% of all household debts, a number that is consistently climbed with prices going up. they have fallen by $15 billion remaining at $71 billion, 9%, one final stat, the median home price, $428,700. over the past two years. stuart: it is up? it is huge. everyone hopes the queen will

appear in person at her platinum jubilee but not looking good. nigel farage tells us about it. jackie robinson's 1955 world series bat up for auction. we will tell you what is going for next. ♪♪ ♪♪ we got the house! you did! pods handles the driving. pack at your pace. store your things until you're ready. then we deliver to your new home - across town or across the country.

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stuart: the markets are now in the green and the dow is heading further north, up 370 points, nasa cup 20, s&p up 40 points. some historic sport comic memorabilia. the auctioneer is a frequent

guest on the program with me now. a lot i want to cover. the 1939 dc detective comics, first appearance of batman. >> detective number 27, the first ever appearance, less than 50 of these that exist in an restored condition, one of the highest grade a, batman would not exist without detective 27, very rare. this is been a skyrocketing business. stuart: how much for that? >> we expect this to exceed 2.5 million. the bidding is already at $1 million. stuart: just coughing a little. april 28, 1966, the bill russell jersey. >> i will hold this up. this is his game worn photo

match jersey, it is signed by bill russell. you see the back. $2 million or more, the jersey is like this that is very historic, drastically underpriced. stuart: got to touch it, this is apple one, first batch computer. does it work? >> that is incredible, this is the only one these serial numbered by steve jobs, numbered on the board, 001-50 and steve jobs's handwriting, we estimate the fiftieth they ever produced, only made 200 from existence, this is certified in working condition, once in a lifetime, comes with

a manual signed by steve wozniak, amazing amazing -- stuart: you are only looking for 750,000. >> hopefully the estimates are blown away but 750,000. if it goes to 3 or 4 million. stuart: doing our best. 2009-2010 memorabilia. >> stefan curry, the nba playoffs for most 3-pointers, this is one of one, one of our kind, a piece of a logo, 1.2 or 4 million. stuart: still talking millions. i got to have this one. 1955, used in the world series

game. >> the largest world series when ever. it is a psa 9.5 which is as high-grade as you can get a we are we are expected to exceed $2 million. this is a significant more important bat. stuart: you really locked up the business. >> going into sports, historical items. it is live right now. may 21st, go to golden or goldenactions.com. have any questions send us an email. to make sure the financial appeal are bidding. stuart: have you the slightest idea how much i contributed to the growth of your business in the last 10 years?

>> first time i was on the air we were doing $8 million a year, this year we will exceed 500 million and i attribute it all to you. stuart: 500 million? my goodness, i didn't know any of that. thank you for being here. show me the dow 30. the dow is up 312. next we are talking the queen and the platinum jubilee with nigel farage. don't go anywhere.

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stuart: at the top of the hour i made the case it seems the changing of the guard at buckingham palace, strange times for the brits. look who is here, nigel farage. i think when the queen could not appear at the opening of parliament, prince charles and prince william took over and that to me is the beginning of the changing of the guard. what do you say? >> i think it really is, a sad moment, the first time since 1963 the queen has an open parliament with a program for the next term and then she was heavily pregnant.

look like prince charles is becoming a prince regent which means he will be on big state occasions, international visits with us presidents or whatever it may be, she is 96, i am told from palace insiders that she had a small accident a few months ago which is made walking very difficult but good news is mentally she is absolutely with it. she's on the ball, she's holding conferences, she is physically herself quite well, just has trouble blocking. what the queen does not want us to see is her being pushed around in a wheelchair so is a changing of the guard and starting on on 2 june until 6 june we have four days of national celebrations for the platinum jubilee. i'm sure somehow she will make it out to the balcony at buckingham palace.

stuart: but prince harry will not be there. to the brits want him to be there? >> no no no no no. he is yours, keep him. you've got him. he's american. the sheer level of disrespect he has shown the queen is appalling but even worse, that interview was recorded when harry knew his grandfather was dying and still went there and that to me is unforgivable, a complete disgrace. stuart: real fast. what do the brits think of the incoming king charles as he will be? >> he played the role perfectly yesterday. he read the speech, he didn't intervene. my problem with charles, i've met many times over the years, my problem is he gets too

political and the point of the monarchy is it is supposed to stay above politics. his global warming agenda and a large chunk of the country, he has to keep fairly quiet about that, very tough act to follow. she has been under the brilliant, the most respected figure in the world, it will be a tough act for charles to follow. stuart: she is well loved indeed because she had a sense of duty and never leave is her duty. always good, thanks so much, see you again soon. 11:55, time for wednesday's trivia question. this might be a trick question. what is the most owned pet in america? fish, cat, bird, dog? the natural response would be got to be a cat or dog. that is why i think it must be a trick question, a fish or bird. we have the correct answer when we come back and actual be back with his guests as well. sterini

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stuart: we asked you before the break what is the most owned pet in america. ashley, you want to chime into this? >> yes. i think it could be trick question. has to be cat or dog, i say. i don't know. i'm going to go with dog. stuart: i will be contrarian go with fish. reveal please. dog. my have known it.

here is the explanation. dogs are found in roughly 69 million households. idaho is the state with the highest percentage of dog owners at 58%. i would advise anybody, come to hoboken, new jersey. hoboken, new jersey is dog city, canine city, wall-to-wall. extraordinary place. it really is. time is up for us ashley. it was great. my time is up, neil cavuto it its yours. neil: makes sense jersey city, those dogs have an attitude. who are you looking at? who are you looking at? thanks very much, my friend. the dow is up 253 points. when all said and done retail inflation data this morning, it was a little higher than most thought it would be. we were looking 8.1% year-over-year increase, we got 8.3%. when you step back, it was running at annual rate of 8.%,