may, has the lowest reading since 2020. and as cheryl told us earlier, we were or expecting a reading of 16, we got 2. existing home sales are out in about an hour, 10 a.m. eastern. mark tepper, final words. >> the consumer's getting weaker, small businesses think winter is coming, and bubbles are beginning to burst. maria: good to be with you both. varney and company begins right now. suh, take it away. stuart: all right. good morning, everyone. the selling continues. energy price inflation keeps on rolling. this, folks, is not a pretty picture. let's start with stocks. the dow down, what, 3164 -- 1164 wednesday, down another 300 at the opening bell. is this the bottom for the market? the s&p 500 down about 40 points this morning at the opening bell, but look at the disaster at the nasdaq which is down pretty close to 30% from its high. that is what is called a bear

market. for our radio listeners, our screens are a sea of red. target, which led the selloff yesterday, is down a little more morning. not much, but it's down again, a buck. inflation, huge problem for all the markets, and it's getting no better. we've got a new high for gasp lean, $4.59 is the average for a gallon of regular across the country. diesel holding at its high, $5.58, and it's $7 a gallon this many parts of the northeast. it doesn't look like we've reached peak inflation yet. we have another flight to safety, money pouring into treasuries, supposedly safe, pushing up price and the yield down. we're below -- look at that, we're at 2.79 right now. that's a real flight to safety. no recovery for bitcoin, it's right around the 29,000 mark right now. let's sum up. yesterday's washout may not have been the so-called capitulation selling that would mark a bottom

for the market, so the selling continues. where's the bottom? we'll ask. politics, president biden apparently does not pay attention to the stock market. well, maybe he should. tens of millions of voters have a 401(k) or an ira, and they are really suffering. the president's new press secretary not inspiring confidence. karine jean-pierre says most of the blame for record high gas prices lies with putin. the disinformation board, gone, undone -- ironically -- birdies information -- by disinformation. nina jankowicz is also gone. but we are here on this thursday, may 19, 2022. and, yes, we'll have the usual dose of musk news for you. "varney & company" is about to begin. ♪ ♪ ♪ can't hurry love are, no, you just have to wait ♪♪

stuart: okay. i regret we've got to show you the pooch ifs market because it's going concern futures market because with it's going down again. it is a sea of red. i want to get more on what the president's saying about not -- kind of ignoring the stock market despite the huge selloff. lauren: stuart, hay don't watch it daily, not even on a day when the market's down 4%. stuart: that was sarcasm can. [laughter] roll tape. >> the federal reserve is independent, we leaf them to make their own -- we leave them to make their own policy decisions, and nothing has changed on how we see the stock market. we do not -- that's not something we keep an eye on every day, so i'm not going to comment about that that from here. lauren: that's insensitive. gallup i says 6 in 10 americans are informed, so maybe they'd -- invested, so maybe they'd like to use gas prices, for instance. stuart: more sarcasm. you're full of it this morning, aren't you?

lauren: i had an experience last night, that's why. there's four gas stations in my local area. i'm in new jersey. gas is typically cheap, $5.43, 5.50. we were going in and out of the gas stations, and then i went to pick up the chinese food, and the sign says, oh, we increased menu prices 3%. it was, like, bam, bam, bam. stuart: chinese food? lauren: that too. [laughter] stuart: nothing to laugh at, i'm afraid. look who's here, gary kaltbaum, man of the hour to watch the markets with us. obvious question, do you think we're even close to a bottom? >> no. you have a complete repricing. look, markets topped out a while ago, but you're getting more more information coming in, what we heard out of target yesterday was earth-shaking. they missed estimates by miles and miles as they refuse to put price on the back of their

customers, and when earnings are just falling off the ledge, you saw what's happened with the price. i pretty much can guarantee you we're going to get some more earnings warnings going forward. when you hear from a target, when you see walmart down 18% -- by the way, walmart only does 600 billion in revenue, target 100 billion, so when you see that, imagine what the smaller companies are going to go through. very rough time. stuart: you manage money and advise other people on how to manage their money. do you own any stocks at the moment who? we own no growth stocks, we're technology managers, we own no technology stocks. we've been out for the most part. we saw the tops coming way -- stuart: did you get out in november at the high? >> yes. stuart: so you're looking pretty good right now. >> quite happy, feet up and just recognizing bear markets do happen, but what we've also recognized is a lot of the people that cause the problems are still running things, and

the problem is i'm listening to what their supposed solutions, it's the opposite of everything they should be doing. and until that changes, i don't -- i'm not seeing much good that's going to come of it. stuart: a quick economic question, and it's a question about the market as well. goldman sachss says there's a 30 percent chance of a recession between 12-24 months. what's your i'm frame? >> i think we're many contraction right now. stuart: ouch. you lucky manage you're here for the entire hour -- >> i wish i had better news, but i deal in reality and facts. stuart: you've got it right. stay right there, please. yesterday's selloff was prompted in part by retailers like target the, walmart and others. i think we've got a retailing bright spot morning. y -- b.j.'s, what's gone right for them? lauren: what has gone right for them today -- stuart: glad you pointed that out -- lauren: gasoline sales. they pushed their same-store sales up almost 14.5%.

also this buying in bulk, which is what b.j.'s is. i don't think their earn earnings report changes overall narrative the, and kohl's highlighted that. they cut their full-year forecast, inflation eating into their margins, it eats into your spending. their quarterly sales fell about 5%, and the ceo says everything weakened considerably starting in april. stuart: got it. let's get back to record high gas prices. as of this morning, you're at $4.59 is the national average. the white house still placing blame on russia. roll tape. >> 60-70% of the current price hike that we have seen has come from putin's aggression against ukraine. >> reporter: the president -- on march 31st that he's got all these steps to lower gas prices, and it's still putin's fault some weeks later? >> putin's war and aggression against ukraine started back in

february. we did see a spike. but before then, it had -- the price, price per gallon had fallen down about 10 cents or more. stuart: we need an economist. better yet, we need a professor of economics, and we've got one. his name is brian brenberg. the new press secretary is blaming putin. who do you think is at fault for inflation? [laughter] >> she is barking up the wrong tree with that, suiter. look, as long as -- stuart. as long as the biden administration keeps trying to blame putinen, we are going to see prices going up because it means they're neglecting all of the things they could be doing in america to help relieve the problems with gas prices. i mean, think about this, they're blaming putin at the same time that they're canceling leases in alaska and in the gulf of mexico, at the same time that they're raising royalty rates, stuart. they are making it hard to make oil and gas in the united states, and that just means prices are going to keep moving up. this is a bad scenario because

it's bad leadership on energy. stuart: okay. i hate to digress to "the view" again, but we do that often on this program. [laughter] whoopi goldberg is coming to biden's defense e over inflation and supply chain issues. take a quick with look at this, brian. >> gas prices aren't bad with because of anything biden did, it's just what he's going to absorb. >> there's a war going on. >> there's a war going on. people want baby food, baby -- >> formula. >> that also is not on him, that's on abbott. stuart: it's not on him, you keep hearing that expression. well, is it on him, as in on the president? >> yeah, look, you can't, you can't lead by dodging responsibility. did he close the plant? did he make the mistakes that abbott made? no. but this has been a problem that's been in place for a year now, and it was in place to start people trying to buy formula back in july of last year couldn't find it on the

shelves because the companies had supply shortages because they couldn't get workers. this president keeps trying to dodge responsibility instead of doing the things he could coto make things better. we're watching it again with baby formula. and by the way, stuart, do you notice what's happening here? you've got a failure of policy, and now the federal government is grabbing more power claiming they can solve the problem with more power, the defense production act. it is the definition of insanity to say the federal government needs more power to solve the problems they created in the first place. stuart: all right, brian. we're going to leave it at that. thanks for being with us, sir. see you again soon, professor. >> you got it, stuart. stuart: the screen is full of red ink, not quite as bad as it was -- the we're down 300. nasdaq's down 83 points. next case, the disinformation board has been put on pause, and what are they blaming for the halt? disinformation. i did not make that up. we'll tell you all about it. president biden wants to boost baby formula

manufacturing. he's invoking the defense production act. however, remember that was out of the question not so long ago. roll tape. >> the production of baby formula is so specialized and so specific that you can't just use the defense production act. >> today i'm invoking what hay call the defense production act. [laughter] stuart: something of a contradiction, i'd say there. congresswoman michelle steele is going to be with us. she says she knows how to fix the baby formula shortage. she's next. ♪ ♪ make me want to take the long way home. ♪ put a little gravel in my travel ♪♪ i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident to and through retirement.

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♪ then jump for my love ♪♪ stuart: louvrely and upbeat music -- lively and upbeat music, we'll take the it. that's south carolina. looks like a nice day. 80 degrees and sunny later. a rather different story emerging on wall street, i'm afraid to tell you, folks. i've got some red ink for you. we were down 11 points yesterdas yesterday, off 270 at the moment. we have the price of gasoline, new high, $4.59 for a gallon of regular. and by the way, some gas stations in washington state have reprogrammed their pumps to prepare for the possibility of $10 gas. grady trimble, $10 gas? what is going on? [laughter] >> reporter: stu, it is hard to believe, but, yes. the gas station chain 76 is reportedly getting its pumps in washington ready for the possibility of double-digit prices for a single gallon of

gas. that doesn't mean they're expecting that to happen, but they are already halfway there in washington state and so are we here in chicago this morning. this comes as a new analysis from yardeni research found americans are expected to spend around $5,000 on gas alone year. that that's up from or about $2800 just a year ago. most analysts seem to agree that $5 a gallon for a national average is a distinct possible. at least one was jpmorgan who mentioned $6 a gallon could come by the end of the summer. a big part of the problem on top of the high demand is how much or i should say how little the u.s. is refining. refiners are taking in about 17% less compared to before the pandemic. if patrick dehaan tellses us he doesn't see that increasing anytime soon, at least not under administration.

>> we don't build refineries overnight. given the the climate of hostility towards the oil and gas sector, i think it would be highly unlikely that refineries would sink a lot more money into expansion. >> reporter: and even with these high prices, aaa expects around 35 million americans to hit the road this memorial day weekend. that's an increase from a year ago, stu, when gas, by the way, was $1.50 cheaper. the good old days. [laughter] stuart: indeed. i remember them well, actually. grady, back to you later. thanks very much. in california a gallon of regular gas costs on average, a new high, record high, $6.06. that, by the way, is up 21 cents in a week. congresswoman michelle steele, republican from california, joins me now. your state budget in california, you've got a huge budget surplus. why doesn't the governor lower taxes across the board to help everybody out in these high gas price times? >> you know what?

that's exactly common sense because we have surplus of over -- almost actually $100 million. and this revenue from the gas -- [inaudible] each when you refund that gas tax, we are paying the highest, and it's only about $8 billion. so we sent a letter out to the governor to suspend all the gas taxes. [inaudible] you are paying the highest. we didn't get the answer. and instead of that, as of july 1st they are raising gas tax 3 cents per gallon. this is going to hurt hoe income and middle income families. they have to drive to work and they have of to take their kids to school. it's just common sense. why don't we just cut the state

tax, and that would help a little bit instead of $400 gas cards per person. [inaudible] $8 per gallon in san francisco over $9 per gallon. this is outrageous. stuart: and are people paying it? i'm sure they're upset by it, but are they still lining up at the gas station to pay $6? >> they try to go line up cheaper place, some places that they try to line up because they have to go to work: and you know what? this is just hurting middle class and low income families, and they are the ones mostly hurting. states have to do something about it. on top of it, there's about 1,000, over 1,000 drilling applications are pending.

and since 199 california didn't give out one permit. why don't we just produce it, even if you give permits right now doesn't mean they can the drill it today. you need to prepare to drill. california is going totally wrong direction. but on the top of it, biden administration -- these are liberal policies we have to do something about. we have to solve the problem. stuart: can you ever see the day coming when in california voters elect a republican? i've asked you this before, i know i have. [laughter] can you see the day in california where a republican wins a state thewide effort? -- statewide effort? >> you know what? we have a great candidate in november. hopefully we're going to get -- and people should find the right people to represent them.

stuart: congresswoman, thank you very much for being being with us on a very difficult subject. we always appreciate it. >> thank you very much. stuart: some parents are looking beyond america's borders to find baby formula. what's this? they're going to mexico? lauren: or their family from mexico is coming here. listen to this mom from new jersey. >> i've been to cvs, walgreens, target, and this is nothing to be found. prices going up and people auctioning them on ebay which is really sick. and so they're paying, you know, double and triple the amount that they would normally pay for formula. >> my family's from mexico, so they're a coming next week, and they're bringing some formula from mexico. if my family didn't come, i'd be very, very worried. lauren: she added she'd consider moving to mexico as a result. parents are stressed and scared, but babies are hurting because of this. two infants were hospitalized in tennessee because their doctors

and their families and friends couldn't find the right formula that they needed. they had dietary issues. they couldn't get the right formula are. he were in the hospital as a result. that doctor was speaking out saying we need food something -- to do something about this. stuart: all right. i've got to get back to the market for a second because we're looking at some more selling at the opening belled today. remember, we had a huge selloff yesterday. down about 200 for the dow, again, this is at the opening bell, and about 80-odd points down for the nasdaq. still got red ink on the left-hand side of the screen. the opening bell is next, and we'll take you there. ♪ let's go. ♪ ♪ let's go ♪♪ if you invest in the s&p 500 your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed

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stuart: futures still show some red ink. not quite as bad as yesterday, of course, but we're down about 200, 300 on the dow as we speak, and the market opens in three minutes. larry chang is with us, market watcher of this morning. larry, big picture question: when will consumers cut back on their spending in the pace of runaway inflation? >> the first shoe has dropped with walmart and target earnings, especially for the lower to middle income consumer where they didn't spend less,

but they shifted from high order value purchases like televisions and -- to good purchases, private label brands. and you saw growth in sam's club which is obviously a discount membership. while revenue is still growing for walmart and target and retail sales have grown, the shift has moved towards lower margin products and that is squeezing the the retailers while supply chain costs are also squeezing which has led to significant earnings misses which surprised wall street. stuart: are we going to get continuing earnings misses surprising wall street? because costs are rising percent retailers, and hay can't really raise prices to match rising costs. will that situation change? >> no. i think you're going to see earnings misses largely across the board in retail going forward the rest of this year. i think q1 was really about the lower to middle income consumer. q2 and q3 will be about the middle to upper income consumers

capitulating. if i were a are retail ther, i would tell wall street we have to make the right long-term decisions for our cost structure, we have to make the merchandising decisions, and earnings targets are too difficult to predict in this type of up precedented environment. you just talked about fuel costs maybe reaching into the $10 zone. that can't be poland, and i think there -- planned, and i think there needs to be a shift. stuart: what do you think would be the best strategy for a retailer right now in this environment? >> rationalize cost structure: you saw the biggest concerning point for walmart and target, inventories were above their plan by 33-40%. has a shocking statistic for retailers of that size. that means they fundamentally miscalculated demand. aha needs to be right-sized, their balance sheet needs to be brought back into equilibrium. they need to position on the low cost brands -- reposition. and they have cost structure

problems with too much head count and so forth. so positioning on the lower end of -- focusing on the lower end of the market and right-sizing the balance sheet. stuart: well, you tell it how you see it, and we appreciate that, larry chang. >> you got it. stuart: unfortunately, not great news for investors this morning, but we appreciate you being here. thanks very much, indeed. left-hand side -- sorry, bottom right. down can about 300 for the dow. let's see how we do in the first few seconds of business. the market is now open. we're off, we're running, and the cow starts off -- dow starts off down 300 points. the the vast majority of the dow 30 in the red. only one winner that i can see at this moment. dow down almost 1%, 1% exactly from the opening bell. s&p 500 down .81%, the nasdaq is could be .44%. so the biggest loss at this moment is on dow. as for the big tech stocks, i've got a couple of winners. microsoft is -- i'm not going to call it a winner when it's at

254 a share, but it's up 80 cents. amazon is up a couple of bucks at 2144. do you remember hat high for amazon was $3,773. it's 2146 right now. lauren: and i also remember analysts were calling for $4,000. stuart: don't forget. susan: that was the consensus for a while. things have changed in a hurry. i want to show you morning, the s&p 500 -- yes, we're close to bear market territory, down 18%, but it's pretty top-heavy. i checked in on the weightings and how much of the 18% declines were really concentrated in 8 stocks, right? you can imagine most of those being tech stocks that accounts for half of those losses so far this year. check in on the apple, the amazons, the microsofts, the meta formerly known as facebook -- the alphabets, tesla, nvidia and netflix. i made this for you this morning. it's pretty concentrated but

still a wide selloff. you have retailers dropping yesterday, and here's one thing to note for our viewers, i think it's important, it's pretty orderly. there's no panic. it's not 1987. i know we make references to black monday. have you check inned in on the vix? -- checked in on the vix? we're at 30. that's pretty low for a 1200-point selloff on the dow. people aren't running for the exits just yet. and these companies make a lot of money still. stuart: so yesterday 1100 points down the on the dow was motyka pitchlation selling -- not capitulation selling? >> we're back to where we were before pandemic. is it necessarily panic? i'm not talking about 2008 once again. stuart: gary kaltbaum's sitting right next to you -- susan: and he's modding. stuart: no, we've not reached the bottom. yesterday was not capitulation selling, do you think? >> bottoms and bear markets are a process. they do not happen oversight.

capitulation in bear markets will stop the leading -- bleeding, and you get these counter-trend rallies, but so far it's lasted as much as ten days and then the markets rolled over again. i've got to see better, and we're just not seeing it. when you see what target did yesterday and it caused costco to drop the $50, dollar general, dollar tree, now cisco warns, i just think there's more time and price here, unfortunately. stuart: bring us up to speed on target, walmart -- susan: well, i know you talked about target and and walmart, but have you looked at the discount retailers? ross, b.j.'s hole saling there. yes, target -- wholesaling. target and walmart, worst days since 1987. and what's wrong with the reality check that maybe consumers have a limit? how much heir willing to pay for, how much these companies can pass on higher costs with higher fuel and wages. so i think if these companies can't right-size themselves and meet the consumer where they

are, what's wrong with a few stocks falling in the session? stuart: is i can see the point. you think they're going down further? >> yes. it's not just how much, and this is small potatoes but important, instead of buying lee pairs of socks, we're -- three pairs of socks, we're going to buy two. just remember energy is in everything. thousands of products use petroleum. that is going to weigh heavily going forward, and as prices keep going higher, and it looks like her, nothing good comes of -- stuart: they're still keeping their sales guidance. they can't pass on those costs meaning they're going to absorb it themselves, and so these particular stocks, i would say, probably immediate to reinvest and relook at a hair inventory. and people are still willing to spend. you heard target say the consumer's still respond, they're just spending on luggage instead of televisions. stuart: oh, tell me about canada

goose. susan: unexpected profit. stuart: they were way down yesterday, weren't they? susan: if there was a time of year they do well, you would imagine it would be the winter. heir raising their full-year forecast. covid in china has been a bit of a drag for hem. -- them. stuart: b.j.'s looking good. susan: discount retailer. people willing to spend more for less, private label. boot traffic came in better. but here's the counter-trade, look at the selloff in kohl's. pretty decimal, making less than 15% concern pretty dismal. making less than 15% of of the profit wall street was expecting. they are up for sale. stuart: they haven't got a buyer yet. susan: well, they have a few potential strategic buyers. >> the are retailers that market

themselves best to the consumer going forward that we're here for you and we're to going to control costs in ever way, shape or form will win out in the long run. i think we're going to see a lot of commercials going forward talking about price in a very, very big way. stuart: all right. susan: sounds like it's mostly discounters, the ones that can provide better price. sure stuart it sounds like it. give me tesla, please. i think it's dropped below $700 a share. it's at 705. it started the year at 1100. we're looking at $707. susan: the tesla bulls, dan ives, he's taken down his price target -- stuart: well, he was. he hasn't been on the show for a long time. ing. susan: china problems, the closures there. shanghai is a big issue. cutting price targets yesterday by around 20%. also you heard overnight elon musk is not happy about being

excluded from the s&p 500 esg index which kind of makes no sense since tesla is pretty much the epitome of environmental. he tweeted about the activists and calling this exclusion a scam. s&p says they excluded tesla because of crashes and governance. i also want to show you karat wood, she's still -- cathie wood, she's still calling for tesla to hit 2600. i want to show you lieu cent, building -- lucent, it's a big tesla competitor. eps says -- epa says he was the long range. stuart: it's been all over the place recently. susan: what, the markets? lucent? stuart: thank you very much, indeed, all over the place. by way, you got the mention of elon musk in, first time on the show. susan: what?

stuart: susan, thank you. coming up, the country is reeling from crisis to crisis, but the president takes no responsibility. his defenders say inflation, the border, the looming recession, oh, not his fault. i disagree. a lot of what's going on is on him. that's my take, top of the next hour. the administration's asking a federal judge to decide on title 42 by tomorrow, just days before monday's deadline. star reporter bill melugin has the update from the border. look at bitcoin, $29,700. why should anyone buy crypto right now? we'll get into that next. ♪ ♪ ♪ if

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stuart: do i see right? yes, the nasdaq is in the green. big drop yesterday, barely in the green, but in the green this morning. dow's still down 240. let's are have a check of the cryptos, please. bitcoin's at $29,5, etherium under 2,000. litecoin at $69. natalie brunell is with us, she joins me now. natalie, semiit -- sell it to me. why should i buy any crypto right now? >> good morning. thank you for having me back. well, i have bitcoin, not the other cryptos, because i do not trust the federal reserve or the government to protect the purchasing power of my money. central bank is supposed to be entrusted not to to debunk our currency, but it has -- debank our currency, but it has shown time and i'm again that it will breach our trust.

the creator of bitcoin mentioned the series of credit bubbles that ultimately steal wealth from savers and the working class that benefit the asset holders, ask that is problem that bitcoin's trying to pix. problem that the federal reserve created is the problem bitcoin is trying to address through technology. so bitcoiners have been sounding the alarm on the country's debt-driven bubbles for years, and now i think the spotlight is on it. yes, we're in choppy waters, but it doesn't make any of us believe in bitcoin less. stuart: it's been cut in half. look, let me suggest this: what you really need to get bitcoin and the cryptos up is for the fed to start printing money again, because without all that vast amount of money sloshing around, you've got nowhere to go. >> well, first of all, everything is being chopped. i mean, look at netflix, look at target, look at retailers. everything is going down because liquidity is being withdrawn. and in the past, yes, bitcoin

has benefited from qe -- stuart: it's the not a safe haven. it's not a safe haven. it's going down along with everything else, it's not a safe haven. >> right now i don't see any safe haven except for the things that can't be debased which is bitcoin. bitcoin cannot be manipulated, controlled or inflatedded like everything else in this society -- stuart: i'm sorry to interrupt you, natalie, but let me put this to you again. only thing that backs up bitcoin and other cryptos is demand for those cryptos. your price is only as good with as how many people want to buy it because there's nothing underlying it. >> bitcoin is backed by the most powerful technology network in the world with. that's like saying that the internet is backed by nothing. this is the internet of money. this is the internet of money that's allowing people to transact value across the world with no third parties, no middleman taking a cut. and it's also a digital asset that can't be debased in the same way that digital gold can't

just be inflated. you can't increase the supply of gold beyond 1-2 the % every year. bitcoiners do believe there's a lot of value backing it up because, as i mentioned,st the most powerful supercomputer that exists in the world, and just like the internet, it has no headquarters, it has no language or ceo. bitcoin is universal. it's the first universal form of money that we have that is scarce and finite and decentralized. stuart: okay. i'm going to leave it at that, very interesting. natalie, thanks for joining us, we do appreciate it. thanks very much, indeed. gary kaltbaum's still with me. would you ever touch a crypto? >> i haven't. with all due respect on the other side of the trade, the young lady said something to the effect with a value that backs them up. i would like somebody to answer what value -- stuart: well, she said the world's largest supercomputer. >> for me, all it is is an asset that's bubbled up. two years ago, i use this one

term, 90% of coins will drop 90% or more with most of them going to 0, and it's exactly what we've been seeing as asset prices have come down. i think bitcoin will stay around because it's owned by a select few people that can't sell because they'll kill each other. but i do believe they're going lower, and i'd be very, very careful. look, i said earlier, i care about the facts and reality, reality and and facts is this is a bubbled-up asset prices and they're getting croaked just like a lot of other things. stuart: gary, hold on, more for you later. the irs is missing out on unpaid crypto taxes to the tune of $50 billion a year? lauren: yeah. that comes from barclays, and they say that that's about 10% of all unpaid taxes. so 40 million or so americans have invested, traded or used cryptos, and now you have the irs cracking down or trying to hold this industry, it's exploding, to account right now. $50 intl a lot of money.

stuart: quick reference to the bottom right-hand corner of the screen because we're coming down a bit more for the dow, off 440 points as we speak. here's what we have for you later, bentley's first ever electric car, it can go 0-60 in is 1.5 seconds. amazing. elon musk says expect democrats to target him in the coming days after he stepped up criticism of the left. the musk story, one of many, after this. ♪ feels like the first time, it feels like the very first time. ♪ it feels like the first time -- ♪ it feels like the very first time ♪♪

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he's been a target of the left's outrage since his bid for targe, you know, that's their mouthpiece. elon tweeted in part: in the past i voted democrat because they were mostly the kindness party. but they have become the party of acquisition and hate, so i can no longer support them. i'm going to vote republican. he said he also expects as a result political attacks on him to escalate dramatically. it's just so interesting because he's head of tesla. the electric car company. he's, like, a god to anybody who believes in the green new deal, right in why are they attacking him? because he's pro-free speech, anti-union and, in my opinion, pro-common sense. stuart: gary kaltbaum with us for the hour -- [laughter] glutton for punishment. what do you think of musk going republican. >> i think this is, the first, getting away from democrats. all i can tell you is the announcement of twitter the, all of a sudden he's a racist, he's a fascist, they're doing 10-page

articles on him when he came from south africa, how he lived the life of luxury, how dare you, and he want part of the people -- they just went after a him with viciousness. i think as a human being you're sitting there i saying, what the hell did i do? [laughter] all i did is i changed the world, i created a monstrous amount of wealth, look what i'm doing with space, and they hate my guts, all of a sudden i'm stallen? look, enough and i'm done. and you're seeing it with other. look what's happened with jeff bezos who owns "the washington post." he's had enough. and i think we're going to see more of this, not less. stuart: during the commercial break i asked you which stock would you buy of any of on the market out there, and you said tesla -- >> their numbers are unsanely good, and the numbers -- insanely good, and the numbers going forward, i think, will be even better. they're going to come out with cars that are cheaper. and i just think they're a dominant force.

and then there's spacex which people should start reading about. the valuation is going up in a a place where private equity prices are coming down. the man is a human dynamo. he's a one in a bazillion. and again, from your question, it is amazing that anybody would have a problem because i want to buy twitter and make it fairer? the horror of it all. [laughter] my goodness. stuart: that's politics, isn't it? he wants free speech. the left have to give into it. >> -- in droves right now. just back away. stuart: but you think tesla at $700 a share is a screaming buy. >> not yet though because you're in a bear market. when we come out of it, i'm going to be all over it, but i don't know where it ends, and if the market worsens, who knows where it goes? pay attention. stuart: lauren's dying to get i- lauren: no, you're saying how great tesla is, i'm just saying gm would always go to the white house, ford would always go to the white house, administration

was always so nice to them but never tesla. yes, because of the unions, but that's not fair for a man -- >> you think? [laughter] if i'm a president, i want great, successful people to surround myself with, and who's one of the most great, successful people out there? no, we don't want him. stuart: your performance today was spectacular, and we appreciate you being with us. >> tell that to my wife. [laughter] stuart: i'll leave that one alone. thank you, gary. next hour nigel farage, sean duffy, ben domenech and a whole lot more. the 10:00 hour of "varney" is next. ♪ ♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina?

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>> just a few weeks ago a man from memphis, tennessee recorded a song and in a matter of a few weeks that record has skyrocketed right up the charts. stuart: what is that? i hear audio of a dj from the 1950s. we will sort it out. good morning. is still in my ear. it is 10:00 eastern, left-hand side of the screen. it is a selloff again, down big

time yesterday, down again this morning, the dow was off 400 as we speak, the 10 year treasury yield is at 2. 80%. what you have here is a flight to safety. out of stocks, into treasury bonds, price goes up, yield goes down, 280 on the tenure, the price of oil is down this morning, one hundred $7 a barrel and bitcoin struggling to maintain $29,000 a coin, very important news just breaking for all realtors. the latest read on existing home sales. what have we got? lauren: down 2. 4%, seasonally adjusted annual rate of 5.61 million, the price you're on your up almost on year up almost 15% to $391,200. stuart: is that the average or the median? lauren: the median. stuart: the median home price for sold homes, down a bit, not much. mortgage rates 5% plus.

lauren: it went down a little bit, from 5.3 to 5.25% but last year we were at 3%. the market is relatively strong but it is getting squeezed a bit. stuart: we need more coverage of what is going on in the stock market because we are way down except for the nasdaq. the market watcher this thursday morning, are we near the bottom? >> we are getting closer. last week, we need that flush down and we are seeing that yesterday and today and i will be a little optimistic and elvis has left the building and so have all the bulls. of the one that was elvis. >> so have all the bulls, the most reliable contrarian indicator going back 30 years the aaii sentiment index and anytime it drops below 20, 6 months later stocks were higher and that happened 3131 times,

the most reliable contrarian indicator. from april it dropped 20. i will be mildly bullish. they were strong performers. stuart: to the big text. $373,000 below that. it is 250. down one hundred 46. would you buy any of those three? >> those are the three that no one ever loses betting against apple, a great chance to invest at 140 a share. supply constraints not something long-term that will impact apple. they are ubiquitous. i would avoid the twitter, tesla and nvidias of the world, they have gotten crushed and for good reason but

fundamentals on apple are strong. microsoft and amazon, the future and if you look at crowd growth quarter over quarter microsoft is 50% plus. stuart: we appreciate that. the bottom is near, by now for the long-term, amazon, microsoft and apple, very interesting. we got movers. harley-davidson down 7%. lauren: they are suspending vehicle simile and shipments for two weeks, they say it is out of an abundance of caution based on information they got from 1/3 party supplier, we don't have more details than that but they are 7.2%. blue one bath and body works. lauren: it is down 20% this week, they cut their profits guidance, this was a pandemic winner. now things are selling down. they are spending more money on it, customer loyalty dealing with inflation and all of that adds up. investors don't like it. stuart: do we have a winner in live nation? lauren: worked hard.

it is for a bad reason. it is the largest holding of capital management, the hedge fund shutting down because they were hit this year on top of the billions they lost last year playing game stop. stuart: that is a special case. you found a winner it is a special case. now this. the country is reeling from one crisis to another but the president takes no responsibility. 's defenders say inflation, the border, looming recession, not his fault, you will hear the expression it is not on him. i disagree. a lot of what is going on is on him. he caved to the climate crowd and in that america's energy independence. these record high gas and diesel prices are on him. he always supported the open borders crowd and look at what we've got, millions of illegals flooding the country since he took office and went title 42

is lifted get ready for a new massive surge, border crisis is on him. the baby formula shortage is on the incompetence of his administration, the fda dropped the ball on reopening the plant, the stock market selloff, your 401(k) is down because of rising inflation and inflation is on him. he spend by the trillion, he re-appoints fed chair powell who prints money by the trillion in sends out his inexperienced press secretary to blame someone else, not leadership, it is deflection, excuse making and very worrying because the three big problems biden is trying to walk away from are all likely to get worse. inflation. might be looking at 10%. gas, $5, $6 a gallon. recession, the border surge on the way and with biden in the oval office where the buck is supposed to stop, it is all on him. michael goodwin joins us, a new yorker is with me now. how many of these crises are on

him? >> good morning. i think you got it right. i would just make what you say all of them. i would make one word change in your delivery, you call it deflection and not leadership. i think it is dereliction. i think he is derelict in not addressing these problems. you go back if not for joe manchin and kristin sinema they would have passed build back better would be an extra 5 or $6 trillion. imagine the inflation we would be having now and yet the president has done nothing about any of the problems you outlined, the border, lift title 42 which is trying to keep it from being an overwhelming wave to a mere surge and he wants to lift that. he has done nothing to address any of these problems and when he does say with the baby formula shortage he is behind the curve, if we were only mind

readers, the fda knew about this last year they were working on this issue. just a sense of this president of the sort of permanently out to lunch and it raises the question who is really running this government. stuart: it was elon musk who said who is running his prompter? who is loading the teleprompter, are you got to do is nudge the teller counter at if he goes off prompter we have a real problem, that is a good question, who is running the country? any guesses? who do you think it is? >> i think it is staff by and large, ron klain, chief of staff, susan rice, chief the mystic policy advisor, foreign policy, the secretary of state, blinken. i don't you have anybody there who has ever been vetted by the public for this kind of role and i hear from a lot of readers who were very suspicious, they believe barack

obama is very active in making some of these decisions, we don't have any evidence of that but it does raise the question of where is the center of this administration? where's the heartbeat? who was the leader? there is no energy, think of it, you can't count on kamala harris, you can't count on, name a single cabinet secretary you want to hear from. i mean they all come out and flop and disappear. it all comes down to biden and we know he just doesn't have the energy to keep up with this. stuart: it is on him. thank you very much, always appreciate when you are on the show. i am going to look at amazon. where's that? $2174 a share. the record, the highest price for amazon was 3,700, we are

$1600 below the high and they are cutting back on new hiring? >> insiders reporting if you look at the retail unit on the corporate side of things, not the warehouses they plan to hire more than 1500 fewer people this year so there's no layoff 's but decreasing their hiring. they are making tough choices and no longer chasing capacity, they never built during the pandemic and now they are getting hit by less demand and higher cost. stuart: i want to look back at the retailers. some were really hit recently. they are urging president biden. >> if you left the tariffs you can reduce prices by 1.3%. that is not a lot but that is how bad things are. it is something to help consumers make the money go further, treasury secretary janet yellen agrees. the product the administration is more likely to cut tariffs on our consumer goods, closed,

not those could call supply chains, national security or emerging technology products, the timing is right. i say that because section 300 one is set to expire four years ago when all this started with donald trump four years after they take effect so it is coming up. stuart: thanks very much. elon musk on the teleprompter again. we will tell you why he cannot longer support the left, president biden invokes the defense production activities the formula shortage, one hundred thousand people have died from drug overdoses in the us last year. fentanyl was leading cause of death among young americans. florida congressman michael walsh says it is time to take the fight to the drug ct. hills on their home turf. he joins me next. jessica was . she always had your back... like the time she spotted the neighbor kid,

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stuart: 45 minutes into the trading session, the dow was down 300 but the nasdaq has come back a fraction. it is up 5. let's head to the border where we will find bill mlujin. tell us what you saw. >> reporter: we wanted to give our viewers a perspective on the part of the border we had never been to, the does alert big bend sector in west texas. the illegal immigrants and drug smugglers risk their lives because they do not want to be caught and they do so in these extreme elements with extreme terrain. a warning to our viewers, some of what you are about to see in this story is graphic. >> fox news is embedded with

texas dps in the big bend sector. >> they come right here where they need a lot. >> the most remote and unforgiving terrain on the southern border. on the ground we are led by sergeant jimmy morris, an expert with texas dps. >> a buddy got their hair cut. >> he worked under the blistering sun to track down illegal immigrants who don't want to be found. this is what he looks for. footprint guide him in the right direction. to the trail it gets hot. we follow sergeant morris into the brush where we find bundles of drunk that have been ditched, smugglers are close. the smugglers are found hiding in a nearby bush.

they come out one by one. 5 men in total placed in handcuffs. this man tells me they are from mexico. a short time later the rest of the drugs are bound nearby. 50 pounds each. >> how often do you see this sort of thing? >> monday, tuesday, wednesday, thursday and every week. >> we come across the body of a 28-year-old honduran woman who succumbed to the big bend sector's brutal heat, likely after falling behind with her group. tragically she is one of many. >> just left her. >> reporter: texas dps tells us they freak will he find illegal immigrants wearing these when they are out in the big bend sector. these are carpet shoes, slippers that these illegal immigrants place over their shoes and the carpet on the bottom is designed to mask their footprint in the sand, in the dirt. they know texas dps is trying

to track them using those markings on the ground and each footprint has a unique design depending on the shoe, that is how they will track them. this shows how far some of these illegal immigrants are willing to go to conceal the direction they are walking. back to you. stuart: that was a remarkable report, thank you very much. look at this. the time for drug cartels reckoning has come. the author of that peace is republican mike walsh from florida. you want the administration to take the fight to the cartels onto their turf. what exactly do you have in mind? >> reporter: the cart >> the cartels are behind this crisis, they are smuggling humans, they are making hundreds of millions of dollars, pumping fentanyl into the country, killing hundreds of thousands of americans. they are armed to the teeth with heavy weapons, machine guns, armored vehicles. the mexican army has struggled to take them on.

they control whole squads of mexico now and you will remember a week ago, trump's former defense secretary said in his booklet donald trump said why don't we start hitting the with the us military, the foreign policy establishment was all aghast, everyone wringing their hands in the mainstream media but donald trump was right, we've done this before in colombia. i'm not talking about hundreds of thousands of american boots on the ground like we did with newcomb pocky. parkey. we helped the colombia army with intelligence, drones, advisors and helped them do what they need to knock these cartels back. they've become a national security issue and we have to treat it that way. stuart: would you have american boots on the ground in mexico firing in anger at cartel people? >> like we did in colombia we can provide the training, assistance, intelligence,

planning, with small groups of advisors at the invitation of the government but we have to start applying our national security assets, not just law enforcement that is overwhelmed and take these paramilitary groups on because they are destabilizing portions of our country and our neighbors country and we can't just shrug our shoulders and say more of the same status quo. it is not working. stuart: president biden has invoked the defense production act to address the baby formula shortage. i believe you have a young infant. >> have him right here. stuart: that is army, isn't it? >> this is baby army. i served all over the world, i have seen where children are malnourished when they don't get what they need. never thought i would see this in the united states. we have been struggling as parents to find formula for months, so why is the biden administration just now trying

to waking up flat-footed out of touch to take this on? at the end of the day parents have to feed their kids and get the nutrition they need. the defense production act, why didn't he do that months ago? we are just voting on this stuff last night. stuart: seems to be always late to the game and in this instance that is a bad thing, looks like a great young man, a bonnie little fellow as we would say. >> we are having a lot of fun with go army around the house. >> hope he gets all the formula he needs, thanks for being with us. always great, see you again soon. staying with the baby formula shortage, house republicans from oklahoma want to end formula shipments to the southern border. >> they wrote a letter to the governor and said please do everything in your power to

free up the federal stockpile of formula at the southern border so oklahomans and americans can find products they need, other states echoing this, like tennessee. bylaw the government must feed migrant children but states want to know how much formula you have stockpiled at the border while american babies are going hungry. if you have a surplus no one is saying don't feed the migrant children but we saw that. it stocked. are we going to get an answer? likely not. a lot of border operations happen in the dark. blue one thanks very much. as parents across the country struggle to find babyhood one restaurant in dallas is helping out, that is your story. lauren: he owns a restaurant in texas and able to order $3700 in formula and giving it away. he says my community when i was scared, when being shut down during the height of the pandemic, imagine that for a

restaurant owner, going to give back now because those parents are scared. stuart: he is a good man. there' s a new spike in covid cases, does that mean restrictions will follow, doctor mark siegel take that on later in the show. in an hour president biden heads to south korea, jackie heinrich will tell us what is on his agenda. jackie is next. ♪♪ ce bath again. 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,

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>> the market show losses, the dow is down, small laws for the s&p, small loss for the nasdaq, reading, left hand side. i want to know about a stock called some options which is up 10%, the leading gainer on the s&p 500. lauren: we are talking about it. stuart: what does it do is why is it up? lauren: chip design, stronger profits, stronger sales, increased forecasts for the year, you hear a lot of that these days, they expect to grow their revenue 20%. stuart: not bad. you do realize you speak with

your hands? lauren: i'm sorry, i am italian. stuart: was would do you do, what will you do about under armor? lauren: go ahead. i have another annoying habit. stuart: speak with your hands. lauren: it is down 9%. the ceo is stepping down, started before the pandemic of the company has not done well during the pandemic. under armor would be up. getting rid of a guy who didn't turn numbers around and investors are not seeing this as a vote of confidence or who will replace them and don't like the path forward. stuart: cisco. what is happening? lauren: cisco is a dow stock down 13%. this is one of the big reasons the dow, they are warning of supply shortages, persistent shortages and components, price target cuts from brokerages,

this is the impact on technology exports to reduce the lockdown in china mostly. stuart: the dow stock is down 12. 8%, a drop and a half. lauren: the second biggest loser not down 12%. stuart: president biden leaves for asia in an hour. jackie heinrich is in seoul, south korea. what is on the president's agenda? >> reporter: russia's war in ukraine has put renewed focus on the us alliances in the indo pacific and also with respect to china and its ambition towards taiwan and aggression to north korea continuing threat of their nuclear power, national security adviser jake sullivan said there's a genuine possibility north korea tests another ballistic missile or nuclear test while the president is here and china is watching for fractures in the alliance and biden is seeking

to deepen ties with its us allies to serve as a counterweight to china but before he leaves the white house the president is firming up us support for new nato applicants sweden and finland. just this morning he was meeting with finish president and swedish minister, nato member turkey which is one of russia's main trading partners express and opposition to both potential new never ships to the security alliance, the white house is maintaining faith they will come around given how much russia's war in ukraine refocused issues and we are waiting to hear from the president later. >> we think there is something quite evocative about meeting with the president of finland and the prime minister of sweden to reinforce the momentum behind the nato alliance and free world's response and getting on a plane and flying out to the indo pacific. >> reporter: during his trip to south korea and japan the president will discuss a new

economic initiative that will set rules for trade and digital standards and shore up reliable supply chains, a substitute for the transpacific partnership donald trump left in 2017 and the biden white house has not rejoined, biden wants to magnify the power of trade with the united states, asian countries are seeking greater access to us markets and this would not necessarily deliver that by cutting terror freights. the supply chain issues are hampered by the pandemic, the us has been trying to focus more on united states production of things like semiconductors while asian countries are depending on those exports. moreover the president's trip is taking him away from pressing issues at home like this ongoing baby formula shortage, record high gas prices and inflation and the threat of possible social unrest with roe v wade so there's a lot of pressure to make the most of his trip. we don't know his full schedule yet but he has no plans to go to demilitarized zone to north

korea. stuart: the president is getting away from the stock market that is falling as we speak, we are told he doesn't pay much attention to the market so a good idea to leave the country. back to the market and bring in dr barton. are we at a bottom or close to a bottom? >> is sort of like the old saying where it is not the end of the world that you can see it from here, we are sort of you can see it from here. i thought yesterday had the markings of a capitulation day. it was not the day but i believe we are starting to see some things come along that are showing us technically sellers are getting tired, we are at the highest level of bearishness we see in many indicators in the whole history so people are really, that is

when -- stuart: we've spoken about this before, what worries me is the market goes like the 1970s, the market goes down, stays down for the decade. that would be ruinous to a lot of people myself included. do you see anything like that happening? >> i don't see that type of 70s scenario you mentioned and here is the big reason why. we have so much different economy now then we have been and what drove that economy, doing all the things we did with the gold standard, all the stuff that happens were big monetary issues i don't see happening or the opposite problem with too much money and that will keep the market

crazy. you talked earlier the market was up, the nasdaq was up and it was down 1% and then back to flat again. these are unprecedented and we will see more of that, not that long low driver we had. stuart: you were one of the kings of dip buying way back when and you offered to buy the dip in apple and microsoft and amazon. those 3 stocks have gone through an extraordinary dip, a dip and a half if you want to put it like that, would you dip your feet in any of those stocks? apple, microsoft, amazon. the touch of it all right now. >> all three. i do like. i got out of the apple pretty well and the microsoft stock we talked about the day of the

ukrainian invasion, that is one that is going to do so well along with amazon for cloud purposes and other things, they are going to continue to be revenue generators. apple with all of their users, those three stocks that you mentioned, buying these really big pullbacks, if you got a long-term time horizon will pay dividends over years if not months. stuart: i noticed apple just dropped below one hundred 40. thanks for being with us, see you again soon. prices are soaring, we are the inflation nation. rents are soaring as well. rents, it is a record high in april. ashley: they certainly did. the median monthly, hit $1,900

in april, that is a record high but there is good news. according to rent for an, rents are starting to grow at a slower pace, that is something, the numbers show rents were up 15% in april compared to the year ago but down from the 17% increase we saw in march which is the first slowdown in a year for april. among the metro areas, austin, texas, reported the fastest rising rent up a whopping 46% followed by portland, oregon, at 33%, 30 one% miami one% miami, fort lauderdale, west palm beach and seattle and a 28%. and there they are. stuart: we put lionel messi on the screen.

do you understand there are reports, speculation that he will move to miami in 2,023? ashley: incredible. to be with david beckham's steam, what a coup that would be. the greatest player at his hair day. stuart: his agent denies it but he wants to make the announcement himself. see you later. the disinformation board is on pause after three weeks, director nina jankowicz has resigned, the administration blaming disinformation. the second unaccrued flight into space, the first one failed to bring the star liner capsule to the space station. phil keating will have a report from cape canaveral after this. ♪♪ rocket man

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stuart: boeing's long-awaited unaccrued second test flight of the star liner capsule takes place today. phil keating is at cape canaveral. are looking for good left - lift off today? >> reporter: everybody is hoping for one. confidence is very high at boeing. looking good for tonight's critical launch of boeing star liner capsule designed tech take astronauts to the international space station and parachute back down on planet earth, nasa gave boeing and space x billions of dollars to build and design space capsules to replace the old job of the space shuttle, united launch alliance stacked the star liner

onto its big atlas 5 rocket, the capsule has enough space for 7 astronauts inside, the stack made the slow and gentle crawl out of the pad yesterday where it sits right now. the first test flight of the star liner capsule launched 2 and a half years ago from cape canaveral, that was unaccrued like tonight, looking great at the launch, computer problems prevented the capsule from making it all the way to dock with the space station which was a big failure of that mission and then valve issued furthers delayed the launch of this second test flight which should have happened last summer. this is critical. boeing, nasa, and uli, if it does not succeed, that will likely further delay boeing from taking its first astronauts up, leaving all reliance on space x. >> landmark flight, a critical

step for us, moving towards having two routinely fly in crude vehicles that can bring our vehicle to and from the iss, we are excited and looking forward to the mission. >> reporter: the star liner's taking up 500 pounds of supplies, a lot of food for the astronauts up in space and the space mannequin named rosie loaded with 15 sensors on her body, the mission aims to have the capsule dock at the space station for five days before returning to earth. they hope to parachute down in white sands, new mexico, lunchtime tonight 6:54 eastern time, an hour before sunset, the lighting should be beautiful for this nighttime launch. stuart: i would love to be an almost nighttime lunch -- launch, thanks, see you later. the man who claims to be the third-largest individual tesla shareholder is calling for

tesla to do something as the stock price falls. what does he want him to do? ashley: billionaire leo calling on tesla to announce a $15 billion stock buyback as the company's share price continues to fall. in a sweet, to tesla's senior director of investor relations, he says the company should immediately announce plans to buyback 5 billion tesla shares this year and 10 billion next year but says tesla should use its free cash flow to fund the buyback and shouldn't affect its existing $18 billion in cash reserves. we should point out tesla stock is down more than 30% this year. big investors are getting restless. stuart: you can tell. thanks so much. prince harry, megan markel welcoming netflix into their home, we have details on their

kardashian style block you series. queen elizabeth's platinum jubilee concert star-studded lineup will be will tell you which celebrities will be honoring her majesty next. ♪♪

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stuart: netflix stock, baha'i for netflix was $690, we are showing you netflix because netflix cameras are heading to the home of prince harry for dock you series. what is this? reality royals? ashley: they are calling it a new low. they are said to have welcomed cameras into their $14 million mansion for a reality type series like the osbournes although it is not known if the couple's two children will feature in this. is branded as keeping up with the kardashians style block you series, netflix is trying to get its pound of flesh in return for the streaming deal that struck, let us not forget

harry and megan demanded privacy when they moved to california in 2020. just two weeks until the couple flak to the you okay - the uk, there are concerns about the palace of harry and megan may take more potshots at the royal family. stuart: the queen will mark her 70 years on the throne with a huge concert. which stars are performing in the big bash? ashley: a slew, a who's who of music royalty fit for the location, the platinum party at the palace, will take place at buckingham palace on june 4th. here are some of the artists will take part in the 2 and a half hour concert, alicia keys, hans zoomer, elton john, queen, adam lambert, diana ross, niall rogers, mimi webb, george ezra, on and on.

it will also feature guest appearances by david attenborough, david beckham, stephen prior and julie andrews had a special performance from the royal ballet. rod stewart says the queen has demonstrated to the world what a special person she is and how lucky to have her. would love to be on the crowd for that. stuart: you know what is amazing? i knew every single one of those singers. pretty good i would say. she has been on the throne for 70 years. thanks very much. more news from britain, the inflation rate in the uk has had a 40 year high 9%. we need nigel farage. this has been an awful inflation rate just like the united states. what is the problem over there?

>> the real rate is 11%, the retail price index a few years ago, in 1982 there were two problems. one, this is being used by president biden, boris johnson and all those that are clueless about economics and that is to blame the ukraine war. you do get price shock inflation, we had it in the 1973 yom kippur war. the other kind of inflation that is more insidious and longer-lasting is monetary inflation, inflation chiefly is a disease of money caused by governments printing too much money and that is what we've done. america has done it, we have done it, most of the west has done it ever since financial crash of 2008. added to massively by the pandemic, more money in circulation, chasing the same number of goods and services, you don't need to be einstein,

the higher prices and shortages of labor. governments on both sides of the pond will not acknowledge this. stuart: did the queen appear recently in public and look pretty good? >> the inside story, a few month ago she was dismounting a horse at windsor, slipped off a stirrup, hurt her hip and 5, that is why she has been immobile, she's physically and mentally in top form, she was at the windsor horse show and turned up monday to open a new subway line, she is looking just great, four day platinum jubilee. stuart: best news of the day. if we had more time i would ask where you got that suntan because that is not makeup. next time, next time, see you later.

still ahead, sean duffy, ben dominic, doctor mark siegel. doesn't it seem we are back in the bad old days of the 1970s? though 2,020s don't have to be a lost decade. we need to change course, change policy, change leadership, that is my opinion and it is "my take" next. ♪♪ ♪♪

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>> it is the definition of insanity to say the federal government needs more power to solve the problems they created. >> a sense that this president is permanently out to lunch and it raises the question of who is running the government. >> across-the-board in retail going forward. >> if i were every retailer, decisions for cost structure with long-term earnings targets are difficult to predict. >> with this explosion in money printing is a problem bitcoin is trying to address through technology.

>> just be very careful. stuart: where is that music from? is that 100 years old? i'm awfully sorry. and it is thursday, may 19th, and a small amount of green, look at the 10 year treasury. 2.80%. the yield is down. there's a flood of money going into the safety of american treasury securities, that puts the price up, 2.80%.

i remember the 1970s. not a good decade for politics or money. watergate, vietnam, gas lines, recession, chronic inflation at the stock market that went nowhere for whole decade. doesn't it seem like we are back in the bad old days, same thing happening now as back then, the national confidence of the afghan debacle, a weak president, rising inflation that looks like it will bring a recession, the troubling prospect of 5 or $6 gas, heaven for bid the market stays down at these levels in the 70s your money went nowhere. 2020s do not have to be a lost decade. gloom and doom do not have to be repeated. change policy, change leadership. biden and his left-wing crew had their chance and failed. don't just blame vladimir putin or covid for our troubles, blame ruinous spending,

mindless energy policy and a socialist mindset that hates growth and punishes success. change policy and we can set america free just like ronald reagan did 40 years ago, reagan put a cap on the dismal 70s, cut taxes big time, grew the economy, beat the russians and made us feel good about america, biden can't do that but 900 one days from now on november 5, 2024, there is a good chance we will be changing course. third hour of varney starts right now. stuart: there is the market. we are up 40 in the nasdaq, i was about to say adam johnson is with us, our market watcher of the day. he listened to my little rant about the 1970s.

does it seem like we are back in the bad old days? >> there are glimpses of the 1970s but they came and went and this horrible moment too will come and go. of the what are we near the bottom of the market? >> you and i have been talking for several weeks, bottoming is a process. they don't ring a bell, it rarely happens one day. there is a bottoming process, that was the growth stocks, then other stocks. more recently banks and industrials. more retailers with walmart and target. this bottom is rolling through the market but going through so many sectors. 82% of stocks in the s&p 500 were beyond not only their one month moving averages but 3 month moving averages. the floor traders on the stock exchange like to look at called the arms index, so it becomes 2.

it went to 3.08. my point, enough selling pressure running through the market that we are in the process. stuart: these days, the bears are absolutely in control, the market is going down. more people feel that way than any time in the last few years. that is an indicator that you should be buying because not exactly wrong but they are not right. >> it is unfortunate. we are not letting them do this, people tend to get bearish at the bottom. when things are bad everyone says things are bad because you can see what is in front of you. it is so bad there are the fewest number of bulls according to the american association of individual investors, fewest number of bulls since 1992.

stuart: they might be right. >> they are not going to be right indefinitely and we have endured so much pain among the growth side of the economy, growth sectors in the economy, so much pain for 6 to 9 months, we can't continue in the same vein. here's a real hope. i know the earnings from target yesterday were horrible. it is because target had problems with its own profitability, problems sourcing goods and selling them at a profit because supply chains are out of whack. foot traffic was up 3%. volume sales were up 3%. it is not that americans aren't spending. we are spending. employment is as strong as it ever been. there are more jobs available than people to fill them so we have money, spending, problem is supply chains haven't come back into alignment. they will. wait times are coming down. they will come back into

alignment. stuart: if you've got a long-term horizon you are okay. >> relevancy, we will take all of our cash into play. let's go deploy a little more, average in. that's a reasonable way to approach this for long-term investors. stuart: thanks for being here today. we will turn to cryptos, that is sean duffy's field, cryptos are up today but down overall. are you selling it? >> you made a point, is a washout, a lot of coins go to 0. bitcoin, the ones you have on screen, i am bullish on this. i look at this is a great

opportunity to buy more, at $29,000 for bitcoin. when our government prints and borrows and spends the way it does, only 20 one million bitcoin's that never exist on the face of the earth, you will not have inflation, it will be a great haven to store value store well. stuart: not doing well so far, is it? $29,000 a coin, baha'i was 69,000. ethereum is below two grand. a leap of faith to by now on the expectation that it will come back again. >> this correlation between crypto and the nasdaq, crypto has gone down with it and this argument the crypto is ahead john inflation hasn't panned out yet. do i think it will in the future? i do but that hasn't been the way it has behaved thus far. i'm bullish on this.

i can't control the fed or the printing and borrowing and spending but i look at this and i do think more people in smart money coming into this space, when you look at smarter kids coming out of college ten years ago in stanford or harvard they used to go to social media. the smartest kids today are going into crypto. they see this as the future, block chain technology is where the movement is and it will revolutionize the way we work and spend. stuart: you are a true believer so i will move on from there. the white house facing crisis after crisis, the administration keeps passing the blame. how do they fix all these problems if they are not taking blame or putting forward any plans to fix anything? >> you have a problem when you can 't acknowledge the problem say i am a leader who fixes the problems. when you say does everyone else's false, until yesterday

for president biden to say we will have a plan to try to address the formula crisis we have in america. that is months too late. when you look, i loved your take at the start of the hour, brilliant but ronald reagan said i'm not going to blame the fed for the last ten years. i will go you got to fix it and i will give you cover, let's get it done, it will be painful for a couple years but we will get an amazing book out of it, president biden is trying to blame the fed instead of encouraging the fed to do the right thing. rates have to go up if we address inflation and you got to give them cover to do that. we don't do that we are not going to address the problems that exist. we can fix this but we need different leader because president biden hasn't shown any heart to fix the real problems that exist in the country. stuart: need change, got to have it. sean duffy, true believer in the crypto world. >> your time to buy.

stuart: looking at movers. look at target down another 4%. %. lauren: they lost 1/4 of their value yesterday. investors don't think it is enough. they got downgrades in price targets but to think they are still down look at the owner of marshall's, they were one of 8 s&p stocks that were higher yesterday, one of twee 8. still higher today by another 2%, off prices attractive to a lot of people. stuart: lucid is making headlines recently. they are 10%. lauren: getting more cash and incentives, 3 billion more from the saudi government, you need cash to make more cars, they are going to do so over 15 years the financing will be in place and build their second plant in saudi arabia. stuart: not bad. coin base, it is up 9%. 9%. >> the largest ripped of currency exchange establishing

global think tank to shape a policy debate we've been having around digital assets, the industry is scared. investors are scared, stable coin lost its dollar in that fiasco. that really took the market down, nice to see these oversold stocks get a nice 9%. stuart: thanks. now this. the president's daughter tested positive for covid but the white house insists the president is not at risk of getting sick. we will expand that. elon musk ditching democrats to vote republican. he says he is ready for major backlash from the left. the so-called mary poppins of disinformation out of a job. the white house put the disinformation board on pause after three weeks. ben dominic takes that on next. ♪♪ if you say it loud enough ♪♪ you will always sound

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stuart: here's your musk headline, musk says he will vote republican in the upcoming election, democrats have become the party of division and hate and can no longer support them. democrats losing support among musk -- i heard -- don't worry about it. democrat are losing support from donors like musk and jeff bezos. how will that affect the midterms? >> reporter: they will be missing out on money. elon musk donate 11,000 to democrats in 2020 but perhaps even more valuable is his clout and influence on platforms like twitter. he has but year of 94 million

followers on twitter alone and that is where he announced he is making the switch, he tweeted in the past i voted democrat because they were mostly the kindness party but they have become the party of division and hate so i can no longer support the man will vote republican. watch their dirty tricks campaign against me unfold which over the past few weeks musk had publicly taken issue with stated democratic policies could a sizing president biden for being too pro union, calling out massive government spending for triggering and causing inflation as well. >> i classify myself as a moderate, neither republican or democrat and i voted overwhelmingly for democrats, overwhelmingly. i am not sure, i might never have voted for a republican, just to be clear. >> reporter: that is expected to change in the midterm elections in november, if elon musk does vote in the question, is he going to holds to that

promise in the 2,024 general election? republicans are cheering this switch, elon musk says he will be voting republican for the first time in his life next time he votes, elon is not alone. it is impossible to stand by and vote for today's radical democratic party, welcome elon. it is interesting, the elephant in the room is democrats have been demonizing billionaires like elon musk and blaming them for driving a lot of problems they are seeing politically for democrats but they also see them as the solution to a lot of the problems president biden is saying saying if they text billion is more, if they pay their fair share a lot of these problems are going to go away. stuart: i don't think so. thanks very much. see you again later. let's bring in, look who is here, ben dominic is with us. are democrats going to go after elon musk?

>> i think they obviously will and already have been in a number of respects. another thing interesting about elon musk is on paper you would think he is someone democrats would love. he cares about the climate. he invested in a lot of progressive programs. someone who in the past supported people like president obama. what you see in terms of the dynamic going on now is as the democratic party has been taken over increasingly by a woke left agenda that really is offputting to a lot of americans especially those with contrarian or outside the box views like elon musk they feel less and less at home in the coalition and are open to the idea of shifting over in the near-term. it is going to be an interesting dynamic to watch but i don't think he will be alone among contrarian thinkers who may have historically voted democrat but no longer part of that. stuart: he will never be quiet.

let's not forget that. >> not something he likes to do. stuart: silent elon is not the right especially. the dhs just paused the disinformation governance board 3 weeks after its launch. nina jankovitz resigned. listen to the response. >> the board was mischaracterized saying the disinformation board is being shut down because of disinformation. is that happening? >> the board was put forth for a purpose, to make sure we really did address what was happening across the country when it came to disinformation. we are going to pause it and do an assessment. the work doesn't stop. stuart: i think she's blaming disinformation for disbanding the disinformation board, right? >> absolutely. it makes the board all the more essential. they have to bring it back.

disinformation about disinformation board, this is absolutely ridiculous. it would be more offensive if it wasn't so obvious how unqualified this was, which is really what took over the narrative around the disinformation board but this isn't something we should want as americans, our government doing anyway. they shouldn't get involved in it. drift into an orwellian type program a lot of us would be concerned about and like i always say, never create things like this if you would not give them to your breast political in any. a disinformation board run by a republican president is something democrats would be raising, complaining about. this is the type of approach i think is to your first question driving people like elon musk out of the democratic coalition.

stuart: see you again later. got to check the market, down 300 on the dow jones industrial average, that's where we are now, nasdaq eking out a small gain of 45 points. one state will announce a $1 billion electric vehicle investment with an day. which state? ashley: georgia, governor brian kemp will announce hon day is investing $7 billion to build a plant to make electric vehicles. that facility will be in the south georgia but may be a clue to the fact that tomorrow's announcement will be made near the port city of savannah. the atlanta journal-constitution reports the investment would create 8500 jobs, the ap claims it could build by gas powered gasoline engines. they coincide with a visit by president biden, south korean

tech companies reportedly mobilizing billions of dollars to invest in the us. stuart: the ceo of bentley giving a few more details about their first all electric car. tell me about the acceleration on this thing. ashley: fast enough to spill your gmt on the back seat. how about 0 to 60 mph in 11/2 seconds, thanks to 1400 horsepower. some call it nauseous inducing and for those with more sensitive stomach bentley says the brutal acceleration will be at the customers discretion and can be switched to a more 0 to 60 in 2. 7 seconds. the acceleration, not the main selling point. that would be the effortless overtaking from talk on demand. a few specs will be revealed. there is no official pricing yet.

as you see the ceo, one of the models will cost more than $262,000. pepto-bismol for free. stuart: a nice touch. something more different. whoopi goldberg defending the president as inflation spirals out of control. >> everybody is suffering but let's place it in the places it belongs. gas prices aren't bad because of anything biden did. it is what he's going to absorb. but when she went on to say she doesn't think inflation will hurt biden's poll numbers. we will cover that. show me the dow 30. a sense of the market, a lot of selling. eddie ghabour called this market selloff and is next.

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stuart: lucy in the sky with

diamonds. what a song. always misunderstood. looking at daytona beach, 86 °. look at the markets, the dow is really way down the 300 points, the nasdaq eking out a gain of 23. susan is with me and you have the movers. susan: isn't that one of the most famous beatles songs? lucy in the sky with diamonds, i believe it had something to do with science and evolution. stuart: not lsd, it is his son who came to him with a picture, john said what is that picture? the sky, lucy in diamonds. susan: i think it had to do with the neanderthal in the evolution -- stuart: i am the neanderthal. susan: the opposite is high-tech, high growth.

these stocks are beaten down 50% to 70% and getting this with a 10 year treasury yield, 7/9 days so far, when yields fall these tech stocks don't look as expensive because you are getting less guaranteed money from government bonds so you don't lose as much, buying and speculating in tech stocks like shopif gmac. stuart: what about brokerage stocks? susan: formerly known as square which is point - jack dorsey's company, charles schwab and this is after one of the world's largest crypto currency exchanges offering free stock trading on its platform, select customers starting today. fts is owned by sam bateman freed who is worth $20 billion, commission free, not setting traits to high-speed traders, no payment for overflow, robin hood during the game stop saga, they said they will be taking losses in stock trading but

supplement it by high fees when it comes to crypto currency. stuart: assuming that is in crypto trading. susan: they are profitable believe it or not. stuart: got to get this in because i want to go back to the retailers. they have been clobbered recently. susan: a look at the target and walmart, still down after the worst day for retailers since 1987, kohl's is the latest, disappointing earnings because they can't pass on the higher fuel and wage costs onto consumers. they have to eat it, and there are concerns about consumer spending, jobless claims came in high, existing home sales at the lowest level since covid in april, deutsche bank set up base, the s&p which dropped 3000 if there is a recession. stuart: if you get recession, i can see it.

susan: the fed could take it from raising interest rates. stuart: a lot of people would like them to do it. thank you very much. can you show me google? a bipartisan group of senators led by republican mike lee has introduced legislation that would take aim at conflicts of interest in the advertising sector of alphabet, google. it could force google to break up its online ad business, the bill is sponsored by ted cruz and democrats too, amy klobuchar and richard blumenthal. that new starting to take google a fraction lower. back to the market, still got that read for the dow jones and green for the nasdaq and look who is here now, eddie ghabour, the man who got it right, back to the same line of questioning, are we near the bottom? eddie ghabour. >> we are not and the fed has changed the game, they will be

so focused on inflation that i believe we will be in a recession. one thing that is really alarming right now is we are looking at credit card data on the individual side and seeing credit card debt accelerate, we are seeing 30 day late payments accelerated and that is because consumers are getting hit hard. on the corporate debt side we are seeing the cost of capital increase substantially. the things we are looking at regarding details, this is the worst possible environment from the business perspective with the caucus capital going up in the consumer adding hit so they don't have discretionary income and the interesting thing is when this s&p and nasdaq goes down another 10% that will put the nasdaq down 40, s&p down 30, is the fed going to tighten into that time period? if they do then we will be taking another major leg down because this market, this

economy is extremely fragile. there's a lot of leverage, a lot of debt and a massive bubble popping one part of the market at a time. stuart: how do you know when the selling is over and when you can start to buy? >> you never know exactly. i'm not going to be arrogant and say i know where the bottom is. the mix is not at the bottom, in the marketplace, in the 40s, to see layoffs and company start to default on debt and to see the fed pivot. those are the things that happen in a recession and that is why when you look at great companies and say they are down 15%, must be a great buying opportunity, they can get a lot cheaper and i think they will. in every recessionary cycle, little bounces sunk investors in and they drop steeper and

that is what is happening, we are getting smaller increases and the drops are becoming steeper and the trend will continue in my opinion. stuart: let's get you up to new york. i would love to see you sitting on the set, we will try to do that next week. see you then. thanks very much. back to the crypto world, the irs could be missing out on billions in unpaid crypto taxes. come back in again, ash, tell me the details. ashley: they could be missing out on $50 billion a year from crypto traders not paying their taxes according to a new analysis released by barclays. report estimates the current crypto tax gap represents the 10% of the overall national tax gap, it goes on to say while all transactions may be visible on the block chains, if all the counterparties are anonymous it is difficult for the irs to

figure out without any supporting irs data, $50 billion estimate for crypto tax gap is probably too small, a lot more. the analysis concludes traders should be more diligent in reporting because the irs is onto and greatly increase its crackdown on those would be crypto tax even haters beating up their staffing recent years to try to catch those not paying crypto taxes. stuart: so watch out. all right, i will. covid cases up 57% in the last two weeks, some people are getting it multiple times. should we be testing more? i will ask doctor siegel. a year and a half ago, 40 pound box of chicken wings cost a mississippi restaurant $85. now it is as much as $150. the owner says it could soon be too expensive to sell at all. ♪♪

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stuart: the president will depart for joint base sanders and make his way to seoul, south korea. the first stop on his 6-day visit to asia and also visits japan. to change the subject again, love you cohost whoopi goldberg went to president biden's defense on inflation. take me through it. what is she saying? ashley: during a discussion about the upcoming primary elections for a trump white house press secretary stephanie grisham suggested the country is not doing well and the

president needs to get his stuff in order to which will be responded -- ashley: everybody is suffering but let's place it in the places it belongs, okay? gas prices aren't bad because of anything biden did, it is just what he's going to absorb. you want baby food, baby formula come a that is not on him. that is on abbott but i notice when people talk about these things nobody ever says here's the cause of this and how we have to fight this. ashley: pearls of wisdom went on, goldberg said the issues would not affect the polls if we tell people what is going on. it depends on who you believe and i am not sure many voters are looking to love you for their insight. stuart: not many are watching anyway, not like the good old days of barbara walters. here's a good example of how

inflation is hitting restaurant crisis. my next guest runs 3 restaurants in jackson, mississippi, and he says a 40 pound box of chicken wings jumped from $85 to $150 in 18 months. jeff good is with us, the co-owner of tsao's pizzeria. a little more here, you say you're cooking oil and flour have doubled in price and you have to pay a $40 fee added on to any air conditioning service charge, your wages are up straight up so here is the question. how much do you charge for a 15 piece box of chicken wings? >> i will sell a 15 piece plate that will beyond here. we are an upscale family pizzeria and we have been trying to ride this wave and be as reasonable to go through every week seeing the invoice prices.

hope your guests are sitting down. the most delicious wings in the state of mississippi in jackson, mississippi, cost $27.95 for 15 wings but that comes with dipping sauce and it is delicious. stuart: $27. how much was it a year ago? >> we were charging $15.95 for a plate of 15 wings and that was at a premium price. we use a premium price pot to start with and we are seeing across the board, all the proteins work process and italian restaurants, pepperoni, salami, all those things skyrocketing in price, cheese, dairy, eggs and supply chain issues, avian flu, a myriad of

reasons why, the overall inflationary prices, gas prices, $40 charge for an air conditioning guy to look at my ac unit, in the deep south it is getting hot, over 90 today, he estimates the money to pay for his truck to come out to service us, i get it but to answer your question we have to pass it along and we are blessed that folks love our restaurants and we give great value in terms of service, quality, experience. stuart: i want to thank you for coming on the show because we wanted a concrete example of what inflation is doing to your business and you gave us a good example. we can see margins getting squeezed, we just hope you stay in business. i am very sorry, come back soon. we've got a hospital in massachusetts treating a patient from monkeypox. what is monkeypox? should be we be concerned?

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stuart: okay. covid cases up 57% the last two weeks. doctor siegel is here. seems like people, almost every year, like the common cold, like the flu. it is losing its impact, people are blasé about it these days. >> it is becoming everywhere. each sub variant is more contagious than the one before. the ba 2. one 2. one which is all over new york and spreading around the country, 30% more contagious than the ba 2. it's getting to the point whether you are vaccinated, boosted, whether you had it recently, all of this, you can still catch it again but the key is if you were vaccinated and boosted or you had it recently are risks of hospitalization and death is way down and it is what you said, a flu or a bad cold, something like that is what i am seeing and that slogan, somebody at risk get this kind

of flulike syndrome with covert i give them that and they get better. stuart: should we be going out and testing? a lot of us would find we are positive and we got to quarantine. should we all be testing all the time again? >> you are always ahead of the news. -thinking this myself, the idea of isolating and quarantine is passé at this point because it is out there anyway but if you are near somebody at high risk you want to test and if you have and i would like to know about it. if you have it i may give you that. the rules we have in place right now are as usual behind where the virus is that it is time to loosen it up. stuart: if we all got tested, half the country would be in quarantine and we would seize up all over again. >> the companies that make the testing would get rich. stuart: okay, i can buy their

stock and make some money. i will talk about other things. you know the story. a guy in massachusetts being treated for it. what is monkeypox and should we be concerned about it? >> it came from a monkey in 1958 but it has been spreading, usually doesn't affect people especially when the smallpox vaccine was around, that took care of it but we are seeing it in africa every year and should we be concerned? one thing that concerns me even though it is much milder than smallpox i don't like that it is showing up here and there. that means it is spreading through communities. they have a dozen cases in europe but suspicious of several more dozen cases. how did it get to the united states? it is not -- it is spreading around. i'm concerned about that. it tends to be mild. vaccine takes care of it but you can get pretty sick from it. all the hyperfocus on covid here comes something else we should be taking a look at.

so far it is not on my radar as something that will really spread wildly but i've got to keep an eye on it. stuart: if it pops up on your radar in the future let us know and we will put it on the air. thank you, see you again soon. by the way two people in president biden's inner circle have tested positive for covid. who are they? ashley: there be xavier becerra, secretary of health and human services who tested positive for covid yesterday and that announcement just hours after the white house announced the daughter of president biden and first lady jill biden tested positive, neither is considered a close contact to mr. biden defined by the cdc as someone less then twee 6 feet from an infected person for 15 minutes over a 24 hour period. the president's daughter was scheduled to travel with the first lady to ecuador but will no longer make the trip with

her mother and susan rice, the white house the mystic policy advisor also tested positive last week. it is simply going around the white house but we are told the president is okay. stuart: i hardly know anybody who has not had it. almost everybody i know has had it at least once, some people had it twice. ashley: no. stuart: i do claim to know you. ashley: you can say you have. stuart: now i know somebody who has never had it. what a guy. the trivia question, what is the tallest waterfall in the world? niagara falls? angel falls? the correct answer after this, no googling, folks. 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.

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stuart: what is the tallest waterfall in the world, not the waterfall with the most water going over the edge, no, the tallest. ashley, what's your guess? >> i have no clue. go with number two in south africa. tugela falls. stuart: i go with angle falls in latin america. >> look at you. stuart: angle false. that waterfall is 3212 tall. look at that picture. isn't that beautiful? 15 times taller than niagra falls love to see that. that is spectacular. we're in a down mode again.

down 1100 on the dow yesterday. down 190 right now. don't forget to send in "friday feedback". varneyviewers@fox.com. we want your fan friday videos. tell us your name, where you're from. there is the important part. you have to say you're watching "varney & company." do that, if you're not careful you will be on tv. time's up for me. neil, it is yours. david: if it was neil, he would say thank you, david would thank you as well, thank you very much, my friend. i'm david asman in for neil cavuto today. stocks reversing course. the s&p turned positive. it has been flirting with positive and negative. the dow is still in the red. we're following all of the market swings in next couple hours. broken record gas pricing yet another high. brace yourself. one gas station is preparing for 10-dollar a gallon at the