davos, switzerland. we got a whole host of guests tomorrow as we continue our coverage and speak with texas congressman, the ceo of ripple brad darlinghouse, and many more , joining us tomorrow, live, from new york, and davos, right here, that'll do it for us, angela, nancy tengler, great to have you with me this morning, thank you, ladies "varney" & company begins right now. stu take it away. stuart: good morning, maria, good morning, everyone. after weeks of selling the first thing you do on a monday morning is you look for any signs that the dog days of decline are over , all right, well try this , left-hand side of the screen. i see some green, the dow is going to be up about 300 points at the opening bell, up 30 for the s&p, up a much more modest 50 or 60 points for the nasdaq, but that's some green right there. big tech show it to me, please. they've been badly beaten down this year, like the overall market, there is a small bounce at least of the opening bell

today, for those big tech stocks if you're in cryptos, you'll want to know, is bitcoin, has it made it back to the $30,000 level? the answer is yes, it has, but only just 30, 340 is your quote. politics. we have another example of president biden announcing what appeared to be a policy shift. only to have it walked back by a staff. he was asked if he would defend taiwan militarily if china invaded and he said yes. within minutes his staff clarified the remark saying he would help taiwan defend itself. so, there's confusion here, who 's calling shots in the white house, the president or his staff? the truth revealed about hillary 's roll in the trump russian bank collusion fiasco, the wall street journal puts it, "hillary did it" and she personally approved passing fake news to the media setting off what donald trump describes as one of the greatest scandals in political history. trump asked today, where do i

get my reputation back? we've got a jam packed monday show fog for you, so far, no major headline, from elon musk. monday, may 23, 2022, "varney" & company is about so to begin. i just called to say i love you ♪ stuart: that's a nice way to open a show, i just called to say, stevie wonder, great stuff too. it's a nice day in new york city , as you can see , going up to the 70s today. all good. now, look at this. 78,000 pounds of baby formula have been delivered to indianapolis. lauren? now that's good news. but i take it this crisis is not over. lauren: not even close. it's called "operation sly formula" the first time in u.s. history the military launch es a special mission to

rush nutrition to infants and fill half a million baby bottles normally the u.s. flies to other countries in their times of emergency, something not lost on the media. >> the baby formula issue is shocking to americans. it's shocking. the political ramifications are profound. this can't be our country where babies are at risk of dying. if this goes on for a few more week, it's possible we're going to lose someone in this country, because of this. the biden administration knew about it in february. whatever came afterwards, whatever the investigations determine, the buck stops in the oval office. lauren: they knew about it for months. second shipment from europe comes on wednesday but it's likely august before our own domestic suppliers can restock our shelves. stuart: that's pretty harsh statement. lauren: i listened to the whole panel they were all harsh on this situation. stuart: let's bring in

congressman byron donalds, republican from the great state of florida. good news but we still got a long way to go. now do we make sure this does not happen again? >> the first part is whoever is in the fda that shutdown 40% of production with no plan, they gotta go, and get fired. number two, joe biden once again doesn't have a plan. i already think he should be fired he should not be able to keep his job as commander-in-chief as president of the united states, but this is indicative of where the biden administration has taken us, stuart. they never have a strategy for anything. they always lead from behind. everything is always a surprise, and then they throw out fight, amc leaves showing they're doing something. i'm glad those pallets hit the landing scripps in indianapolis but filling half a million bottles will last babies for maybe half of a day. i've got three sons, i've been through formula, i know what it is to have to raise in fans on formulas. you go through three, four bottles per-day, so just having

500,000 bottles filled is just the tip of the iceberg. it's not going to solve the problem. this is simply a fig leaf from the biden administration. stuart: but congressman there are plenty of democrats who are praising president biden for his performance. just watch this selection, roll tape, please. >> we feel very good about where the united states is. >> president biden has been very decisive in his leadership beginning with the american rescue plan. we rescued the economy, put shots in arm, money in pockets, kids back in school, laid the foundation for robust economic recovery. >> you know, by any metric, with the exception of inflation, this country has moved forward under his leadership. stuart: with the exception of inflation, of course. all right and we've got a new poll showing 69% of the people polled believe the economy is bad. that's their word, bad. congressman, if that poll were taken in florida, would 69% of floridians say the economy is bad? >> listen, the reason why everybody is saying the economy is bad is because of inflation. in florida things are better than in most of the other states

but the reality is gas prices are hurting floridians, inflation is hurting floridians, hurting our real estate market as well as everything else, hurting small businesses as well everybody is feeling this pain. for that news real you just played if there was ever a show of political propaganda, that was it right there, because congressional democrats they know that joe biden's a failure. they tell us in the halls very quietly. they just won't admit it on tv for the american people but the polling has made it clear, stuart, the american people know the truth. the democrats have no plans and no strategies, except the bernie sanders, aoc plan which is a complete disaster for the united states. stuart: congressman has any democrat in congress actually came up to you and quietly says president biden is a failure? have they actually done that? >> no not to me specifically but i've heard it from some of my colleagues but you could just tell by the body language they know they aren't doing the right thing and look even take this formula thing. what did nancy pelosi do?

run some sham bill to the floor for $28 million to pay for salaries at the fda. that would do nothing to fix the formula crisis. that's why so many republicans voted no. we passed another bill that would actually let wic buy foreign formula something that virtually everybody voted for because it's sensible policy and it makes sense. the democrats on capitol hill know there's no substantive policy to actually address our economy, to address inflation, gas prices, the border, et cetera, as coming from congressional democrats. it's really a sad state of affairs for the united states. stuart: all right, first thing on a monday morning congressman byron donalds i'll leave it right there, thank you, sir see you again soon. check the futures monday morning on the upside the dow a 300 point gain there at the opening bell that is. of course we have an eight-week losing streak, the longest actually since 1923. big question, obviously, lauren, is when do we hit bottom? what's wall street saying? lauren: they don't know where the bottom is.

it's as illusive as ever and this is after seven weeks of selling for the nasdaq and the s&p 500. many agree things are going to get worse before they get better and they note that the fed is still in the early stages of their interest rate hike and campaign. yeah, investors have lost a lot of money but do they seem to be sweating it? the fear gauge, look at that, 29 the financial crisis hit 80, so the panic doesn't seem to be there yet. stuart: okay let's bring in market watcher of this monday morning, his name is jim lowell. jim, it occurs to me you have to be really a brave guy to tell your clients, yes, we've hit bottom. now is the time to buy, because a call like that you really got to get it right, so, jim lowell, have we hit bottom yet? >> stuart i don't even attempt to make that kind of a call. all the risks that we know about have not only not gone away but they've increased whether it's inflationary pressure, recessionary concerns, russia's war, china, covid, you name it.

this is not a marketplace that i would think you'd want to be in the realm of trying to call a bottom for. not yet. perhaps not for quarters to come the reality is that on any given day this market can melt up or meltdown, but the momentum, the overall momentum of the market is, i think, easily characterized as negative. it doesn't mean that there aren't positives, employed is a clear positive, consumer spending is a clear positive. business spending is a clear positive, but juxtaposed against all of the known risks, we continue to take a defensive stance. stuart: okay, what worries me, and been saying this for sometime, is that the market is down and what worries me is it will stay down for a long time, and i've raised this issue before because i remember the 1970s, the market dropped bike a stone in 72, 73, never came back until the mid-80 s. what do you say? >> i think that's a very

interesting timeline stuart. i suffered through that time period. it was my first engagement as being an employed banker. it was difficult, as you point out, from 74 to 83, a gaining bear market. we very could be in a grinding bear market. unfortunately, we won't know that until much further down the road. i do think the signs that we're looking for , if we begin to see stress cracks in consumer spending, if we see any pullback in employment, we're likely to get more defensive, at least in the intermediate term. we know the fed is behind the curve. we know the policymaker, the current administration is behind the curve, so it doesn't make sense to stick your head out of the trenches just yet. you'll be the first one picked off if you do. stuart: that sounds ominous. all right, jim lowell, you made your point there thank you very much indeed, see you again, sir. left-hand side of the screen, futures, plenty of green,

especially for the dow jones industrial average. the market opens in 19.5 minute, question will be see $5 a gallon gas this summer across the nation? i'll ask the expert patrick deha n in the 11:00 hour this morning. elon musk suggested slashing his twitter offer. he wants to use the bots to get a lower price. we have that, next. ♪ ♪ we believe there's an innovator in all of us. that's why we build technology that helps everyone come to the table and do more incredible things.

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check futures please, opening the market in about 14 minutes time. i'm seeing green, certainly for the dow industrials up over 300 points, modest gain for the s&p 39 points and nasdaq up about 70. there's this. elon musk is lashing out at twitter again over the number of fake accounts on the site. lauren, he wants a discount, don't he? lauren: absolutely so this is the twitter exchange getting some buzz. he says twitter still refuses to explain how they calculate that 5% of daily users are fake. so then a user chimes in and says well, if 25% of the users are bots, then the twitter acquisition deal should cost 25% less. absolutely, responds musk, but he does acknowledge that transparency is not in twitter's best interest because if they reduce their key metric, daily active users, that advertisers like, then yeah, they be worthless. it's just making sense to they aren't very transparent here. stuart: the stock is at $37 a

share, he's offering 54.20. lauren: he overpaid, in his eyes stuart: yeah, he did, all right, vivek ramaswamy is with us this morning and he knows a thing or two about this whole thing. vivek, does this deal get done at a much-lower price? what's standing in musk's way to stop him taking it at a much lower price? >> so, look, i can give you my prediction. i think the deal is going to get done at a slightly lower price. this isn't an uncommon situation , stuart, where you have a buyer that ultimately has some level of buyer's remorse. there's a major change in market conditions as we saw here, with the massive decline in tech stocks, since he signed the definitive offer to acquire the company, at the same time, if he really wants this deal i think twitter will be able to offer it at only a slightly lower price because he has a binding contract in which he waived details due diligence so are the arguments about the bots the reason for the lower price he's asking for or the justification?

it's a justification. that being said this is not an uncommon fact in the land of m & a, that's where i think history suggests to us that assuming he still wants to own twitter which i believe he does, i think he's going to end up getting it for a slightly lower price. stuart: a slightly lower price than what it's at 37.82 right now, lower than that or what? >> no, i mean, slightly lower price than the price at which he signed the definitive offer to buy the company. right now, they have a binding contract with damages et cetera attached to it in which he waived detailed due diligence, so that's the price at which this is already contracted to transact. i think that in light of the market conditions, twitter's board has to look at the fact that let's say elon does walk away if he has to pay $1 billion in damages twitter could have a lot more downside even than that so even though the board won't be talking about it that's going to be in the back of their minds so that's why i predict it'll settle at a slightly lower price than 54.20. stuart: let's talk quickly about this disinformation board.

has it been paused, in other words could it come back again in the future, or has it just been finished completely? >> it appears to be they are going full force forward with the plans, and i predicted this stuart a couple weeks ago when they initially announced their plans to potentially put this on pause. i think it's not that hard. listen to what the white house press secretary said. she said our plans will still proceed. the error, i think, they realized, was drawing too much attention to it. in fact, history teaches us that most governments that want to censor the speech of their citizens tend to be pretty non- transparent about their efforts to do it. so perhaps the biden administration learned their lesson and realized they shouldn't have been talking about it so much but it appears even on recent news reports suggesting this is just going to proceed under different leadership. stuart: i don't know how it would work. i simply can't, has it worked? can you explain it to me? >> well in a certain sense, stuart, we've been seeing this informally happen over the last couple of years. the government issues threats to private companies to take down speech that the government disfavors.

the government induces those companies to be able to take down speech that they call misinformation or hate speech. in fact jen psaki the old white house press secretary, used to brag from the white house press er room how the white house and tech companies used to coordinate on deciding how to take down certain kinds of misinformation. my whole view has been if it is state action, then the constitution still applies, and that when companies are private actors behave on behalf of the government, they are bound by the same constraints as the government so in a certain sense, stuart, this is nothing new. they are just formalizing it and taking it to the next level. stuart: got it. a fine explanation, vivek, and i appreciate that very much so, vivek ramaswamy, see you again soon, thanks a lot. >> thank you. stuart: the supreme court's ruling on roe vs. wade could come as early as today. so we are told. i bet the protesters are gearing up. lauren: yeah, a leaked homeland security memo dated may 13 reveals the white house is bracing for a summer of violence law enforcement agencies are investigating social media

threats to burn down or storm the supreme court building itself, as well as murder, justices and their clerks, plus attack places of worship and abortion clinics. look, political activism is constitutionally protected but i'll quite axios. they say if the roe decision is fly wayer for extreme it'ses and state counterterrorism agencies are on high alert. that decision could come today. stuart: i don't know the source of that information is but that's what i'm hearing all over passing that decision down today lauren thanks we'll be watching for it. the market is showing signs of a modest rebound come the opening bell this monday morning, futures pointing north as in up. the opening bell is next. ♪

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stuart: left-hand side of the screen your futures that is the market opens in the green this morning. keith fitz-gerald with us again today. keith, it occurs to me, you

really got to be a very brave guy to call a bottom for this market, and suggest to your clients get out there and buy. you've got to be very brave to make a call like that. is that your call? >> well, i wish i were that brave at the moment, stuart, but i don't think we're quite there, but we're a lot closer than we were, and that's the key point. you know, investors talk about going bottom fishing, talk about doing rash things but the key right now is to keep it on the fair way, do something simple, tread water, because one of these days, it is going to go from terrible to less bad and then ultimately to good and you got to be in the markets when that happens. stuart: when is it going to happen? tell me, we all want to know [laughter] >> well i know, me too. here's the thing though. i think this is all about the fed and it's all about psychology now as long as the fed remains out of control or is perceived to be out of control, this is not going to stop because rates are going to deleverage wall street but this sell-off is getting tired in the teeth, i'm sensing and talking to professionals

around the world. their move is to begin to look for the upside now, so for all the selling that's happening, there are a lot of people out there bying including big name professionals, so i think, you know, again my guts are telling me i might be completely wrong, my guts are tell me, you got to play to win especially now. stuart: i see on the left-hand side of the screen, big tech all the big names, up this monday morning. not a huge rally in any of them but they are all up this morning is that where some of the buying is taking place? >> well, it is today, and that's a function of computers and leverage. again, people say the narrative is that they are inflation- sensitive but that's not right. those are the companies highly leveraged with big, big funds, because they can move them quickly in and out, so that's just reflex buying computers the real buying is taking place in the low beta, high dividend producers those are the companies that make stuff you'll want to have five or 10 years out. stuart: do you think there is going to be a really solid re

bound at some point, or have i got something to worry about when i say the markets down and i worry that it stays down for a long period of time. could you see that happening? >> you know, i could see that happening, but i don't think it's very likely so my job is this in the nuance really here is probability versus possibility. possibility is different and what that is is your emotions talking. fear is a normal part of the human experience and the emotions and programmed into it is genetically over millions of years if the saber tooth tiger is out you don't step to the to go look for dinner so here is the thing stocks are the same way. we're driving based on what's called recency bias, we fear a fall, we feel that fear and the angst so it's tempting to just hunker down and say put a sign on my rear end that says kick me when it's over but the real move, the real thing you want to do in history is very clear about this is actually hold your nose, go swimming anyway, because that's how you're going to get the buy low sell high that makes the markets work. stuart: okay if somebody in our

audience had $100,000 cash right now to put into the stock market , today, what should that person buy? >> well, we've got to make some assumptions here because not all investments are worth the risk but they aren't worth the investment so this is the piece. if they got big tech covered and a five to 10 year horizon i'd say you need to move into stocks like gillead, pfizer, chevron, make stuff low beta high dividend consistent performers. the world is not going to turn without these stocks. stuart: okay, i hear you. keith, thanks for joining us best of luck with the analysis today. we'll see you later. >> thank you very much, stuart. stuart: just let me put starbucks up on the screen for you, up .68%, they're exit ing russia after 15 years, they have 130 outlets there, they're gone. okay? that's starbucks for you. the stock price all the way down to 73.89. now, in 30 seconds the market opens, we are expecting what i would call a modest bounce this

monday morning. the dow has been down for eight straight weeks. we've not seen that i think since 1923. obviously a prolonged selling period. whether it's over or not yet is another story entirely. i'm not going to make that prediction as long as the analysts on the show aren't prepared to make the prediction either because it's a dangerous gain. [opening bell ringing] stuart: you say we're at the bottom and we're not you've got a problem if that's your business, it's 9:30, it's monday morning and the market is now open. we expected it to open on the upside and that's exactly what it has done, we're up 270 in the very early going that's about .85% and the vast majority of the dow 30 stocks are indeed in the green. the s&p 500 is up .73%, modest gain there, and the nasdaq composite also on the upside, not much, .39%. earlier, big tech was all in the green, still the same point there, but they aren't doing much. microsoft, amazon, apple, meta,

now alphabet has just slipped to the downside. modest gains across-the-board. now, show me broadcom, please, because they're a chipmaker and i know they are looking to diversify, are they trying to buy, susan? >> yeah, good morning. stuart: they are trying to buy a cloud company. >> i call it a hybrid cloud company, so vmware, started by michael dell was spun out last year in a tax-free deal. broadcom is an apple supplier based in singapore, we have no specifics on the offer price but given that vmware is valued at $40 billion and there's usually a premium in these type of take over offers, that's pretty rich. now we know that broadcom has been trying to buy something for the last few years and that includes an offer to qualcomm which of course qualcomm said no thank you, they also tried to buy a software company but look at the other chip stocks down on this news especially when the competition is ramping and they have money to spend getting aggressive to get bigger. also global chip shortage has

been great for these chipmakers a booming business but a philadelphia semi chip index down by a quarter so far this year. now i do want to note also, if you were talking about maybe a short-term bottom that i heard you speak with kevin keith fitz-gerald, did you see that rally on the last 30 minutes trade of friday, heading into a weekend as well the fact that you can bounce back from 1.5% in a sell-off was pretty incredible stuart: i was looking at nvidia was on the screen all the way down, and intel, yeah look intel is at $41 a share. >> it's interesting that pat gelsinger used to be the head of vmware before taking over the intel job. it's a small circle. stuart: okay, show me pfizer, please. they've got an update on the effectiveness of their covid vaccine. >> its pretty much been priced in. we heard about this on friday so i'd look at biontech as well we know the third dose was approved this morning for kids and strong

immune response and they tolerated it well. stuart: have you any idea what kind of demand there will be for this vaccine for children under five from pfizer. how many people will, i mean, you can't really answer the question i suppose. >> i just saw the statistics in terms of how many kids in this country have been estimated by the cdc to have already gotten covid and it's a pretty high number around three-quarter s i think of children under the age of 15 have already gotten covid so do they need a third dose? and how many of these? stuart: on the show on friday, i was saying everybody i know has had covid and then ashley webster chimes in and says "i've not" so almost everybody i know. let's get to tesla, please. where are they this morning? they are down at 652. what about the shanghai factory? >> well it's a little bit late by a day, and i guess i count in the world of tesla when everything is so precise, but they said that in a company where they get to pre-shanghai lockdown production on tuesday. now, tesla, that's a day late

because they said that they would get things back up and ramping and running as they were before the covid lockdowns so we're what, 650, this is the lowest start to a session for tesla stocks since august last year, 650 right now, so that's what, $600 billion market cap for the company now. now, and shanghai has been by the way the reason why tesla run up to a trillion dollars in valuation they produce around 16,000 cars each and every week. stuart: i noticed the high for tesla was $1,243 and this morning it's at 648. >> so if they produce 16,000 cars a week, you know, estimates out there say they have lost 50,000 cars as a result of that multi-week shutdown in china and it's not just cars that they sell in china, but they export that over across the rest of the world to europe, especially as giga berlin is still not ready to ramp up to full production yet. stuart: amazing 640 for tesla. >> what do you think of the news that hyundai is

building that car factory in georgia, 8,100 jobs a $5 billion investment, rivian also has a big plant in georgia as well with 7,000 jobs. georgia is doing something right stuart: the ev capitol of america. jpmorgan is hosting their first investor conference in a couple of years. yeah, two years so optimistic here, i was really looking at those numbers, and they reaffirmed their targets for 17% return on equity. that's important for a bank. that's usually the most important metric meaning how much do you get back for every dollar that you have in the bank that you loan out. also looking at the nim, net interest margins, right, that means how much you make on loans , and they actually upped it to $56 billion, which is, you know, especially in a concerning growth environment looking at a slow down, possible hit to consumer rising interest rates that's pretty impressive. stuart: what do they do at investor conference, invite in all these experts? >> and they tell you what they want to buy as well but i really

wanted to talk about electronic arts and some of the video game possible takeovers that we're seeing. so ea is apparently according to puk news is looking for a buyer, disney, apple, amazon, especially activision, $68 billion takeover from microsoft. stuart: because microsoft is doing activision blizzard, electronic arts might want to buy. >> and take two zinga confirmed they finished their deal. stuart: that's where the action is. thanks, susan. look at the dow winners headed by jpmorgan, up 3%, the s&p 500 winners headed there by electronic arts, just mentioning them, and we had the nasdaq winners headed this morning by electronic arts, there you go, so it is making news this morning. >> glad we got that in. stuart: now, we're six minutes into the trading session and the dow is up 300 points. the 10 year treasury yield, 2.81 % this morning. that's encouraging for big tech

because that level is kind of low. 1,860 per ounce for gold, bitcoin struggling to maintain $30,000 per coin only just there oil, i believe, is going up this morning, yes it is, $110 per barrel. nat gas not that much change but it's still above $8 per million british thermal units. now, the price of regular gasoline another new high, you're at 4.59 right now and look at california. the average for regular at a california gas station is 6.07. here's what's coming up. president biden says a recession is not inevitable. roll tape. >> should americans be prepared for a recession, in your view, is a recession in the united states inevitable? >> no. stuart: but, the president did say the economy has problems. we'll take that on. the truth came out in federal court friday about the russia hoax. hillary clinton personally approved the plan to spread the

totally fake news of the trump russia alpha bank collusion, that's my take, comes at the top of the next hour. we'll talk about this all morning, where the market is down stays down for sometime. where do shark tanks robert jacket thinks this market is headed? he's here, next. ♪ this thing, it's making me get an ice 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?

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stuart: all right, ladies and gentlemen, on your screen, some of the retailers who will report this week. you know, tough retail earnings were a big catalyst in last week 's sell-off. let's see what happens this week wait for it. you know my next guest, he's a shark on shark tank. robert herjevec. i got the name right. >> you got the name right.

stuart: robert is our guest this morning you're a business man you get to know these markets. tell me, do you think we're close to a bottom on the stock market yet, robert? >> well we get to know the markets more from an operator perspective, less as an investor, and what we're seeing on the market side is we think there's still about 20-30% of bottom to come, and i think -- stuart: from here? >> from here. stuart: down from here? >> yeah, stuart: 20-30% down, what the makes you say that? >> i think there's a lot of fear, uncertainty, doubt, and what's happening at the operator level, small businesses don't know what to do. interest rates are going up but the bigger issue is getting workers. i know so many businesses that we've invested in small businesses. they just can't get workers. they can't get people to show up it's still a problem, so i think it's going to take a few months for that to work itself through the system. stuart: you run the second- largest cybersecurity

company in the world and the name of it is -- >> cyderes. stuart: i'm just giving you hard things to pronounce. i i was expecting a lot of attacks from the russians and i've not seen it, have you? >> well that's because firms like us are doing their job. stuart: i'll give you a commercial. >> thank you very much, so yeah , it's cyber defense and response, it's cyderes so there's two part, one is defend ing yourself and the other one responding to it. what most people don't realize is in the last four years, 52% of all attacks have come from russia. we have seen an increase since the ukraine war but we haven't seen the critical infrastructure here in the united states yet. stuart: so they have been pinged , but not taken down. have they taken down any sector, industry, any company that you know of? >> not that we can talk about in a general sense, but what we

are seeing is more critical infrastructure, hospital systems , anybody in america that has a legacy-based infrastructure needs to come up into the modern age. you know, as the world has moved to the cloud and everything has become digitized, people are being left behind, and so attackers are exploiting that delta between old systems and brand new technology. stuart: how far down do you come here? i mean, if you got a small business, and you'd be subject to a hacking attack, i presume. can they come to a company like yours? i mean, can they afford to come to a company like yours? >> yeah that's a great question so here is an interesting stat. 84% of consumers that know a business has been compromised, will switch suppliers, and that's the real danger. it's not just brand reputation. the average cost of a cyber breach to an enterprise is $4.2 million, but that's small

compared to damage it does to your brand and to the consumers, so if you're a small consumer, our first recommendation is move to the cloud. you should not be doing your own firewall, your own hosting, anything. go to a cloud provider. go to amazon, google cloud. i mean, google cloud's whole pitch is that they're the more secure cloud-based system so we really encourage small consumers to move over to a cloud and outsource. find a service provider that you can pay to take care of your security. stuart: in other words, the cloud business, huge as it is, can only get a great deal bigger in the immediate future. >> yeah, the cloud is going to change everything we know about computing. what people don't realize about covid, covid was the the greatest accelerator of business cycles in history. everything that's happening now, cloud, e-commerce, digital infrastructure, we all knew that was going to happen. we don't think it was all going to happen in two years so you've

really got to get ahead of that and move your business there. stuart: robert herjavek, did you get it right? >> you did. stuart: it's a real pleasure having you on the show. i hope you'll come back. >> i will, thank you. stuart: you'll get a lot of street recognition when you walk outside here, you'll get mobbed. >> i love new york. strategist the pandemic has taken a toll on the amount of money that people are saving, lauren, how much less are we saving? lauren: $11,000 lesson average. so a year, personal savings accounts this year are $62,000, that's down from just over $73,000 last year, so that's how much less we're saving on the screen. the drop is due to two big factor, obviously inflation, you have to dip into savings to pay for stuff, and then this resumption of normal activities, right? you're spending to go on a vacation, for instance. stuart: spending a lot of money to go just about anywhere these days. the president was asked about our economy, asked about inflation while he was overseas,

summit up. lauren: he said it's not as bad here as elsewhere. >> our gdp is going to grow faster than china's for the first time in 40 years. now does that mean we don't have problems? we do. and when it comes to gas prices, we're going through an incredible transition that is taking place that god willing when it's over we'll be stronger and the world is stronger and less reliant on fossil fuels when this is over. this is going to take sometime. >> is the recession in the united states inevitable? >> no. lauren: yeah. stuart: okay. lauren: i think that the tone of all of that was a little tone deaf, cold comfort to americans who are struggling and i don't think he should compare the u.s. to beijing. they have completely shutdown their economy, zero covid policy stuart: it was a struggle. lauren: yeah it was a forced response that the u.s. is doing better than china, for instance. stuart: all right thanks very much, lauren. disney world, like everything else, has been forced to raise

prices but have the price hikes gone too far? it's a very good question, we'll try to answer it too. gas prices still at all times highs, and lawmakers say specific policies from this administration are what's causing the spike, a full report on that, after this. ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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♪ stuart: well that's lexington, virginia, 65 degrees right there let's have a look at the bottom right hand corner of the screen, please, the dow is now up 420 points, i'd call that a pretty solid bounce this monday morning well, gas prices, they remain at record highs, look at this. the national average for a gallon of regular is now 4.59, and that's up about so just about a half cent but it's up again, and diesel holding right there at the new high, 5.55. hillary vaughn is with us. look, the administration blames the spike on putin. what about his energy policies? reporter: well his energy policies from day one, stuart,

have had a major impact on u.s. oil & gas companies decision to not produce a lot more emerging out of the pandemic, so a trickle in supply and massive surge in demand has driven prices to all-time highs. one of biden's first decisions as president was to put a stop to any new oil & gas leases on federal lands. there's still a backlog of permits waiting for approval to drill. he also put a stop to the keystone xl pipeline that not only killed potential jobs that sent a message to the industry that planning and investing in new energy infrastructure was a no-go. the administration has put more red tape around any pipeline project to get approved they have to meet certain climate change provisions. last november the eta ruled out regulations from methane emissions from oil & gas production, transmission and storage that would cost the industry over a billion dollars a year making it more expensive to produce u.s. energy , and the administration has been driving subsidies to clean energy, and discouraging investment in u.s. oil & gas as

biden tries to get congress to give more payouts to people, to buy solar panels and electric vehicles. their budget for next year would also eliminate any tax benefits that currently exists for the oil & gas industry and stuart, typically, you tax what you want less of. stuart? stuart: exactly. you tax what you want less of so true, hillary thank you very much indeed we'll see you again later. check the markets, please, now we have 25 minutes on a monday morning dow is up 330, nasdaq is up 72. still ahead, morgan ortegas, bethany frankel, joe concha and much more as the 10:00 hour of "varney" rolls on. pair

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on any unlimited plan. starting at just $35 all on the network more people rely on. (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. ♪. stuart: that is an interesting new song, at least i have not heard it before. curtis mayfield, move on up. okay. good morning, everyone. it is 10:00 eastern. straight to the money.

this is a monday morning following eight weeks of declines for the dow industrials and this monday morning we're up 343 after the first half hour's worth of business. let's have a look at the 10-year treasury yield. you're down to 2.82% this morning. price of oil is up a little bit earlier. it is up $110. bitcoin struggled back to the 30,000-dollar level. that is exactly where it is holding right now. that's the markets. now this. it took six years but now we know the truth about the russia hoax. it was a hoax and as "the wall street journal" says, quote, hillary did it end quote. don't be confused with all the names and who said what who. enough with evasions. truth came out in federal court filing. hillary clinton approved the plan to spread the totally fake

news of the trump russia alfa bank collusion. the campaign knew it was a fake. they hated him, still do. so the media to this day the media runs full tilt anything considered, construed as negative for trump. hillary's disinformation campaign and that is exactly what it was, distracted the country for years. think how much time and energy were wasted by democrats who couldn't accept trump won and hillary lost. what is the rest of the world supposed to think seeing america turn on itself like this? presidential candidate who thinks 10 of millions of americans are deplorables. within hours of the truth emerging in federal court donald trump responded. he said it is one of the greatest scandals in political history. he's right. he also said, where do i go to get my reputation back? another good question. second hour of "varney" just getting started.

♪. stuart: let's get right to it and bring this charles hurt who joins us this morning. "the wall street journal" reports that hillary did it. that is their word, did it. charles, now what? where do they get go from here? >> i think it is important to look back as you did in that excellent, excellent statement i think should be replayed every monday morning. this is not a small thing. we should remember it. at the very beginning six years ago when we started hear about this stuff, hearing about the dossier. we knew so much about it was bogus, we knew it was bs the problem very powerful people in congress, democrats, hillary clinton campaign insisted it was true. we had "the new york times" and "the washington post" won pulitzer prizes that have not been taken away from them based on these very lies. and, think about, think about

what we were doing when covid was just stalking our shores? a pandemic was stalking our shores and democrats had ground congress to a halt talking about this stuff they knew was a lie. they knew the whole thing was bogus but the problem was it was effective and, its mission accomplished as far as they were concerned. they used it to hound trump for entire first year. they used it to go after him in the re-election. so the problem is, at this point, our responsibility is to keep talking about it and to remind the good democrat voters out there who fell for this stuff and believed it, you were lied to for six years and they knew it! stuart: the current national security advisor is jake sullivan, who was right in the middle of all of this in 2016. he knew that that, report on the

alfa bank was totally fake. he knew that. and he still let hillary clinton peddle that out to the media. go ahead. >> peddling disinformation that helped the kremlin. peddling disinformation that we know was at least partially sourced from the kremlin. so they were doing exactly what they were accusing falsely donald trump of doing. of course any of us at that time who said this doesn't make sense. i don't really understand this, we were called, you know, disinformants trying to help out vladmir putin when that is exactly what they were doing! stuart: of course we're all day deplorables let's never ever for get it. believe me i'm not. charles, thanks for joining us. see you later. quickly for the markets. we have the dow up 260. i'm looking at twitter's stock

at $37 per share. i need jeff sica. jeff has been following the story all the way along, knows a great deal bit. looks to me like, musk, he wants to get twitter at a much lower price. i think he is going to do it. what say you? >> you would think with what happened last week elon musk just woke up in the morning said, oh, my god, what have i done? i'm paying an exorbitant amount of money for this garbage company that has virtually no future and very little ability to make revenue. now what am i going to do? of course you have to turn the focus, i think elon is a brilliant man, you have to turn the focus on the fact that a lot of twitter is fake. it's a sham. it's a lot of fake accounts, robots and all elon wants to know, he wants to know the depth of this issue and twitter

doesn't want -- they're making it as if they don't want to show any transparency so he should drive this stock to the ground and pay almost half what he was going to pay, which by the way, i still think is a rip-off. stuart: he was going to pay 54.20 and you think that half of that which would be 26 something like that, you still think that's too much? >> think about this, elon's tesla declined in value about $380 billion since this whole process began. tesla's stock is the collateral for this acquisition, for the most part so as tesla stock declines, he has that concern to think about and he really has to think about the tesla shareholders. i believe in the free speech fight, i think it's incredible but he has to be reasonable and

this company is not worth $44 billion. stuart: okay. you that off your chest. now let's look at the overall stock market. i know you follow it. are we anywhere near a bottom? >> unfortunately i hate to be the bearer of bad news i do not think we're near the bottom and they're is a few reasons, stuart. last week was crucial with target and walmart. youd ha the consumer about to break. what tar get and walmart showed us the consumer is already broken. you have a bunch of retailers coming out this week and those retailers are like best buy, macy's, nordstrom. they're coming out, they're going to show the exact same thing that walmart and target has shown which is the consumer that is 70% of the economy has been wounded, needs the time to recover. you also have this whole element of margin which i've been

talking about on your program a lot. a lot of this froth we saw was borrowed money. the fact you could borrow cheaply, that is about to end. that needs to unwind. people ask me when will we hit the bottom? we'll hit the bottom when margin levels go back to normal and we're not near that right now. stuart: there was a fine interview this morning, jeff sica. twitter is a garbage company, we haven't hit bottom on market. >> happy times. stuart: happy times indeed. keep smiling, son. more on elon musk, space ex-raising a massive amount of money, a fresh new funding round. lauren, i got a question, what's the valuation of the country now, space ex. how much money are they trying to raise? lauren: $137 billion, reportedly, they're looking to pursue a $1.7 billion funding round,$0 a share. space ex-is raising money for

stair link and starship. you were talking about tesla shares being down as elon uses that wealth to buy twitter. he could sell shares in space ex-to put money towards that acquisition. stuart: 127 billion. lauren: most valuable u.s. startup there is. stuart: anything more, more on this. i want, citi, very bullish on the space industry. caps off the space ex-of course. what are they saying? lauren: they say the space industry will pull in a trillion dollars per year in revenue by the year 2040. stuart: that is way out there. lauren: that would be up from $400 billion now or last year 2020 they have this number. what is behind the increase? launch costs they will come down in a huge way. gives more companies opportunity to bring in innovation from manufacturing, to satellite broadband. they can make the ideas come to fruition and can launch ideas into space at much cheaper cost.

stuart: not until 2040. lauren: correct. stuart: it is 400 billion now? lauren: 420 billion as of 2020. so it's a little dated. stuart: show me didi. now they're dead flat. lauren: they had been up 3%. granted it's a $1.50 stock but the news is majority of shareholders voted to delist from the new york stock exchange. that caps this nearly year-long ordeal that enraged beijing, right, resulted in billion dollars market cap loss. down 70% this year. we don't know when or if they relist in hong kong. stuart: looking at the prompter, a very troubling first sentence, ebay getting into nfts. lauren: i know. i know. this market has been hammered this year. they're doing so in a partnership with a company called one of. the hockey legend wayne gretsky is involved. they will sell 13 collectibles each with one of its signature

moves. they will start at $10 each. it is affordable. stuart: i've seen other celebrity nfts collapse. i'm not saying anything else. lauren: it is struggling this year. stuart: sum it up nicely. what have we on autodesk, 8%. lauren: leading the losses on nasdaq. they say demand is changing. there is market saturation and they're not confident of autodesk's ability to grow new business. that is why that stock is down 8 and 3/4. stuart: thank you very much indeed, crime in new york city, some would say it is just out of control. a former real housewife of new york has left the big apple for good, bethenny frankel. she says living in new york city wasn't work risking her life. she is on the show. the white house on cleanup duty after president biden said the u.s. military will defend taiwan if china invades. morgan ortegas on that. remember when president biden vowed not to have boots on

the ground in ukraine? roll tape. reporter: boots on the ground sir, will you have boots on the ground. president biden: yes. reporter: [inaudible]. on the ground in and around ukraine to stop this. will you rule that out, is that on the table? president biden: that is not on the table. stuart: the perpetuate gone is considering placing use special forces at the embassy in kyiv. greg palkot has the report from ukraine next. ps are mind-blowin! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

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♪. stuart: 45 minutes into this monday morning trading session. i see green. the dow is up 370 but the nasdaq and the s&p, they're also in the green but only just, let's put it like that. look at credit suisse. the ceo says they will never go

back to the office full time. he says it's unrealistic to expect staff to do so. interesting. all right, during his address to west point graduates general mark milley warned of significant conflict on the horizon. what else did he say? lauren: he said the character of war has changed. >> the world you are being commissioned into has the potential for significant international conflict between great powers and that potential is increasing, not decreasing. you will be fighting with robotic tanks and ships and airplanes. we've witnessed a revolution. in lethality and precision my anythingses. what was once the exclusive province of the united states military is available to motion nation states with the money and will to acquire them. lauren: in other words, the military, technological edge the u.s. enjoyed for the past 70 years is closing fast as countries like china and russia catch up.

we're witnessing ukraine and we're worried about taiwan. he says words like that, and it's a little bit scary to hear. stuart: interesting stuff. lauren: yeah. stuart: i want to get to ukraine now because greg palkot is in ukraine. the u.s. embassy in kyiv just reopened. now the pentagon is considering putting special forces to guard the embassy. what is the latest on that greg? reporter: stuart, that's right, as the war rages there is that new report that the u.s. embassy might get a little it about extra protection in the coming days. remember last week the embassy formally reopened after being closed for about three months before the russian invasion. usually u.s. embassies have a marine guard in addition to local security. now "the wall street journal" reports that the pentagon and state department are considering bulking up that protection to include special force operatives. to be on the safe side here, we hear air raid sirens every two or three times during the day. we're waiting confirmation from

the state department on that. meanwhile the 21-year-old russian tank commander who pled in guilty kyiv court, killing a 62-year-old ukrainian civilian, war crime, he got the maximum. life in prison. ukraine and russia said more war crime cases are to come. ukrainian forces fighting forces hard in the east. president zelenskyy made a appeal to a government business leaders at davos, switzerland for more sanctions against russia, trying to shut down moscow's energy exportses. here is more what he had to say. >> translator: do not wait for tate tall shots. do not wait for russia's use of chemical weapons, biological, god forbid nuclear, do not give the impression to the aggressor that the world will not resist enough. reporter: he concluded, stu, by saying that in fact sanctions were necessary to bring back

here peace and keep here freedom. maybe a little muscle as well. back to you. stuart: greg palkot, thank you very much indeed. from that front to another front president biden says we'll defender taiwan militarily if china attacks. morgan ortegas, we're waiting to get morgan on the line with us. let me segue to the market while we're trying to get morgan ortegas there. we have important story whether or not u.s. will defend taiwan if china attacks. we want to get morgan on that. the s&p is up 29 points at this stage. that is a very modest, not for the dow but a very modest rebound from all the losses we've been seeing recently. the winners amongst the dow 30 stocks, jpmorgan chase is there, caterpillar, and so is visa.

now we have morgan ortegas safely with us on the air joining us live from ukraine. morgan, the president says we will defend taiwan militarily if china attacks and tries to invade that seems to be a shift in our position and it could be a gaffe. what's your reading? >> well, if it is a gaffe, stu, it is a purposeful gaffe. he said it at least maybe three, four times in his presidency. every time the white house walks it back. now why is that? well our viewers should know that we've always taken a position of strategic ambiguity as it relates to taiwan. i can't think of anything more, you know, precisely worded when i was spokesperson at the state department for trump than talking about taiwan because it is such a tenuous relationship. so, again, it is a sea change, you're right, it's a different policy if biden is serious about this. my problem with biden is not

necessarily the fact that he is saying we're willing to defend taiwan. i'm willing to do that. my problem is that he does not have the defense budget to match his rhetoric. in fact his defense budgets haven't even kept up with inflation. we have an aged and decrepit navy, a u.s. navy needs to be revitalized on a u.s. budget. if you make a change in u.s. policy, go from strategic ambiguity to definitely declaring we will militarily support taiwan, if we're going to do that, you better have the defense budget and especially the u.s. navy budget to back it up. for me you have another case where the biden administration talks very big, talks very loud, a lot of bravado but not necessarily the goods to back up the words. stuart: morgan, you're actually in ukraine. >> i am. stuart: can you report what it is like on the ground there? from a distance the fighting seems to be restricted to

certain areas. can i say it is almost normal in kyiv and lviv? >> i've been in lviv the entire time. you're absolutely right with that assessment it feels normal but air raid sirens go off during the day and kept me up. that has been off and on for past three years. most of the west is fighting is happening in the east and the south. you're right it feels very normal here. in fact this is a pretty amazing european city. when ukraine wins this war i hope people come visit. it is beautiful. stuart: we're very glad to hear that. that is very good news indeed. thanks very much for being with us. we hope to see you soon. >> thanks, stu. stuart: listen to this, air force cadets that refused to get the jab may wind up footing the bill for their tuition. we have the story next hour. president biden brushes off

recession fears at home while pushing new deals overseas. watch this. >> back home in the united states americans are dealing with record high inflation. should americans be prepared for a recession? in your view -- president biden: no. we have problems the rest of the world has but less consequential than the rest of the world. stuart: interesting. the administration is looking to tap diesel reserves. edward lawrence will have that story next. ♪. (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them.

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run throughout the natural world. and can now be found in the automotive one. the world's most aerodynamic production vehicle. the eqs sedan. stuart: market shows green. the dow up 300. s&p up 24. i notice the nasdaq is slipping. that has gone to negative territory. the nasdaq is really taking it on the chin since november when they hit their highs. i think we're down about 30% on that indicator. looking at big tech, i see apple up, a buck 66. amazon down again. getting awfully close to dropping below maybe $2,000 a share. 2081 right now. met at that platforms again down

again. microsoft doing okay up 3.85 as we speak a mixed picture for big tech. a mixed picture for the markets too. bitcoin holding on to $30,000 a coin. i see some movers on the market as you would expect. bank of america is up 5 1/2%. that is moving. what is up? lauren: they boosted their minimum wage to $22 an hour. they were supposed to do that in the fall. they moved it up. ault part to keep talent. to get wages $25 an year by 2025. stuart: that is all it took, you give workers a nice raise and -- lauren: that is just an extra, an extra for bank of america. stuart: it sure was. under armour is down. lauren: retailers are not doing well today. citigroup cut under armour to neutral. took the price target, basically cut it in half from 19 to 10. look at carter, they got a doubledown grade at citi, from buy all the way to sell. the reason, lack of stimulus,

inflation, all of that hurting a lower income shopper more. with that you get more discounting. can i show you ross stores? stuart: you better. >> ross down 20% on friday. look at this. it is leading the market today. it is up 8%. there is no reason. maybe the consensus they got hurt too much last week. shoppers will like deals as dollar doesn't go as far. stuart: retailers are all over the place. lauren: i know. stuart: they can't always pass rising costs to consumers so their margins are squeezed. it is 10:30. i have just got the report we can now release. fed's economic well being report for u.s. households. how well are households doing? this report relates to 2021 last year. what is the story? lauren: we stayed home. we saved a lot of money. as life returns to normal the situation has totally changed. the fed says for last year, household well-being improved. it reached the highest level

since 2013. 78% of adults said we're living comfortably. we are not doing anything. with inflation particularly this year. that quality of life has diminished. stuart: i think that is a fair statement i really do. look at the dow now. 460 points higher for the dow industrials. nasdaq up 40. it is financials i think. the financials within the dow 30 that is moving them up, almost 1 1/2%. solid gain for the dow today. diesel prices as we know right at record highs. the average for diesel right now, 5.55 a gallon. the white house, they want to bring the prices down. they want diesel, a lower price. so edward lawrence, what are they doing? are they tapping, i didn't even know we got this, tapping diesel reserves? reporter: you guessed it, another release from another

reserve, rarely used reserve, in order to get diesel prices back down a little bit. talk about the gas prices. look at the gas prices today. set another record for gas prices going forward. that affects almost all americans but the price of diesel fuel, as you said near record highs affects everyone directly or indirectly. the stuff we buy has to get on trucks at some point that is diesel fuel, when that is more expensive the price gets passed on everything we buy, putting more pressure on inflation. senior administration official says since may 12th, they're looking at another release from the northeast home heating oil reserve. the oil can be used for diesel fuel. the goal, hopefully bring down prices of that diesel fuel, but also they're trying to eliminate any fuel shortages. analysts last week were concerned that the diesel fuels is the lowest level, the inventories, the lowest level since 2008. so whether it is diesel fuel or gas prices former energy secretary rick perry says the

biden administration caused this problem and is making it worse through policies and regulations. >> the idea you won't look the people in the face, look, we made a mistake, whether it's pumping, you know, literally billions of dollars into the american economy that is driving part of this inflation, whether it is the energy policies that we put into place that basically have driven the cost of gasoline to all-time highs. and they're going higher. stuart: this reserve the white house is looking at tapping was put into place in 2,000. it was meant to handle winter storms in the northeast t was only used once during superstorm sandy. there are no changes in policy or regulation about energy coming out of this white house. stuart: we hear that thanks very much, edward. president biden's national economic council director, his name is brian deece, he dodge at question whether the u.s. can avoid recession. watch this. >> are you confident the u.s.

can avoid a recession? >> in the transition the united states is in a better place than any other country. we have navigated through delta and omicron. we navigated through the gyrations coming from putin's war in ukraine. the american business has been resilient through this period. if we keep our focus on bringing inflation down in a way that actually helps families -- >> but you're not saying no? >> look, there are always risks but we feel very good about where the united states is. stuart: you pressed hard and nothing came out of brian deece. the gentleman laughing at this is stephen moore. he is an economist. he knows what he is talking about. are we going into recession, yes or no? >> stuart, we can avoid a recession. the growth rate for second quarter is estimated to be one, 1 1/2%. that follows the negative quarter we had, negative number we had for the first quarter, but the problem is i'm not seeing any policies out of this white house to combat this potential recession.

when joe biden goes out there we'll raise taxes on energy companies, raise taxes on small business owners, the other part of his presentation was more and more government spending that will only make the inflation problem worse. incidentally, we got, we got a bit of an improved number on inflation last month but so far in may it looks like prices are running ahead of 8 1/2% right now because, as you just reported we have record high diesel costs. we have record high oil prices and gasoline prices at pump. look what happened to the natural gas prices those are all so high. i don't see inflation abating anytime soon. i think the fed has been behind the curve. stuart: i'm looking at inflation at 8% plus. i'm looking at interest rates which are going up like it or not. they are going up. i see a stock market that had enormous sell-off, taking enormous amount of money out of peoples pension plans.

i don't see how recession is avoidable, i don't see how you avoid it frankly. >> i'm frustrated. i worked as an economic advisor for trump but i truly believe we wouldn't be facing i think we would have booming economy. there are tailwinds from the economy. covid crisis over. restaurants and theaters, all these things are opening up. i really believe this is the result of bad policies one after the other out of this administration. we've got to get the spending down. we have to make the tax cuts permanent. we should be producing more oil, gas, coal, all of resources so expensive right now. i see no pivot. stuart: exactly. >> of this white house more to the middle. we talked about this last week. bill clinton moved to the middle and then the economy boomed. i'm not seeing that out of biden administration or any comments from his economic advisors. stuart: i see no pivot at all so far. stephen, sorry out of time. see you real soon.

>> see you stuart. stuart: look at movers, please. show me wells fargo, they have been accused of holding fake job interviews. the stock is way up. what is the fake job interview? >> financials are best-performing sector yesterday. jpmorgan is holding positive comments on interest income. the reason wells fargo is higher, because of that. this is side story. a former executive joe bruno, he was fired he flagged instances of wells holding fake interviews with minority candidates for positions that had already been filled. he says the bank did that to adhere to informal policies promoting diversity when the bank had no intention hiring diverse candidates. wells fargo responding, they say though can't colab rat those claims as factual. stuart: let's move on. a federal judge blocked the administration from ending title 42. border agents, however, they're bracing for a migrant surge.

watch this. okay. we missed that, but i will tell you this. rachel campos duffy saw the crisis first-hand. she just returned from the border. she is here next hour. a second flight of baby formula on the way. parents are looking for formula. the congress is demanding answers from the formula makers. that is after this. ♪

stuart: look at the dow jones industrial average. there is a rally for you. up 463 points as we speak. it was the dow had been down eight straight weeks, first time we have seen that since 1923. not a bad bounce this monday morning for the dow industrials.

look at a couple streamers, netflix and amazon, both down. amazon dropping below $200 per share. abbott, other formula makers, they will face lawmakers this week on capitol hill because of this baby formula shortage. lydia hu has the story. have you any idea when families may see some relief? >> we're getting various estimates. most recently u.s. department of agriculture secretary tom vilsack, said it could be a matter of a few weeks before we see supplies replenished on the shelves. those supplies cannot come soon enough. this crisis is worse at this point. 45% of baby formula stock is out across the country. that is 2% more than the prior week. some states it is higher. virginia, nearly 58% of formula is out of stock there. over the weekend the u.s.

military transported the first shipments of baby formula from germany. the plane carried enough formula to feed 9,000 babies, 18,000 toddlers, for one week. this is not destined for retailers shelves. this is specialty medical grade. for childrens with allergies going to clinics and hospitals. what will bring relief for retailers scour egg the shelves? they say defense production act. manufactures needed supplies and ingredients to make formula more quickly. as abbott ceo is apologizing in an op-ed over the weekend, we're sorry to every family we let down. going on to say we believe our voluntary recall was the right thing to do. we will not take risks when it comes to the health of our children. abbott expects to reopen the michigan plant that shut down, maybe the first week of june which is next week. from there, products from that facility should be back on the

shelves within six to eight weeks. so it seems we're still far away off from being complete replenishment of stocks. stuart: another six to eight weeks? >> from that particular facility. they're the largest manufacturer in the country. that is a big deal. stuart: great stuff, lydia. staying still on the formula shortage, an abc political panel blasted the president for his handling of the shortage. ashley, come into this please. what exactly did they say on this political panel? ashley: yeah, the political panel on abc's program, this week on sunday. placed blame for baby formula crisis directly at president joe biden's feet. senior national correspondent terry moran saying the administration knew about the shortage months ago. listen to this. or not. stuart: he is good. ashley: what did you think of

that? apparently we don't have it. to say -- stuart: you're really good, ash, you're really good. you handle these things very well indeed. go ahead, keep going. ashley: thank you. i will keep going. basically he said yeah, they were told about this in february. also moran went on to say that someone at the fda should have raised the flag to the administration. hey, we just shut down a major baby formula factory. panel member caitlyn dickinson from the atlantic that it appears the administration, she says was disorganized. do you think? looks like something really important was overlooked. that was captain obvious. i think she is right. stuart: that was a funny report about a very difficult subject. you handled that remarkably well, well-done, fellow. >> thank you, stuart. stuart: back to you later. fashion takes on the fashion capital of the world, high-end

luxury brand, balancia turned new york stock egg changes to a capitalism catwalk. we have the story. bethenny frankel, she is known for saying it like it is. >> life is not aqaba ray. i do not care. get your life together. this is one little product. there is a million types of hair remover. >> that is savage. stuart: she is a self-made businesswoman, philanthropist, author, producer, all of the above. bethenny frankel is next. bogey's on your six, limu. they need customized car insurance from liberty mutual so they only pay for what they need. woooooooooooooo... we are not getting you a helicopter. only pay for what you need. ♪liberty, liberty, liberty. liberty.♪

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stuart: i want to introduce you to someone who introduced the world to skinny girl margarita. it was a product line and it was sold in 2013 for $120 million. this powerful businesswoman also organizes aid to the trouble spots of the world with her be strong initiative. you know who i am talking about, it is bethenny frankel and bethenny frankel joins us now. my first question is this, you

were a new york city housewife. why did you leave the city? >> i was. that is so funny, i left the city because i wanted greener pastures. i wanted more space and outdoors, i like to see the outside and i wanted to feel safer. i didn't want to feel in that hustle and being so alert you have to be to be in new york city. i just wanted a greater feeling of freedom. stuart: how do you feel now? i asked the question because there is a terrible shooting on the subway over the weekend. we just got a report of a machete attack just 20 blocks from our studio here. are you being kept out of city again continually because of fear of crime? >> i did have some experiences personally with crime during the pandemic. i think that there has been a level of desperation and stress

and it's heightened, what is going on in manhattan has felt heightened to me. energy energetically what is happening with people, these occurrences are supposedly rare i never had a occurrence in my life. it is recent i have. i like to err on the side of caution because i have a daughter, i fear for her safety. i want to make sure, with kids, we want to make sure they're safe. we can't take any chances. so i would rather her not be in environment where there is a little bit of hostility right now. stuart: i want to leave time for your book, you have a new book out. the title, business is personal. the truth about what it takes to be successful or, while staying true to yourself. i know you for a straight talker, almost outspoken speech. is that your best advice for business, talk straight at it?

>> you have to develop a respect from people before you can have that luxury. everybody shouldn't be talking at anything particularly in the beginning. this book a tool kit, a guidebook for people that want to get into business, have an idea, et cetera. i think that you should protect your realm which is your business, your brand, your culture and establish what it means and who you are. me being a straight talker something i have a reputation for because i don't mince words. i, negotiate with a very straightforward method and people trust me. they may not love me but they believe me. so i'm -- stuart: can you be a straight talker, i keep interrupting you i'm very sorry. >> that's okay. stuart: can you be a straight talker, can you be direct and perhaps a little harsh in this day and age where youngsters don't like talked to like that? >> well, you have to command their respect and people know

that i mean business. i'm a serious person. and i am a good person and business is personal because it's about your family and the time you take away from your family, paying your rent, that is extremely personal. i take business very seriously. as a person i have integrity and in business i have integrity. how i'm speaking straightforward to you, is how i am. people don't have time and want to waste time. they want to be with their families. you don't have to go to business school. the pandemic has shaken everything. now there are some opportunities. i think people have to get on the road, make the mistakes and layer their career. stuart: indeed. bethenny frankel, a real pleasure. thanks for being on the show. come anytime you like. >> wonderful. stuart: how about this one? belencia debuted spring 2022 collection at new york

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>> the polling has made it clear , stuart, the american people know the truth. the democrats have no plans and no strategies, it's really a sad state of affairs for the united states. >> what we're seeing on the market side is we think there's still about 20 to 30% of bottom to come. i think there's a lot of fear, uncertainty, doubt in the market and what's happening at the operator level, small businesses don't know what to do. >> i hate to be the bearer of bad news but i do not think we're near the bottom. when are we going to hit the bottom? we're going to hit the bottom

when margin levels go back to normal. >> this is not a marketplace that i would think you'd want to be in the realm of trying to call a bottom. the reality is that on any given day this market can melt up or meltdown. he loves you, yeah, yeah, yeah ♪ stuart: oh, one of the great songs of all-time, ladies and gentlemen, "she loves you" the first huge number one hit of the beatles in the united states , i think. i wasn't here then. but it's 11:00 eastern time, it's monday, may 23, straight to the markets, please. look at the dow jones average, i'll call that a rally. you're up 470 points, the dow is back to 31, 700 i'll call that a rally after a big sell-off recently. price of oil now moving down a little, $109 per barrel how about the yield on the 10 year treasury, where are we with that just at 2.83%. got it?

now, this. we have another example of president biden making a bold statement, only to have it immediately walked back by his handlers. now the president is in japan, trying to get some unity in asia to oppose china's aggression. here's where he ran into trouble roll tape. >> are you willing to get involved militarily to defend taiwan if it comes to that? >> yes. >> you are? >> it's a commitment we made. stuart: well its our military that's contentious. within minutes a reversal. the state department said biden remains committed to the taiwan relations act under which america provides taiwan the military means to defend itself. it says nothing about using american troops. so what is our policy? our troops to counter an invasion or just our weapons is the president calling shots here? who is exercising presidential power? personally, i think the president is absolutely right.

he basically told china, don't do it. don't even think about invading taiwan. that's the kind of backbone our allies want to see. what they don't want is the all too frequent walking back of presidential statements, and the inevitable questions about just who is running the show. third hour of "varney" starts right now. look whose here. rachel campos-duffy joins us this monday morning. rachel? i think the president's right to say that we will protect taiwan. i think he was sending a great message and it shows we've got backbone to our allies. do you disagree with me on this? rachel: no, i mean, listen, of course we want to send a strong message about taiwan, but it goes back to what you said before. i mean, i just don't think that this president is mentally fit and so the question is who is in

charge and i think, you know, all of us are wondering who is it and you see all the things that are going wrong in our country. all the way down to baby formula , and you just go wow. if nobody, if everybody is in charge, then nobody is in charge , that's the way it feels right now. we feel utterly rudderless in the world. stuart: you just come back from our southern border. a federal judge blocked the administration from ending title 42. you were there. can you set us straight on what it really is like at the border right now? rachel: look i have been a big critic of the biden administration open border policy and i've always been saying it's bad. i didn't realize how bad it was until i actually went down there to see it, and if you go down there, stuart, it becomes very clear to you that two things are happening. one, there is absolutely zero enforcement in security. it is entirely a processing

problem for this administration, so nobody is sending anyone back you see the mexicans on the other side of the border trying to, you know, they have their military there because there is some arrangements now between texas and the mexican government, nothing. our guys are on this side and the people are crossing, and our border patrol in front of my eyes literally helped them push the barbed wire that the state of texas put up to help them push it down and come on over and process them, and so then what do they do with them? they just build more facilities. i went up in a helicopter overseeing a huge sort of they call it a soft wall facility, a tent-like city where they are just increasing the capacity to process people more quickly, so we don't see it, and then they just move them out into the rest of the country by buses or by flights in the middle of the night. that facility, by the way, stuart, surrounded by a wall. near that facility, rusted trump

walls just piled up that nobody can use to block the border. the other thing that i saw was a lack of transparencies. it's very clear border patrol is under duress. they aren't allowed to let migrants talk to us. they are trying, they won't talk to us as well. the only information you get is from the texas law enforcement the local law enforcement there, so lack of transparency, complete open border, people walking across in front of our guys in front of the mexican law enforcement as well, nothing happening. i was in shock. i was literally in shock, i can't believe this is happening. stuart: before we conclude this i want to run tape that you came back with. roll it, please. rachel: we're getting ready to take off, state troopers of texas, over the rio grande. what do we have right here? >> so this is a group of 130- plus that just came across, at least five border patrol agents, those agents were tied

up for the rest of the day just processing all those migrants that came across. pulling them off the line exposes more border. >> this is an area here we've seen increased activity. we see all of the different clothing discarded, shoes, personal items rachel: this is someone's private property right here. >> all this is private property and this is barbed wire put up by the state to stop the crossings that were taking place but you see what they are doing now is they are easy to push down on a barbed wire that allows them to crossover. this is the federal government's job is to secure the border but right now the state of texas has to bear this burden. rachel: who controls this area, honestly is it the cartel? >> the cartels. stuart: rachel, that's powerful stuff. thanks very much for bringing it to us come back again soon, because i'd like to see more of that. i'd like to see more reality from the southern border. rachel: i'm going to go back, i am going to go back, stuart and get to the bottom of what's happening to the kids coming across the border because nothing is held in deeper secret

than that, so we'll get to the bottom of it. stuart: please do, rachel campos-duffy, we'll see you again soon, thanks a lot. rachel: thank you. stuart: back to the markets will you look at that dow jones average up 579 points that is 1.8%, nasdaq is up 94.8%, and the s&p is at 1.4% so i'm going to call that a rally, and the gentleman sitting next to me is named jason katz a frequent visitor on this program and in new york with me today. you're saying this is a nowhere to run, nowhere to hide market. does that mean we haven't seen the bottom yet? >> well, look, this is my third decade of doing this and this is arguably the most pervasive correction of my career. pervasive in that there's nowhere to run, nowhere to hide. in fact it's the worst start for the bond market since 1994, so if you're diversified with a 60/40 portfolio between equities and fixed income, you're off to a really hard start. then when it comes to geography, market caps, style, sector, with

the exception of utilities which are up a fraction, and energy of course, everything has gotten hit. this is nowhere to run, nowhere to hide. the tech wreck was the tech wreck, this is pretty widespread stuart: people that have gone into cash are simply losing less than everybody else. is that accurate? >> correct. i mean, with cpi at or around 8% call it losing 8% which is better than the average stock in the s&p down to 30% even though the index is down 20 so less bad is the positioning in cash. stuart: so what's your advice, i know you spend your life at sid ing very wealthy people on what to do with their money, i understand that. >> a little less wealthy actually. stuart: that's true, but what about ordinary, regular, every day investors the kind of people who watch this program. would you have any advice for them? just general advice? >> the general advice is that this is a marathon, not a race.

every time i've gone through these corrections, whether it's the tech wreck, the financial crisis, the covid crisis, i don't know what we're going to call this one in hindsight, the post-covid hangover or stimulus hangover? they always seem incredibly ominous, but i'll tell you, the pre-conditions for a recession are not as ominous as we all feel. i'm not, you know, seeing life through rose colored glasses. i know the risks aren't profound but i do know that there's still $2 trillion of savings out there i do know unemployment is at lows. i do know the multiple, the markets come down from 23 to 16 times earnings. there will be a brighter day. we'll fight another day, so if you're properly allocated if you're not overweight equities then you probably want to be in high-quality equities, and the best move right now, probably, is no move. that doesn't mean don't make tactical changes, but don't make precipitous changes. stuart: try to remember that. >> you and me both. stuart: really.

thanks very much, jason always good stuff we appreciate it. thank you very much. lauren looking at some of the movers including rivian down another 6%. lauren: uh-huh, they got a big delivery and customer complaint problem on their hands so this is what happened. some of people who placed their reservations really early are saying well we're still waiting because customers who place their reservations after us use some of the updated combinations that were easier for rivian to get. they started saying, you know, fewer paint colors, so if you place the later order using the new selection, you're getting a rivian before the people who placed the early order. does that make sense? stuart: it doesn't sound like a terribly serious problem. lauren: do you know what the serious problem is? rivian ipo'd at $78 and hit nearly 180 and now it's 27 and if this is the green dream and everyone is pushing into electric vehicles look what happened to this company. stuart: look at what's going on at amazon. aren't they reducing their capacity now and the stocks down 2%? lauren: there are reports they are stuck with just too much

warehouse capacity so now, reportedly looking to sub-let at least so million square feet of space, and could vacate even more by ending some leases altogether with some of their landlords. so amazon is down. stuart: i want to know about peloton. is it still in business? lauren: [laughter] look at this decline today. there is no specific reason why peloton is giving up another 8.6 %. it's an overall warning for consumer discretionary, the spending pullback continues we're seeing it's not just peloton but some of the other fitness stocks down today not as much as 8% but certainly lower, and you know, when we talked about amazon just before now, peloton raises the question do stocks or certain companies, do they need to give up everything they gained during the pandemic to get , for capitulation, for back to normal? is that what the market expects to give up the pandemic gains. that's how it seems to me. stuart: seems like it that's for sure. lauren thank you. today marks 103 days since the president last held a one on one interview with anyone in the

media. 103 days. next, we have the air force academy holding its graduation ceremony this week. unvaccinated cadets will not be allowed to attend and that's not all we'll tell you what else they are facing. stuart: tomorrow, primary day in arkansas. jake beck" hopes to win the republican nomination for senate but to do that he'll have to beat the incumbent backed by donald trump. jake backett next. ♪ >> tech: cracked windshield? make it easy and schedule with safelite, because you can track us and see exactly when we'll be there. >> woman: i have a few more minutes. let's go! >> tech vo: that's service that fits your schedule. go to safelite.com. >> singers: ♪ safelite repair, safelite replace. ♪

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♪ stuart: we're looking at pittsburgh, pennsylvania of course it's 59 degrees today. a lot hotter over the weekend i'll tell you that. the pennsylvania gop primary looks to be heading towards a recounted. dr. oz leads david mccormick by less than 1 percentage point. alexandria hoff is following the story the latest, please? reporter: hi, stuart, yeah, we're at the elections warehouse for allegheny county and right behind me there are officials and attorneys from the oz and mccormick campaigns looking to provisional ballots, researched by a review board over the weekend and now these campaigns have the opportunity to appeal which ones should count and in a race this close, every single one matters. the matters have been made more complicated when it comes to certain mail-in ballots. in 2020 after the 2020 election that is state law that been if the mail-in ballot doesn't have a date on the envelope it can't be counted but on friday a federal appeals court in philadelphia ruled in a different case that ballots without a date must be accepted.

rnc chairman reason a mcdaniels said this on fox news sunday. >> we certainly don't think that ballots without dates should be counted because how do you know when they came in? i think that's common sense and definitely where the rnc and gop is. reporter: that's also where dr. oz's campaign is. right now he holds just a .1% lead over david mccormick who has been slightly favored by mail-in ballots so his team wants counties to be aware of the new federal court ruling. allegheny county tells me they are waiting on guidance from the secretary on what to do with the undated republican mail-in ballots but things are coming down to the wire. tomorrow unofficial election results are due if one candidate doesn't hear a half percentage lead, then one will be ordered on thursday. a recount will have to be complete by the 7th so we likely would not have results of this election from this recounts until june 8. stuart? stuart: that's a long way away, alexandria, thank you very much indeed.

let's get to arkansas. senator john boozman is up for re-election. now he's been endorsed by former president trump, by sarah sarah huckabee sanders and his fellow senator tom cotton, jake bequett e is challenging the senator for the seat. jake, you are way behind on this race. do you think you can win without president trump support? >> absolutely. no one respects president trump more than me, but all his endorsements you just listed still has senator bozeman in the 40s. arkansas is a runoff state. anyone has to get a majority of 50% plus one, and that's why senator and his allies spent $10 million running attack ads trying to stop me because if this race goes to a runoff, i'm going to win, the people of arkansas are rally ing around my campaign. they know i'm the real conservative the true america- first patriot in this race and we're seeing enthusiasm all over country for these real conservative warriors. it's not good enough just to go

to d.c. and spend 20 years in the d.c. witness protection program. you've got to lead from the front and stand up and fight on the issues that matter, and that's what i'll do in the u.s. senate. stuart: did you ask for support from president trump? >> absolutely, so he made the endorsement before i got into the race. it was last march, it was well- over a year ago and we've been plotting along doing our thing one day at a time as my old coach would say, but its been exciting. we've seen the people of arkansas coming together rally ing around the energy on the ground is incredible. obviously, tuesday, tomorrow, is primary day. we've got to have everyone get out and vote. turnout is already extremely high. we think that's good for us because people who are not traditional republican voters, people who might sit on the side lines they are going out to make their voices heard right now, because they are furious at the biden administration, at these radical left policies and they know what we've been doing simply isn't working. the same old same old status quo , look if you like the way washington is going right now, you had that option.

keep voting for the incumbent but if you're ready for something new if you're ready for a conservative warrior you have that option too and that option is me. stuart: so this election is a referendum on did you get trump support or not, and a referendum on the strength of the conservative movement in the united states. you're prepared to stand on that basis, right and the vote is tomorrow, correct? >> yeah, the vote is tomorrow, and look, i'd be honored to have president trump support and the runoff we'll see what happens tomorrow night, but we're thrilled to have the support we have right now. the real people on the ground are fired up to support my campaign. stuart: let's see how it turns out. jake bequette, thank you very much for joining us. see you again soon. >> thanks, stu. stuart: three air force academy cadets will not be allowed at graduation. i presume because they aren't vaccinated. ashley: correct the three cadets all refused the covid-19 vaccine the academy says they will get a degree but they will not be commissioned into the u.s. air force as long as they remain un

vaccinated. a decision of whether to require the three to tok reimburse the united states for education costs in lieu of verse will be made by the secretary of the air force but that's being considered. according to the military as many as 20,000 service members have asked for religious exemptions. thousands are being denied, but about 99% of active duty navy, 98% of the air force and marine corps and army have all gotten at least one shot. stu? stuart: what's the latest on monkeypox? belgium introducing a quarantine is that happening? ashley: yeah, and the question is, could we see something similar here? well president biden says he does not expect the u.s. will take any quarantine measures, but he is urging americans to be careful as the virus circulates more widely. the monkeypox virus was detected in the u.s. last week, but the president pointed to the effectiveness of smallpox

vaccines to prevent serious cases and previous outbreaks arguing there's no need, arguing there is no need for a stronger reaction than that. the government has enough smallpox, excuse me, the vaccine stockpiled, he says, and he says there is enough at least to deal with the likelihood of any problem. monkeypox we should say is a rare virus that is typically detected in africa but as you know, recent confirmed cases in the u.s. , europe, and canada have scientists somewhat perplex ed, and concerned. stuart: yeah, how did it spread like that? ash, thank you. back to the markets. you now see the dow industrials with a 600 point gain. nasdaq up 80, s&p up 1.5% that's a near 60 point gain. starbucks, show me that stock, please, they're up a fraction. closing all their 130 stores in russia, they will continue paying their 2,000 employees for up to six months.

then it's over. workers have started removing mcdonald's golden arches in russia. mcdonald's is selling all of its restaurants there to one of its local agencies they cannot use mcdonald's trademark, so, the golden arches are gone, at least coming out. next case. karine jon pierre is off to a bumpy start as white house press secretary. watch this. >> you know, i've said this a couple of times, we don't, a decision hasn't been made yet. i don't have an update on that. i will have to check in with our team to see if we have something to share. stuart: joe concha says it is amateur hour at the white house. concha is here backing up that statement. the price of gas up $0.33 in the last two weeks, but gasbuddy guy, patrick de haan still think s we could avoid a national average of $5 a gallon gas this year, he'll make his case after this. what you say?

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american ♪ stuart: chicago isn't it? it's very very clear, crystal clear in chicago this morning, 56 degrees, it's not exactly hot and humid is it? check those markets, you may have heard susan in the background here. so show me tesla, show me apple, and tell me what's going on. >> i think there's some rumors and discussions that maybe they will be diversifying away from china especially with the china covid lockdowns so tesla is training at its lowest since august, 650 or so this morning and they are a day late in reopening their production backup in shanghai to pre-china covid lockdown levels. now tesla produces around 2,600 cars a day, so production shutdowns over the last several weeks have cost tesla around 40 to 50,000 cars that's a big deal and apparently, according to a lot of the reporting out there, well okay first of all tesla said that production growth will

be flat in the springtime, from the winter, because of these china covid lockdowns. bloomberg reporting that tesla suppliers are now looking to diversify away from china and the other big news story over the weekend, the journal reporting apple is looking to shift more of its production to india and vietnam to possibly diversify away from china but as i said to you, the fact that china and apple, they have a huge production facility there, they are turning around the titanic takes sometime. it's not instant let's just put it that way. stuart: that's for sure but apple is back to 141, i saw it down the low to mid-130s recent ly but tell me about microsoft and activision blizzard. >> you tell me about microsoft, you love this acquisition. so $68 billion acquisition of activision blizzard, right? and i guess ea, electronic arts, says okay well we can get a premium as well, so you know, puck news reporting that

it looks like activision, electronic arts, ea contacted disney, amazon, and apple, possibly for a takeover. i don't know what the price tag is going to be, but given that it looks like what, why are you laughing? stuart: because 20 or 25 years ago, when we first got phones that you'd carry around with you , i remember doing an interview where a guy had the phone in his inside jacket pocket and it went off and everybody was like what happened your phone just went off. >> actually it's my watch that's tethered to my phone and apparently siri can hear me very very clearly right now. let's talk about cryptos, but gamestop is offering digital wallets to store instead of cryptocurrencies and hold the digital art nft, not really helping the stock but it's higher after a 3.5% sell-off but this is all part of gamestop's chair ryan cohen and he's the guy that ignited the same stop saga last year, but i think

coinbase is a cautionary tale. have you looked at the largest- listed u.s. crypto exchange down $51 billion in market cap since its ipo last april, stock is down 80% since its debut, even underperforming bitcoin prices itself. stuart: there goes coinbase. >> talking into my watch next time? stuart: you can answer the phone now. let's have a look at this. the national average for a gallon of regular gas, new high, $4.59. jeff flock in pennsylvania. look we're heading into memorial day weekend. are the people changing their travel plans because of these high gas prices? >> well, yeah, the answer to your question is yes, but maybe not in the way that you would think, stuart. take a look at these survey answers from folks at the travel website arrivalist. they tell us that people are taking fewer day trips now, but they are actually taking longer trips and because of the high

airfares, they are actually driving more, and in fact, their projection for this memorial day travel is that about 38 million people will be traveling by road , that's an 8% increase over last year despite the high gas prices, and it could top pre- pandemic levels. it's ugly out there, in terms of the gas prices. we now have six states over $5 an average gallon of gas, california is the one over $6 an average. it's crazy, and going to get crazier. there's that prediction from jpmorgan one of their analysts who says by august it's going to be $6.20 for the average gallon of gas nationwide. that's a 35% increase over where we are right now. rick perry was talking, the former energy secretary was talking to maria and he said that it's time for the biden administration to say hey, listen, we are part of the problem here, and we need to

course-correct. listen to what he said. >> it is going to be a brutal summer, so honesty, they may not , they just can't bring themselves to say look, we made some mistakes, here is what we're going to do to correct them. reporter: so there you have it, sir, maybe you should ride your bike this memorial day , i don't know. stuart: that's somewhat unlikely jeff flock but an interesting idea nonetheless, mr. flock, we'll see you again real soon. i want to bring in patrick de ha an from gasbuddy with us truckly on this program. we've got this jpmorgan suggestion that we'll have a national average of $6.20 per gallon by this summer. we have other suggestions that we're going to get to $5 a gallon, national average, by this summer. why do you think neither 6.20 nor $5 national average is going to happen? >> well, you know, and by the

way, kind of highlighting the uncertainty over the summer as we have a lot of different predictions going around and some of them are sky high but i think, stuart, both of those could happen. i don't think 6.20, you know, that's very improbable. maybe a 1 in 100 or fewer odds than that but it could happen. i think a lot is riding on what we're experiencing this summer. obviously, our data showing that more americans are hitting the road this summer than last. not quite to pre-pandemic level but the concern, stu, is that we're going into a summer that we've had the least, or we should say this way, we have less refining capacity this summer to turn that oil into things like gasoline, diesel and jet fuel so products prices remain high and i'm afraid that $5 a gallon is possible. the question are we go dog see any unexpected refineries that we generally see , that could push the national average over $5 a gallon so it's really only a question of will things run without any issues this summer or will we have a couple flare-ups at refineries. stuart: but gas prices aren't coming down substantially.

there's no way we'll get back to like 3.50 or even 3.75 gas. >> yeah, i think that's wishful thinking. i think, stuart, for most of the summer we're going to spend time well-over that $4-gallon mark and to agree with the ex- secretary of energy perry , i think the biden administration still should walk back some of those policies. i don't think they are having a huge impact, but let's correct those optics and let u.s. producers produce and try and increase the amount of u.s. oil production, of course there's a big political disconnect here but stuart it's going to be a very expensive summer to hit the road. stuart: we just quoted diesel at 5.55 as a national average. i can tell you that i paid $6.73 for a gallon of diesel in new york state this weekend. are diesel prices going up from here? >> well at least for now, stuart, actually diesel prices have declined a whopping $0.02 a gallon in the last week but that could happen. actually looking at the futures numbers the gasoline hydrocarbons are now more favor

ed than those distillate or diesel hydrocarbons so again it's all refining capacity. i do think in the next week or two we will see relief in diesel, gasoline prices may continue advancing though. stuart: okay, tell it how you see it and that's the way to do it patrick de haan, thank you very much, sir. >> thanks, stuart. stuart: abortion taking center stage in tomorrow's primary runoff in texas. congressman henry cuellar is the only anti-abortion democrat left in the house. his challenger is progressive and pro-choice. that report from texas, next.

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because congressman henry cuellar, the nine-term incumbent by the way is famously pro-life. in fact he's the only house democrat who voted against a bill last year, to codify roe vs. wade. after the scotus draft opinion leak, his opponent pro-choice and far more progressive candidate jessica cisneros says it puts the issue of abortion back in the spotlight of this runoff. >> for him to be a texas representative and to side with republicans, have such a crucial moment when we are watching the fall of roe, has been very frustrating for a lot of people here. reporter: despite their differences with cuellar, house leadership, like house speaker nancy pelosi, and majority whip jim clyburn, they are standing behind cuellar over his far-more aggressive opponent. >> we are going to have democratic nominees like hen re cuellar to help get things

across the finish line. he's not pro-choice but we didn't need him, we passed the bill with what we had. reporter: cisneros has the backing of congresswoman alexandria ocasio-cortez, senator bernie sanders and last election in the primary she came within four points of cuellar, stu, so this race will really be a sign of whether democratic voters here in this district have moved farther to the left in the past couple years. stuart: and the vote is tomorrow , grady? reporter: yes. stuart: i'm sure you'll be there to cover it. we appreciate that. reporter: we will. stuart: look at the dow 30, give you a sense of the market as we like to say. there's a lot of buying, a lot of stocks going up. 27 of the dow 30 are in the green, they're up. dow is up over 2%. karine jean-pierre made her debut as white house press sebaceous last week. joe concha says he describes her as an amateur. pretty harsh stuff, concha is

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stuart: well, i'll call that a pretty solid rally for the dow jones average look at that, up 637 points, that is better than 2%. you got a better than 1% gain for the nasdaq, and 1.5% for the s&p 500. not a bad way to start out a monday morning, after all the losses we've seen on wall street recently. and then there's this. karine jean-pierre made her historic debut as white house press secretary last week. watch this. roll it. so the president is going to go, he really wanted to go to buffalo. i've said this a couple of times we don't, a decision hasn't been made yet. i don't have an update on that. i will have to check in with our team to see if we have something to share. the board has never convened, so it never convened and the board is, yes, the board is pausing. stuart: all right, here is an op-ed in the hill title:

amateur hour at the white house briefing room. joe concha wrote it and he's with me now. you call karine jean-pierre an amateur. >> essentially. stuart: isn't that a little harsh? she's only been there a couple of weeks. >> i know what i've seen and i don't know if it gets any better because stuart she reads from notecards, not just it's fine to have notes we all have notes. she's reading verbatim, paragraphs, and she's giving answers to questions that aren't asked in other words she's looking at the wrong card and trust me i say this as somebody who thinks the white house press secretary job particularly for president biden where you have to defend the indefensible it's one of the hardest white collar jobs out there but you just saw there's no conviction, there's no confidence. i wouldn't say that about jen psaki. i found jen psaki to be profound ly dishonest and condescending but she was confident in her arguments. right there i don't see confidence and if this is a spokesperson for a mayor of a small town somewhere, fine, this is the president of the united states. stuart: now, john kirby, from the defense department, he's the spokesperson over there. >> yeah. stuart: have they moved him to

the white house with an idea of replacing karine jean-pierre with john kirby? >> john kirby at least what we're told will spell karine jean-pierre when she has a day off. that sounds like grooming to me. i think kirby would have been an excellent choice as white house press secretary. he comes on this network, for example,, fearless, he's credible, steady, right, and look, people would say oh, you're just saying this about karine jean-pierre because it's a democratic administration. i happen to think that robert gi bbs and josh earnest under obama were excellent press secretaries as was mike mccury under president clinton. she's just not very good at her job. stuart: i've not read your op-ed where you call it amateur hour. i will read it. >> appreciate your honesty on that. stuart: well my producers read it and got into it. what do you think be the impact if karine jean-pierre was taken away from that job? was she given the job for identity politics in the first place? she's back, gay, female.

>> if they did role playing and i assume they did, jen psaki plays a reporter, and she's up there at the podium answering questions, that's how she performed then it couldn't have been on merit, right? so but i don't know why she was chosen. we would have to ask the people in charge of making that decision but either way she be wise to go to the people i just mentioned, go to robert gibbs, josh earnest and say hey, or even jen psaki, what am i doing wrong and what can i do to improve. we'll see if she does improve. stuart: president biden has gone 103 days i think without doing a one on one interview with anybody in the media. when's that going to change and is anybody holding him accountable? >> 103 days think about what you can do in 103 days. you can jog across the united states, stop off, eat, sleep. you could probably i'm sure, and i would never even attempt to try to attempt something like that but you think his last interview was the super bowl, right? 15 weeks ago, and we're in an election year, by the way, at last check, and his handlers are

petrified to put him out there, because he either says things misleading or out right dishonest. last week he said we didn't have a vaccine when i came into office. sure you did. we should tax corporations to lower inflation. no sane economist would agree with that so it's cleanup on aisle five if you put him out there or could get our national security in jeopardy like he said with taiwan earlier today which is with the administration was trying to cleanup, or you don't put him out there and he looks like a coward. it's a lose-lose situation. stuart: look what we've got speaking for the administration. the president himself who often gets it wrong and doesn't address directly the media, karine jean-pierre who as you said -- >> unsteady. stuart: let's put it like that. who else is there? and the vice president? kamala harris, whose speaking authoritatively for the administration? >> when was the last time they saw the border securitier czar and kamala harris had an interview herself. so who is running the show here? who is in charge? we don't know.

stuart: inquiring minds would like to know. >> i've heard that saying. stuart: so have i. joe concha, you're all right >> i'm sticking around for the trivia. i'm inviting myself. stuart: you should. then there's this , some guests at disney world say the trip to happiest place on earth has become unaffordable. hey, ashley? have you got any number on what it costs for a typical family of four? ashley: i have some numbers, stu this particular family from new jersey took a recent trip to disney world in florida. it cost close to $10,000. let's look at the breakdown. straight from the airport, disney doesn't offer a courtesy shuttle anymore, so the family shelled out 200 bucks for private transportation to and from the airport. park hopper tickets cost $2,550 for the five days they were there, four nights of lodging inside the report costs 378 oh, for parents and two kids, once inside the park, they sent 300 bucks on those passes to avoid long lines, the parents said

they paid 950 bucks on sitdown meals and another 700 or so for snacks and souvenirs. all told the cost of the visit rounded out to 8,480, throw in the airfare right at around $10,000. there are growing complaints that disney is pricing out the average working american family, that a disney world vacation has become something that's only for the wealthy or the upper middle class. based on those numbers, i think they could be right, stu. stuart: i just wonder if the numbers will drop-off, actual people going and paying that kind of thing. you have to wonder. ashley: well the parks are packed right now because there's pent-up demand. stuart: will it last good one. this is for everybody. the trivia question on this monday. yet, joe, you can stay. which city is considered the birth place of memorial day, philadelphia, bedford, new hampshire, trenton, new jersey, or waterloo, new york. that's a good one. the answer, after this.

. .

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stuart: we asked, which city is considered the birthplace of memorial day? joe concha, you're first. >> irony route. waterloo. stuart: ashley what you say? >> i would say that too, just to be different bedford, number two. stuart: i say trenton, new jersey. i understand there is a big battle there. we're all wrong. >> i got it right.

>> village held the first ceremony in 1786 to honor those who fought the system war. thank you for being on the show. my time is up. jackie deangelis in for neil cavuto today. let me do the traditional toss. jackie, it yours. >> i said philadelphia, i say never bet with me on "varney" trivia. i always get it wrong. good to see you. good afternoon. ckie: i'm jackie deangelis in for neil can -- cavuto on "coast to coast". president biden suggesting that military intervention if china advances on taiwan and the white house is cleaning up his