away i still have and it's built like a ton of bricks. that thing is heavy and well-built, not like these but they also had a party line and they were some of the last remaining americans in the united states who have a party line and they decided they would be the man and they waited out at&t when they broke up so they ended up paying about 80 a month for their phone services. >> my family had around phone, too. my dad put a lock on it because i used the phone too much. great to be with you. take away. >> good morning, maria. good morning, everyone. i love it when the news is flowing thick and fast. do we have news for you. a big workaday, a big primary day and guess who's on the show later. yes, batman. donald trump. that's later so let's start with the primaries in which mr. prompt trump is playing a big part. georgia, alabama, a couple of

key races. we'll get into that later. georgia, brian kemp republican incumbent placing challenger purdue is back by trump. he trails badly in the polls. texas, democrat henry cuellar defending his seat on the border, he's the only democrat in the house who opposes abortion. his challenger super progressive jessica cisneros. in many of these races, a referendum on trump. more on that coming up. to the market, the dow up 600 monday, retreating to the tune of 200 this morning, much not much of a street. s&p closed below 3000, 4000 yesterday. i got david next to me, he's shaking his head vigorously. it dropped below 4000 yesterday. you are a good man. the nasdaq down a couple hundred points, significant drop there.

look at snap, medic, also but all the way down. staff started, suggesting economic environment is deteriorating, effects advertising and down it goes. down 33%. could does decline well below 30,000 dollars, 29 is your price there. interest rates, the flight to safety keeping the yield below that 3% yield, that's the markets all over the place today. politics, the president confuses the statement from the white house walked it back this morning, biden agrees with the walk back. very confusing and the president is not coming through as a strong leader he's confused on the gas prices, too. in japan, he seemed to say the high price of gas here is okay because it's part of the transition to clean energy.

that's not going down well with voters, they are angry and the president has no answer and no solution. one more time, donald trump on this show 10:00 eastern this morning and lara trump joined us at 11:50 a.m. tuesday may 24, 2022. blockbuster edition of varney & co. is about to begin. ♪♪ ♪♪ stuart: let's move on. let's get right to it, it is primary day. i've got a couple of guests chatting about the weather. it's primary day in georgia, alabama, arkansas and texas, minnesota as well. spell it out, key races to watch. >> i'm going with georgia and texas, start in georgia, the governor's race there is the most attended. the incumbent and mike pence

fact brian kemp against david purdue. revenge against camps, president biden in 2020. since trump endorsed purdue in february, governor kemp leave more than 50% by most polls and that's enough to avoid a runoff. the winner today races off against democrat stacey abrams in november, she's running unopposed. the georgia senate race, football legend has trump endorsement, he's running against other republican's and when basis rafael warnock this fall. two runoffs to watch in texas, 28th congressional district, henry cuellar became term, he faces progressive's jessica cisneros, she's 28, immigration attorney and the only pro-life democrat left and he's the only

pro-life democrat left in congress so abortion here is the key issue especially if they go against each other. this one, attorney general george bush, son of jed bush, the bush dynasty versus ken paxton so his legacy politics on the line. stuart: sarah huckabee sanders was on this. >> she's going for governor in arkansas. stuart: this tuesday morning, today's races basically a referendum on president trump. >> you know, i don't see as a referendum against president trump, i think you're seeing these candidates whether they have trump endorsement or not and we saw this in pennsylvania especially the senate race, it's about pro trump policies, it's about america first and this case like georgia first, arkansas first, alabama first so these people what they have done, these candidates, they embrace the trump contract,

trump policies and i think that's what we are looking at. now of course you have seen that divide in the governor's race between kemp and purdue where you seeks vice president mike pence endorsing kemp, trump endorsing purdue and it looks like governor brian kemp is likely to win and it's because when you look at the bill he signed like the parental rights bill, the beetle heartbeat bill, those are conservative pieces of legislation so it's an interesting race to watch but i do feel at the end of the day is because they've adopted the trump policy. stuart: i have to tell you many of the republicans i meet do not want mr. trump to look back to the 2020 election, they want to look forward to what to expect in the future. looking back and redoing 2020 election is a turnoff. what say you? >> i think we can't deny when

you look at states like georgia and i spent time in georgia following the election in 2020, there were some discrepancies, questions were raised. for example, the drop boxes, the mail-in ballots where a person got two or three of the ballots to their address, the fact that you have names and that didn't match up to these addresses, when they did, they were vacant, there was discrepancies and issues that needed cleanup. we can also agree voter id, when you look at the election in voter files, they should be up to date, you shouldn't have outdated information so i think that's been contingency, stress happening especially in states like georgia. stuart: look forward, not back. thank you very much for being with us this morning. appreciate it. i'll say this one more time, donald trump joins us live on the air this morning 10:00

eastern on varney & company top of the hour. let's get the futures please, we got red ink, a pullback from yesterday's strong rally. some investors, i heard this, some investors expecting another 10% drop, who's saying that? >> the market log at cooper, that would bring s&p 500 to 3500 by the end of the year or 27% down from january high. morgan stan lee sees s&p as 3400 so especially the last month everybody is downgrading because companies are looking at their cost, inflation going nowhere but up in consumer is more timid now. yesterday it becomes a relief rally, where we get two days in a row, a bit of a selloff today and broader market and the nasdaq. stuart: let's bring in market man of the morning here in new

york city, obvious question, are we close to the bottom? >> nobody knows including the people quoted, they are notorious for this, i used to be a director at the firm, they have great market strategist but this whole thing of calling a price is great for headlines, great to have people up and nothing more bold than after 1000 points drop in deciding looks like markets are weakening. stuart: the headline. >> get to the headline and at the same time what i would say is it's not guessing an exact time, it's to encourage investors to have a plan for how you deal with all kinds of weather and the fact is there is argument markets will come lower, it could end up reversing, you go back to march 2020, the whole country shut down. we didn't know what to expect with the pandemic at that time. yet markets reversed violently and a couple of weeks. you just don't know, people need an asset allocation, they divide

up assets and accounts for all possibilities. stuart: my big problem is the market goes down and stays down for a period of years like the 1970s. is that possibility? >> i wouldn't be as worried about that because i still think you have robust earnings growth you were getting in the 70s. the companies are growing earning. with the nasdaq and tech stuff, the multiples, they were so expensive that they come down to a reasonable level and don't boost back higher, it could hold those down for a while but other things in the market will do well, more value oriented, dividend growers will probably do well in the environment. stuart: that's what i wanted to get to. you invest in companies which have a growing dividend which is safe, you brought with us today j.p. morgan, that's your dividend pic.

what do they pay? >> i picked these because they are so down on the year. j.p. morgan pays three and a half percent and for a big bank financial, that's high. dividends regulated by the fed and support we bought j.p. morgan in 2009 after a financial crisis, four 100% then. whether loan growth is down or deposits or investment banking, different parts of their business struggling's and others doing well but they have such good diversity in their businesses, j.p. morgan has destroyed their competitors since the financial crisis. stuart: destroy -- stay with me, please. thanks a lot. we got red ink, the dow down 180, nasdaq down 200 but it doesn't cancel out all of yesterday's big gains. top of the next hour, former president donald trump joining us live. weeks before we get baby formula back on the shelves and the guy in charge, how via the sarah, he's nowhere to be found. greg murphy it's into that next. ♪♪

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real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist the biden returning from his first trip to asia, he made waves saying the u.s. would militarily defend taiwan from china. jacqui heinrich in tokyo, what has the president now said about depending taiwan? >> you remember yesterday when president said in no in clear terms the u.s. would defend taiwan militarily if china attacks and abandoning years of strategic ambiguity, playing standing u.s. policy, asked him

today, it didn't happen. >> mr. president, is a policy ambiguity with taiwan? >> no. >> can you explain? >> no. >> mr. president -- [inaudible] >> the policy has not changed at all. i made my statement. >> only one piece of that statement is true. yes, the president yesterday did say the u.s. policy ahead not changed but that was before he made this comment about u.s. using its military to help taiwan. it caused such an uproar that overshadows another statement he made in his press conference, he was asked about whether the u.s. is headed toward a recession, gas prices and talking about this rough patch we are working through is not to ultimately try to bring the prices down but transition to all electric

future saying at the end of this week will be less reliant on fossil fuel. today a gallon of regular hit $4.59 a gallon as a record high. last year was $3.3. diesel is even worse, $5.55, last year was 317. the white house reportedly is considering releasing diesel from the nations strategic reserve because farmers and truckers are so dependent but the release of regular barrels of oil from a they've been releasing a million barrels a day since the beginning of the month, no impact on bringing prices down. today the president met with leaders including indian prime minister they have a great track record in india and notably did not condemn russia's war in ukraine, not even today. reporters typically asked about this but that seems to be an annoyance to president biden. [inaudible] >> are you disappointed --

>> the president aboard air force one in route back to the u.s. we plan to ask him whether he accomplished what he set out to do on the trip, returned to the white house. taking questions from reporters anytime soon. stuart: thank you very much. greg murphy is with us now. you are a member of the taiwan caucus in the house, do you think we should defend taiwan militarily with our troops? >> i don't believe we need to put troops on the mainland but this goes back to strategic ambiguity, you don't tell your adversaries what your plan is. the fact that biden now has three major international that his staff has to circle back and try to re- inform the american

public what the true strategy is, it speaks volumes. you cannot run a presidency by teleprompter and that's what we are seeing. stuart: i want to move on to the baby formula story. my question to you, where is xavier becerra? he runs health and human services, which in turn runs the fda, why have we not seen him or heard from him at all in the baby formula fiasco? >> i'm very disappointed in the performance of mr. becerra. he's come up before, when he's come up and talked about the border and the other issues. again, this is administration run by proxy, individuals running the fda and the fact that there is a genesis of this as you pointed out, a wall. true culpability with this are truly a wall, the administration not working for the american people, not being present in understanding these problems were going to occur and they did not take actions to prevent them. stuart: was surprised me yesterday was the white house and administration taking a

victory lap because they've got a plane load of baby formula coming to the united states, 78000 pounds which is not going into stores, it's going to hospitals. we don't get another shipment until a couple of days times, i do understand the victory lap. what really is delayed. >> this is an administration tone deaf to the real needs of the american people. 70000 pounds is a bucket for the american people. the fact that the fda had strategic and tragic failure in addressing the problem once ago when they knew about it really is the true issue we are dealing with and the fact that the administration plays misdirection and misinformation, that's why the misinformation ministry really is this administration. it points to the fact that they are tone deaf to the needs of the american people and not doing their job. stuart: i would like to know when the president first found

out there was a shortage of baby formula. thank you for being here. appreciate it. more on the formula shortage nationwide, out of stock jump this month, how bad is it? >> 45% of baby formula out of stock. that's the week ending may 15 so we are past that. expect that percentage when we get the numbers to go even higher. the situation is so bad a federal commission issued national emergency declaration to waive driving requirements so trucks can use key ingredients to make formula as fast as they can. the president invoked defense production act because it was needed and then you have military plane that will fly more formula in from europe tomorrow. stuart: still weeks to go before we get the stock shelves fully restocked. >> i think august is a safe time for when it can be up and running and we can see domestic formula on our shelves. stuart: a long time away.

seven and a half minutes, we will be on the downside, the nasdaq down more than the nasdaq game yesterday, it's a real reversal. opening bell is next. ♪♪

futures pointing lower this morning, down 200 on the nasdaq, down 180 on that now. david nicholas with us hi, david. do think it's time to jump into stocks? >> i'll tell you what we are doing, we are putting clients money to work right now. is it at the bottom? probably not. he was the sideways downward movement but it will be hard to find the exact bottom. we feel it's a good time to put new money to work in the right sector. stuart: do you control your clients money? you take the money and you decide where the money goes? if so, what exactly are you buying? >> our clients go on vacation, we get to have the stress and worry so they don't have to. we are actively buying specific sectors. look at your dividend payer, if you like energy, ps x, oil

refiner, 4% dividend. love energy, energy will continue to grow over the summer but also pharmaceuticals, a name we don't talk about a lot, pharmaceuticals generally outperform when the economy goes into a slowdown so there's ppa, positive here today so that's a good one but last thing on tesla, if you can pick up tesla, i think you might have a chance. we got more last week, that shouldn't scare us, it should excite us to pick up tesla under 700 so those are sectors are buying for our clients. stuart: you are from georgia. today's primary day, the big race is governor kemp versus david purdue, he's backed by trump. looks like kemp winds, what does it mean for the electoral situation ask. >> my reporter georgia, i think kemp runs away with this, president trump has the endorsement on senator do but kemp is running on record,

amazon, hyundai, clear record to run on, i don't think it's close. i'll tell you what i'm watching, the sabbath versus herschel walker, walker, i'm a fan, he's way out in front but number two sabbath, baby seals white house fellow, past president of university of georgia, he's a stud and i think he has what it takes. it could be a cinderella story that softens the political world because if he can force herschel into a runoff which i think he can, his spells trouble for him so is not over yet. stuart: but it also spells trouble for trump? >> i think it does and president trump's endorsement means a lot but not a blanket statement and states like georgia, it doesn't go as far because i think the voters on the ground are really looking forward to candidates that will fight for georgia and i think this purdue endorsement, eyes on the ground, it added to unnecessary distraction.

stacey abrams is the big threat for republican party come november and purdue and kemp fight distracting republican's from that so i don't think he's responded to that well. stuart: we hear you. thank you for joining us. we got 15 seconds to go, we opened the market, it looks like we are going to the south side. 618 but it looks like that will be given back right now because it's 9:30 a.m. and the market has spoken. we are open right from the start. 31700 is roughly the level of the dow is down 174, half percentage points. a bit of a pull back. s&p 500 on the downside in the early going. 1% drop. look at the nasdaq, down 200-point prior to the opening bell, now the opening bell has rung and we are down 1.73% on the nasdaq, they've dropped there. big tech, all on the downside.

we are going to get int this in the second. is that 7%? >> it's at 181. stuart: that is a drop. look at this, even better drop, snap down 35%. they've reported earlier this morning, what is the issue? >> they want their growth is slowing and earnings will miss their own targets. it's the shopping heard around the world and if you show the other social media stocks like meta and pinterest and twitter, they are dropping sharply. this is a message on digital advertising, worries are it might be the first thing to go in recession. snap has snapped own problems, company specific story but when it comes to digital advertising and that potentially, a money maker for stocks like facebook and other names, effect goes,

the stocks are going to be hurt. stuart: david nodding ahead with the problems of advertising going forward. >> significant if it can be systemic especially in recession but i agree, snap specific, that company makes less money than the hot dog vendor outside the villa. stuart: nice touch. tesla, i think it's down again, yes it is. 3.8%. a brutal month, is lost 22%. >> david nicholas said 650, you can buy it right there if you want to. this is one reason it's down today, they've cut their target price to 1150. they blamed the lockdown because of covid and shanghai and supply chain issues they are seeing in berlin and they say deliveries will come in 200,000 less this year so 1.2 million. stuart: zoom all over the place recently. i know they've lost 85%, the high in october 2020 but why they up 5% this morning? >> they raise their profit

outlook. outperformance, you don't hear about that recently. they also call online turn, that means they are not losing too many customers as they return to in real life meetings and i think they suggest is here to stay, it's not going to see two 100% quarterly growth is saw during the pandemic while stuck at home. if the growth of 12% in the past quarter which is good, so as ever but it's a return to normal and you're laughing. >> the revenues growing so much are small revenues. everybody uses it, during pandemic, we got familiar with it and learn to take our mute button off and all that but they don't make money. you have to make money. stuart: you do indeed. >> i know people who go to the office every day and they are stuck zoom with people at home. that's annoying. [laughter] stuart: scott minard at guggenheim and he's got a lot to say about it quite and crypto.

he says bitcoin is nowhere near the bottom. how well do you think he's going? >> you can call it rat poison but basically did saying it's going a thousand so another leg down of 70 +%. bitcoin followed the broader market, particularly nasdaq, the last month you have bitcoin down to 4% but the nasdaq down only 10%. after trimming dollars write-off crypto currency in general the past 30 days but you have to consider because we have this mess up in stable coin, people who like digital assets and crypto currency, you'd imagine they would find comfort in bitcoin. is that happening though? stuart: it doesn't appear so. if i buy stock, i got a piece of a company, i bought a piece of them future profit. if i buy it going, what have i got?

>> so far you have done 57% supposed to be stable replacement to the dollar. i think people need to learn of all things, it's not an antidote, it was created by the fed, a speculative frenzy because of low rates to put everyone in things like zoom and math and crypto where the folks thought they were betting against what the central bank was doing, it's been the opposite. stuart: we will move on to retail, a very hard time recently, especially home depot of the world. best buy up 1.6%. what's the story? >> earnings were above expectations but sales were $1 billion less than this time last year end fell in almost all categories including home theater, got hit a lot for obvious reasons and promotions just to get stuff off the shelves but you have inflation, it hurt your margins, they cut for the year and i think investors don't know what to do right now because they are telling the story so many

companies are telling right now should, who has legs here? i would say yes, they just have to fight this latest wave. stuart: five minutes and 45 seconds into the trading session, show me the dow winners -- >> mcdonald's. stuart: yes. j.p. morgan, cisco is on there. how about s&p 500, i see autozone. not used to seeing that. mcdonald's is on the list. the nasdaq, headed by zoom. electronic is up, cisco and etc. i still don't see big tech on the winners board. dow industrials down to 22, of 600 yesterday, down 22 now. check the ten year treasury, flight to safety. yield below 2.2%, money going in and prices up, yields down.

the price of gold, 1865 in arms, bitcoin $29000 of one, the price of oil up today, 110 a battle. 871 virtually unchanged. average price. gallon of regular sticking record hi, $4.59 a gallon in california, $6.7. coming up from a border patrol released suspected terrorists into the country after he crossed the border illegally. he took ice two weeks to get the authorization to be arrest him. tom home in flames the administration for rushing to release people. on the shelf next hour. is it too late for president biden to fix the state of the economy come november? listen to how president biden describes high gas prices. >> we are going through an incredible transition taking place god willing when it's over will be stronger and less reliant on fossil fuels when this is over.

stuart: that your life larry kudlow has something to say about that. larry is next. ♪♪ if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.

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here's the situation. when it comes to gas prices, we are going through an incredible transition taking place, god willing when it's over will be stronger and less reliant on fossil fuels when this is over. stuart: incredible transition. i've got to bring in my colleague, larry kudlow for this one. the president seems to be okay with $4 gas and inflation. has he caved to the greens? >> well yeah.

he's leading the charge to the greens. he always has and we are going through a transition, going through transition from a healthy economy with plenty of fossil fuels, the end of the world, energy independent, relatively low affordable prices whether it's gasoline at the pump or whether it natural gas for home heating fuel or air conditioning or diesel you will. we had a terrific thing going with strong economic growth and low inflation and we have terrific transition to high energy prices, high inflation and weak economy. households are screaming, truck drivers are screaming and here in the northeast, hochul and cuomo have completely shut down

any fracking, any drilling, any pipeline, any distribution whatsoever so if you go back into new york, i love this new york story, the eastern, rather the western part of new york which borders on pennsylvania, pennsylvania is energy rich, new york is energy poor, it's like east berlin and west berlin. there's a constant recession in western new york and constant boom in pennsylvania. you got to love it. there is biden talking about in japan. got to love that. stuart: but all things are going wrong. this transition going exactly the wrong way but i'm sick of this moment with this administration, it's irreversible. we are going down, we are not going to recover. we are going down toward recession. what you say to that? >> there's probably a recession out there, i don't think we are in one now. it's very difficult if not impossible to go from superhigh inflation to some kind of soft

landing so i think recession are rising, it might not be eminent, it might be next year or the year after, it's hard to say but i want to go back to this goal idea of transition because the biden view, the woke view, the climate change view says and fossil fuel, do what we can, deny the pipeline, deny fracking, deny leasing, deny permits, all that, deny, deny, deny but not once have they shown us and alternative roadmap. that is the key. people of common sense understand full well you are not going to end fossils and go green and automatically overnight.

i don't even think that's a desirable outcome because there's all kinds of new technology that makes fossils very low carbon, the lowest emissions in the world. you're not going to substitute wind turbines and solar panels overnight for fossil fuel and i don't even think it would be a good thing in the long run because technological advances will improve fossil fuels so never is there -- it's like you're going off the cliff, it's like in the old days, the 14th century, go across the cliff and they don't know the world is round so they say they are dragging. that's what this is like. they'll be dragging but the biden's don't know what the dragons are going to be like the rest of the country doesn't want dragons. stuart: i want to hear more about dragons when you appear at 4:00 p.m. on foxbusiness network 4:00 p.m. eastern. [laughter] you are all right, thanks for being here. my colleague sitting next to me,

what about this transition, this incredible transition to the green new world? >> you could have an incredible transition, admit you need natural gas, you could admit wind, solar is not going to get it done, it's not going to happen overnight. it is also not going to happen in the next 30 years. the world is going to need also so we need to focus on getting carbon emitted from natural gas. there's a reason we limit fossil carbon emissions so much, technology and investing more and gas but here's the thing, breaking away from the dirty producers, why do we want to be more dependent on russia let alone saudi and other middle eastern actors? this incredible transition could be oklahoma and texas away from middle eastern tyrants and autocrats. stuart: i own land in new york state, there's enough gas under my land to provide gas for the

whole of new york city but you are not allowed to go get it under the rules of new york state, a terrible thing. carmakers saying within three years they will overtake tesla and electric vehicle sales, that's a strong statement. we will tell you who said it next. it looks like a meeting of progressives and woke ideals dominating the agenda. a new report from their. ♪♪

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five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist the world economic forum holding a meeting right now. looks to me like is just a meeting of progressives. is that what you see? >> you know, there's a lot of interesting ideas but there's a lot of focus on climate crisis. the geopolitical war but they want to talk about something else, crises around interest

rates. inflation, inventory, invasion and infection but we talk about everything else but these critical issues people want to talk about. stuart: have you talked to on any ceos, i'm talking about big tech people who caught your attention with a bright new idea, anybody? any new ideas? >> a lot of new ideas around the metaphors economy which is 20.7 trillion in 2030 trying to figure out what the new one will look like, or the internet will be. web to web three, 2d to 3d and from centralized control and decentralized. a lot of talk about it, we are early but almost like where we were when the internet was in 1997, a lot of players haven't, a lot of ideas are about to be created. stuart: what you think about this? you talk about the meta first being expanded to $3 trillion a year business by 2030, what would it look like? what will i be doing in your meta first?

>> your avatar will talk to my avatar and we will both be out of a job. just kidding. metaphors will be interesting, we will see experiencing, you will be able to do training and customer service so imagine you are in a stadium, a data center and you need someone to do a repair, somebody will suit up and it exoskeleton and gloves and go to the repair control robots in these centers so a human anywhere in the world can do a fix and make a repair is one version, we can do recruiting, nonbiased recruiting, avatar interviews and other avatar and take away the notion of skin color, accents, race and goes away so you can pick up bias. other examples we are seeing different things, j.p. morgan has roadblocks. roadblocks, sandbox will be place for commerce and you will see an ft become popular. nft ticketing and venues and stadiums and the ability to go out and use an ft as your

contract for the title of your house. those things are being discussed and a lot of discussions are happening outside and that's where the innovations are happening. stuart: i think i understand generally speaking what you're talking about and i can tell you are an enthusiast, a medic i, are you? >> i am excited about the metaphors, i think it's about the beginning of it, a lot to be done, rules and regulations that have to be expanded and things around data privacy and government will have to do something about that as well. stuart: thanks very much for being with us. we appreciate it. david shaking his head vigorously sitting there, you're not buying the meta first? >> god made us to be in relationship with each other, we are humans with dignity and his image. this idea the metaphors will replace that is not -- >> get on board with the zoom meeting, how do we go to the metaphors? stuart: fascinating. i do want to thank you for being here for the hour. you're my editor and you set me

straight out a few things and i appreciate that. check the markets, we been in business for 25 minutes and i still see some red, dow down 170 and nasdaq, a selloff. that's down 2.7%, a bigger drop in yesterday's game. still ahead, former president donald trump joins me in a whole lot more in the 10:00 hour of varney which is next. ♪♪ ..

(vo) singing, or speaking. reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.

(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: good morning. it is 10:00 eastern. we have a downside move especially for the nasdaq composite which is down 3%. another big selloff. that decline is much bigger than yesterday's gain. the dow average down 200 today. look at the retailers, only one winner on this, best buy, all the others continuing their decline from walmart to target and so on down the line, walmart is down, target down again. target down 3%, below one

hundred 50 a share. as for big tech, all of them on the downside, it is down 40%, worried about ongoing situation, the 10 year treasury yield again is the flight to safety. out of stocks come into these bonds, the price goes up and the yield is down 2.76%. oil not doing much this morning, $111 a barrel, bitcoin firmly below $30,000, just broken below 29,000, at 28-9 on bitcoin. it is 10:01, just received the latest on new home sales. got a number? lauren: seasonally adjusted annual rate of 591,000 homes, the lowest since april 2020. at the same time the price went

up, medium sales price, 446,000, $250,600 in the month of april. prices rising, rates rising and sales. stuart: the price of new homes. >> 436,000. stuart: rates up, prices up, sales slowing down. mark zuckerberg being sued by the district of columbia. lauren: mark zuckerberg participated in decision-making. 87 million with information hacked. facebook, for related charge by the ftc. stuart: it is down 9%.

also snap pointing to the future, the economy not doing well, advertising won't be strong, down comes meta, 9% drop. lauren: what is interesting with the snap story, snap downgraded their expectations in one month, so they lowered everything they saw drastically in 30 days time. the last 30 days have been a turning point for sentiment. stuart: it is a rapid turning point because he has changed his mind in a 30 day period. meta is down 9%, snap was down 30%, huge drop. elon musk accused of sexual misconduct, support from space x, the president, do we know anything about --

lauren: sent email to staff supporting him personally, the allegations to be false not because i worked with elon but worked closely with him for 20 years and never seen or heard anything resembling these allegations. elon musk warned us as i get more vocal on twitter as the deal tries to go through, critics will come for me. now we are starting to see them coming for him. of the 1 t stock down 136. lauren: it was under 650. stuart: it is time to bring in donald trump who joins us by phone. may we start with the primaries in georgia. i know you want to. in the governor's race you backed david perdue against brian kemp. purdue is way behind, looks like you are losing that race.

>> we won just about every race and a lot are way behind, jay dee vance was behind and then shocking people, he ended up winning, did a great job. if you look at ted budd in north carolina he was at 5%, he ended up winning in a landslide, he is fantastic, he won in a landslide, they are both going to go on to be great senators and so many others, herschel walker i backed, i was responsible for getting him to do it. i think herschel will get 80 or 85% of the vote today. we have had i think something like 87 if you add them up, 87-3, we had a tremendous run and we will see if this turns out to be through here. david perdue is a very good man and brian kemp did a good job on election integrity. i will say is this, tremendous

drought, they never had i think they never had this number of people for this comparable event in the past. stuart: what i hear from a lot of republicans is they don't want you to look back to the 2020 election as rehash it. they want to look forward to what we are going to do with this economy and society going forward. what do you say to that? >> i do that but if you don't study what happened and find out we know what happened, 2,000 mules or go on truth, take a look at truth, someday talk about truth as a business thing. it is hot as a pistol. stuart: that's not what people are talking about. people don't want you to do that. >> i think you have to look back to find out, you have to look at history. if you don't look at history you are going to be lost. it is going to happen again. you can't let it happen again. you have to study.

i know you say that but there's a vast portion of the republican party the disagrees with that. they are very upset about it, very angry with what happened in the election, you take a look at the results, every one of these swing states and beyond, every one of these swing states is proven, the evidence is so massive, the problem is the person student -- including fox doesn't want to talk about it. stuart: mike pence says -- >> you don't wanted to happen again is what i am saying. they have to study it. they have to study it. stuart: i'm getting the sense the voters don't want to go back to a chaotic situation or a toxic situation or a negative situation. they want to be positive and look forward to the future and be positive. >> somebody robs the jewelry store of all the jewelry you should let them be alone, got away with it. i disagree with that a lot of

people in the party disagree. we will let me talk to you about mike pence, your former vice president. he says he will run into thousand 24 even if you run, looks like a split party. >> that is okay if he ran. i wouldn't be concerned with is that. i don't think he said that but he may say that and i understand that people are very disappointed in micah. blue when there is a split in the party. there is a split between those who want you to go forward and be the nominee and those who don't. it is a split party. >> if you look at the polls i'm leading by a tremendous amount. i had a 98% approval rating in the republican party. we created the greatest economy ever that you reported on for long time, we created less then $2 gasoline. we were at $45 a barrel, now it is unlimited. now it is going through the roof, $9, $10 gasoline.

we have no inflation. everybody was making money. every group was making money. african-american, asian american, hispanic, unbelievably. if you look at the polling the polling says i rebuilt the military. i took care of our vets, i did things nobody has been able to do initial period of time and had all these fake things on my head, like you see hillary clinton who was a total fake, they made up like around the kitchen table. so i had to endure that at the same time i did more than just about any other president, the greatest economy, biggest tax cuts in history. stuart: the latest revelations about hillary clinton at whatever role she played in the election do you feel vindicated? >> vindicated is nice. i feel vindicated because it turned out to be a total hoax. when you see e-mails where they are saying it is a hoax, do you

believe this, do you think anybody will believe this stuff, the whole thing was incredible. vindicated in one way but what happens to them? they only go after republicans. they don't go after democrats, they leave democrat alone. i'm vindicated in one way but in another way it is very unfair, got a lot of angry people out there. stuart: how would you get gas prices down? president biden says we are in this transition from fossil fuels to a green energy economy and this transition will make us stronger. how would you get gas prices down? >> if he's going to force a transition like that we are going to be unable to compete with the rest of the world and we will have a very very downgraded economy. it is crazy what they are doing. we can do everything, we have green, we have everything. we have, if you take a look at the oil companies, if you let them go, really let them go like i did we had cleaner air and we had cleaner water than

we have in 34 years or something and i let everybody go and they had to do it in an environmentally safe way, environmentally excellent way but we had more oil, remember watching your show when we were talking about oil was so low they would pay you, wasn't good for wall street because you had to take the barrel. they didn't want it. that was too low because we would have lost our oil company so they got it up but we had one dollar and 87 gasoline. the price for oil was so incredible, we had so much oil, i filled up the national strategic reserves, almost nothing because i did it at a low point, asked that question. now he is taking that which is a tiny little band-aid, a small band-aid, taking that and trying to get gas prices down by going into the strategic

reserves that i built up. stuart: would you -- >> i have to say this. it does. in theory it is not. a lot of people think it doesn't but it really does. the russia ukraine situation would have never ever happens, 0 chance under the trump administration. we when if you are president putin would not have invaded ukraine? >> no chance. i was there for four years and he didn't do it. there was no chance and i talked to him about it. i know his intentions, he would have liked to but he would never have done it under the trump administration. stuart: when did you last speak to putin? >> a while ago. nothing recently. stuart: when you were president i take it? >> when i was president. stuart: do you want him?

>> i told him. i said -- i'm not going to say exactly what i said but it was much rougher than i like to say it. but i told him can't do it, not going to do it. we talked about it and he would not have done it. he didn't do it. four years he didn't. china sending bombers over taiwan all the time. stuart: when you were president, you talked to vladimir putin and you talked about in invading ukraine and you told him don't do it. >> absolutely. i talked about him not invading ukraine. i told him don't do it. we had discussions about that. he would not have done it. let me put it that way. he would not have done it. 100%. stuart: let me talk about taiwan. do you think we should defend taiwan from an invasion by china and defend taiwan militarily with us troops? >> i heard the statement

yesterday and it was a bad statement, we should be -- we have to have options. taiwan takes big advantage, to crazy prices etc. . and they buy some equipment which is very small relatively. we are supposed to defend, and 9000 miles away from us. very simply you don't respond to that, you never know. just in limbo. the answer is maybe yes and may be no. $40 billion to ukraine. doing a tiny fraction of that, more greatly affected than we

are by 200. it is actually 54 billion because we gave 14 or 17. the united states is the sucker and the united states is spending 14 -- 40+17, spending all of this money and europe is spending a tiny fraction of that amount of money and truly affected. it is a horror show. it is unfair the united states is paying as usual and remember this. europe ripped us off on trade, it is stopping, fully stocked with another 12 months, europe in many ways, almost as bad as china, they don't take our cars

or do anything. with defending them, they are not spending the money. we don't ask. nobody asks. stuart: have you talked elon musk recently? >> not recently. stuart: would you get back on the twitter platform and reinstate your account? musk said he's done with the democrats? >> he wants to go on badly. i won't because i have truth social which is truth and it is better than twitter, it is doing well as you know. it is a hot one. we watch the spams we watch all of this stuff. i think twitter has a bad story ahead. it is nonrefundable in theory.

threshold whatever the threshold is. stuart: have you lost -- >> twitter is a dying tiger and i had a lot to do with the success of twitter. when i went on it was a failed company a long time ago, 12 years ago. it got hot and all of that, when they took me off, took a look at the numbers, people are leaving and going to truth a lot of them going to truth. stuart: i want to get this in. we have quite a sharp stock market decline down 25%, 30%, have you lost any money in the market and does this suggest this goes to recession? >> i haven't lost any money in the market because i haven't invested in stocks because i don't have confidence in the market. i've never had a big stock

person but i called the markets well. the company is very successful, you read the stuff, private company, and -- where i'm getting 1%, 2%, not in the stock markets. stuart: recession coming? stuart: i hope it is only a recession. >> okay. we one i want to thank you for being on the show. always interesting, always good, good to see you soon. i believe sean duffy is with us with his comments on what we heard the last 18 minutes. what interested you most? >> were tough on him at the start of the interview. talk about his endorsements, usually endorsements don't

matter, donald trump endorsement has been a gold standard, he hasn't won 100% but he has won a number of those endorsement, the underdog, jd vance. he may not win in the governors race in georgia to your point but it is interesting -- stuart: what a stuff about the primaries, what i am getting at is an awful lot of republicans that i know do not want the former president to look back to rehashed 2020. to learn from history, i think you agree with that. there's an awful lot of republicans who do not want him to run into thousand 24 looking backwards. they want him to run looking for words. >> 100%. >> does decertify races rela country is idiotic but the

party is right when they say we want to find out, was there cheating? what their power play? how did it happen? we don't want it to happen again because we want fair elections and we want faith in the results. with that said we've got to look forward. if you are going to win a race it is about the future, not the past. i agree the president should spend more time focusing on the future and where the country should go. i have said that to him myself but regardless, i don't think the party is split. you see --'s trump right for the future or someone like desantis right for the future, the idea is put america first, the idea that we should do what is in our best interests has taken over the philosophy of the republican party, that is trumpisam at its core and that is the unification and i love mike pence, he and the president had a fallout, mike pence and doris is that concept.

he comes on your show pushing through truth social. interesting, had donald trump started truth social two years ago, a year and a half ago before elon musk got in the game could have been a blockbuster but now elon coming to twitter saying i will make this a free-speech platform, all of a sudden there is no need to remake another twitter, you already have it and it will be a platform everybody can use. the president is late to the game and wants to pooh-pooh musk and twitter but if musk is successful, does that mean truth social won't be successful? what we hard-pressed to challenge twitter and the number of people that are on. you and donald trump agree, both do not like crypto currency. he does not like -- you have the same conversation and it is down today. it will go up one of these days.

stuart: any day now. good to see you again. got to look at the markets, we are headed south big time rather suddenly just in the last half hour, the dow is down 420 but look at the nasdaq, it is down 423 points, 3. 6%. a major league selloff by any standard, the nasdaq is to 11,000 right now. scott schillyy, he doesn't have faith in shocks. you have any comment on that? scott schilladdy. >> is only making 2% in cash. technically speaking because biden has the inflation rate up 8.5% or 8.3% probably lost 6% so he has lost money out of cash, hasn't invested in the stock market, he lost less.

that would be a more we will see capitulation. we have a lot of folks before trump came on, there has been a change in sentiment and it came to a point when we had a surprise by target, walmart and kohls where this inflation, these freight rates combined with the fact we have uneven inventory flow could throw a wrench into them works. i don't think anybody believed the fed could do it all with interest rates. stuart: not good indeed. i am sorry i am short on time. i was speaking to the former president of the united states an hour ago. you did well. thanks very much. democrats thought open borders would secure the hispanic vote but biden's approval rating among hispanics is dropped sharply, just 26%. tom homan on that coming up.

record-breaking 234,000 border apprehensions in april, massive uptick since 2020 as we learn the border patrol released suspected terrorists into the us and it took a long time to get him back. the latest from the border next. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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stuart: it is a selloff, dow is down 400, the nasdaq is down 3.5%. s&p down two percentage points would i want to look at snap, meta-verse and pinterest. their ceo looking forward to the economy says the economy is in trouble. a sudden statement. 30 days ago set almost the opposite, now the economy going forward doesn't look good. snap does, meta-platforms does down 9%. down 26%. it is dragging all of technology down. there are other movers. look at airbnb. lauren: shutting down their listings in china.

they are struggling to compete with local competitors and if you look at overall stays it is 1% of the overall revenue, they don't need the market but you've got a larger stock market. stuart: you reported new home sales down with rates rising and prices rising. look at the homebuilders. lauren: the most in two years and the pace at which they are selling it would take tween 9 months to clear supply on the market. this is a drastic measure. the housing market is starting to slow or normalize. stuart: abercrombie and fitch are down 28%. lauren: they say higher costs are here to stay at least this year, they cut their annual forecasts for their margins, reported a surprise loss in the

court, they blame inflation, specifically freight costs. fewer discounts for shoppers. as a result sales rose, the most ever for the first córdoba prophets did not match that. stuart: escalating selloff. an internal memo leaks to fox bio whistleblower shows border patrol released a suspected terrorist into the united states who crossed illegally. bill, i believe it took two weeks to get the authorization to arrest this apparent terrorist. is that accurate? >> that accurate and shocking. important to point out the only reason we know about this is this federal source was willing to come forward and provide documentation about what happened. look at this mugshots, this

colombia citizen was released by border patrol near yuma, arizona on april 18th. ice fitted him with a gps monitoring device and three days after his release on april 20th one, the fbi terrorist screening center id him as a specter terrorist on the terror watch list, referred his case to ice in florida where he had resettled and then two weeks later ice gets the green light to rearrest garcia, he is rearrested a couple days after that, may 6th in pinellas county, florida, tampa bay area, he is released back to ice custody. i asked how does this happen? why did it take so long? they didn't answer those questions. they said, quote, when we receive additional derogatory information from law enforcement partners dhs and federal partners take swift action to apprehend those individuals and in this instance after receiving additional law enforcement information, ice in coordination with federal and local law enforcement probably

detain this individual who is under supervision via gps monitoring device. i reached out to ron desantis's office and here's what they had to say, quote, we demand to know why dhs released a suspected terrorist and allowed him to live freely in florida for weeks. how many more known or suspected terrorists has the biden administration allowed into the country? that is a question that i put to dhs and they confirm no other known or suspected terrorist across the southern border have been released at any point since last year, they did not answer my question or confirm that this suspected terrorists in particular is back in their custody as we speak. stuart: you are really telling the story at the border. tom homan, don't know if you want to comment on the terrace to took two weeks to

re-apprehend. 284 border apprehensions in april, that is a new record high. how do you hold dhs or the white house accountable for what is going on? >> i don't know why it takes two weeks for clearance. i would have deployed agents within the hour and wouldn't wait for approval from anybody. if he is positive, we are going and the white house and i would have moved within an hour. stuart: is it incompetence or design? >> it is by design. the only thing the secretary has done in response to the border send more resources to process and release quicker. and in a crisis here.

they are under orders, and they released this guy before he got the vetting back from the fbi. and hitting the terrorist screening database. that should never have happened. if he was fitted with gps devices, to keep him from doing a terrorist attack. this guy, didn't have information, just want to live freely. how many were released that were shown to be on terrorist watch list that they can't find, they won't thomas and brown not talking about the got aways that were interested that could be in the terror screening database, in 161 countries, you can't tell me not a single one of the got aways since biden became president is on that list. stuart: when this open border started, i wanted to make sure the admin station had done it

deliberately get more hispanic votes. the open border, delivered policy brings in hispanic voters. that turned out to be an absolute mistake. biden's approval rating among hispanics is already down to a mere 26%. looks to me like this open border will push hispanics into voting republican. stuart: biden miscalculated the whole thing, miscalculated from day one. this is open borders, they push to get as many people as possible while they maintain power. i agree 100% but what else had they done? they abolished the ice mission. the secretary told ice being in the country illegally isn't enough to arrest this person. the biggest prices we've seen on the southern border. ice isn't there if you are here

illegally, that's and the bad message, this administration, everything they've done is increase the flow across the border. they've not done one thing to slow the flow. stuart: we sense your exasperation. i think we all feel it. we've been doing this for a long time. thanks for being here. after heavy scrutiny, the disinformation governance board was put on ice. senator howley wants a lot more done. lauren: he wants answers, specifically documents. why did dhs think a disinformation board would be a good idea? why was nina kankowitz appointed? why was she not vetted? videos online, he said he was the only one who approved her. what communication to the part of homeland security have with the white house? that is the information the senators want.

stuart: real fast i want to do this. put the markets up on screen because we've got a selloff, especially the nasdaq which is down better than 3%. there's a flight to safety, the 10 year treasury yield is all the way down 2.72%. that tells you there's a major league selloff in stocks is a lot of money going to the safety of treasury bonds yields way down. the governor of florida running for a second term but a new political action committee wants ron desantis to set his sights on the white house, the price of gas in some states higher than the federal minimum wage but president biden calls these high prices and incredible transition. edward lawrence has the full story next. ♪♪ ♪♪ role all night long

♪♪ (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. another crazy day? of course it is—you're a cio in 2022.

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stuart: that is a selloff. that was down 400. the nasdaq is down 408. that is 3.5%. ron desantis is running for second term as florida governor, a new political action committee wants him to take it to the next level. i presume that is the white house. ashley: yes it is. ready for ron, the name of a new political action committee. to get him to run for president in 2024 but it is essentially frozen until donald trump decides what he is going to do. the desantis pack is being run by ed rawlins, republican

consultant heavyweight and veteran -- that will lay the groundwork and be a resource for supporters if or until a formal desantis campaign. desantis has led polls among reply been -- republican primary, when trump is included in the polling, desantis usually runs a distant second. one other quick note. ron desantis has made time magazine's 2,022, one hundred most influential people list. former republican florida governor jeb bush wrote this about desantis, the beltway crowd may not like his style, it is his record that will become his legacy. stuart: the white house is preparing to tap into it's really used emergency diesel

reserve. edward lawrence how will truckers see relief at the pump anytime soon? >> reporter: probably not. this is another band-aid put on an issue that could be increased by increasing oil production. the white house behind the scenes has been clearing the way to use this rarely used oil reserve. they will release from the northeast home heating oil reserve. it was only used once in the aftermath of super storm sandy. it was designed for people after winter storms, but the oil can be used as diesel fuel with some waivers and that is what the white house has been doing. gas prices hit another record high, diesel fuel is near a record high. the message from the president to the house speaker, don't believe your eyes, be happy with where you are. >> when it comes to gas prices,

we are going through an incredible transition that is taking place to god willing, when it is over, we will be stronger in the world will be stronger and less reliant on fossil fuels. >> they have a comfort level with their economic situation. >> reporter: the jedi mind trick, the user from pennsylvania, showing his true attention all along. >> he stated he would go after the fossil fuel industry during his campaign, they are telling us this is because of putin and what has been done is an assault on domestic energy. from pennsylvania, the shale under our feet. >> reporter: no change in economic policy from the white house related to energy. stuart: edward lawrence, thanks, i want ashley to come back and because volkswagen predicts it will overtake tesla

in the electric vehicle market. when are they going to do that? ashley: 2,025, the chief executive of volkswagen making bold predictions, the world economic forum, saying tesla currently is in the lead when it comes to evs and they have advantages, we are aiming at keeping up and probably overtaking by when it comes to sales. tesla has demonstrated higher returns, credible business model but vw could close the gap when it comes to ev sales, that is based on positive signs of relief in the semiconductor supply market for the second half of the year. stuart: tesla stock down to 636. still ahead on this program today, brian kilmeade, i want him to comment on the part of

the interview with donald trump where he said as president he had talked to putin and told him not to invade ukraine. more varney after this. ♪♪

stuart: the graphic says it all, market selloff, the dow was down 507 points, nasdaq down 417. look at this. when you get a sharp selloff in stocks you often get movement out of stock into bonds. money is flowing into the treasury, prices up, yields all the way down, 272, that is a 3 year low. it is 10:51 eastern time. brian kilmeade joins us. i had donald trump on the show. listen to what he had to say about vladimir putin. roll tape. stuart: the russia ukraine situation would never have happened, 0 chance under the trump administration. stuart: putin would not have invaded ukraine? he doesn't know what you are going to do? >> there for four years and didn't do it, won't say exactly what i said but it was much

rougher than i like to say. stuart: he did say to me while he was president he talked to vladimir putin and told him don't invade ukraine, that was a fine piece of news right there. >> if the president did supply arms to ukraine right away. and they had to be part of that so-called ungoverned region. barack obama says you better not to that, put some sanctions on your oligarchs and then give blankets to the ukrainian army. the president gave him real arms. and had no consequential role in ukraine being ready to fight this war.

that is something to do with it. i can't get inside his head, i watched the oliver stone interview. and he did feel threatened, donald trump made him feel better because the president was crippled nato saying you are not paying your fair share, depending on us too much. the combination of items might make vladimir putin feel this is not worth it. you know that vladimir putin probably regrets the day he invaded. stuart: he wouldn't have done it had trump been the president. it is primary day, georgia, alabama, arkansas, texas, minnesota, a lot of these are a referendum on donald trump. he thinks he's doing well. what do you make of that? >> there are places he's doing well, j d vance, doctor ours, dr. oz, in georgia it did not

help perdue, he never should have won because he had no message, he's not brian kemp but he was friendly with brian kemp. he performed well, opened up the state early, one bitterness people in new york have and california have. one of the first to open up, he believed in the people. into the rural communities, industry as well. he has performed well. jody heise was picked by trump to knock on the secretary of state not there. herschel walker elevated against a solid feel be in the navy seal so that help them. are you going to avoid the runoff? you focus on stacy abrams, a formidable force, she never admits she lost the first time but we don't talk about that. stuart: i always want to ask if

you invest in the stock market? don't know if you want to tell me yes or no. it is a private thing. do you invest and how much have you lost? brian: i checked yesterday or the day before, substantially but i'm not going to worry about it. to a financial advisor, i know what he's doing on a daily basis but when it goes down, i watched the arrow go down, learned in 2008, not going to check my 401(k) until something changes because i don't need the depression. of the when you are a young guy, you can stay for the long-term. old guys like myself have a different time horizon. brian: avoid the crypto, use something you don't have to worry about, they are the ones having heart attacks. looking to get revived.

that is the big thing. the nature of the country, the president of the united states to indicate it is a good thing for gas prices to go up. i come from a long line of paycheck to paycheck families, when gas goes up everybody feels good and that was terrible. stuart: thanks for being with us. a quick check of the market. the dow is down 500, nasdaq is down 429. lara trump, georgia congressional candidate jake evans, former energy secretary on the show coming up. imagine how it looks to our allies when the president gets confused. president biden is not the dynamic straightforward president our friends abroad want and need, he may be what our enemies want but the rest of the world is looking for strong leadership and they are not getting it. that is my opinion and "my take" next.

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stuart: frantic music, isn't it? drop that please. 11:00 eastern time, tuesday, may 24th, look at the markets selling off. nasdaq is down 400. and all of that is down sharply so.

when you talk about percentage terms, happens on, apple, meta all down 2% or more. look at snap, that led the way this morning in their earnings call, the ceo said watch out for the future, the economy, the economy is deteriorating. that means problems with ad revenue, stocks down 40%. there's a flight to safety out of stock into treasury securities pushing the yield all the way down to 2.73%. looking at the market, mike murphy joins me. this is a big selloff. could it be the capitulation selling everyone talks about? >> it could be but i wouldn't go that far yet. what we need to see, we talk about yields moving higher in hurting tech. now you have yields back down to more normalized 2.72.8 range, yet tech, amazon, apple

selling off hard. we need some leadership to get the market to regain its upward momentum. stuart: where with leadership come from? >> you won't get it from energy stocks. positive news out of jpmorgan yesterday, you're not going to get enough innovation from bank stocks that lead the market. if you want leadership to bring the market back to old highs and create new highs it has to come from big tech. we need the apples, microsofts, amazons to right the ship, stop dropping and continue innovating. we went how can they do that? they can't wave a magic wand and say microsoft? not going lower. >> that would be nice. at some point you can look back, maybe amazon was extended, maybe amazon was too high, amazon lost 1/3 of its value after today.

at some point the selling goes too far to one side and buyers come in. the amazon split could be a catalyst to get into the market. not sure what it is, macroeconomic news out of russia, earnings related in the us, inflation related, interest rate related, something that will stop the current twee 8 week selloff we have and turn things around, don't know when that comes but it is coming. stuart: it is not going to become all the way down now and we go straight back to new highs. that's not going to happen. >> there are so many things at play. it could not happen. people ask is this the bottom or can we will lower? there is no rules, doesn't have to work the way it did last time. how the economy reacts, is the consumer going to be as strong as jamie dimon alluded to or is what we are hearing from the walmarts and targets, is that

what is the real story? too soon to predict, we are closer to a bottom than we were twee 8 weeks ago. stuart: if you have a 2 or 3 year time horizon and not in your 70s, is that a signal by now? you are going to make money in a couple years? >> look where we are, down, look at the s&p, down 20% after a hugely are last year when we were up 28%, you should by now but i was on the program and won't walk away from it at a much higher level saying you should by now. if you have a time horizon that is not extremely short-term and need, you want to return on investment, when the market is hitting highs or lows, anyone watching the program at home should be allocating for the market. stuart: takes a strong stomach, doesn't it?

>> we were spoiled that we had a nice run up for several years, 20% corrections are par for the course can with a come, they happen and never once in history, a buying opportunity. stuart: a terrific 12 year run. you were part of it too. thank you very much. now this. imagine outlook to our allies when the president gets confused? president biden is not the dynamic straightforward president our friends abroad want and need, he is what our enemies want but the rest of the world is looking for strong leadership and they are not getting it. the taiwan fiasco just the classic. biden says policy has change, the white house walked back and says it hasn't changed. today the president agrees with the walk back and says the

policy has not changed. weakness and dithering have come to characterize the biden presidency. afghanistan showed weakness that emboldens putin. dithering over baby formula brought high anxiety, i would still like to know when you first learned there was a shortage the began months ago when did you know about that? why didn't he take action? the statement about high gas prices being part of the green transition, that is strange indeed. does he not realize how angry people are and what energy prices are doing to propel inflation? something else has to be said, the president's demeanor does not inspire confidence. he is physically frail. he is forgetful and confused. his handlers get nervous anytime he goes off prompter. they kept him away from media. he hasn't on a 1-on-1 interview in one hundred 4 days. nobody wants to say this. there's a war going on and we are being ripped by inflation, you instantly want to rally

around the president but he is making that difficult, 21/2 more years to go. david bossi with me now. it is hard to rally around a president who seems so weak. what do you say to that? dave: i say are right. elections have consequences, said the great philosopher barack obama and that is where we are today. we are having a crisis of leadership. there is no strength, no clarity, no thought coming out of this white house, from the president. the staff is running the place. unelected staff. this is dangerous. you can have disagreed with donald trump but he put america first. he made america energy independence. we had a force to be reckoned with in donald trump. he made nato pay their fair share. he made sure people were able to protect themselves, not just count on the us.

i got to tell you this world under the last 17 months is a different place, a much more dangerous place because of president biden. stuart: earlier today you may have seen this, i interviewed donald trump who was with us on air for 18 minutes. he is smiling. you probably watched. i'm sure you did. you saw me say most republicans, you know what is coming. most republicans don't want to go into the 2024 election rehashing the 2020 election. that is what i said. he completely disagreed with me. i think you are on his side in this. >> i am. when i say elections have consequences, problems in elections, rigged elections have consequences. what i mean by that is the president was set up to fail by issues that were taking place in the elections. and having no one, having the mainstream media say it was the big lie actually is the big

lie. it is similar to the hunter biden laptop story. there is no here, two years later they come out and say there is a story here, hunter biden laptop is true and every foreign government knows what is in including china and russia and all of our enemies. stuart: it is a turnoff. most people don't want to rehash the past. they don't want that. they want to look forward to the future. i know you are going to say you can't win elections in the future unless you learn from history of the past, i know that but there are so many people who just don't want to return to that. surely you know that. >> you are one hundred% right that there are vast majority of americans who just believe that but they believe it because the mainstream media tells them it is the way to think. i will say this. once it is understood what happened in 2020, donald trump

just like with the -- living through this right now with hillary clinton, for years donald trump was a russian agent, a russian plant, someone who worked for russia and now we are learning just this week six years later that hillary clinton ran the operation. donald trump was right about that. donald trump is right about this. the american people are told by the mainstream media every day you are being lied to by us. stuart: you are all right. thanks for being with us. a big day. thanks very much, got to get back to the market because we are down across the board. i'm looking at nordstrom down 7%. lauren: they will show a rise in sales of 9% but a lot of the bottom line of a nickel. investors are spooked by the abercrombie and fitch morning that higher cost sticking around for the year.

stuart: we haven't mentioned petco yet but i believe they reported looks like they didn't do great. lauren: healthcare services, you think that is recession proof but not the case. initially the stock is up. that is the larger selloff. stuart: is mcdonald's a winner today? >> i had a fine one. it isn't easy. they took their signage down. stuart: that's why mcdonald's is up in a down market. lauren: a stable source. stuart: we've got walmart expanding their drone delivery service, i don't think that will stock them to help the stock. how far can they reach? lauren: 4 million more customers across six states including arizona, florida, texas. it is an investment that helps them compete with amazon. if you live in one of these six states, any item they can ship for the most part, less than 10

pounds. go to the drone up website to place your order but walmart will put delivery as an option when you order from their website or their apps. stuart: here it comes, here it comes. thanks, now this. a democratic socialist wants people to break in and occupy homes to combat the homeless crisis. we will try to explain. republican running for congress, he hopes endorsement from donald trump will help us with his primary today. jake evans on the show. 57% of small business owners think the economy will get worse in the next year. is too late to fix the economy for the november elections keiko i think so. we will get a take from andy pudzner next. ♪♪

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stuart: it is a selloff, dow down 400, nasdaq 370, s&p down 2%, that is a selloff, democrats play the blame game on inflation. who are they blaming now? >> reporter: they are blaming businesses for rising prices too high. democrats admit inflation is a big problem, they think businesses are taking advantage of the situation by raising prices higher to rake in profits. nancy pelosi today saying she thinks the agonist 3 and oil industry are trying to cash in on inflation.

>> we passed two bills in terms of price gouging, bring down the cost of prices at the pump, in ukraine. and reducing the cost of food for people because of the exploitation of the consumer by agriculture industries. >> something for justice department needs to get on the case because they say price gouging is so bad, it is illegal in most states and lawmakers have had multiple hearings with leaders from the agricultural industry and oil industry asking them if they are price gouging and insisting they are not but katie porter says law enforcement to get involved tweeting antitrust enforcement has been plummeting enabling corporations to gobble up competitors and raise prices

on families far beyond the inflation rate. and stressed the need to give the justice department resources to crack down on monopolies, the argument they want law enforcement to go after these businesses they think are unfairly raising prices. we when i lived in america for 50 years and that is what the left has been saying for 50 years. it is not right. thank you very much. the graphic on the screen, 50% of small business owners predict economic conditions will get worse over the next year. andy pudzner with me now. is it too late to fix the economy this year? >> it is too late to make significant progress. businesses deal with inflation. they are dealing with inflation in every aspect of their

business, materials, labor, commodities and the consumer side of it, you see no policies improve gas prices at the pump, no energy press ease and to lower food costs rising worldwide. if you're running a small business you are hit with cost pressures and not seeing anything that indicates you are going, demand will increase before is now. of course he will be negative about the future, there's not a lot biden can do unless he enacts supply-side policies, cut taxes, cut regulation, focus on domestic energy and it might get better. stuart: it won't do any of that. that is out of the question. next, you have always been in the restaurant business, you've grown various restaurant chains, the imf director is warning the anxiety around

access to food is rising and more importantly the economist magazine talks about the coming world food catastrophe, what happens when the catastrophe hits? >> you can only raise prices so high and restaurants today, you are hitting the ceiling on pricing because the savings everybody has from all the government largesse during the pandemic, the savings are starting to run down and as commodities increase in costs as you input food costs goes up the only thing you can do is increase the price to consumers, and go out of business. russia and the ukraine combine for 12% of the world's wheat. that is a huge hit to the world food chain, fertilizer a 50% in costs which is a huge hit to food costs across the board. this is another huge problem about to impact the restaurant

industry following increased labor costs and all the prophets to deal with during the pandemic but in florida restaurants are doing 25% better than they were doing before the pandemic which is an impressive number. blue when i wonder why. could it be the free state of florida does well, you know how it is? do you think a recession is almost unavoidable? >> whether we have a technical recession, two can second quarters of negative economic growth, pretty likely but what is more important, american consumers facing recession today, gas prices and food prices and price -- people are facing a recession in their lives every day and that's more important, whether the government comes out and says we are in a technical recession, people are experiencing that today and it is an issue and something democrats better step up and address soon. stuart: good luck with that but

it is a shock, you gas up the car, go to the grocery store and it is a shock when you see the price hikes. it is not a question of whether you can afford it or not, you just realize what it is doing to our society. >> it is a shock. people compare today to where they were two years ago in 2,019, not only the shock of price increases which a lot of americans have not experienced inflation. you and i have in the 80s but a lot of americans never experienced inflation. it comes on the heels of 2,019 when under donald trump the economy was doing so well, on a.was so low, a lot of people were working, we had a tremendous economy and it is gone. we lost it all. but the blame where it belongs. stuart: no one under 50 can remember anything like this. i remember the 70s was always a

pleasure, a democratic socialist is encouraging people to break into empty homes to combat homelessness. you want to explain this? ashley: isn't democratic socialist an oxymoron kick you i don't think the wealthy can join that group anyway. rebecca parson is running to represent washington state's sixth congressional district and does indeed have a unique solution to the housing crisis, listen to this. >> imagine housing in congress, imagine you, me and million of our friends took action and occupy empty houses nationwide and couldn't ignore us. no one has ever done anything like this. that is it. ashley: there's a reason it has never been done before. it it is called trespassing. person who says she has been

homeless herself is no stranger to squatting. in 2020 she helped organize a group of homeless people in 16 rooms at a local motel and demanded the city and state governments pay if people refused to leave, they were eventually kicked out by police, she's also calling for the minimum wage to start at $30 an hour. imagine how many businesses will go out of business. stuart: don't you love those socialists? that is a joke. now this. a new billionaire created every 30 hours during the pandemic. we will try to figure that out. stacy abrams raising eyebrows after slamming her state ahead of the georgia primary. >> i'm tired of hearing about being the best state in the country to do business when we are at the worst state in the country to live. stuart: jake evans is running for congress in georgia. he's here to respond. he is next.

♪♪

stuart: i am not sure, that payphone, there is a reason we are playing that song. nearby times square off the road from here, they removed the last public payphone. they've been removing thousands of phones to make way for wi-fi hotspots, a sign of the times. they still have a selloff, the nasdaq is only down 372. the pandemic created a new billionaire every 30 hours. take me through that one. ashley: this is according to the british charity fan, 573 new billionaires created the last two years of the covid

crisis, the pandemic, one every 30 hours, at the same time an estimated 263 million more people expected to fall into extreme poverty, a rate of one million people every 33 hours. the pandemic super charged income any quality saying billionaires made more money in the last 54 months in the pandemic than they did in the last 23 years combined. stuart: a group of millionaires in davo's demanding they pay more taxes. what is that about? ashley: a group of 150 calling on the elites of the world economic forum to tax them more. they reiterate calls for the attendees of the forum to acknowledge the danger of

unchecked wealth inequality around the world and support efforts to tax the rich, tax us, and abigail disney among its supporters. the complaining millionaires claim any quality is baked into the international tax system and creates distrust between people of the world and its rich elites. write a bloodied check in the u.s. treasury. ashley: anybody can do it. they are not going to do it. all right, good stuff. now this. it is primary day in georgia. let's bring in jake evans, a republican running for congress. let's make it clear, you have donald trump's support, that we ate other candidates did not. did you ask for his support?

>> absolutely, i am of the america first candidate in my race and we are running a bold unafraid america first campaign as i will tell you voters in the sixth district of georgia are confident that they need a resurgent american america to get back to the america first agenda that delivered four of the best years we had in a long time. my campaign has been surging since donald trump's endorsement, don junior and mike pompeo, we are feeling very good going into election day. blue one did you join the line at mara lago, go down and ask for his support? >> we been running this america first campaign since the beginning, we had the opportunity to visit with donald trump for over an hour and we voiced why we are america first, why we believe his agenda is the agenda to get america back on track and he gave us the not. we are -- stuart: sorry to interrupt you,

i'm trying to imagine the scene in mara lago, you were sitting there, mister trump sitting opposite you, you and your wife. ditty interview you and say what about this and what about that? was it an interview situation? >> he takes his endorsements very seriously. i think he was watching our race very closely and he said he has utmost confidence in me and my campaign, he knows we are fighting for him and his agenda, we will get america back on track, very confident and grateful for that. we when we have a record number of early votes cast in georgia's primaries, what happened to the voting laws which were supposed to suppress the vote? have double, triple the turnout. >> exactly right, look at this hyper turnout we got this year underscores the false rhetoric put forward by the democrats, they are all about dividing and conquering, all about class warfare, telling one class that another class is trying to

suppress them from voting. it is anything but true. sb 202, election bill passed in georgia which ultimately the democrats use as a means to take away georgian jobs by removing the all-star game from georgia has done anything but suppress the vote, election integrity is a big issue, we've got to fight for and we will see record turnout in georgia today, to elect the america first candidate. stuart: democrat stacy abrams claimed georgia was the worst state to live in. listen to how governor brian kemp responded. >> i get up every morning so thankful i am the governor of the state serving these great resilient people and we live in the greatest state in the country, live, work, and raise our families. it is disappointing she doesn't think that but i love it. stuart: was asked the worst political slogan you ever heard, this is the worst state in the nation to live in from stacy abrams? >> what a disgraceful thing to

say for a state you are running for governor to be in. georgia is one of the best states in the country to live in. my district, georgia's sixth district is one of the best district in the nation to live in. people are flocking to georgia across the country, flocking to my district, georgia's sixth district, safe communities, hard on, great schools and if i am blessed enough to represent georgia's sixth district, i will fight to ensure it stays that way. stuart: we are checking get thoroughly first thing tomorrow morning, thank you for joining us. now this, donald trump backing david perdue, way behind an trump admits it. the president puts record high gas prices could be a good thing, roll tape. >> stronger and the world a stronger and less reliant on fossil fuels.

stuart: former secretary takes that on next. ♪♪ ♪♪

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stuart: we are still in selloff mode but the pace of selling his declined a little. the nasdaq is down 380. that would be a 3%, be a 3%, the dow is down 420, 11/3 of 1%, the s&p, let me show you disney, close to dropping below $100 a share, disney stock is down 35% on the % on the year, down another 4%, $100 on disney.

the national gas price surged to a new high, $4.59 per gallon of regular, that is up $0.50 from a month ago. jeff flock in philadelphia, what are they paying? >> reporter: just checked, $4.77 in philadelphia. gasoline, you make that, you haven't seen jet fuel. i met the facility where they store jet fuel, look at the numbers on jet fuel, on fire and not in a good way, $6.90, it was $4.49 this time two years ago, a 54% increase and that is being passed along to air flyers, travelers up 19% in the last month and now some signs of capitulation, booking down 17%. this memorial day a lot more people traveling by car than air, 82% by car, 87% of them

say they will travel with somebody else like a car pool, share the ride, 11% say they will take their electric car to the memorial day festivities. you mentioned the price. we are up 0.2 cents overnight. it is kind of like ordering a diet coke with your hot fudge sundae, it is nice but doesn't amount to much. stuart: i think you are right. it is such a shock when you say fill her up and it costs $100. >> you remind me of jack benny, the famous comedian, fill 'er up, i will take a dollar. stuart: you are all right, see you again soon. president biden seems to be in favor of high gas prices as a

way to move towards renewables, roll tape. >> president biden: when it comes to gas prices, we are going through an incredible transition that is taking place that god willing when it is over we will be stronger in the world will be stronger and less reliant on fossil fuels when this is over. stuart: the former energy secretary joins the now. biden calls this an incredible transition, but i don't think renewables are ready for the transition yet, are they? >> great to be with you. let me give you history of energy transition. what you will see is a transition not from one to another though you see that somewhat in the portfolios, what you see is a transition from less energy to more energy because that is what it takes to run the economy not only in the united states but around the world and more specifically the transition from less energy

dense sources like biomass and would to more energy dense sources like oil and gas and coal and nuclear. renewables are important component of that portfolio, that stack of energy supply but the transition shouldn't be from one source to another, we need all of them, all forms of energy to produce these -- to move these important economies forward and create the jobs americans and all citizens are looking for. stuart: is the president dancing to the climate crowd's drama? >> i can't speak to the president's motives but conversations i had with the administration i encourage them to encourage develop and here, encourage development here in the united states and encourage developers of infrastructure so we can produce more. of one they don't do they? >> i think they can do some more but what happens when we do those things, i just returned from poland, the

company i run side of the with poland to provide natural gas that will provide 3 million tons of natural gas to poland, 20% of the lag coming into poland, direct result of liquefaction and export facility here in the united states so if we encourage it here investment will come here and as and as a result and energy security and energy supply can count on. we want the price of diesel is a problem. i have it now it $5.55 a gallon as a national average, the president is considering tapping into diesel reserves. what do you make of that? will make a difference to diesel? >> i don't think it will make much difference to the larger market, primarily concentrated in the northeast, there may be some limits the impact that area, there will be spotty impacts. stuart: now we know. thank you for being with us today. it was a big day of news,

rather short with you but i do apologize, see us again. back to the market, give me a sense of a market, look at the left-hand side of the screen. for our radio listeners, 75% of the dow 30 are in the red and the dow is down 1%. mike pence is open to running for president in 2,024 even if donald trump decides to run too. we will see if lara trump can give us some insight into that relationship next. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates

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stuart: just to confirm it is a selloff but it is coming back a bit. the dow is down 275, nasdaq down 300. you better look at snap, meta, and theinterest, snap started this morning, the ceo looked at the future and said the economy would give us a problem, down

it goes, 40%, so too did meta down 8% and pinterest down 24% because the economy really slows, so does advertising revenue. donald trump joined our program earlier, he admitted his preferred candidate, david perdue, in georgia, was behind governor kemp in the governor's race, roll tape. perdue is way behind, looks like you're losing that race, mister president. >> we won just about every race. a lot were behind, jd vance was behind and he ended up winning. stuart: lara trump is with us. the trump family show if you like, welcome back, good to see you. it seems to me you may disagree and i'm sure you do that there is a split in the republican party, those who support another run for donald trump and those who do not. >> i think right now people are

pretty much looking for anybody they think and clean up the mess we have seen over the past 18 months or so in this country but i've got to tell you anywhere i go whether i'm talking the grocery store, airport, restaurants, people come up to me and say please tell us donald trump is running again in 2024. no one has declared that they are running. people like to get excited about things and is there a split, is there a rift, the bottom line is no matter who the candidate is on the republican side as we head to 2024 i think that person is going to overwhelmingly have support from the majority of americans because they've seen the disaster that has ensued so far. we went former vice president mike pence is considering a run for the presidency even if your father-in-law enters the race. donald trump told me he's not concerned about pence. what is the relationship between these two men?

>> i think they both have a great deal of respect for one another. you look at their history together in the white house, never an ill word was truly spoken by mike pence about donald trump. even after things happened on january 6th, this is a unique relationship of a president and vice president, they worked together for four years, campaigned together twice and so i think people like to make a big deal out of things but they have the utmost respect for one another. we when i think donald trump wants to look back to the 2020 election and rehash it next time around, a lot of people don't want him to do that. how about you? >> i think you look at the election in 2,020 and you have 75 million americans who voted for donald trump, they don't feel like the majority of them something was perfectly right and one of the foundations of the country is we have free and

fair elections, people feel like we have integrity in our elections and when you have people with unanswered questions, ask any questions oftentimes it was shut down, swept under the rug, so many people still don't know what ultimately happened going forward shouldn't we know that we have fair elections, don't know if we need a rehash but people want answers to what happened and make sure it doesn't happen again if something went wrong. blue when i got to leave it there, time is up and that is the way it goes, hope to see you soon. guess what. 11:55, time for the tuesday trivia question. what is the original name of memorial day, decoration day, remembrance day, armed forces day, armistice day to get the correct answer after this. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation.

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♪. stuart: the question, what is the original name of memorial day? you got a choice. decorations day, remembrance day, armed forces day, armistice day. your choice, ashley? >> good question, armed forces day. number three. stuart: me too. that is what i was going to go with. we're wrong. decorations day. it was called that by the tradition of decorating graves with flowers, flags wreaths. memorial day became an official holiday in 1971. now ashley, you know. what else have we got? look at market.

down 300 on the dow. coming back a little bit nasdaq, combing back a little bit. tune in for a new episode of american built tonight at 8:00 p.m. tonight we're talking about thomas edison and the light bulb, created to light the world in menlo park, new jersey. it's a great story. it's a good one too. fox business prime. my time up neil it is yours. neil: thank you, stuart. every time the market has up day, having a devil of a time following through on that. we're seeing it play out. snap, the big social media player indicating rate now profit, revenues, will not be exactly to wall street's liking. that stock is down 40%. leading a cascade down in all technology shares. we're on top of that.