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.

real quick thanks to my colleagues, buddies, david asman, jackie deangelis filling in when i was here. i got an email just before i got up here, pity, i hear you're back. i didn't hear anything telegraphing i was back today. that was internal email. just saying. glad to be with you, everybody. take a look how the markets are digesting particularly on the tech side what is going on. we got signs as well, what is going on the retail front. abercrombie & fitch adding to best buy, the latest retailer, you know what? things are not going so boffo. customers are not inclined to spend as much, not spending at all. getting guidance that is not cheerful. let's get to dave maney, eddie ghabour. dave to you first. interesting technology has problems once again. we talked a backdrop on this, how difficult it is for markets to follow an up day with another up day. what do you make of that?

>> i'm not sure. you know, this one feel as little to me like a little idiosyncratic in that snap, snap is the fashion company of technology stocks and i think it's very hard to draw massive conclusions. the stock is down 40% today. i think it is hard to draw huge conclusions out of that, because it seems to be one of those that is a little bit off center. having said that, you know, it is very clear this is a time of tumult and upset. and therefore, you know, the markets are on interhooks and anything that shows up as bad news, even if it may not be related to core trends in the economy is going to be taken as very bad news. you will get 40% of your block knocked off. neil: i think you're right about that. best buy probably indicates that. you think so much stuff,

technology related items, technology stocks in general having a tough time of it. what do you tell investors about this once incredibly hot sector, that seems to be like catching a falling knife right now? you never know where the bottom is? >> we had been staying away from tech. we told clients back in the fourth quarter of last year, we started to get bearish. we started getting out of technology, november, december, january. we have not bought one of these dips. neil: is that right? >> the bottom line, that's correct. the bottom line is, we've been very consistent with this message, this economy is decelerating at an historic rate. in our opinion last place you want to be is growth stocks. everyone continues to try to find the bottom but things can get oversold just like they can get overbought in bull markets. so it works the other direction when you're heading into a bear market. if you think we're going into recession, you should expect these securities to continue to go down in our opinion because

the bottom line we have not skeen the worst of the economic data yet. the second-quarter earnings, these companies will be revising earnings for second quarter. it will continue to be very weak. because the consumer does not have the discretionary income to spend like a year ago, when you look at inflationary rate. this is one of the worst set-ups for technology from a historical perspective. neil: i wonder how bad it is. with all deference, eddie, dave, get your take on this, when jpmorgan saying consumers are generally in good financial health, that doesn't make jamie dimon nostradamus, i don't want to take it that way certainly better than the last inflationary spiral we saw in the 1970s with jimmy carter. so the backdrop for the economy is very different. i think that is what jpmorgan, some of these others are getting at, that we're not repeating that. do you agree with that, dave? >> i could not agree more.

as i spent a lot of time this weekend talking about exactly that subject and you know, there is this kind of a notion, street veterans tend to be sort of, this happened before, this reminds me of this thing that happened before. can you remember when the last time the economy got shut down and entire, you know, we had stuxnet of the economy, right? that virus we shot in to bust up the centrifuges in iran, you know, 12 years ago. we had a spinning, delicately balanced economy and we shut it down and for us to believe that we know what the patterns will look like, emerging from that economy, and that this signal will mean that, we just don't. so, i get, i laugh a little bit, at anybody who thinks that some previous playbook will tell us what this one looks like, whether on inflation or markets

or anything else related to the economy. neil: you know, eddie, the old market line that the cure for high prices are high prices, in other words, you get to a point where they get so high it slows things down. i'm not examined inning, and obsessing over the performance of the bond market just today or the last couple days we're down around 2.73% on the 10-year, is that telegraphing the very slowdown that these higher prices are bringing us and could that mitigate the damage from all this? of course the flipside of that is, you got a slowdown, possibly recession. that's hardly you know, saving grace but what do you make of that? >> i think the bond market had this thing right for months. right now, i think the 10-year has probably topped out this year. it doesn't mean it will not go back over 3%, but i think we've seen the highs in the 10-year because the bond market sees a slowdown. here's the problem, neil, the fed is going to be tightening rates at the worst possible time

and raising rates. i believe if they didn't do anything, that the slowdown is already here and you would see things disinflate and we could have a softer landing than what we're going to have economically but in my opinion they're going to be tightening into this massive verydown, possibly another 100 basis points or more. i don't know how we can escape that without a lot more losses and carnage economically. so this is why we have been so bearish in regards to this economic backdrop and how it is just getting much, much worse. retailers really said it all when you look at the numbers, on the activity there. the margin compression, from wage growth and cost of goods, that is not going to solve itself because of rate hikes, so it will be a very tough time period right now for businesses and consumers. neil: i i want to pick your bran a little bit more how this all factors outgoing into the busy summer season, travel season everything else, what consumers do. thank you very much in the

meantime. to that point, i want to about to edward lawrence at the white house because the fear going into this memorial day weekend we will face the highest gas prices than we have in a better part of a decade or more. that could put a crimp on travel. how significantly so? ed, what do you got? reporter: think about this, gas prices have gone up to record prices every day since may 10th. that is a full two weeks. there is what americans are dealing with as they're looking at traveling for in memorial day weekend. aaa saying 8.3% more people will travel for this memorial day weekend than the past one. that is 39.2 million people traveling between thursday and monday. if you break that down, almost 35 million will use cars. another three million will travel by air. those two modes of transportation have one thing in common, they use fuel. president biden has not changed energy policies to increase oil production in the u.s. now he is saying this is the cost of transition.

president biden: here's the situation, when it comes to the gas prices. we're going through an incredible transition that is taking place that god willing when it's over we'll be stronger and the world will be stronger and less reliant on fossil fuels. reporter: republicans are not buying that argument. the american petroleum institute saying instead of relying on saudi arabia or possibly venezuela or iran for more oil production the u.s. should turn to texas, oklahoma and louisiana. >> there is no reason in the world why in a global, competitive marketplace like oil markets that we ought to be imposing additional costs on u.s. producers. we need to unleash the resources we have right here in the united states to provide relief for the american people at the pump. reporter: so the latest message from the white house, the president did not say putin price hike. instead the cost of transition, back to you, neil. neil: while i have you, my

friend, we're on first-name basis, governors and presidents, can you help me with this? we're learning from the federal reserve president atlanta, bostick hinting, he and colleagues might be getting worried about overdoing it. we'll have to be very careful in this tightening policy, even holding out the possibility come september they might pass on a rate hike. other fed governors, district presidents have hinted of that. what are we to make of all this? reporter: there is a caution nair ray tale here they have laid out and they want the market to be sure what they're doing the next two meetings, 50 basis points and the market can count on that what we're maring from different fed presidents. beyond that they will look at data coming through. there is a concern should the market turn or should the economy turn in a direction that the fed doesn't want to see, then maybe they will hold off go a little bit softer towards second half of the year.

i did interview during your program when you were out, st. louis fed president jim bullard, he believed that the second half of the year we'll see more growth than we're actually anticipating right now. we're in a slow period now. he thinks they will turn around. so the fed will reassess after the next two meetings where they need to go in the future. do they need 75 basis points, 25 or nothing. neil: bullard was saying maybe by 2024 could be lowering rates which seems to telegraph rates a recession or minimum of a slowdown, that we might already be in the process of overdoing it. reporter: he made a point that recession is not his buys case formula. neil: right. reporter: that they could be in front of inflation enough by 2024, that they could start brining things back down to sort of manuever the market and steady prices out there. >> you know these guys inside and out, don't you? when you were a kid did you collect baseball card

equivalents of fed districts and governors? i have a feeling you did. reporter: bobbleheads. neil: i did astronauts. you did fed governors. edward lawrence from the white house. we told you about the fear going into memorial day weekend how high gas prices are. that extend what is is happening with diesel prices. there is a separate petroleum reserve for those, by the way. the administration is kick around the idea tapping it to ease pain at pump for truckers. go to tim stuart, the gas oil association. he is the big cheese and kind enough to join us. tim, good to see you. let's first talk about going into this weekend. i think most people are prepared for the shock at the pump but they're still inclined to travel. now we're getting signs that maybe not as many will. what do you think? >> well you know, i appreciate the prior comments. we're now in the situation where high energy prices are inescapable part of the biden

administration's energy policy. i think american families are having to make decisions. you know know you see talking about moving into energy poverty like it or not. you see a situation where drivers have to drive to work, but may not keep their netflix subscription going. they're making rational choices based on high energy prices. over the last few weeks we seen equivalent of stress fractures in the energy infrastructure particularly refining on the east coast. the administration approach is trying to put a bandaid on the stress fracture and it doesn't fix the fracture. neil: you know, tim, i'm just wondering if they tap the diesel petroleum reserve, i don't know we had such a thing, it's a different fuel, i get it, but if we had so little success tapping to degree, general petroleum reserve, prices are higher than we were when we first started that will this make any difference?

>> no. diesel prices are 52% since november when the administration first started tapping the strategic petroleum reserve. everybody should be rightly skeptical putting extra million barrels in the market won't have effect. i just don't see it happening. the long-term issue to reinvest in energy infrastructure in the united states. we haven't built a new refine rip in the united states for almost 40 years. we expanded capacity of existing facilities but we really need to get serious about what the future holds, to be able to bring new investment into the refining capacity in the u.s. neil: easier said than done to your point. tim stewart, thank you very much, u.s. gas and oil association president. ken fisher, probably one of the most successful investors in american history will be our special guest next hour. we'll pick apart what he is doing. at the end of the latest quarter

he was buying up, was still buying up, still significant positions in some very big technology names even back then were getting hammered. what did, what does he still see in technology that maybe others are missing. my special guest coming up. meanwhile, coming up all the primaries in states across the country that are going to test the trump bump, after this. ♪. (vo) while you may not be closing on a business deal while taking your mother and daughter on a

once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned. your record label is taking off. but so is your sound engineer. 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 certified turbocharger, suspension and fuel injection. matching translation:ription. certified goosebumps. certified from headlamp to tailpipe. that's certified head turns. and it's all backed by r unlimited mileage warranty. that means unlimited peace of mind. mercedes-benz certified pre-owned. translation: the mercedes of your dreams

is closer than you think. >> tech: cracked windshield? make it easy and schedule with safelite, because you can track us and see exactly when we'll be there. >> woman: i have a few more minutes. let's go! >> tech vo: that's service that fits your schedule. go to safelite.com. >(woman vo) ♪ safelite repair, sailing a great river past extraordinary landscapes into the heart of iconic cities is a journey for the curious traveler, one that many have yet to discover. exploring with viking brings you closer to the world, to the history, the culture, the flavors, a serene river voyage on an elegant viking longship. learn more at viking.com xfinity mobile runs on america's most reliable 5g network, a serene river voyage on an elegant viking longship. but for up to half the price of verizon, so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries!

this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows. get $400 off an eligible samsung device with xfinity mobile. take the savings challenge at xfinitymobile.com/mysavings or visit your xfinity store and talk to our switch squad today.

♪. neil: all right. primary day across the country. five states, georgia getting more scrutiny than any of the others of the so-called trump bump where you have incumbent governor, who was, sort of not getting any praise, not sort of, just not support at all from president trump, looks favored to win that battle. but there are other dramas going on not only there but across the country. but it is georgia has mark meredith in atlanta to pick apart what is at stake. you know it's a big deal when mark is there. mark, what is the latest.

reporter: neil, wearing a tie. neil: i saw that right away, yeah. reporter: good to be with you. election day in georgia. a lot of rays on the ballot. we're watching the state's, republican gubernatorial primary. brian kemp with a challenge from former another david perdue. this is fascinating race, former president trump backing perdue, vowing revenge against kemp when president biden won georgia. mike pence did not attack his former boss by name but hinted at awkwardness of this race, urging georgia republicans to say the course. >> elections are about the future. there are those who want to make this election about the past. here in georgia governor brian kemp means jobs, jobs, jobs. reporter: last night trump held a telephone rally for purdue. while trump has sunk money and

time into this race. kemp far outraised and outspent perdue going into the race. former senator said the endorsement will make a huge difference what the results come in tonight. >> we did focus money early to get early voting out. i'm a business guy. you try to get as good of a return own investment as you can. reporter: winner of today's primary will face off against stacey abrams. she is running against governor kemp in 2018. she is running unopposed in the primary. she is getting criticism where comments she said yesterday the georgia is the worst state to live. reporters asked her to clarify the remarks. she doubled down, that georgia's record on social and economic issues but she is going on the attack saying this issue will republicans continue to try to bring up. she says republicans have failed ever since taking governor mansion from her back in 2018.

neil. neil: i cannot imagine how that helps her cause to trash her own home state. whatever her views are. reporter: not a good campaign slogan. neil: that is good tie, man, i appreciate you getting spiffy what is going on in the peach state. mark meredith. atlanta, georgia, used to live there. fond memories of that city and that state. senator bill hagerty, tennessee, senate foreign relations. senator, when it comes to these five states, republicans say this is what democrats brought you. this is how you fix it. this is such intense competition they're arguing among states themselves in georgia, elsewhere, texas. do you think the party can come together no matter who is nominated in these key states for the republican standard-bearer? >> certainly i do, neil. one it's terribly important that we do, but two the democrat party will force us together. because the situation is so bad.

in just 15 months joe biden and democrats literally shoved us off the cliff what happened to our economy, southern border, our reputation globally. we have a great many things to talk about, a great many things to stand for that the american public needs, we need to take control of the senate, statehouses as we can. house of representatives i feel good about. we need to be breaking this biden economy. we need to be putting strength, you know, back at the forefront and republicans can deliver that message. neil: do you think intra-party squabbles though, senator, hurt chances of republicans at least taking over the senate? they seem to be well-poised to flip the house. the senate could be a little dicier, what do you think? >> i think anytime you have got a primary you expect to have differences of opinion being voiced but once that primary is over we'll bring our party together. i think we're in great shape to take the senate back. neil: let me ask you a little bit switching gears to the general economy. you were early on you didn't think inflation was transitory.

you proved very prescient about that. we're getting signs out of federal reserve district governors and presidents, senator, who seem to say the rate hikes might not to on forever. one governor talks about not having a rate move at all this september. still another says by 2024, which is a long ways off they could start cutting rates. so they see something. they're worried about something. what do you think? >> i think they have every reason to be worried. we had a negative 1.4% gdp print last quarter. things are challenging looking ahead in the next couple quarters. the forward guidance is a tool they're using to try to keep the economy from the brink of recession but the policies this administration is putting forward is making the fed's policy difficult. biden administration pushed through a completely partisan basis the spending plan. at the time i was saying inflation is not transitory.

they dumped $2 trillion into the economy. continuing to wage war on the fuel. i'm hearing reports it could be as high as $8 a gallon by the end of the summer this is crushing on economy. everyone of my people in the home state of tennessee has to try to work feeling this every day. every good we buy feeling effects of inflation dramatically. the sad thing answer is right in front of us. get back in the energy basis. neil: there is talk the biden administration might remove tariffs on chinese products instituted unpresident trump. that they're inflationary. this might be a way to ease that. are you for that? >> i'm not buying that one bit. look i served as ambassador to japan while the china tariffs were put in place. i was negotiating at the same time with bob lighthizer and his team with the japanese to put in free-trade agreement there. those tariffs were put in place during the trump administration. inflation was below 2%.

i don't think we'll see impact on nation but we'll lose negotiating posture with china. why would we give up something to china we worked so hard to be taken? that is the typical policy of biden administration, to appease and capitulate and get nothing in return for america. neil: thank you, senator bill hagerty from the lovely state of tennessee. hillary vaughn is coming up, because she is usually chasing congressman, senators, what they're going to do. a lot try to avoid her but she's fast and she's next after this. ♪.

this is koli. my foster fail (laughs). when i first started fostering koli i had been giving him kibble. it never looked or felt like real food. but with the farmer's dog you can see the pieces of turkey. it smells like actual food. i saw a difference almost overnight. healthy poops, healthy dog, right? as he's aged, he's still quite energetic and youthful. i really attribute that to diet. you know, he's my buddy. my job is to keep my buddy safe and happy. ♪♪ get started at longlivedogs.com

(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. ♪. neil: all right.

here is how bad these inflation worries are getting. a number of democrats are saying, mr. president, you really have to do something about this and shifting the blame isn't really advancing the ball very far. then there are those who are demanding maybe a law enforcement type response to deal with higher prices. hillary vaughn on capitol hill with the latest on all of that. hillary? reporter: neil, it is clear that the buck does not stop here on capitol hill or at the white house because president biden and democrats in congress continue to pass the blame for inflation for businesses for high prices. house speaker nancy pelosi today says it's oil companies and farmers that are at fault. >> had other day two bills in terms of price gouging and market manipulation, bring down the cost of price at the pump. we're also working on reducing the cost of food for people because of exploitation again of consumer by some in the

agriculture industry. reporter: minority leader mitch mcconnell says people are feeling it. in his home state of kentucky and everywhere else, he says one woman who drives for a rideshare company says gas prices are quickly eating into her paycheck but high fuel coasts make the cost of doing business for everyone a lot more expensive. >> facing more pain at the pump and so are the folks paying even more to fill up trucks, tractors or delivery vans with diesel. the cost behind small business owners headaches are behind consumers hardship. reporter: one democratic lawmaker wants the justice department to get on the case. >> also -- with inflation, another crisis that demand as law enforcement response. corporations now have market i power to raise prices for consumers far beyond what is necessary to cover their costs. reporter: neil, price gouging is

illegal in 37 states. lawmakers here on the hill have held multiple hearings and heard from people representing the oil industry and food industry. those representatives explained in detail exactly why prices are so high and it is not just because they're raising them on a whim. neil? neil: hillary, thank you very much for that. of hillary vaughn following democrats reaction to rising prices including the notion they're rigged. jason furman, former obama top economic advisor was saying this whole price gouging thing -- >> i think it is pretty gimmicky, these price gouging bills because you know, he you have got a lot of extra demand. what happens when demand goes up, prices go up. there is old saying the cure for high prices is high prices. that is a little bit of a painful thing to deal with. what elicits additional supply.

it brings more producers into the market t is what brings prices down. we need to let that process work to try to interfere with i you will make things worse. neil: could all thing demand ebbs prices get high enough we're in slowdown or worse? dave maney, with us, eddie ghabour, key advisors group owner. eddie, begin with you, maybe on the notion we're looking for sinister foils where there are none. what do you think? >> look, this process, and it's very painful what we're going through right now has to reset on its own. the fed can come in to do what they're going to do. federal government can try to do what they're going to do, the damage is already done. the consumer is already struggling. i think you will really see consumption start to come down. we're already seeing that at the consumer level, but it will accelerate the gas prices stay high as they are. market will have to reset on its

own. it is going to be painful. why you're seeing the market do what they're doing. earnings doing what they're doing. it has been a while since we lived through something like this. it will not fix itself overnight. neil: i wonder what consumers might tell us, we got earlier, dave the kind of news we're getting out of best best buy, sales are cooling. likely will continue. getting same out of abercrombie & fitch and walmart and target. not everybody, but most of the retailers, maybe we'll find out more from nordstrom after the closing bell, is the consumer retrenching? >> i think the consumer is reeling. i mean this is a moment in time, this is how worried we should be. we're asking obama administration officials to explain how capitalism works. that is how bad the environment has become.

prices are the signaling and adjustment mechanism of a capitalist economy and those prices signal to consumers when things have gotten more gear and may need to be cut back on and when they're more a abundant and can be had and enjoyed in greater number. as eddie says, that is what will fix the situation. it's broken because of government distortions, i.e., lockdowns, in response to covid. and for these democrats to say, the answer is more distortions is lunacy. neil: now, eddie, i know you've been eschewing stocks, but we know the areas least damaged, dividend paying companies at least give you something for the risk of owning the stock. i'm wondering how do you flay that? do you recommend that? >> right now, our tactical strategy which we play on the short term market, only security

exposure on the equity side that we have right now are utilities. we feel like utilities will provide the best volatility adjusted return for clients. we've exited out of every other sector right now. we think we will hit into the roughest patch here over the next couple months from a volatility standpoint. i expect to see the vix in the 40s this summer. when the vix is in the 40s, there are very few places you can go for stability. so from an equity style standpoint we're sticking with utility stocks right now. we think that's the best place to be from a volatility standpoint. neil: we'll watch closely. talking about the fear index, which of course has not spotten spotten -- gotten that high since the time of the meltdown. if we revisit that that could be problematic. gentlemen, thank you very much. we've been talking about what is going on in this country but there is news what is going on in other countries, noticeably, china, where airbnb latest to

say we're no longer there. after this. ♪. this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. hey businesses! or whatever comes down the road. you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it...

like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers our best deals on every iphone. ♪ ♪ big game today! everybody ready? alexa, ask buick to start my enclave. starting your buick enclave. i just love our new alexa. dad, it's a buick.

i love that new alexa smell. it's a buick. we need snacks for the team. alexa, take us to the nearest grocery store. getting directions. alexa will get us there in no time. it's a buick. let's be real. don't make me turn this alexa around. oh my. it's painful. the buick enclave, with available alexa built in. ask “alexa, tell me more about buick suvs.”

desert mountain energy, an advanced development company with helium, hydrogen and noble wigas assets, is looking toin. capitalize on the historically high cost of helium, an element critical to healthcare, the high-tech industry and green initiatives. desert mountain energy is currently developing their project in northeastern arizona and constructing a solar-hydrogen-powered finishing facility that will make the company a vertically integrated primary producer of zero-carbon helium. desert mountain energy dad, we got this. we got this.

we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones neil: you don't see this all the time but in the final throes of a housing correction, whatever you want to call it, you will see this periodically, sales particularly in the last month of newly-built homes were tumbling. but the fact of the matter is in the face of higher general prices, and this back and forth will continue here. that could be a sign of a turn in housing that could get worse. depends where you are on this. but for the homebuilders, not a very good environment, that this will, you know, put a crimp on home buying activity in general.

speaks of homes, those who put theirs up, airbnb, some of other services, the case of airbnb, when it comes to china they want nothing to do with it. crackdowns in that country to deal with rising covid cases are such that it is i guess the term is, inhospitable environment for home rental. lydia hu with the latest on all of that. lydia? reporter: neil, airbnb is shutting down listings, experiences in mainland china that will start on july 30th. we've been tracking the shares today at the moment on the news, they're down a little more than 6% you can see here. while the company didn't provide an explicit reason for this move, there are reports that the operations there become just too costly and complicated, exacerbated by covid-19. this makes airbnb the latest company to pull back from china following likes of linkedin, yahoo!, google, meta. according to reports airbnb has 150,000 listings in china.

bookings in the country account for 1% of the business in recent years. chinese users can still use airbnb services when they travel abroad. i reached out to airbnb and did not immediately receive a comment back. now if you are a walmart shopper you may have option to have purchases delivered by drone. the retailer is expanding drone deliveries across six states, arizona, arkansas, florida, texas, utah and virginia. that means four million households in these areas could get packages of batteries or a box of diapers delivered to them within 30 minutes or less. the delivery fee here, 3.99. the weight limit of course is 10-pounds because of course it is by drones. walmart is testing drones, how it could drive e-commerce growth near headquarters in northwest arkansas and california. interesting, neil, they thought

customers would seize on the drone service for emergency items for prescription medications but they're actually finding most users are finding great for convenience items. the most popular request? is hamburger help per delivered by drone. i guess it is what is for dinner. chipmaker broadcom is working on a deal to acquire cloud service provider vmware for $60 billion. according it the w the "the wall street journal" that the cash and share deal is worth 40 bucks a share. that is 40% premium of vm shares on friday. you can see the shares are down just under 2 1/2%. if this deal goes through it would be one of the biggest takeover deals of the year and one of the deal that happens despite the volatile market. "the wall street journal" also pointing out that mergers are down 31% from the same period last year. now broad come -- broadcom makes

chips used in mobile phones and telephone networks. acquisition of vmware will make it access to data centers. neither company responded to our request for comment. neil. neil: thank you, lydia, for following all the all the developments. we have the contagion thing to worry about, exactly where we're going on the virus. along comes this monkeypox thing. out of the blue comes from the world health organization it is an issue. it is happening in countries across the globe but for the time-being they said it is containable. there was a time when we first had the whole virus thing here explode a couple years ago they said the same about that. should we worry? we're on it after this. ♪.

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 another crazy day? matchi of course—you'reiption. a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™

meet jessica moore. jessica was born to care. 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. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, what's it like having xfinity internet? you get a different kind of bank.

it's beyond gig-speed fast. when you start with care, so gaming with your niece, has never felt more intense. hey what does this button do? no, don't! we're talking supersonic wi-fi. three times the bandwidth and the power to connect hundreds of devices at once. that's powerful. couldn't said it better myself. you just did. unbeatable internet from xfinity. made to do anything so you can do anything. whoa. another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network.

from the most innovative company. bring on today with comcast business. powering possibilities.™ ♪. neil: all right. new strands of covid weren't enough to rattle folks across the globe, now this monkeypox which popped up in about a dozen countries. phil keating with the latest on something we're only now just beginning to grapple with. how bad is this, phil? reporter: it is pretty limited

at this point. just really a handful of suspected cases here in the u.s. one confirmed up in massachusetts. but now california may be joining the list of states with suspected monkeypox virus. the two in florida are just north of here in broward county area. so far all of the cases involve men who identify as either gay or bisexual and all of them recently traveled overseas. the symptoms are far from pleasant. lesions and bumps all over your body. it is highly contagious but only between people having very close contact. like sex or sharing a bed. monkeypox really hasn't been seen in the u.s. since 2003 but now seven, possibly eight people are suspected of having it. health officials await lab results for absolute confirmation. cases mostly traced to two recent raves in europe. >> we have a strong scientific

concern that monkeypox is a little different spreading this way than we've seen before but in terms of a public health concern there are only a handful of cases being seen in the united states right now. reporter: take a look at the maps. state side here one person come firmed in massachusetts, one in new york city, two in florida, one in utah, one in seattle, probably a new case out of sacramento. the current outbreak started in europe and asia, affecting people in 12 countries from australia to france, italy, portugal, spain. the world health organization is currently monitoring about 130 patients worldwide and another 100 suspected of having monkeypox. now the good news is that the symptoms are short-lived. first of all it starts off like the flu. you get a bad fever, really bad headache, then extreme fatigue. but, like i told you you really can't spread this from your

mouth. it has to be touching, very close contact. eight americans are now presumed to have the monkeypox. typically though, the upside is you do get better over two to four weeks. all of these people are self-isolating at home because it is not so bad you would have to go to the hospital, neil. neil: phil keating, thank you for that. dr. robert redfield, former cdc director. doctor, good to have you, are you worried about this monkeypox? >> no, neil, i'm not overly concerned. the big concern is to try to understand what the reservoir is for the expanded infection. this virus is pretty concentrated right now in the congo region which is one of the major strains and in west africa. most of the cases we see outside are really imported cases secondary to animals that have been imported from say west africa into the pet market.

they cause secondary infections. i think the big concern really what's reservoir here? clearly concentrated cases among men who have section with men. to try to epidemiology of this new expanded outbreak across the world right now is probably the key question. but no, overall i think this will be highly contained path owe again limited impact on our public health system across the nation. neil: i hope you're right about that, doctor. web a birx -- deborah birx, been on a nationwide book tour, warning of a big covid surge, surge not like the levels we had with covid. where are you about this? are you worried about this? are we looking at a surge as we speak, what? >> neil, we have to be circumspect here, one thing i learned about covid to be too

definitive about your predictions. i'm extremely concerned about a major surge, october, november, december, january. i think it could have significant consequences, particularly combined with a major surge in flu. clearly right now there is a major uptick in infection across the nation. i know ambassador birx is particularly concerned. she tracks the data very closely. i talked to her yesterday really about a significant surge coming in the south, similar to what we had last year. i don't think it is going to reach the levels we had before, largely driven by the fact that omicron was such a successful pathogen, it affected so many people that our immunity levels are probably higher than we had when we had the surge last year and our vaccination levels are higher but i'm not going to you know, go out and predict. i am concerned that we are seeing a significant uptick in infections. i do think we have to caution ourself to learn from the past

and not knee-jerk our response into the idea of closing schools and closing our way of life. we got to really learn to live with this pathogen on its terms. i would encourage the american public to keep their vaccination status up, particularly those of us over 50, those of us vulnerable. clearly vaccines are highly effective but they have a limited durability. after four months, five months, you need to fill up the tank if you will, to get revaccinated. i think we have to be cautious. i have a lot of respect for ambassador birx. she is tracking the data carefully. i don't think we're going to have a surge though comparable to what we saw say a year ago but we got to continue to follow this carefully. neil: all right. doctor, thank you, very, very much. meanwhile following the selloff on corner of wall and broad, dow off 242 points. technology stocks taking it on the chin. they can't get any traction

after one day of gains. that seems to be the pattern. how long will it last? we'll ask ken fisher, a w legendary investor. what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. ...

♪ neil: well unfortunately, technology stocks are letting a lot of investors down yet again. the latest culprit seems to be snap, the social media player, with the profit and revenue warning that has the stock tank ing more than 40%, the spill over effect is very very tangible right now in

the technology sector. we're going to be talking to ken fisher about all of this , the investment legend, to get his read on that whole sector, the markets, what you do right now. ahead of that though, kelly o'grady at davos event in switzerland on how this is effecting and the market sell-off is effecting sentiment toward pending recession, global slowdown, you name it a big topic there. kelly? reporter: good to see you, neil. the question i ask everyone here is are we going into a recession the response has been a mixed bag, but i think the ceo of citi said it best here, the three r's everyone is worried about are russia, recession, and rates. that is certainly a concern of chief economist a new survey revealing 96% expect high or very high inflation for the remainder of 2022 for the united states and 92% for europe, and while some warn a recession is imminent the imf managing director arguing it is not yet likely for major economies, but it is moreso for low income countries. further exacerbating the divide

and making them more vulnerable to geopolitical dynamics, but amidst this debate the intersection of security in the economy continues to be the prevailing theme in davos. earlier today, the secretary general of nato addressing the forum, emphasizing that freedom is more important than trade, that the war in ukraine demonstrates how economic rely answer on dictatorships can create vulnerabilities. >> it's also russia but also about china. another regime that does not share our values, and that under mines the space in national order. the protection or values is more important than profit. reporter: and that was a big moment today really. his calling out china, and most of the buzz here is on russia and ukraine, but that elephant in the room has people talking. how are we going to navigate inflation and a potential recession in the immediate future, if we do reorganize our

value chains around these geo political line, that's going to mean a lot more short-term pain, neil. neil: kelly thank you for that. let's go to lauren simonetti right now, tracking what's not only happening in the technology sector, but in the markets in general right now, and the latest headlines. lauren? lauren:, neil, so it's recession fears and they are slamming wall street, particularly the tech and consumer stocks, so snap sent the warning signal. it said earnings this quarter would miss its own targets, it's going to slow hiring to better manage its costs and said the overall economy worsened a lot faster than anticipated in just the past 30 days. so tech and social media stocks, meta, pinterest, twitter, all, i mean pinterest is down 22%. these names heavily reliant on digital advertising so there are worries that that might be the first thing companies cut back on, if indeed, we hit recession. not to mention for snap sake, they have a younger user, younger users typically lower paychecks, more vulnerable to

higher prices, but the story of retail is higher prices. take a look at best buy. relatively, now down $0.50 but they've avoided this bigger meltdown that we're seeing in the broader sector. their earnings came in above the streets expectations. even though sales fell about $1 billion from last year, they did better-than-expected. sales fell in almost every category, best buy offered promotions, but with the promotions and higher inflation, that hurt its margins so they cut their outlook for the year. that's the best buy story. it's what a lot of retailers are saying. this is some of the other retail story, abercrombie & fitch they did report a loss, look at that down 30%. that's discretionary spending. ralph lauren shares had been higher for much of the day they are now down as well it's a higher income shopper, spending money, getting dressed, going out and nordstrom a department store reported after the bell today. all of this as there are reports that amazon, the biggest

retailer, will sublease some of their warehouse space up to 30 million square feet. the latest sign the pandemic growth has cooled, & companies are trying to find a new normal. i mean, amazon shares hit a new low of $2,025 neil that's about $1,700 off a recent high, so amazon nearly cut in half. it's still a strong company, right? neil: yeah, it is remarkable. you don't know whether you're catching a falling knife or getting a bargain. wild stuff lauren simonetti, thank you very much. enter kin fisher, he's the guy behind certainly one of the largest independent fee-only investment advising firms on the planet. also is a great read of the humanity besides just markets ken kind enough to join us. good to see you, sir. >> thank you for having me on as always neil and good to see you back from being away. neil: thank you. let's talk first, ken, about i was looking at your 13-f filing, your portfolio value from the first quarter, it decreased

from about 179 billion to 165 billion. not that bad, and you were still hanging on to a lot of these big technology names that continue to get clobbered and you sold any position since? >> not of materiality. in this market what i think is happening, not everyday, but most of the time, when you have a big down day, tech goes down more than the market, when you have a big up day, yesterday aside, tech goes up more than the market. once we get to the bottom, whenever that is, i think tech will bounce, growth will bounce, and in a market like this , i think, i can be wrong, of course , i think what goes down most on the downside will end up going up when it reverses, and we move on to the next phase. neil: what do you tell investors though who were enjoying that run-up when the faang stocks were just soaring, and now just want to walk in whatever they can because it's slicing away fast and furious. >> well, mind you first, people

need to get in their bones the notion that stocks are volatile and any time period whether up or down, some do more than the markets, some do less than the markets. this is a period where i think it's hard for people to understand what's going on, because we're having something going on that we don't normally have, which is normally, in either a correction or the early time phases of the bear market, there's one or two big scary stories. this time, i can count seven scary stories happening all at once, and people have a hard time getting their head around all those at one-time. today it's recession fears. we've had oil fears, we've had interest rate fears, fears of the asian lockdowns in china and japan, fears about the fed causing a recession. fears just on and on, ukraine of course and russia, and trying to

get your head around all these and deciding is it a whole lot of bees stinging us that we got to runaway from or is this something that's more potentially fatal? it's just hard for people to get their hands around it. it's what a call the pessimism of disbelief because whatever it is you say, they've got yes for. neil: but we're not at that capitulation stage and i was, i follow you on twitter very closely. you recently had written don't let the great humiliators scare you from the coming rebound so obviously you see a rebound but when is it coming? >> i don't really know and i said that in that piece. neil: right. >> and the fact of the matter is, anybody that thinks they can tell you what the markets going to do in the next three weeks is a fool, and there's a lot of people that will tell you and as i said in that same piece, the only people that can predict that are people that are 100%

confident and overly confident and fully. the fact is i don't know the answer to that, and what i do believe is that normally, a bear market in its early months, 2020 aside, moves much slower than this. it's more gentle. the total bear market, typically , moves at about 2% a month. this one has moved like a correction. 4% a month. it reminds me a lot of actually 2011 where the market behaved a lot like it's behaving now, flirted for a good long time, with bear market territory, got below down 20%, but couldn't stay there, but kept trying, and then finally, after a full six months, did a fast bounce up and moved on to new highs. i don't think we're going to see a recession. i don't think we're going to see a terrible world. i think we're going to see a world that's slow growth. you take today. i think it's tremendously

optimistic that people are so concerned about pmi's that came out around the world a little lower than what they thought they be. pmi's aren't supposed to be month-to-month indicators with precision. if they're over 50 it's supposed to indicate growth. if they're under 50 it's supposed to not. neil: you talk about purchasing manager's data. >> yeah. neil: and globally it's telling a similar story. what do you make of that? >> it is telling a story of growth. i don't think people should extrapolate a month's numbers from one set of positives above 50 to a slightly lower set of positives that are below what they were expecting, as any great significance that they are , it seems to me, is again a reflection of the pessimism of disbelief, that whatever you see that's good, they've got five bads for and they are focused on those. you take the concern about snap. i mean, snap is a little company

it's a little company that basically got a very specialty focus, reading too much into that, reading a little into it is one thing. reading a lot into it? that's a pessimism of disbelief. neil: that's interesting. you know, we are now, i think, as of today, 98 trading days from the s&p peak. there are all sorts of ways you can look at that whether this is getting long in the tooth or not enough long in the tooth. where are you on this as far as where the market, again, you don't forecast these things and i respect that and see that, but a lot of technicians follow this , and the significance of this. what do you think? >> i think your prior point, neil, is 100% correct. we haven't seen the full capitulation that we would need to see the market start going up big time, but the fact of the matter is, after a period like this of steep decline for a long period of time, you can get that capitulation really fast and it doesn't actually have to take the market down a

whole lot from there. the difference between being down 18% and being down 22% will be harolded as a bear market, but it be a distinction without a real significance. the fact is, it's 4%, and for markets the 4% is a weak week. the reality of this is we got too much being read into myopic functions. you take the history going back to 2011. rising interest rates, i mean you remember that was when we had the pig, the occupy wall street movement, we had so much sense that we were still in recession from 2007, 2008, 2009 and the fed couldn't do anything about it and i'm not a big fed fan and you know that. neil: right. >> but the fact of the matter is, you get to where all these things build up and you can't handle it emotionally. that's actually bullish. i think we could get to the capitulation pretty quickly

without too much downside, i might be wrong. if i am wrong what i know is the back part of bear markets is fast. it's steep, it's scary, but it's fast and over and they then bottom and come up as fast as they go down. it's really the beginning of bear markets that take a long time, so if it's a bear market, we're pretty far along because we've been down so much. if it's a correction, it's getting long in the tooth and we ought to get to that capitulation to get it over with the important thing to see as you look out six months, 12 months, 24 months, you ought to see higher prices. neil: you know, in this environment though, you mentioned the federal reserve and i know you are a noted critic here but we always seem to sort of focus, obsess, really , over what the fed is thinking and i guess maybe i'm doing that right now on posing this question. a number of district presidents and fomc members are on the wire s over the last couple of days hinting that the case of one, that maybe the fed pauses

on rate hikes come september. still another says by 2024, it will start seeing interest rates being cut, which triggered talk of the only cut when you got a slow down are a recession, so people are getting frantic all over again. what do you make of this? >> you only cut when you have a slow down or a recession, what about if the inflation problem seems to go away because the real cause of the inflation problem from its beginning is as much or more supply chain issues as is anything. neil: so that's not a warning to you. >> no, i don't think so. let me go a different direction over what the positive that people don't see. earlier, we had a lot of concern about the two year, 10 year, interest rate spread and when i've been on your show before i've pointed out that that's an unimportant spread. the important spread is the 30 or 90 days against the 10 year which is the one essentially used in the leading economic indicator series. because banks borrow at short rates, lend at long rates and

that spreads important, this year and people don't get this , that spreads actually widened. it's widened. people don't get that. oil outputs actually up. why? prices are high. prices have been stable for two months. if you look at gold it's down over the last two months. people focus on these one things but they can't quite see the other part, and i think that's actually, again, a reflection of the pessimism of disbelief. it's actually a function that's bullish. are we not necessarily at the bottom? right. i expect that totally. i don't know where that bottom exactly is but it can come really fast. neil: washington wants to intervene when things get scary, besides the federal reserve, there's growing pressure on president biden to do something about these gas prices. now talk of maybe opening up a strategic reserve for diesel fuel. i didn't even know we had such a thing, but that the pressure to do something on the part of washington, what do you think of that?

>> well, you know, as , i'm in washington d.c. right now i've been talking to people and my concern always is that they do something, because usually what they do is something stupid, but the reality is, well they are very good at it, they are skilled with a lot of experience but the fact of the matter is right now, in this year, it's not a lot they can do because we're moving into election cycle really fast and the legislative world is going to move away from that. biden can do some things with executive order. he can free up some oil reserves if he wants. that's not going to have a huge impact. neil: so when i hear talk that the administration is considering dropping the tariffs that president trump imposed on china to deal with this , what do you think of that? >> well, think about what happened when president trump imposed the tariffs. you remember at the time everybody thought that be just terrible. do you recall that? just terrible and would decimate the economy that's what davos- type people would say, when i hear davos people saying bad things i think that's good

too but the fact of the matter is particularly when they all agree, but the fact of the matter is that when i think about this , i don't really see how they're there. the reality is the economy, you take the concern that we had and we still have, i heard somebody on your show while you were away , talking about concern of recession. first quarter gdp was negative. second quarter going to be negative maybe i'm wrong but the fact of the matter is, if you take out the inventory build up in the fourth quarter and the takedown of that in the first quarter, otherwise gdp in the first quarter was positive and people don't dissect that. the fact is, around the world, the world's got places they're stronger and weaker and a lot of problems in asia but mostly, there's moderate growth. we just have slower growth than we had last year, which was a bounce back from the pandemic

problems, and the reality is we have all this fear that only looks at the negative side. i think that's bullish. neil: ken finally, this is more a psychology-type question for you. but when you look at the market and people get nervous and a lot of people want to cash out right now, we're maybe not at that capitulation stage but i understand it always comes back to longer term, the market is your friend. when i was a much-younger person , that was great, but longer term now to me is luncheon monday and i'm wondering how you would advise people of various age-groups in a market like this. >> yeah, i've been at this 50 years, the fact of the matter is , most people that are older are going to live a lot longer than they think they are. they're going to have bull and bear markets. not everyone. if you drop dead tomorrow it doesn't really matter much, and really, it doesn't matter much if you drop dead tomorrow i'd focus on something else. neil: [laughter]

>> and no, really, and when you think about having 10, 20, 30 years to live if you're say 60, 65, 70, you got a long time ahead. you're still going to see a lot of bull and bear markets and the important thing to remember is one, two, three years out, prices are going to be higher than they are now. this notion that we see every time, which is widely circulat ing now about a dead decade ahead, there are no dead decades ahead. there's no dead decades in history other than the dead decade period of the great depression. neil: but you kind of had not a dead decade but going nowhere fast decade between 2000 and 2010, right? >> yeah, but you know, you can just roll that forward, go right off the peak there. neil: you're right. >> if you didn't go right off the peak that's not true. it's like again, that's not pessimism of december belief looking for a but and in reality

if you just slice through the middle of that you had an okay decade, and if you slice through the middle of that period, the fact is most people didn't buy in the day at the top , and if they did, well, then they were the last greater fool in the market and i can see that , but for the most part, if you have a need for good returns, 10, 20 years, you're going to see higher prices in predicting 10, 20 years from now is a fool's game also but in terms of any precision, but this notion that somehow, it's different, it's first and it's worst, that comes up every time. first and worst fears come up every time and they forget about after a decline like this , one, two, three, four, five-year returns, tend to be overwhelming ly positive. neil: we get so obsessed in the moment. the takeaway line from this enjoyable interview is if you drop dead tomorrow it really doesn't matter. >> and my opic is misery.

neil: you're right. let's hope we don't die tomorrow ken fisher always a pleasure and honor, thank you very very much. >> thanks for having me on it's an honor for me. neil: down about 300 points but again that is in the moment. just this moment. more after this. ♪ ♪ ♪ we believe there's an innovator in all of us. that's why we build technology that helps everyone come to the table and do more incredible things. ♪ ♪

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

♪ with my hectic life, you'd think retirement would be the last thing on my mind. hey mom, can i go play video games? sure! ...after homework. thankfully, voya provides comprehensive solutions, and shows me how to get the most out of my workplace benefits.

what's the wi-fi password again? here... you... go. cool, thanks. no problem. voya helps me feel like i got it all under control. because i do. oh, she is good. voya. well planned. well invested. well protected. neil: all right, up, up, and away we go and don't say that our jeff flock whose frequented probably more gas stations over the last few months than any reporter on the planet. he's been so on top of this trend. well now, we're looking at record high prices going into the memorial day weekend. he's monitoring developments from philadelphia, pennsylvania, where they might call it the city of brotherly love but not when it comes to the prices at the pump. what are things looking like,

jeff? reporter: well, they changed it up today, neil, and come to where they store all of the jet fuel for philadelphia international airport, and if you think gas prices are high you haven't seen jet fuel. first to the gas prices though. yeah, i got good news for you, neil. overnight, it only went up two- tenths of a penny. 4.59 still the average gallon of regular but two-tenths of a penny is a great thing. it's those kind of a little bit like ordering a diet coke with your hot fudge sundae. it's nice but doesn't amount to much, despite that people still on the roads take a look at the quote from cars.com saying, i quote now, record high gas prices aren't scaring away as many avid road trippers this memorial day as one would think. indeed, 82% of those traveling this memorial day weekend, they say, will be doing so in a car, although 87% of them say they are going to share this year and maybe drive with somebody else, try to take the pressure off and

11% say they're going to drive an electric car, this memorial day weekend. as for that jet fuel that i mentioned, yeah, prices on fire. not in a good way. $6.90 a gallon of jet fuel this month is how high it got that's u 54% from this time two years ago, and that's having an impact on airfares which were up 19% in the last month and that has started to bring into the picture something you and ken fisher were talking about, which is capitulation. people finally saying you know what? it costs too much to fly. i'm going to jump in a car instead. bookings are down 17% from march -to-april. yeah, you know, i'll tl you these days the cost of jet fuel and the cost of a ticket, family of four, $500 a ticket that's two grand before you even bought your first slurpee on the vacation so maybe best to get in the car despite those high prices. neil: the first thing you're

getting is a slurpee and not the prime rib? that's the difference between you and me right there. reporter: times are tough, neil. neil: i hear you my friend you're the best i always appreciate it jeff flock, philadelphia, following all of that. another one of our huge players charlie gasparino on what ken fisher warned about here and how the crowd might be missing this and also charlie has been way ahead of what is delaying the great return to work. it's not just covid. it's not just crime. it's combining for a lot of folks saying you know what? we like it at home. ♪

another crazy day? of course it is—you're a cio in 2022. so what's on the agenda? morning security briefing—make that two. share that link. send that contract. see what's trending. check the traffic on your network, in real time, with the next generation in global secure networking from comcast business. lunch? -sure. you've got time. onboard 37 new people, with 74 new devices. does anybody have any questions? and just as many questions. shut down a storm of ddos attacks. protect headquarters and the cloud. with all your data on the nation's largest ip network. whoa, that is big. ok. coffee time. double shot. deal with a potential breach. deal with your calendar. deal with your fantasy lineup. and then... that's it? we feeling good?

looks like we're feeling good. bring on today with comcast business. powering possibilities™. ♪ limu emu ♪ and doug. ♪ harp plays ♪ only two things are forever: love and liberty mutual customizing your car insurance, so you only pay for what you need. (emu squawks) if anyone objects to this marriage, speak now or forever hold your peace. (emu squawks) (the crowd gasps) no, kevin, no! not today. only pay for what you need. [ kimberly ] before clearchoice, limy dental health♪ was so bad i would be in a lot of pain. i was unable to eat. it was very hard. kimberly came to clearchoice with a bunch of missing teeth, struggling with pain, with dental disease. clearchoice dental implants solved her dental issues. [ kimberly ] i feel so much better. i feel energized to go outside

and play with my daughter. i can ate anything. like, i don't have to worry. clearchoice changed my life.

neil: you see a rebound but when is it coming? >> i don't really know and i said that in that piece. neil: right. >> and the fact of the matter is, anybody that thinks they can tell you what the markets going to do in the next three weeks is a fool. i don't think we're going to see a recession. i don't think we're going to see a terrible world. i think we're going to see a world that's slow growth. neil: all right, legendary investor ken fisher weighing in on the markets he and warren buffett are the two gentlemen on this planet who made their billions investing in the market so pay special attention to him when charlie gasparino think about all of that, charlie? he's saying i don't think all this doom and gloom is warranted what do you think? charlie: well, no one really knows. i think that's the most important thing he said. it's really hard to gauge this stuff, neil. the one thing i do know, and i think he would agree, is if inflation does subside, then we have a chance to get out of this with a bear market, and nothing specific, nothing terribly goes wrong.

if inflation doesn't subside, well, then, you're going to get bonds trading off dramatically. that means interest rates, forget about what the fed does. this is just the market, will trade up the 30 and the 10 year and you'll get a recession that way. i mean, that's the bottom line, when you have interest rates that go up that significantly, by the market, it will induce a recession, because other rates will go up, people will stop borrowing you know the whole drill so a lot of this is based on inflation, and the only thing i can say is that what the fed is doing right now. we should point out that the fed is not the only game in town. it's a major player but it doesn't control the bond markets which is the game, but if the fed doesn't deal with inflation, neil, the bond market will. the fed can essentially try to do a soft landing. the bond market is heavy. it'll just smash it, and it depends on how aggressive and how much powell sticks to his

guns. if he doesn't stick to his guns trust me the bond market will sell-off because we'll have, we will have continued inflation and that's a real problem. so it's all about the inflation. the easiest way to put it. neil: you know, you were on this , you know, looking at this crime wave in the city, and then this tragic shooting of a goldman sachs employee. charlie: horrible. neil: it's, i think, now a far- bigger factor than covid and a masks and manhattan and in a lot of metropolitan areas, just safety. charlie: i agree 100%. i've been saying this for a while and i think the business community has come to that conclusion right now. we broke on fox business yesterday, particularly on my twitter feed, that there's going to be a meeting between mayor adams and the partnership for new york city on this killing, and just not just this , because this is one of a series of, you know, random incidents that major employers are worried about, because they don't want to put their people

in harms way, and mayor adams is calling for everybody to come back immediately, but he's not making the street safe and what's really interesting about what's going on particularly behind the scenes is wall street and the business community help ed elect mayor adams and now we're seeing some significant buyers remorse. just look at it this way. while that poor guy got shot going to brunch, mayor adams was whopping it up at some sort of fashion show at the new york stock exchange. literally, at the same time. before that he was in beverly hills. before that he was hanging out with dave chapelle. he does a lot of partying and hanging around and gets into the trappings of the office, but guess what? we have, and now we hear that he might run for president, but guess what? we have a crime problem. significant one in the city that's not being dealt with, as he's doing all this other stuff, so i think that's kind of frustration you're going to see

from the business community. they are going to tell him that. you know, he's running around saying well, it could have been worse, you could have elected someone else, thank god you elected me, he said this yesterday, and it's just, it's mind boggling that this guy thinks of himself like that when he's just not getting the job done, and you know, one of the things that we learned from the rudy giuliani and bloomberg years was that if you got crime under control, you have a good economy. now of course, crime is not symmetrical to the stock market and the stock market helped bloomberg, helped rudy, got all that but there's a symmetry there when it comes to people feeling safe, going to dinner, going to brunch as daniel enriqu es was doing and not fearing they get their heads blown off as they do that. then they do spend money and buy the apartment or the condo in the city and go to the restaurants, and i don't know if adams really gets that or he

seemed to get it on the campaign trail. it's just that at least from what i'm hearing, well not hear ing, i'm seeing, and hearing behind the scenes from the wall street people, they are going to be much more polite when they meet with him thursday, from what i understand. you know, from what i'm hearing and seeing is they think he's all hat no cattle. they are like who the hell is this guy? he ran on one thing and we got, you know, maybe not, we got a version of bill deblasio. we got a bill deblasio that talks his game and doesn't do anything. he did both, he was horrible. neil: i will say this , charlie. i don't see the same brokerage firms that were demanding in fact getting their workers to get into the office asap. not doing that anymore. charlie: the crime has put a stop to that momentum. it's totally off the table. it's just really horrible, neil, and, you know, condolences to the family and loved ones of mr.

enriques. it's just hard to believe a guy on a sunday afternoon, just gets blown away going to brunch. i mean get your hands around that. neil: senseless, senseless, senseless, thank you very much charlie gasparino following this joe cordonelli joins us the retired nypd lieutenant. always under these circumstances we chat, my friend, but i did want to get your take on the growing pressure on the mayor to do something about this and you know he's only four or five months into the job, but this seems to be getting worse. what do you think? >> i think you're right. you and i have had this discussion so many times and i try to give them a step up and let them get to the plate and do what he has to do but he hasn't come to the plate and i think charlie is absolutely right. he's becoming an empty suit and that's not what we need in city hall right now. never mind flying the globe and everything, stay in new york, never mind running for president , get a handle on new york before you even attempt anything like that, and he doesn't have a handle. that's the bottom line. you know what it is, neil?

you got to bring street crime back. nobody wants to hear that on the higher-ups like the mayor. he's like well, we could do it another way. you can't do it another way. mayor guiliani and bloomberg did it with street crime. you need to get street crime out there. why it's not the legal guns on the street causing a problem it's the criminals with the illegal guns and street crime did a great job getting them off the street. you want to fine tune street crime so it's a cohesive bond with the community a little more , then fine, do it, but until you get them out there and get these guns off the street these guys are going to still bring them into the subway system and you could have a uniform presence there but you're still going to have those guns sneaking their way in and if not at nighttime to work around the schedule the police as well so we need to become more proactive we've been saying it for a couple years now and we need to get proactive policing back. neil: you know what's sad though , joe, a lot of this is crazy people. crazy people who you get apprehended and are soon out

and people are so cynical about it that they see little hope that's going to change. >> when you have the prosecutor s doing what they have to do and you have your own agenda when you have bail reform the way it is and that revolving door which we've spoken about many times it's going to continue to happen, so what we need to do in the meantime is get those guns off the street to make the difference, because i don't think they can really shy away from a gun charge and especially when it's being used in a felony. so i think those prosecutors are going to have to do something about that. then you need to get somebody in the governor's office, i say like zeldin to turnaround and say you're not doing your job, i'll remove you. we need to get the streets back, and charlie hit it right on the head. without a safe city, you don't have an economically sound city, all right, and that's the problem. the businesses are leaving. you want the businesses to stay. mayor guiliani brought disney into times square, but it's not

just bringing them here it's keeping them safe and they're not doing that right now so who really wants to keep a business here under those conditions? neil: all right, thank you my friend joe cardinale, referring to congressman lee zeldin the new york congressman running for governor of new york as tough on crime position he's taking, we'll see how that goes, still early in this whole electoral process. by the way, big primaries going on across the country, you heard about the race in georgia, races i should say but have you heard what's going on in texas? give you a hint, it kind of pits the trump forces with the bush forces, we'll explain, after this. take me to texas on the open range the rio grande is in my veins ♪

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 matching your job description. visit indeed.com/hire monarch mining is fully funded and poised to become canada's next great gold producer, with four high grade projects close to their 100% owned, 750 tonnes per day capacity mill. monarch mining.

xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows. switch to xfinity mobile for half the price of verizon. new and existing customers get amazing value with our everyday pricing. switch today.

neil: all right, primary day across the country, five states with crucial primary battles and both parties grady trimble in texas, where there's quite a contest going on within the democratic party, as well. grady? reporter: there is, neil, immigration attorney jessica cis neros is pretty far to the left and she's taking on congressman henry cuellar, who

has served in this district for nine terms, so she narrowly last the last time she took him on. this time around this runoff could give us an idea in this district where voters are. did voters all across the country in the democratic party move further to the left? cuellar, he regularly goes against his own party on issues like the border, as well as abortion. he's the only pro-life democrat left in the house, but he comes with baggage as well. the fbi raided his home in laredo in june, he insists he's not the subject of any investigation, and even after that raid, he still has the support of house leadership like house speaker nancy pelosi. he's been in office for a long time, more than 15 years in laredo, and in d.c. some voters see that as a great attribute. others actually see it as a liability. >> is that a good thing in your mind, or is that a bad thing? >> it's a good thing in my mind

, he's doing for the people, for our people, specifically latinos here in laredo. >> i don't think anybody should be in any office, including starting right here, for a long, long period of time. >> you think cuellar has been in office too long? >> definitely. reporter: cisneros has the endorsement of the progressive wing of the democratic party including aoc, senators bernie sanders and elizabeth warren on that point that's certainly got some voters out to the polls but others see that as actually a liability , neil. so this is a heavily democratic district, whoever wins this race is likely to win in november, but there's also a runoff on the republican side between kathy garcia a former staffer for ted cruz and sandra whitten, who ran and lost to cuellar last time around in 2020. neil: and then there's a separate battle for attorney general, right now, where you have george p. bush challenging

the republican incumbent right now and that could be a barn burner. reporter: yeah, that's an interesting one to watch too, because there, as you mentioned before the break, you have sort of the establishment of the party. the bushes, who are obviously extremely popular here in texas, and a.g. ken paxton, more of a trump republican and he's very popular in texas as well, george p. bush of course has the name recognition because of his family, his father jeb bush but he's also currently the land commissioner so they're going head-to-head today as well. should mention, ken paxton comes with baggage as well because he's under indictment for security fraud and also under fbi investigation related to abusing his office to help a wealthy donor, so there's a lot going on here in texas today. neil: big state, big goings on. grady trimble thank you very much, my friend, in laredo. a lot at stake in multiple contests, georgia the other big one of course, connell mcshane following all that. hey, connell.

connell: been around to a bunch of these states trying to get an idea of what voters are thinking and what might happen or what might not happen in some of the primaries and in georgia, spent time there the other day is theres so much energy in the race. the early voting figures the people who voted before today, was huge as well over 850,000, which was like a 200% increase from a couple years ago , and more than half of those early voters were in republican primaries. you know which makes sense because that's where a lot of the attention has been especially this governor's race. i was talking to brian robinson a long time gop operative and basically saying georgia has turned into the center of the political universe the last couple of years, that's why everybody pays such close attention to it, but in the governor's race he has what he described as four fascinating characters kind of taking part in one way or another, and that is more interest. here is how he described the four. >> the former senator, who was part of that runoff that got national attention. we have an incumbent governor who had national name id,

because he opened the economy during covid. we have stacey abrams a celebrity and the president of the united earth on star trek, and we have donald trump. >> right. >> all of whom are playing a major role in this campaign so that's intense interest that we're seeing. reporter: on that final point he was making about president trump and the race that pits former senator purdue against the incumbent governor brian kemp, trump as you know, by now and you heard over and over, has endorsed purdue but at this point, it looks like kemp is the favorite. he's been doing well in the poll s ahead of the race so we talked to a bunch of voters in georgia about that why trump 's endorsement maybe is not having a huge impact and here is a sampling of what we heard. >> for me it doesn't matter because i form my own opinions and do my own research and that's what i vote on. i like, i do like trump. i did vote for him previously, but it doesn't really make a difference to me, who he endorses. >> president trump says no way,

he's not my guy. does it matter to you? >> well, i don't totally agree with trump completely, but you know, there are a lot of issues that need to be sorted out and it's up to the people to actually just say what they want to say, but hope that it all gets corrected. connell: what's kind of interesting, neil, those women you just heard from and a bunch of other voters we spoke to, republican voters, almost all of them with maybe one or two exceptions are still big fans of the former president. he has a high approval in georgia among republicans, but every single republican we spoke to a small sample but the polls back this up, were going to support the incumbent governor so for kemp who trump is against but also for trump, it's really interest together see how this plays out today in the votes. neil: got it connell thank you for that, very interesting we'll know later tonight just how that sorts out. of course a race like pennsylvania where they are trying to sort out the republican primary for senator right now. in the meantime, we are focusing on the comeback a little bit i

say, a very a little bit for the dow, on the nasdaq though, not benefiting as much, it is still down about 2.7%, so the sell-off in technology stock s which was spurred on by yet another major player, the social media giant snap, snapping with this fear that revenues and profits weren't up to snuff so they are taking it out on everybody. anyone with the technology name. is that fair, is that right? no but for today it just is. we'll have more, after this. and we can build this dream together ♪ being me. zeposia can help people with uc achieve and maintain remission. and it's the first and only s1p receptor modulator approved for uc. don't take zeposia if you've had a heart attack, chest pain, stroke or mini-stroke, heart failure in the last 6 months, irregular or abnormal heartbeat not corrected by a pacemaker, if you have untreated severe breathing problems during your sleep, or if you take medicines called maois. zeposia may cause serious side effects including infections

that can be life-threatening and cause death, slow heart rate, liver or breathing problems, increased blood pressure, macular edema, and swelling and narrowing of the brain's blood vessels. though unlikely, a risk of pml--a rare, serious, . . use birth control during treatment and for 3 months after you stop taking zeposia. don't let uc stop you from doing you. ask your doctor about once-daily zeposia.

neil: if inflation has your get here, at least in tennessee they're trying to do something about it, with a kid going to college, you yourself is going to college. there is a move afoot to freeze tuition at state public institutions. dr. emily house, the tennessee higher education commission executive director. director, good to have you. >> thank you, happy to be here, neil. neil: explain how this works, doctor. >> we have some very candid conversations with the tennessee general assembly, with governor phil leigh and his administration highlight to make higher education in tennessee as affordable as possible given what we're seeing with regards to inflation, cost of living, consequently cost of attendance and higher ed. in light of the very, very candid important conversations with gratitude, to governor lee and his team, general assembly to include enough funding this year's budget, we could hold

tuition flat at all public colleges, universities in the state of the. neil: so what kind of reaction are you getting? >> very positive, very positive across the board. as we keep about keeping students and families at center of all the policies we make in the state, we've seen a lot of happy people, heard from a lot of happy people. all of our institutions is happy as well. it is not the case we're not telling them they cannot increase tuition absent funding from the state. because two things are happening in tandem, we have very happy campus leaders as well. neil: it is the state, given a surplus that is providing this support but how long do you think that lasts? >> i think we have always been very lucky in tennessee to have a very strong commitment to public higher education and this goes back almost two decades now. i think as we continue to think about funding, think about funding structures, those conversations will evolve but i think in the future we will

continue to see commitment to affordability from the higher ed commission. as well from the legislature and executive branch. neil: if this all goes as planned, would this take effect this school year? >> that's right. that's right. what we're hopeing to see continued conversations about affordability, increase in those going to college, both adults coming back to college, students coming out of high school, hoping to see increase in college as well. neil: no grade or requirement expected? this is across the board for students who are within the tennessee school system, right? >> that's right. this is for in-state tuition for undergraduate students. neil: if you're out-of-state student this isn't for you? >> well, that's right. the institutions are able to set their out-of-state tuition in a way the higher education commission does not. as we think about financial aid, there are sometimes conversations about merit or universal aid or need-based aid.

this is flat tuition for anybody in state. neil: that makes a big difference. dr. emily house, thank you very much. tennessee higher education director. week before we had the purdue university president on instituting a similar policy in effect for better part of 10 years. sometimes if you do things like it can last. we have the dow down about 143 points. technology stocks continue to swoon though. to my buddy charles payne. charles: thank you, neil. neil: hey charles. charles: too bad the market greeted you this way. neil: i know. i know. don't blame me. good afternoon, bud. charles: i'm charles payne this is "making money." market in freefall after new home sales collapsed and companies offering lower guidance. it is getting hard to argue against recession. don't tell that to the folks in davos. they say everything is a-okay. then there is snapchat. this company is a bellwether or investors are looking for reason to sell. they are loo