i guess it didn't work out for him as a business but beautiful machine. maria: we'll see if it's as beautiful in the electric version. guys its been a great show thank you so much for being here. sean duffy, lara trump, james freeman, come back soon, guys, thank you so much and have a great day, everybody dow industrials at the highs of the morning as we send it over to stuart and "varney" & company , stu take it away. stuart: stuart and "varney" & company, okay, good morning, maria and good morning, everyone if you go past a gas station, you're going to get a shock, yes , prices up again, and it's not just a tiny fractional move, oh, no. overnight, gas went up $0.05 a gallon to a new high 4.67. regular has a $5 handle in six states, and rising. all ready, look at this. okay, now it's just one station in los angeles but it's charging $8 for gas, and $9 for diesel. i'm not suggesting the rest of the country will get to that level but when you see gas going up so rapidly you know you are

in a spiral. all right one hour from now another inflation indicator. we're going to see upwards of 11 million job openings. employers desperate to fill those positions, we'll keep raising wages. okay that's great, but it means wage inflation. add it to the energy inflation, food price inflation, and the price hike surge continues. stock prices, well moving a little higher this morning certainly the dow up about 200 points at the opening bell, s&p up 17, nasdaq up about 50. the residents of shanghai were out and about last night celebrating the lifting of strict covid restrictions. people can leave their homes, businesses are reopening, and public transit has resumed. the price of oil moving up in part on the theory that if china gets back to work, demand for oil will rise, oil at 1.16 this morning. the president, well he's not a happy man. he's angry at his aids who walk back and correct some of his

statements. he wants more democrats to support him publicly. he doesn't like the messaging on inflation. janet yellen took the blame saying she was wrong to call inflation transitory. there is talk of white house staff changes. disarray in d.c. and here's the elon musk headline of the day. he says, remote work is no longer acceptable. so, get back to the office, or leave the company. wednesday, june 1, all right, 2022, "varney" & company is about to begin. ♪ stuart: [laughter] look at you. you see , you've got to see a little of me before you heard the music and you saw sixth avenue in new york city, all right put me back on again, let's go again. going to get right to this.

the price of gas jumped a full $ 0.05 overnight new record, 4.67 good morning, lauren. lauren: this is complete insanity last year gas prices were 3.04 so it's a 54% increase in one year, and even moreso in california. >> i doesn't want to come to the station but i kind of ran out of gas, so i thought i had to. >> $140 to fill up my van. that's crazy. >> we're from florida, we're here on vacation. i've printed it out and posted it on social media. this is crazy. lauren: they are always laughing because they are in indiana disbelief. inflation is causing one in four older americans to delay retirement and six in 10 younger ones to save less and when you ask people, hey, how is the economy? gallup finds that 77% say it's bad and getting worse, and guess what the administration's best solution is? buy an electric car, so some states are taking temporary

action like here in new york, the latest state, suspending the $0.16 a gallon gas tax starts today goes through the end of the year. it's a band aid, temporary but something because the situation is so dire. stuart: we've got an inflation problem clear as daylight, it's right there. let's move on to the markets because i believe morgan stanley is putting some negative vibes out there about the rally. lauren: yeah, mike wilson, their chief of equity strategy, he says there's no all-clear sign yet. he says the s&p 500 likely going down another 18% from here, that gets you to s&p 3,400 by the end of the missouri because the fed is going to tackle high inflation with higher rates stuart: did you say 3,400? lauren: by the end of the second quarter. stuart: that's the end of this month. lauren: yes. stuart: that's june 30. lauren: yes. stuart: the s&p is at 41 right now. lauren: the fire and ice, that's the ice scenario. stuart: okay, well we did hear it all right mark tepper is with

us, listening to all of this. >> whoa. that's quite a drop. stuart: yes, i'll say. what do you make of it? that is a real sudden drop, if they're right what do you make of it? >> so i mean, mike wilson tends to be more bearish than the average bear typically but he might be right here. with regards to the market, i do agree that last week's rally will be short-lived. i think it was just a bear market bounce, and typically when you have a bear market bounce, you know, you go from the bottom up about 15% or so, and that rally lasts four-to- eight weeks somewhere in that range. we were up like eight or 9% last week so i do think the rally doesn't have much more legs to it, and i do think we're in a bear market so i do think we end up lower than where we are at the end of the year. stuart: okay you talk to me about inflation, because all morning long and all week long we've been describing an inflationary spiral which we are now in. where do you put your money in these new inflationary times and i say new inflationary times because young folks have never

seen anything like this before. >> yeah, you've got to obviously invest in companies that are producing free cash flow, that are growing their revenues, and you're starting to , running out of options. you're running out of options. look, i think if you're trying to make money as a short-term trade, it's very difficult out there right now. now, if you have more of a longer term time horizon if you're looking out three to five years i could make the argument that i could hop into one of your favorites, microsoft right now, and i'm confident that three to five years from today it'll be higher and that i bought it on sale, but if you're looking to beat up three months from today? i don't know, man. it's a tough call. stuart: you've got to stay safe and accept that you'll lose some on inflation but you'll be safe. >> and you'll inventory opportunity available if you need it. stuart: you've got it, are you here for the hour? >> yes. stuart: all right, thanks, mark hang in there, please. now this , president biden is considering a major shake

discuss inside the white house. nbc news says the president is growing frustrated with his own party. he claims, this is what nbc claim, biden has vented to aids about not getting credit from americans or the news media for actions he believes have helped the country, particularly on the economy. the president has also told aids he doesn't think enough democrat s go on tv to defend him jason chaffetz is with us. jason? i don't like to see a wartime president floundering around like this with a domestic crisis. it gets me worried what about you? >> i don't want, i want the president to be successful. doesn't have enough democrats on television to support him are you kidding me? every other network that's all they have are democrats. the fundamental problem with the president is that his policies suck. they don't work. they're making the country worse he doesn't have a plan to tackle inflation. if he's not going to tackle the energy sector and he just leaves that alone and he's just fine with the , you know, the importation and the lack of

production here in the united states, then it's going to continue to be bad, and for the treasury secretary, that suddenly have this oh, oops i've misread inflation? that doesn't give you a lot of confidence. bottom line here, stuart. it errs of incompetence because it's not a single policy sector that the president can point to where he's having good success. stuart: i just want to raise one other issue that also has me kind of worried. the administration has created or is about to create a new environmental justice office. now that really worries me because who knows what they will come up with. what's this all about? do you know? >> this is health and human services spun out of control, thanks to secretary besserra. i think it's symbolic but when you have 150,000 employees at health and human services and this is what they are prioritiz ing then you know

you've got a problem. this is wokism, infected into the administration. it's something that they campaigned on but they can't fix basic things there in health and human services. if they are going to have a justice department within human services that's not where they should go. if they were serious they would put it at the department of justice but that's not what they are doing here. stuart: when is the last time you saw the secretary for health and human services? >> yeah, i've long said he too is totally incompetent. he was absolutely absent on what was going on with covid. he's not a good manager. he's a political hack. he was no health and human services history to his resume and yet he's in charge of the largest department dealing with health and human services. he's an attorney. stuart: yeah, aren't they all? that's one staff change which i

think a lot of people would get behind if secretary besserra were to leave good to see you, jason. >> thanks, stuart. stuart: we have a new op-ed from presidentb this time it's in the new york times, yesterday the journal today the times. here is what he writes, what america will and will not do in ukraine. highlights please, lauren? lauren: so the war is now in its fourth month, and the president clearly states what america's goal is and that is an independent ukraine, and then he explains why he's sending $700 million in aid and the most advanced rockets yet to help ukrainians. we're talking about rockets like the high mobility artillery rocket system that can target the enemy 50 miles away and this will help ukraine target the russian enemy but will do so only within its borders. he says we do not seek war with nato and russia. stuart: we've got general keane on that one shortly. look at futures dow is up about 224, roughly speaking, when the market opens, and that will

be 20 minutes from now. nasdaq up about 60. plenty of green this morning. here is a headline. could the future of parenthood be in the metaverse? one artificial intelligence expert says be parents will soon opt for digital offspring. man, i'm getting old. we told you about a new weight loss drug to help people drop a lot of pounds. now we've got the price tag. it's not cheap. forgive the pun, that doc siegel will weigh in, next. ♪ if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity.

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♪ stuart: i knew that was the kin ks. i knew that was ray davis with a very distinctive voice. that was miami beach. okay, we lost the shot but it was miami beach. the department of justice, what? the department of justice wants to reinstate the travel mask mandate. wait a minute they want us to get back with the masks on buses and trains? lauren: and lyft and uber. so the judy miller asked the federal appeals court to overturn a previous order ruling the face mask mandate was unlawful on public transportation so the doj says the cdc did not act outside of its zone of reasonableness. but here's the deal. that was the ruling that came down where they said it's optional to wear a face mask but right before then, mta put outnumbers and they said look, no one is listening anyway even when it was mandatory because only 64% of subway riders actually wore a face mask.

nobody was going to get on the train and bother you if you didn't have it on. the only place they actually enforced it was on the airplane, because it's close quarters and, you know. stuart: they don't do that any more. lauren: well right, because it was turned down and now they want to overturn the ruling. stuart: i can understand it if they want a rule that says in a certain kind of pandemic, you've got to wear a mask, because the next pandemic could be the bubonic plague in which case we will need masks, i've got it but when it comes to covid and the ba .2 and all the rest of it i don't wear a mask, case closed. look whose with us now. dr. siegel, can we have him on the screen, yup there he is, okay. the new york times covid tracker says that new cases are down 2% in the last two weeks. doc siegel does that mean this wave is over? >> no the wave's not over because of all of the people home testing, stuart, that never get on the radar but i'll tell you what has happened.

we've moved into a place now where there's a lot of cases that don't reach the hospital, that may not even reach a doctor , and if they reach me, i give paxlovid, so i've got my tools going. it's transformed into something we're learning to live with and we are living with it and that is hugely good news, so the point about the masks, by the way i want to weigh in on, excuse the weigh in pun, on what lauren just said. the mandates don't work, but masks have a value, so i might choose to wear one but even when the mandates were in place, 30% of people according to the university of minnesota, were wearing them below their chin line so they didn't do anything. how can you mandate something from a public health point of view nobody is wearing properly that they take off to eat that don't work, makes no sense whatsoever so we have to learn to live with the pandemic as it is and again, it's not leading to the number of hospitalization s and deaths and that's hugely good news. the thing they should be focusing on, stuart, is the booster, not on the masks.

stuart: what would the booster, i don't know many people who have actually gone out and got a booster recently. >> well that's the point and i don't think the booster is the answer either except that when there's these variants spreading the more immunity you have the better. they made mistakes across-the-board on this. if you got over covid recently you're protected. if you have had the booster you're more protected than if you haven't had it. that's where the focus should be , on letting people make intelligent decisions based on proper information, and not being all over the map. how can you listen to somebody who says wear a mask on a bus when you see them at a big event at the white house not wearing one. it makes no sense. stuart: well-said, doctor. let's get to the weight loss thing. a weight loss drug that tops $ 1,300 a month, we've got the report on it. it's a very steep price, $1,300 a month. first question, doctor. does it work and are there any side effects? >> it works incredibly, stuart. 40% of americans are obese, 70% are overweight. it works on hormones, we're

talking about with govi now made by nordisc. we talked recently about the lilly drug that's also out, but that's not yet approved for obesity. let me tell you the problem with ragovi. too expensive as you said and you can't get off it. you've got to keep taking once a week injections indefinitely and insurance covers it by the way, medicaid for the most part covers it but medicare will not cover it. so most of the people who need it don't have coverage for it and you think a medicare patient is going to go out there shell ing out $1,300 a month, that's a huge problem with this drug. we're talking about billion dollar drugs here, for both lily and novo nordisc. they work but you have to stay on them and have to figure out how to get them be covered more competition will drive the price down. stuart: it's not for someone who casually wants to lose 10-15 pounds because of the pandemic or anything, no, this is for people who are genuinely obese and in need to

lose weight dramatically. that's who this is for , right? >> correct, but there's also a middle ground. 40% of americans are in this category. it is not for somebody who has vanity, you know, it's for somebody that has serious medical issues if they don't lose weight. here is the headline, stuart. this drug can take the place in many cases of a surgery that we're doing, bariatric surgery. this drug can take the place of that surgery if it's working properly. hugely important for obese people. stuart: doc siegel thank you very much for weighing in and we'll see you real soon. >> thank you, stuart i won't take that the wrong way. stuart: thank you, sir. we've got another study that says people who drink coffee live longer. lauren? i gave up coffee a few months ago am i in trouble? lauren: you did. maybe. so okay, so this was good news for me if you drink lightly sweetened coffee, natural sugar, one to four cups a day you are 29-31% less likely to die.

you drink unsweetened coffee, if you put milk or cream, doesn't necessarily have to be black or no sugar odds are 15-21% less likely to die. if you use artificial sweetener, best of luck to you so this is research that comes out of china , where they looked at thousands of british residents over over the course of years. stuart: wait wait wait it comes out of china and they have british residents of china over a seven year period? lauren: yeah. >> [laughter] probably doing the exact opposite and killing you. lauren: if you put sugar in your coffee you're more likely to live longer. stuart: you're a coffee guy? >> i am is i'll do a little coffee with almond milk to keep it healthy and then do stevia, so natural sweetener? is that what you use? lauren: no, i use hard core sugar. >> i go stevia, love it so they say one to four cups are good so i'm feeling pretty good about myself: stuart: what a guy. you know, we were going to get

in a story about a study about the correlation between walking fast and dementia, but you're going on about coffee, killed the whole story. >> you'll walk faster with all that coffee and then you don't have dementia. stuart: mark, thank you very much stay there please, check futures the market opens in seven minutes and we'll be up 200 points on the dow. we'll take you to wall street, next. understand why i've got you on my mind ♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq,

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stuart: i see green on the left-hand side of the screen , dow is up about 200 nasdaq up about 100 at the opening bell which will come in about three minutes time, shah g alani back with us. you used to be the buy the dip king. are you done with dip-buying now >> no, absolutely not, stuart. i'm just waiting for the last dip. i don't think we've seen it, i think we have a little further to go. stuart: how do you know which is the last dip and what's not the last dip? >> well that's a great question i've been doing a lot of calculating and looking at a lot of different metrics and a

couple different ways to look at it, in the past 140 years there have been 19 bear markets, the average drawdown for the market is 36.3% that's one way to look at it from the nasdaq or from the s&p or even the dow. where would 37% be on the down side? that might be a low. another way i'm looking at it is calculating what future earnings projections might be, and how the market might value those. and then certain levels from there. i just don't see any of the macro narratives right now that investors are following being so positive that investors are going to commit capital down here on this most recent dip even though we've had this beautiful last week 6%-plus bounce and hopefully this week we'll see a little further bounce. i don't know that that's, we've seen an investable bottom yet. stuart: but to me, one of the most important things is going to be earnings. how much profit can a company make, not whether it's an up vendor down trend, but are you making serious money?

if you're making serious money maybe a recession and/or inflation wouldn't be quite so bad so to me, earnings are just about everything. how about you? >> oh, they are everything 100% agree and there are going to be companies putting out future earnings that are going to show the proof it margins are actually increasing, they are able to pass along higher input costs. those companies that have better earnings, that beat analyst estimates are going to do really well and ones that miss as we saw last week, with target and walmart, for example, they are getting hammered when they miss. you saw some of those drops were equivalent to some of the drops they saw back in 1987 on black monday and that's what earnings have going forward. they have the potential to move certain company stocks higher and the ones that miss clobber them and that's what i'm worried about analysts are starting to bring down their future estimate s for earnings and that doesn't bode well for me as far

as the next quarter, so i'm cautious on that, because of earnings takedowns and analyst reduction in earnings projection s for next quarter. stuart: bottom line is, we haven't reached the bottom yet, according to shah gilani. [opening bell ringing] stuart: five seconds to go, it's wednesday morning, june 1 by the way, first day of the month, and we have opened the market and we've opened it on the upside right from the go we're up about, now let's see , yeah, 229 points as expected from futures trading. about two-thirds of the dow 30 are in the green. the s&p 500 is up just over half percentage point about 24 points and the nasdaq also higher, a solid gain there up .80% i presume that big tech is doing well, there it is. we show it to you everyday, right after the market opens. that's the trend in big tech the most important stocks in america today, amazon, meta, microsoft, alphabet, apple, all

on the upside. now look at salesforce. now they got a very, well they did have a solid gain, i think it's -- lauren: it's starting to show it , yup. >> at 12%. stuart: up 12% we can tell you that right now. susan is with us. now, the stock, salesforce stock is actually down 37% so when we get the right price on the screen up 12%, is it a turning point? >> it's an alphabetical opening so it might take sometime, but yeah, okay so salesforce is down about 37% but the nasdaq is down by a quarter so it's pretty much lower along with the rest of the big tech companies, but if you look at the earnings and i just heard your interview with s hah gilani there, if you're still making money you still get rewarded strong start to 2022. look at the 11 price target cuts , but still, they are around the t hundred dollars range, so you had a strong start to the year, sales beat profit was a little bit light but they are raising profit guidance for the entire year, isn't that bullish? yes they are low lowering sales

outlook but it's cautionary because of inflation, ukraine and the strong dollar so strong results for salesforce tells me the companies are still spending , capex, capital expenditure as we call it, is bullish against the recession talk. yes, costs are going up but if salesforce is telling you they are still going to make more money this year i think that's pretty good. stuart: i think it's a dow stock so an 11% gain in a dow stock translates into i don't know how many points. >> so it's about $7 for all of the 30 components so if you do seven bucks there it's almost 100 points would you say? you're better with that than i am. stuart: i didn't know there was to be math on this program. >> [laughter] stuart: let's go on. tesla, please. that stocks down 28% this year. did the short sellers make a lot of money? >> yes, well so far this year, so don't forget that elon musk has killed the shorts the last few years so you don't want to bet against elon musk, but if you've bet against tesla, so far in 2022 you've made $7 billion. now it's important to note that one of those most influential

shorts on the market, bill gates , and he has, you know, a half a billion dollar short position on tesla that is not pleased elon musk so you know they've had a tit for tat, shall we say so the stock is down but i saw an 11-month low last week when tesla went down to 620 a share, so at 760 that's quite a recovery and the good news is that shanghai has now lifted all covid restrictions for manufacturing, that includes the tesla plant and we heard this morning they just came out with their may delivery numbers, better-than-expect 7,000, xpungd 10,000, lee auto said they doubled last year's deliveries to 11,000. stuart: sounds to me like we've got a china recovery narrative. i think so, and i would say a china stimulus narrative. stuart: that too. >> because you know, there's about a $5 trillion that they are trying to pump into the economy whether it's through cutting of the red tape or

even possibly allowing more spending as well. stuart: somebody else did the math for me and that 11% gain for salesforce translates into a plus 120 points for the dow. so now we know. >> i think that was pretty good i did that with a calculator. >> good job. >> seven points for every $1 increase. stuart: victoria's secret show me. did they issue some kind of warning though? >> yes. okay, so i would say it's a mixed quarter. earnings did beat, sales match but again it goes back to your narrative where you get rewarded if you make money on the bottom line, right? earnings guidance, i would say, for the springtime wasn't great but they are blaming the same thing, supply chain problems, higher costs, even a muted consumer, which i thought was interesting, but the stock is up because they also said there is strength when it comes to intimate bra sales, beauty business, international is growing, so that's all positive for victoria's secret. stuart: now what's with meta? >> aren't going to touch that one with a 120-foot pole were

you? stuart: no victoria's secret is entirely yours. i still call them facebook but meta, this company, they are getting a new stock ticker symbol, so what? >> yeah, well okay, so it's official on june 9 and this is part of zuck's transformation to the metaverse so rebranding was announced in october. i think meta initially they wanted the ticker to be mvrs on december 1 i'm glad they had a rethink of meta and it spells a word so i can say it quicker but i was looking at the metrics here did you know sub-200 for meta looking at 10 times earnings that be cheap according to, 10 times. it depends on whether or not you believe the earnings and same thing for google as well so revenue is coming back, and maybe if you believe that the economy avoids a recession these might be arguably cheap tech stocks. stuart: amazon. what are they doing, they were up, is it dip buying? >> dip buying but also did you know the split is coming at the end of this week? stuart: oh, that's right.

>> 20-for-1 best four day performance we've seen in two years for amazon up 17% and on june 6 you'll get it for a lot, lot cheaper, stock split official at the end of this week stuart: it'll be an interesting idea to buy the company now, knowing the stock splits at the end of the week, figuring that the stock price goes up because of the split. >> but that's kind of the trend for the last few years as you know with tesla, you've seen that with apple and google split ting this summer as well, shopify. stuart: what's the news on apple >> so apple might be shifting their ipad production to vietnam again, as i caution to you that so it's hit or miss probably 50 /50 when it comes to accuracy but the fact that you have user reports and there's many more out there saying that apple is looking to maybe go away from just concentrating on chinese production, that's i would say is probably headlining.

the world's second largest economy, also don't forget next week i'll be heading to the worldwide developers conference in cuppertino. stuart: you're going? >> yeah, i've been invited as a small group for first-time in- person event for apple in two years since covid started so i'm really excited. stuart: you will send back a report so we can understand what's going on? >> i'm going to go because i want to be inside the theatre, because i usually don't get that opportunity when i'm doing reports. stuart: i think we understand. you're off to california have a nice day. let me see , please. the dow whip winner, salesforce up there, 12% gain adds 120 points to the dow. >> very good. stuart: s&p winners headed by salesforce, of course and a couple of others on that list. >> servicenow, we'll talk about that later. stuart: yeah, i know that, used to have a different name didn't it? >> oh, very good. stuart: what was it? >> i'll get that for you. stuart: yeah, thanks, nasdaq winners, we've got amazon is on that list and so is meta.

all right, dows up 200, after the first seven and a half minutes of business that's .6% dow is back well-above 33,000 the 10 year treasury yield 2.86% the price of gold, doesn't do that much these days, 1,851 per ounce. bitcoin holding at 31, 800. oil is moving up 2%, $3 a gallon , and 117 is the price, nat gas well-above $8 still. the average price for a gallon of regular that's the big story of the day, a new high, 4.67 per gallon. california, 6.19 on average for regular. then we have this. a candidate running for los angeles mayor wants to get rid of the city's police force. yes, she says cops are the watchdog of white supremacy. that is california. gas prices hovering around $5 a gallon for regular how can we afford to fill up the tank?

roll tape. >> what do they want these people to do, to stop driving to work? >> look the president understands what it feels like and he's do everything that he can. we're dealing with an unprecedented time and that includes putin's tax hike. stuart: well there's more to it than just putin's tax hike, look at that a gas station in california charging $8 a gallon. more on that after this. ♪ ♪ limu emu ♪ and doug. ♪ harp plays ♪ only two things are forever: love and liberty mutual customizing your car insurance,

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check out angi.com today. angi... and done. shine that light on me ♪ stuart: since i don't recognize this , "shine", all right, you're looking at new or lien, sunny, 80 degrees this wednesday morning, all right i want to bring in hillary vaughn. i know she's there. hillary has been looking at the

debt situation. are you about to tell us, hillary, that we've got a big debt problem, coming down the pike, right at us? reporter: well stuart i can tell you what the committee for responsible federal budget is saying because they are the experts and they released analysis yesterday that says that the debt could reach 125% of the united states gdp within a decade. that would mean that the deficit be pushed as high as $3.1 trillion by 2032 but the committee is also warning that these estimations are very rosie because they do not include any potential future spending that congress would pass, saying, "these current low projections may prove optimistic , however since they assume policymakers will allow a number of temporary policies to expire, only grow discretionary spending with inflation and won't pass any new deficit finance legislation" but, we did

hear from treasury secretary janet yellen this morning, who says, that the biden administration is still considering a reconciliation package that be new government spending and of course, republicans are continuing to raise alarm bells about any new government spending when inflation is so high. >> every time joe biden is proven wrong instead of changing course he doubles down on dumb and that's what the op-ed was, it's blame everybody else, talk about what a difficult situation he inherited. reporter: stuart of course senator joe manchin who has been a roadblock has been a big voice of concern about inflation, he seems to be open to a reconciliation package, passed only with democrats as long as it's paid for but that means taxes are going to go up. stuart? stuart: yes, it does. taxes will go up hillary thank you very much indeed. now the top of the hour, we're going to get the latest read on job openings. it's called the jolts report,

john lonski is with me. it's going to be at least 11 million jobs available, open positions. that, to me, is inflationary, because employers are going to offer higher wages and better conditions to get people to work for them, right? >> yeah, the important point here is you have two times as many job vacancies as a number of people out of work, and that could only put upward pressure on wages and benefits and whatnot, and this will extend the rapid price inflation stuart: so that's wage inflation we're also dealing this morning with energy price inflation, i'm sure you saw it. gas went up five full cents overnight. >> my goodness we're looking at a very high ratio, the ample price of gasoline to the average wage. now, you know, this is going to be inflationary for the entire economy, they are going to pass on higher fuel cost and different industries, fertilizer becomes more expensive it uses a lot of natural gas and so on but let's not forget that the price of energy is so high, relative

to the wage, that other types of consumer spending will suffer going forward. so we're almost doomed to face real consumer spending growth, no greater than 2% indefinitely. stuart: that slows down the economy. >> yes, it very much does, and if it slows down the economy, that's going to tell us that perhaps these companies hired way too many workers and so we will be looking at layoffs, significant layoffs by 2024 and when the unemployment rate rises , the economy goes down, that is we have a recession. stuart: that's a very negative outlook, i've gotta say, that really is. let me go back to inflation for a second. you've got energy price inflation, you've got wage inflation. are we near peak inflation in consumer prices yet? >> we are, perhaps, close to it i would hope that we're close to it okay? so we're looking at an 80% year-over-year increase by consumer prices but it's not about to slow by so much, so

that we again have wages growing more rapidly than prices. i think we're going to be stuck in this position where wage inflation now 5.5% is going to be less than cp i'm inflation of just over 8%, that tells me the purchasing power of the dollar earned by the american worker will continue to decline and at some point that's going to create big problems for consumer spending. stuart: okay, what is your expectation for the jobs number on friday morning and what does your expectation tell us about the economy? >> okay, i think the gain in payroll for the month of may drops from that 428,000 in april to just over 300,000 for the month of may. that's going to be the smallest monthly increase since april 2021, the economy is slowing. if, if it turns out the monthly increase by payroll is no greater than 200,000, then we're going to have markets shiver from the possibility or react to the possibility of a

recession, and of course, that would at least lower the upside for the federal funds rate and the 10 year treasury yield. stuart: one of these days you'll find something positive about the inflation and gdp outlook but not today. >> not today. if i live long enough it may happen. stuart: you'll live. john, thank you very much, sir. coming up i want you to take a look at this. very interesting. it's a doomsday bunker converted to a luxury residence. we'll get the full tour from kac ie macdonald next hour. return to the office or else. elon musk is issuing an ultimatum for tesla workers, we're going to get into that, after this. ♪ ♪♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates,

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stuart: elon musk says, working from home is not acceptable for employees at tesla. that is the musk headline of the day. tell me more, lauren. lauren: so he wrote an e-mail that was leaked and the e-mail to executives says this. remote work is no longer acceptable, anyone who wishes to do remote work must be in the office for a minimum of 40 hours a week or depart tesla, and then he added this , this is less than we ask of our factory

workers. okay, if that's what he's telling tesla, it is a warning for twitter because a lot of the twitter workers they work-from-home, and then we do the story last week that these executives from a broad range of industries are starting to accept this hybrid working model as being the model forever if they like it or they don't like it they want talent, workers want to be home, or home most of the time. i think elon musk just gave those executives cover to say get your butts back at work. i think he really did because that's how a lot of executives really feel. it's easier when you're in the office. stuart: mark has been nodding his head. you've got employees. >> i do, so i told my employees at the beginning of the pandemic you can work-from-home as much as you'd like but at some point things are going to get tough again, revenues are going to be down and i'm going to have some tough decisions to make and i will remember who came to the office everyday, and who decided to stay-at-home. lauren: that's a warning. stuart: tough guy tepper. >> gotta do what you gotta do. lauren: i don't understand this

come in tuesday, wednesday, thursday, i just don't understand that concept. so on monday and friday, you just don't have to commute or you can take your kids to school, i just, i think that it should just be more flexible in general not necessarily set days stuart: here is a new job for both of you listen to this. we have a lifeguard in california, makes over a half million dollars. lauren: i'm a good swimmer. stuart: half of that comes from overtime. by the way there are 90 other lifeguards who made more than 200,000 bucks, 20 made more than 300,000 and by the way lifeguard s yeah, they work all year around but they can retire at the age of 55 with 79% of their pay. scrambling for that job. >> i'm out of here, done, i'm moving to california. i'll tell you why if lifeguard ing wasn't the most boring job in the world i'd do it. i was a lifeguard in high school and i would just sit there and watch the clock, you know? for 500 grand a year, like you can't beat that. stuart: baywatch, i mean, from

40 years ago, all about lifeguards and stuff like that on the beach? >> yeah, david hasselhoff was a super hero. lauren: it's not a boring job. you you are responsible for all the swimmers and you get to sun tan and you look really good so you have to work out but we did a story yesterday that half of the public pools in phoenix are closed this summer because even though they're giving $2,500 bonuses for lifeguards i'm thinking college kids no one trades in tar hand so half the pools are closed. >> that's how it is in cleveland. stuart: it was fun. thanks for being here for the hour. >> thank you. stuart: still ahead refired four star general jack keane, national border council president brandon judd, sandra smith, deroy murdock and much more, "varney" & company returns with the 10:00 hour after this. ♪ mind-blowing! they collect hundreds of data points like hrv and rem sleep,

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stuart: good morning. it is 10:00 eastern. getting to your money really fast. we still have a little bit of green on the left-hand side of the screen. the dow was up 200. now is up 60. the nasdaq is coming on strong up 1% as we speak after 12,200. the 10 year treasury yield moving up a little, 2.859%.

the price of oil moving up a little, $117 a barrel. bitcoin moving up a little, 30 one thousand $700. . a couple economic reports just coming our way, the first one, the manufacturing. what have we got? lauren: a surprise increase. for the month of may, factories ran at 56.1 pace so that was up from the month of april. if anyone has the price i would love to know that because the number continues to go down as a hopeful sign that inflation has peaked. stuart: a really big report is the next one, job openings, the jolts report for the month of april. edward lawrence has the numbers. how many unfilled jobs? >> reporter: 11.4 million jobs have been unfilled, are open in this country. it is interesting.

when you look at this report you have the separation, a little changed at one. 4 million while layoffs and discharges is down a little bit. at 1.2 million. very interesting in this report, 11.4 million jobs, the number of layoffs have edged down. you talk about job openings, 5.9 million people unemployed in this country, economists say these elevated levels show tight labor market going forward. of people forget where we were, before the pandemic job openings and labor turnover survey, february of 2,020 showed six. 9 million jobs open, the unemployment rate was 3. 5%. the same amount of people unemployed right now, compensation was 2.3%, right now inflation running at 8.4% so what you have is people at the white house lowering

expectations for the economy going forward in the growth of the economy, everyone from the president to cabinet members saying the economy is in a transition. >> as we move through this transition our economic growth should look different than it has in the historic recovery phase. we have run the first leg of the race at a rapid clip. that put us in strong position relative to our peers but this is a marathon and we have to move and shift to stable resilient growth. >> reporter: overall layoffs go down but attack firm that tracks tech layoffs, they increase the amount of layoffs in the tech sector, more layoffs than the last two years happened in may. the jobs report all over the place, 11.4 million job openings, 6 million people unemployed.

blue on the markets taking its time to digest the ups and downs and different facets. at this moment the nasdaq is holding on to a solid gain, 1%. the dow not bad, up 76 points as we speak. now this. the president is not happy. he's complaining he doesn't get enough support from his fellow democrats. he's tired of his aides walking back so many of his public statements. he put out an editorial and journal about his inflation plan that was widely dismissed as clueless, he sent out janet yellen to take the fall admitting it was wrong to call inflation transitory. he's thrashing around. a case of political desperation, 5 months to the election and the country is gripped by spiraling inflation for which he is getting the blame. washington post abc news poll found 68% disapprove of his handling of inflation and the

energy price spiral is ratcheting up. gas up another $0.05 overnight to a new record high, $4.67 a gallon. i will show it to you again. in los angeles, $8 gas, $90 diesel. that is an outlier. those are prices that make everybody sit up and take notice. the president is stuck, saddled with an incompetent staff, anti-fossil fuel climate crowd and socialists who want to spend many trillions more even if it creates more inflation. and no one should be pleased about this. a wartime president besieged at home in an escalating crisis for which he has no answer, no wonder, second hour of varney just getting started. stuart: lose peak is back on wednesday morning. i don't like to see a wartime president floundering with a

domestic crisis. that's a problem for all of us. liz: it is an voters don't like it, that is why his polling is so horrible at this point. i think you touched on a lot of the problems in this white house, its incompetence, a lot of people are first-timers in the jobs they hold. pete buttigieg comes to mind, people who have no experience, failing and their role in my view. also i think you mentioned ideological intransigence. no matter what they are not going to reverse course on their addiction to the climate agenda. that is really hurting americans, we could be doing more to bring oil prices down and gas prices down, they refuse to do that but i say the glue that holds this together is dishonesty. even in that op-ed in the wall street journal that biden put out yesterday it talks about how the economy has stalled when he took office, that's not true. the quarter in which he took

office the economy was growing at 6. 5%. he said that because he knows voters blame him for spending too much money, that is the origin of the inflation they were witnessing, they refuse to take ownership of that including janet yellen. it is very dispiriting that they won't level with the american people until you're honest with a problem you can't solve a problem. blue one a new poll shows 25% of us, americans, i delaying retirement because of inflation. they are not retiring at the right age. why are people not retiring? can't be just because of inflation. >> when you look at your expenditures over a period of time and adds an inflation category of 5% you are talking a huge ramping up of what you need to retire, but enormous wealth destruction, the nasdaq on 25%, stock market down 15%,

all those iras doing well under donald trump, did so well in 2020 during the pandemic, people look at their iras and pension funds and saying i'm not going to make it. i wrote an ironic piece for the hill talking about we have a people shortage to fill these jobs, biden is making it impossible to retire. stuart: when people look at the 401(k), the ira and performance in the last 6 months you think i can't afford it. >> i your expectations go out the window specially when you need more money to pay. blue and good stuff, thanks for being here. back to the market, the dow has turned south, it is down 12 points, not a huge selloff but bear in mind it was up 200 and "the opening bell". 38 minutes it is down 35, nasdaq holding onto a 75 duck again.

michael lee looking at the market this morning. you say last week was a bear market rally. would you agree with me that this week inflation has become the number one problem for investors? >> it has been. starting from once we got cpi readings in january, in february and march, the fact that inflation was accelerating into late 2,020 one in the beginning of 2022 that peak inflation, may have hit peak inflation but a higher level than people expected. talking about 2 or 3 rate hikes, now we place it between 10 and 11, and looking at 5-year forward, going on 5

years they think inflation peaked, what does it settle down to and how much did the feds, these are huge unknowns, in a bit of a bear market. stuart: you were the king not just of by the dip but the super blue, that's what we called you and you were super blue for a long time, way until late last year, now you are not, you are the opposite now. you are not buying these dips. you are selling these dips. >> i am selling tech. i am selling tech. i am selling consumer discretionary and buying defenses. me and my clients are in a large position in the energy sector for most of the year. i favor energy, the easiest way to play it.

after the news, it is a good risk/reward. you need to invest in the stock market but rotating into defensive names using these rallies to get out of the high beta technology growth names, cyclicals. once the market expects a fed pivot that is where you go back in on tech and once the fed pivots again, the market takes off for several years. stuart: hard to know when the fed is pivoting and by how much. mike lee, thanks for being here, see you again soon. changing the subject, crime running rampant in los angeles. one mayoral candidate wants to get rid of the police. president biden now says he will send advanced rocket systems to ukraine but they will not be used to strike inside russia. four times general jack keane takes on. russian troops increase their

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stuart: we got some negatives to report this morning. at 200 point again, we are down 120. the nasdaq opened higher. it is still higher but only just, attend point again for the nasdaq this morning. take another look at salesforce. it is up 12%. that adds 140 points to the dow industrials. the dow would be way down.

change the subject and head to ukraine. president zelenskyy says the country is losing between 60-100 soldiers a day. let's go to trey yingst. >> reporter: bad news for the ukrainians in the eastern part of the country as russian forces continue to make territorial gains. the city is almost completely controlled by the russian army, 90% of all houses there are destroyed, 60% are beyond reconstruction and restoration according to the ukrainians. this is part of the russian playbook. and push forward. international supporters pouring into ukraine. german chancellor made an announcement indicating his country will send antiaircraft missiles and radar systems to stop the russian advance and yesterday us president biden confirmed that american rocket systems are headed to the war-torn country, they have a

range of 50 miles an will be delivered to ukraine in the coming weeks. us state department weighing in on american sport saying this. >> no one has been under any illusions that the course of the war, the trajectory of ukrainian success would be linear. but what we are confident in is the fact that are ukrainian partners will continue to have what they need to mount an effective defense against russia's aggression. >> reporter: ukrainian forces are not giving up on the fight. they made some progress and launched a counteroffensive near the kherson region. stuart: let's bring in general jack keane. president biden agrees to send these advanced missiles to ukraine. can you tell us what are these new weapons and what are they capable of and are they a game changer?

>> reporter: they are very effective rockets. you can fire 12 as 15 or 6 at one time depending which system you have. the range as was mentioned in the introduction is around 43, 43 miles so the problem is the ukrainians are facing is one thing that the russians are doing well with is their use of artillery. they have more artillery and they out range of the ukrainians and that is taken its toll. they systematically use this artillery to a devastating effect, based on the artillery they made these gains in so the high mars, these multiple systems have the range to reach the russian artillery particularly long-range artillery, the artillery we gave the ukrainians a few weeks ago cannot reach the long-range artillery. they can deal with the other

artillery. this is very important in the war in terms of you -- ukrainians pushing back on the most effective system the russians are employing which is there artillery. they are having the same problem they always had, poorly led, week, low more row, not particularly effective but the artillery certainly is. stuart: in his new york times editorial president biden says he is giving the ukrainians these new weapons so ukraine will be in the strongest position at the negotiating table, strongest possible position at the negotiating table. is the president pushing negotiations, not winning on the ground in ukraine? >> i took exception to that statement myself. i am glad you brought it up. in the past the president and his national security team for the last several weeks have been talking about feeding the russian army inside ukraine and

certainly that is the objective and this statement is not that. this is having leverage against the russians so you can have a better position at the negotiating table that is not where mr. zelenskyy is coming from. he wants to destroy their army and drive it out of his territory. that is the objective he is pursuing and that is the objective we should be supporting in our public statements certainly by giving him these arms and munitions we are supporting that objective. despite the fact that that rhetoric and the president's statement i think is misguided and off the mark. stuart: defense secretary aston reported planning a face-to-face meeting in the coming weeks. what is the significance of that? was in an attempt to lower the temperature? >> i think so. everyone knows that this is our adversary, the country that provides long-term security threat to the american people,

bipartisan support for recognizing china is a serious threat to the united states of america and certainly starting to do some things to confront that threat but at the same time as we did with the soviet union, maintain open negotiations and discussion, there are opportunities where there is common objectives, keep the dialogue open and that is always healthy to do. secretary austin has had a phone call with his counterpart but wants to meet his counterpart in person possibly in singapore and that makes a lot of sense. at some point president biden will likely meet with president xi. particularly based on i thought of a successful trip to south korea and japan to solidify that partnership and those alliances. blue been good to see that coming. thanks for joining us, hope to see you again soon.

russian tv says world war iii has begun. they are also threatening america directly. what are they saying? lauren: russia could wipe out the us with two for of their missiles should they choose to deploy them but they did hold nuclear drills yesterday, they used more than hundred vehicles including an intercontinental ballistic missile launcher. this just hours after the us said it was sending more arms and aid to ukraine and president biden sent a clear warning in his opinion piece in the new york times and any use by rush of nuclear weapons would entail severe consequences. we wouldn't tolerate that. stuart: what is this about opec suspending russia from an oil production deal. lauren: some opec members are considering suspending russia from the group.

that would pave the way for saudi arabia, the uae and others to pump more oil but oil is up $2 today because the market doesn't think more oil will come to market. just the you take russia production off the table and others fill the gap and end up in the same place. opec meets tomorrow, many researchers in shanghai relifted, more demand and the oil embargo for russian oil in the eu is also pressuring the price of oil. oil is firming today. stuart: of china gets back to work, i mean shanghai, oil goes up because china starts to use oil again. it is 116 as we speak. the head of the international energy agency is warning we in america could face gas shortages this summer and it could be worse than the 1970s. canaria ceo dan everhart joins us next.

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stuart: check those markets. we are down one hundred 70 on the dow.

an hour ago when we open to the market the dow was up 200 and down 170, nasdaq down 30, s&p down 33 points. the yield on the 10 year treasury moving to a two week high after that jolt of job openings data and manufacturing data we got half an hour ago. we've got some movers on the market, the stock market, amarilla, it ships about maker. lauren: they are down 21/3% because second-quarter revenue out into wheat, rye, lockdowns in china. we were never heard of it before. they made news today. s&p global down 3%. what is going on? lauren: they are ratings data companies. and no visibility in this environment. how can they rate visibility? when you think of it no one knows what goes on in china

with covid with a supply chain. it is just a nervous environment. even of ratings companies can't produce the future how do you expect the company? stuart: that is right. delta are they up or down or down? lauren: the ceo said they return, expect to return to a 2019 level this quarter because of big demand, the stock is down 4% made the because if you look at the jet fuel price from the first 3 months of the year and now, in a matter of months it is one dollar a gallon more. fares are going up, the increase cost of labor and fuel. stuart: as we have been saying energy costs are definitely rising. the white house ramping up the push for renewables.

kelly o'grady at a wind farm in california. what is the story? >> reporter: amid the energy crisis the biden administration is proposing offshore wind energy leases. it is pretty competitive but there's a lot of frustration about the focus on renewables at a time like this. these offshore leases would total roughly 273,000 acres, the plan and the potential, to put that into context with power million homes, but this could be really unreliable. the turbine runs at 44%, just 23%. when you compare that to fossil fuels, wind energy is not nearly as efficient. you can see how good these turbines are and not just the

frustration, you can't to build these everywhere because of the unreliability, the turbine produces 2 or 3 mw, roughly two acres. by comparison a compact plan produces thousands of megawatts an hour. >> if you want to do that for a solar farm or windfarm you need to stamp that out over hundreds of square kilometers and that is the problem, an extra transmission line and all the things that go into it and those create problems for delivering power. >> most experts argue some wind energy is key and we should be investing in cost friendly alternatives. these offshore leases will take years to be operational. americans are looking right now. stuart: good report, thanks. there is this. head of the international energy agency warns we, americans, could face fuel

shortages this summer, it could be worse than the 1970s oil crisis. oil ceo dan everhart joins me now. what is your projection for the price of oil? >> most likely 150 and then 100. stuart: 150? >> more likely than 100. everyone is putting more logs in the theater where prices go higher, the economy slows rapidly very soon. stuart: if you are looking for $150 a barrel oil what are you looking for on gasoline. stuart: in july near 6. stuart: dramatic stuff here. $150 a barrel oil, $6 gasoline as a national average into july. is it massive demand or lack of

supply. >> supply stays the same. the us isn't adding more supply. we've got the same supply-chain shortages as everyone else, not enough stand not enough labor, labor costs can't get additional vehicles, it is difficult to put more supply in the system and the administration is throwing wet blankets at a so it is getting harder and harder to move forward. of the wonders your company driller operate in the permian basin? that the largest underground lake of oil. >> 4 million barrels a day are produced. stuart: talk to me about natural gas, 150. gasoline to $6 in july. what about natural gas? >> as winter comes on after the summer with what is going on in the ukraine crisis, it will

converge, $30 btu for gas and the numbers will converge over time and will export more and more to feed europe. stuart: you pointed out what you are looking at is an escalating spiral upwards for energy prices. >> we underinvest in the sector since covid and that plus the administration's focus on renewables having a chilling effect on further investment, put us between a rock and a hard place. stuart: other businesses apart from the oil business. is it slowing down? >> just at the inflection point. things are canceled. it is order for industrial, it

we are at the fulcrum where it is shifted. >> it is just beginning right now. stuart: aren't we all. today's the first day of the hurricane season and i can't believe this. i am reading the prompter here. arson residents in florida saying hi gas prices will keep them from evacuating? lauren: aaa says one in four did say that, gas prices are too high and they worry about the availability of gas in the event that there is on evacuation order. this hurricane season is expected -- it does sound crazy but when you live in florida you are used to hurricane warning so a lot of people get overconfident and think we can ride it out. 6 in 10 people said it would have to be a 3 warning for us

to actually evacuate. stuart: i can't believe a floridian would not pay one dollar a gallon more to escape a deathly hurricane. i can't believe that. floridians -- lauren: that is what the survey says. stuart: elon musk is on the show. remote work is no longer acceptable for tesla employees. it is back to the office or get out. that is from musk. we have the full story for you. president biden, staffers walking back his remarks, this is another cleanup campaign is underway in the white house. jackie heinrich as the report after this.

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stuart: markets down and off 200 points, the nasdaq is down 40 points. big tech started out the day, still high. nasdaq composite is down sharply, all the big tech stocks on the upside. amazon, alphabet, meta, apple, microsoft all moving higher. pushing back on reports the president is frustrated with his staff. jackie heinrich at the white house, what more do we know? >> reporter: that is a major development that surfaced yesterday in a report but the other work happening now is course correction on inflation. the president's meeting yesterday with jerome powell was part of a month-long white house push to highlight what they are doing to bring inflation down. the president promised he would

never interfere with the fed's work which gives him distance from the problem and how quickly it is or isn't resolved and it is a shift from the administration's current strategy clinging to these projections inflation would come down relatively soon, but according to the wall street journal, white house officials believe they should accept blame, this to be this contributed to higher prices and also arguing it was all worthwhile. others in the west wing are strongly opposed and publicly the white house isn't taking blame yet for not acting faster but the white house is continuing to face questions whether the country is headed toward a recession. recently the president said a recession is not inevitable but larry summers, treasury secretary under president obama is less optimistic. >> unemployment below four, you are almost certain to have a recession in the next two years.

we may find a way of beating the odds, having a soft landing but it would be a historic counterexample. lauren: the white house bringing in outside help. the president speaking with baby formally manufacturers today. the nbc report i spoke about alleged the president was frustrated that he wasn't briefed on the baby formally problem until last month. all the other islands of that report, walking back his comments like he said vladimir putin could not remain in power and said clearly last week in japan the us metairie would intervene on behalf of taiwan if china invaded. white house officials are claiming every clarification they issued has come with a direct approval of the president but rumblings of possible staff shakeup ahead. b1 rumblings indeed.

inflation and labor shortage are becoming a big win for those things. robots, workplace robots. lauren: there's been a 40% increase in the first 3 months of the year. 9,000 robots have been ordered, not just robotlike you typically see on a factory floor for general motors. they are used by metal companies, plastic companies, robots are more advanced, they help companies during a labor shortage. don't have to pay them. stuart: an obvious one, the thing on the yellow legs. the stock is down again. workers are trying to unionize.

lauren: workers want to refile and that would be a first for a target because it's union push has had consumer companies, starbucks, amazon and potentially target but employees at this store are accusing the company of unionbusting tactics. pressuring them to turn down unionization efforts and in some cases target even spied on them. we pay you a lot, $24 an hour you don't want to join the union but the union pushes because of inflation. wages are not keeping up with cost of living. stuart: after three years netflix's hit series stranger things has returned with 1/4 season. >> don't try to be heroes. there is no shame in running. stuart: i have never seen that show.

over the memorial weekend. we will show you the doomsday bunker in kansas. it used to house icbms before being turned into a luxury hideout. casey mcdonald will show it to us next. ♪♪ s 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,

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stuart: plenty of red now, down $2.20 and the nasdaq down 43 points. didn't start that way but that is where we are now. getting back to the stranger things story, it premiered over the weekend. it was a big success. lauren: 286 million hours reviewed over memorial day weekend. >> i'm afraid -- very much in the eye of the storm. >> i don't have my powers.

>> just to say it. we can't win this war. stuart: special powers. lauren: stranger things season 4 drawing inconsiderately more viewers than bridgerton, that was one hundred 93 million. if you look the top 5 shows it was all the previous seasons of stranger things leading people to refresh themselves, they were so excited. lincoln's lawyer came in the top 5 as well. stuart: i will give it a miss. terribly sorry but -- lauren: can't catch it if you haven't seen it. stuart: we have a new episode of mansion global that where tonight at 8:00 pm eastern on fox business prime. casey mcdonald is host of the show and joins us now. tonight's episode is about this doomsday bunker converted to a

luxury residence. >> i love it. so exciting, thank you for having me. doomsday preping seemed a little weird before covid 19, maybe i should think about this, don't know if you fantasize it or are serious about it, 8:00 tonight on fox business, you have survival condos, decommissioned missile silos in the middle of kansas, undisclosed location, 50 ton blast doors is what you have, 9 foot thick concrete walls at the time they were built, the strongest buildings built by human hands, 75 people can be house up to 5 years. it is so fascinating, the technology. 50 feet above sea level, you are good there.

it can survive a direct hit from a 20 kt nuclear bomb. it can survive 2000 mile-per-hour shockwaves as well, three units for sale at 14 units total. two bedroom, one bath will run 2 million and if you want to the big daddy, $2.4 million for an 1850 foot square unit, 3 beds, 2 baths, the penthouse at the bottom so you flip it upside down. these missile silos in the 60s, containing atlas missiles, self-contained power grid, military level water purification, hydroponics, weapons arsenal, tried my hand at that. if you're you are hunkering down for the end of time, the second level, there is a second facility that has 15 levels.

it is bigger than this one. the original what is 54,000 ft. , the second unit that is under construction, 150,000 square feet. my friend larry he was the developer was telling me he has buyers that want the whole thing, the full learning levels, systems where everyone has different jobs, may be are in the securities area but this is so interesting and so cool even if you don't buy into the doomsday prep it is still something really unique to see. stuart: you were on for two minutes, you packed a great deal but it was very good, really intriguing, doomsday place to go and see on mansion global. thanks for being with us. we will be watching at 8:00 pm eastern on fox business prime. coming up, sandra smith, brandon judd and the roy

murdoch. we are in the middle of an inflation spiral, the fed's job to stop it, that usually means a recession. "my take" next. ♪♪ when performance varies. invesco's s&p 500 equal weight etf, rsp, is spread equally across the s&p 500, which reduces potential concentration risk and helps keep your portfolio in balance. stay in balance with invesco's rsp.

>> i want the president to be successful was the problem is his policies suck. they don't work. they are making the country worse. he doesn't have a plan to tackle inflation. >> he knows voters blame him for spending money, that's the origin of the inflation we were witnessing, refused to take ownership of that and won't level with the american people and until your honest about a problem you can't solve a problem. >> too many job vacancies as the number of people out of work and that can put upward pressure on wages and benefits and what not and this will extend the biographic inflation. >> we 've hit peak inflation but a higher level than people expected. there is very little clarity into what the inflation situation will look like. we have a bear market.

♪♪ stuart: good morning, everybody. it at 11:00 eastern time on wednesday, june 3rd - june first 2. we have a turnaround from wall street at 9:30 eastern, 200 points higher for the dow, 11:00 eastern down 192 on the dow. minor losses for the s&p and the nasdaq. the price of oil coming in at one hundred $15 a barrel. the 10 year treasury yield has moved up to a 2 week high, 2. 92%. %. that's the financial markets. it is particularly unsettling when you see prices rising rapidly, the feeling that you are in a spiral and don't know where it will end. many people are getting that feeling today. gas went up a full $0.05 to a

new record for dollars and $0.67 a gallon across the country. drivers will shake their heads when they see the new hire gas station prices and $8 gas, $9 diesel attestation in los angeles. it is an outlier but the shock will ripple across the country. it is always about $5 in 7 states. this is energy price inflation writ large. it will lead to more inflation across the economy and so will this, over 11 million job openings, 11 million positions begging to be filled. employers will offer more money and better benefits to bring people who will get the job done. we are right in the middle of the inflation spiral. it is the fed's job to stop it, that means a recession. that means political change. like 40 years ago the chronic

inflation of the 1970s ended when the fed engineered chronic recession and ronald reagan on the presidency in a landslide. third hour of "varney and company" starts right now. you know this man, eddie gabor who has been right on the stock market. we are in an inflationary spiral and this new jewel -- jobs report, 11 million job openings makes inflation worse. what say you? >> absolutely. it continues to be bearish and when you look at the backdrop, one of the toughest environments for small business. i talk to small businesses every weekend many of them hope to breakeven. some know they will lose money to hold onto their employees so

you are seeing an economy that is decelerating at a historically fast rate, the fastest in history and it is happening around the globe. we are heading in my opinion for a potential global recession, and those that are not positioned for it, very surprised with how match higher risk assets can go. we are waving the caution flag once again, to lighten up. stuart: use infrequently on this program in the last couple months. stocks go down 20% from where they are now down another 20% if what happens, what happens? >> the s&p has to be down 30%, 20% from where we are today and that is a very realistic thing to expect from investors but

these bear market bounces people hope, hope is not an investment, focus on the numbers. it continues to deteriorate week after week, the second-quarter earnings we have been warning people about, they start to see companies revised down and that surprises the markets. it shouldn't but is going to if people buy these dips and it is the wrong thing to do. stuart: i've got the yield on the 10 year treasury at 2. 9%. you think it is going to 2% even by the end of the year. if that were to happen what would it tell you about the economy? >> the economy is going into recession. the bond market is started ominous stock market in my opinion a lot bond market has it right. long-term treasury yesterday, we plan to buy two more purchases, hitting 3% before it starts going down but this economic data gets weaker, you

see the 10 year note in our opinion feed the market to go down but i believe treasuries are a wonderful way to diversify and have a nice plus side in the coming months. of the when you got that from you, eddie ghabour. i have been saying what's wrong with the 2-year treasury, hold it to maturity, take your 2% yield and you are dead safe. you were listening to me. >> that is right. the other thing and investor needs to understand is it is okay not to be fully invested. there are times in history paying huge dividends to be patient and hold cash and that is when you are going into a major recession. a shift here, don't get stuck in the rally. stuart: we are having a problem with the audio but we caught the gist of what you have to say. we hear as we understand, we will see you again soon. i've got a headline from foxnews.com.

biden's hi gas prices and war on fossil fuels prove the president's cold, cruel and callous. the author of that piece is the roy murdoch. that was a personal attack on the president. >> personal attack and a well-deserved one. these unbelievable gas prices, $80 a gallon in california the place where i grew up in the national average when he took office was $2.37 a gallon. 4.67, $0.05 overnight, and increase of 97% for a gallon of regular gasoline in 17 months, the destruction this man it tips policies created are severe and disturbing and this is not an accident, this is deliberate, this is policies he began on inauguration day. blue when i do agree with you. i agree with you. but what you are saying his

personal. you are saying he is cold and callous. what in his behavior, his statements make you say he is cold and callous? >> i think he sees and understands that these prices not just on gasoline but everything else, 8. 3% on employment rate, the worst we've seen in 40 years his response has been that this is an incredible transition from fossil fuels to green energy as if we should be thanking him for the increase in oil prices and gasoline, he wants to put get sick and tired of high gasoline prices, to buy teslas and other electric vehicles even though the average electric car cost 43% more than the average car across the automotive industry and rather than doing anything that will help, doubling down, two weeks ago shut down oil and gas leases in alaska in the gulf of mexico. if he cared and wanted to help, take a step back, pump some more oil, do so in environmentally friendly way,

inflation come down, gas prices come down, his poll numbers go up, democrats political opportunities for november improve and he is so wedded to the green new deal kind of religion that he's doubling down, tripling down on this and if people suffer that's too bad for them. stuart: i wonder if you saw this. in california they are about to release reparations for slavery, report details the harm done to african-americans, recommend ways to address those wrongs. what do you make of the idea of reparations. >> i grew up in california. when i was there as a teenager and all that and in college, people tended to get along across racial lines. at the same time in california, wildfires that burned the place to the ground and pumped carbon dioxide into the atmosphere and

gavin newsom isn't focused on that are crime or terrible education situation, he's going to start a divisive debate over slavery and reparations in a state that wasn't part of the confederacy where there wasn't slavery, astonishing he's focused on this when his state is burning to the ground with the highest gas prices in the country, are to focus on that rather than tearing a state in two over something that happened one hundred 60 years ago. blue one should there be any reparations, payments at all? >> i think if you can find direct descendents of slaves, direct slaveowners you can arrange a transfer from one to the other, that is fine but people living in california who arrived 10 or 15 or 20 years ago and were not involved in this shouldn't be having their taxes increased to pay money to people who may have continuous connection to the sort of thing at best. we ought to unify california. this is great way to divide california and the rest of the nation. stuart: thank you for being here, see you again soon. we are going to look at some

movers, walmart, gap, down 2%. lauren: virtual annual shareholder meeting kicks off an hour from now. separate the idea with the gas to sell home products on walmart.com. both stocks down sharply. stuart: good rx. how do you pronounce that? good rx? lauren: the discounted prescription company down 7%, they downgraded the stock to neutral and they said earlier this year kroger stopped accepting certain drug accounts and they worry that more grocers and retailers will do the same to good rx. that spells significant chunk of lost business potentially for this company. we want stock is down 70%. facebook, meta, when are they going to be meta? lauren: june 9th, next thursday.

that is when the ticker officially changes to meta. i always called them and i thought it would be okay to call them facebook as long as the ticker was fb but it is moving to meta. stuart: we will have to say meta. no longer get away with what used to be called facebook. you can't say google. lauren: there ticker is geo 0g -- stuart: is more like google. stuart: it is going to be meta on june 9th and the stock is up 1/4 of 1%. we can finish that one. new york the latest state to suspend the gas tax. which is $0.16 a gallon. drivers in new york paying an average of $4.93 for regular, up $0.60 in the last month suspending the gas tax in new york state. crime surging in los angeles but one woman running for mayor

wants to 118 the police, she thinks social services will clean the city up. a group of republican lawmakers on the southern border getting a firsthand look at the migrant crisis after thousands of people entered the country illegally over the memorial weekend. griff jenkins joins us from the border next. (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.

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stuart: the accusation is the administration handed the border over to the cartels, the number of migrants continues to surge reaching new highs. are you seeing any cartel activity there?

>> reporter: i sure am. moments ago where i'm standing a group of 60 migrants apprehended by border patrol, here's the cartel activity, a color-coded bracelet, a specific number, they are moving migrants across the board with assembly line efficiency and let me show you the trash left behind when you have these groups. in the last 24 hours in the rio grande valley sector they had 1693 apprehensions coming in groups like the one i described. let me show you video of the group that was apprehended here, 60 plus migrants from honduras, guatemala, nicaragua, some from cuba and even as far away as venezuela. they also had serious criminals over the past few days being apprehended. one man convicted of kidnapping in south carolina.

two mexican nationals convicted also of rape and second-degree murder but over west in the del rio sector over the memorial day weekend it was off the charts. is a message posted by the acting that beauty chief of the del rio sector. >> we found ourselves overcapacity. that was a direct result of having a busy weekend where we made 4,000 apprehensions in the sector. we had 47 rescues, individuals if not for quick actions of our men and women in the field. >> the chief also posting the exact numbers on this full-screen, 4000 apprehensions. the second number so important, those are the known got aways. 1600, 52 over the memorial day weekend. they don't want to be caught, evaded capture for whatever reason, we don't know who they are and those are the ones known to proceed on camera they don't have a number for the

ones that totally came across being detected. i believe you with the cartel being led by ranking member of the house budget committee congressman jason smith, republican lawmakers will hear firsthand from border patrol agents who will tell them they are overwhelmed and need more resources, can't change the policies of this administration but they could get more help than they need now certainly before title 42. lauren: it would be nice if something happened. be one thank you very much. brandon judd is the national border patrol council president. you have been fired up about the cartels on the border for a long time. has anything changed? >> reporter: yes. there's been a lot of change. it has gotten a lot worse. that is the change. great to see griff on the border. he does a great job. he did good job describing these bracelets and how these,

cartels operating efficiently. they are able to exploit our policies and use policies against us and get commonly aliens into the country, fentanyl, higher value products, a list, they are doing it very efficiently and making a mockery of policies and putting united states citizens in danger and that should never be allowed to happen from a president or administration. stuart: the number of illegals coming in shepherd and by the cartels implies an enormous revenue for the cartels. is that revenue, the cartels, have they disrupted the government of mexico? >> they have. the government of mexico, we know it is very corrupt. we know the cartels, the government of mexico isn't going to do what is necessary to stop these cartels unless the government puts the

requisite pressure on them. we saw that under donald trump, put pressure on mexico, mexico actually became a security partner but they only did it because he was threatening tariffs and if this administration would do the same thing mexico would step to the plate but without that massacre will allow it to happen because these cartels, billions of dollars of profit and that money goes back to the mexican economy. they want to continue to see this going on because it is a boost to their economy. stuart: 1600 got aways evaded border patrol over the weekend and are in the country right now, don't know who they are but there is a congressional delegation going down there today. they will ask for more patrol officers, more border officers. are they going to get them? >> we are at a problem. when you look at the defund the police movement across the united states.

a lot less people applying for border patrol today than ever before. we are losing more agents. we lost 300 agents last year than we were able to hire, we were down 2000 agents, we are in some serious dire straits. even if they gave us more agents the only thing we are doing is processing people faster and releasing them faster, that encourages the cartels to send more people, the cartels recognize what the capacities are, they understand if they flood us too much there is too much recognition by the national media that will come on this. they operate efficiently and smart. we what i want to leave it at this, we understand your exasperation. thank you for sharing it with us, see us again soon. look at this. one mayoral candidate in los angeles looks to bob wallace the police if she is elected. lauren: she is a business owner

and a member of an antiracist group and she says, quote, white supremacy is codified into our legal system created to build white wealth and law enforcement is its watchdog. the la mayoral primary, crime, homelessness, these are the issues, she's not a front runner, here is who is, billionaire real estate developer rick caruso and karen bass, caruso wants more cops, 1500 more to be exact. he's the past president of the la police commission. the question otherwise the so important? has it gotten so bad in los angeles, one of america's top democratic power centers, that they could elect a billionaire businessman and former republican as their mayor? and it looks like they might. stuart: that would be a wonderful thing to see and we put it as a headline on "varney and company". lauren: and have him on the show. everyone a surprising number of

americans spending $250,000 a year living paycheck to paycheck. go ahead. surprise me. what percentage of people who earn a quarter million dollars a year are living paycheck to paycheck? stuart: 36% and we don't feel bad for them. they don't face hardship. they are just spending all the money that they make and the point of the story is the middle and upper middle class say their quality-of-life is getting hit by inflation. they are swiping credit cards more. inflation is hitting everybody and when you go to the polls and look at quality-of-life, things are not working for me. that is not hardship. you don't feel bad for them. we are pointing out that inflation is now affecting folks making 1/$4 million a year. stuart: thanks very much. las vegas doing away with one of its most famous traditions, why little wedding chapels could soon turn into heartbreak hotel's. do you see this?

senior advisor to the president jean sperling will not say where gas prices are headed. roll tape. >> give us the forecast, where can you have gas prices? by the end of the year where will they be? >> this is a serious issue. what you are doing right now is putting in the position of being a forecaster. stuart: sandra smith putting his feet to the fire, sandra joins me next. ♪♪ if you invest in the s&p 500 your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp,

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i only sing-along with elvis songs? that is las vegas. lauren: the same hip moves. stuart: you know what they used to call him? elvis of the pelvis. atchison city. elvis themed weddings, the company sent cease and desist letters to wedding chapels.

stop using elvis impersonator's. the new rule will decimate their business. check the markets, check the downside, the dow slipped further south, down 300 and the nasdaq is down 100 points. the movie start with amazon. >> is there a business angle somewhere? you know, amazon is on a terrific four day rally, four days and two years and europe 20% the past five sessions, the 20-1 stock split at the end of this week. the second largest e-commerce player after amazon in north america, shopify wants to split at some point this year, we don't know when yet. google splitting 20-one mid july. wall street has been buzzing about how cheap google and meta have become. roughly 13 times, 17 times next

year's earnings. if you believe the earnings the price might not be attractive. stuart: salesforce up huge last time we checked. susan: the peak was 15%. the salesforce, profit guidance for the year, and the price target cuts of this morning, most are still predicting 20% upside from the year and salesforce cloud strength lifting other cloud plays like snowflake. stuart: finally what do you have? susan: streamers versus theaters. a check on the consumer because stranger things for record viewership 250 hours this weekend, top gun 2, $150 million plus ticket sales. you can also filter in as well, 5 million went into the theaters in north america.

it tells me consumption is strong and the breakout mentality, want to do something that is dominating. stuart: theaters coming back, 5 million went to the movies. top gun was the big deal. susan: if you think about netflix is it really dying? 250 million hours streamed for one show. lauren: stranger things, my 6-year-old nephew has been visiting me the last few days after school was out, that is his show. take from that what you will. stuart: i certainly will. let's get to the formal introduction. here we go. look at this. gas up a full $0.05 overnight to another record high, $4.67. inflation spiraling out of control, sandra is with me a, grilled by jean sperling on rising gas prices but you

didn't get referred. >> i am all shook up. these were really fair questions i was asking. senior advisor to the president, fair questions to ask when people are suffering. here's a little bit of it. where can you have gas prices? let's say by the end of the year, where will they be? >> this is a serious issue. what you are doing is trying to put me in the position of being forecaster. >> what is your ability to control those prices and bring them down? >> what you want from your president is they are doing everything they can. stuart: what do you think of the president's plan fighting inflation in the wall street journal? >> i was hopeful the white house was serious about tackling a problem that most think they are too late to address but they were serious

about this, the president was zeroing in on this problem finally, the president is obsessed with high gas prices and bringing him down. i spoke to jean sperling asking about based on this plan, where does that leave us a couple months ago, gas prices. to say you are not a forecaster, any economic plan or policy should have a forecast meaning, lower than they are today. the last i checked an economist's job is forecast. who is advising the president. you saw janet yellen giving an interview to cnn. wolf blitzer played out multiple times as prices were rising, asked about inflation being transitory, that it was and prices would not become a problem for the american

people, he played out, she did take some responsibility for getting things wrong. can they right the ship, can they get this right, does this plan show anything different from what they laid out about it. larry kudlow on his show, there's nothing different than what we've seen from this administration. stuart: that is a political dilemma. his approval rating dropped below 50% in 49 states, lower than donald trump's as a matter of fact. it will be hard for him to make any kind of political comeback by november. >> his approval rating below 50% in 49 states including california and new york and as low as 19% in west virginia, 23% in tennessee, you've got a big deployment of his economic

advisers, top advisers to the president hitting tv waves out there. you have to wonder what the messaging was from the president. deep nbc reporting citing anonymous sources, the white house says this is not the way things happen but the president according to the reporting is saying get out there, fix this and fight for me on the messaging and what he is trying to do here. a one it is not a messaging problem, it is a planning problem, policy problem but i will be watching your performance at 1:00 eastern time, america reports. thanks for being here. or member the famous car from back to the future? role it. >> welcome to my latest esperance, this is the big one, the one i have been waiting for all my life. >> it's a delorean. blue when the delorean is getting an electric makeover and we are going to show it to you. elon musk has a message for remote workers at is a, come back to the office or find another job.

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stuart: the producers pick some excellent music. that is austin, texas, the home of tesla. we are playing that song should i stay or should i go because elon musk just station ultimatum to tesla workers. >> he says you are working 40 hours a week at least physically at your job at tesla or you ain't working for chesler. this is the exact word, anyone who wishes to do remote work must be in the office for a minimum of 40 hours a week or depart.

i think a lot of executives are cheering what he just said because they want their workers back. we when i think so. lauren: it is a tight labor market and the workers have the upper hand but maybe not at tesla. stuart: you are going to report on it. a new report says people will soon have virtual children in the meta-verse. nonsense to explain. >> virtual children, remember the pet toys out of japan? ai experts predict it would be common to have a baby in the meta-verse. is that where we are headed? no response ability. you have a monthly subscription, you turn the power button off so you can go to bed, no response ability. stuart: it is human life we are talking about, not some

electronic screen. lauren: much easier to have a baby in the meta verse. stuart: let's get serious. parents with real babies, have trouble finding formula. the president, what is he asking for? lauren: he is asking for an update on the situation. 23% of powered formula out of stock versus 20 one% the prior week. it is a problem even though the formula, a roundtable today. abbott which is at the center of the crisis because there michigan plant is shut down will not be at this meeting. we were not invited? lauren: i think not invited but i am not sure. stuart: i suggest if he's not invited the ceo of abbott is being used as a fall guy taking

some of the blame. lauren: this prevents an opportunity for australia to get the product on our shelves. a quarter million cans, 2 million cans of baby formula from the uk, parents are actually feeding baby food earlier. two solider purées, they were not getting them formula for the transition. stuart: show me the dow 30. 2070 the dow 30, the dow itself is 350 points. the average price for a gallon of diesel in florida has

jumped, two hundred $0.50 per gallon, that is extraordinary. my next guest is an egg farmer, running for agricultural commissioner in florida, rising fuel costs are a huge problem. he will join us after this. ♪♪ ♪♪ trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back.

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tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. stuart: look at the left-hand side of the screen, the all electric and all new delorean alpha 5, 0 to 60, less than three seconds, top speed 155 miles an hour. this new delorean set to arrive in america in 2024, that would be 40 years after a delorean was featured in the hit movie back to the future. gas prices surging to another record high, $4.67 for a gallon of regular now and some states are trying to bring relief to drivers by suspending the gas tax. how much could people save in new york?

>> reporter: about $0.16 per gallon. the holiday on gas tax in new york starts the and last to the end of the year. the gas station where we are it started the morning by charging $5.37 per gallon of regular, setting it back to $5.19 because of the suspension of the gas tax. this is going to save consumers or cost the state of new york $585 million through the end of the year. critics say it is a bad policy move because it will encourage gas consumption and further drive prices. >> artificially lowering one portion for limited period of time changes the demand, it will increase demand while supply is constricted. >> reporter: a handful of other states have also cut drivers a

break temporarily suspending the state tax but other states like california are instead raking in the tax revenue from consumers, gas prices soared, california has the highest average price per gallon of gas, $6.19 and also has the highest state tax on fuel at $0.51 a gallon. this year expected to raking $8.8 billion on tax sales. we see gas prices spiking $0.05 on average overnight. critics are saying the conversation about saving us from the pain at the pump is not about taxes but rather about producing more oil and gas to mystically. stuart: great, thanks for joining us, we will be back to you later. the average price per gallon of gas in florida has surged to $4.65 regular, diesel, $5.53.

wilton simpson is a candidate for agriculture commissioner in florida. he joins me now. take me through it. how are rising fuel costs hurting florida's farmers, you are negative farmer. >> thank you for having me. it is hurting us and florida farmers are working hard to overcome president biden's economic increments. when you think of the average farmer, all of us have to deliver our product to the stores and we are paying $5.50 for diesel and fertilizers that go to our crops, everything has nearly doubled in the last two years under biden's administration, stifling and if you don't do something and food supply. stuart: fertilizer is almost doubled, the corn feed for the

chicken has gone straight up and diesel going up as well. of these extra costs been passed on to the consumer? >> 100% and what happens like any other commodity, our biggest challenge in the midst of these challenges the avian flu has hit the united states, that is also put a strain on domestic supply so the biden administration, we are fighting inflation and avian flu. stuart: what about your profit margin? >> goes up and down, we are in the same, nearly doubled and profit margins. not making more money but halting twice as much to produce. stuart: donald trump has endorsed you the agriculture commissioner, did you ask for the endorsement.

>> governor desantis, his first four years, two years, the last two years, and obviously when donald trump, $0.50 diesel fertilizer was preferred and great economic policies have been out the door with really and inexperienced crew, the people running the country, they have never been on a farm, don't understand what it takes to get a product from a farm to a store and the labor involved in doing it and calls associated and this is, they are reorganizing the country so we can have more electric vehicles. blue what i have heard a lot of that on this program. appreciate it. all right.

11:55, the trivia question this wednesday, what percentage of homes in america are at least 50 years old. 30, 40, 56%, the answer after this.

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stuart: all right. what percentage of the homes in america are at least 50 years old. lauren, you're first. lauren: i went with 50%, number three. stuart: okay. i would actually go with 60%.

what's the answer? 40%. lauren: ooh, okay. stuart: that's it. that's according to harvard. they also say that 80 percent of the 137 million homes in america are at least 20 years old. not sure how that works, but nonetheless. i'm surprised, i thought a lot would be older than that. apparently not. all right. you know, it comes that certain time of day, we're approaching noon. my time is up so, neil, it's yours. niewl niewl -- neil: all right, stuart, thank you very much. a selloff at the corner of wall and broad, a bit of a wash in the month of may. there's a tug-of-war going on between those optimistic about business growth, we saw that in salesforce, after hours trading showing robust business growth. we are not seeing it in a host of other areas, most notably among technology companies that are starting the beginning of what could be a layoff process right now, layoffs in that sector the highest we've seen since 2020.