they create a recession can't get rid of inflation. >> what larry summers has been predicamenting dow industrials lows of the morning down 25 points, christian whiton john lonski stephanie pomboy lisa er ric i know johnnie steve, austin have we appreciate your stuart: can you get anyfor people on that screen , maria? that was a full screen right there. maria: and jam a couple more on there next report. stuart: good idea, good morning, maria, good morning, everyone. look, i suppose i should lead with the jobs report, even though harry was boo'd at the ju bilee, and elon has a super-bad feeling about the economy, alphas it nateing stuff and we will get to it, but first, i've got to do it, the jobs report. strong, 390,000 jobs added the rate stayed at 3.6%, average

hourly wages up 5.2% over the past year that's the big money number, bottom line, it's a strong labor market, but wage gains are still being overshadow ed at least by inflation. here's the market response. a sell-off, the dow's going to be down about 200 points down 40 on the , i'm sorry on the s&p, 170 points down on the nasdaq. this is important. the yield on the 10 year treasury getting pretty close to the 3% level as we speak. that's not good for stocks especially big tech. the price of oil going up $117 per barrel as we speak, and bitcoin, a few moments ago it was below 30,000 it's still there, 29, 500 is your quote there and then we have the inflation juggernaut, man it's rolling on. gas went up $0.05 overnight. the new high is 4.76 a gallon, there are eight states where the average is above $5 and california, well that's gone up to 6.24. we're in a spiral, gas is up $

0.17 in a week. as for diesel, another new high there, 5.58 a gallon, that is up an astonishing $2.40 a gallon from one year ago. that's the markets now this. two titans of industry sounding the alarm on the economy. elon musk says he has "a super- bad feeling about the economy" he's downsizing tesla, dropping 10% of its workforce, big drop for tesla stop pre-market is down $35, 4.5 %. earlier top banker jamie dimon warned about an economic hurricane coming right at us, brace yourself, he says. now look at this. taken inside st. paul's cathedral during the jubilee thanksgiving service. prince william gets the front row, brother harry in the second row, on on the other side of the church: clearly there are a -list royals and b-list

royals and for the first time in my memory prince harry along with his wife megan were boo'd by the crowd as they entered the church, jobs, elon, harry have we got a show for you , friday, june 3, 2022 "varney" & company, the american edition is about to begin. this is how we roll ♪ stuart: it's friday, of course, right? people work three days in the office and take friday off for a long weekend that's how it works. the jobs report, i am compelled to report on it. well, it's not it's good stuff look 390,000 jobs addedded in may. lauren: it's a goldie locks report, there's a takeaway for everybody, a data point for everybody who wants to confirm their beliefs. the good news is the participation rate takes out

service-type jobs, that's also where a lot of the inflation is, look leisure and hospitality up 84,000, education and health services up 74,000, wage growth cooled, annual basis up 5.2% it was up 5.5% the month prior. stuart: yeah, you're right, there's something good for everybody in there, i think lauren: that was my takeaway. stuart: how about this? gas prices, absolutely speaking, again, overnight, up $0.05 just overnight. 4.76 for the average for regular what is it now? earlier i said it was eight states above $5 a gallon. lauren: and there's no wage growth that can makeup for this. let's show you the eight states where you're paying at least $5 mostly on the west coast and gas buddy says yeah, it's likely going to be $5 nationally in a couple of days, come the middle of june, right? at this rate, gas prices are up $0.17 in one week, there is a real possibility and a worry that drivers are going to start to shift their habits that's what triple a says and you have to adjust when that happens.

so, president biden says he doesn't have an immediate fix for this. gas prices aren't coming down in the near future so now he's making a trip to saudi arabia this month, to rebuild relations with the oil-rich nation of saudi arabia. making them a pariah for the human rights abuses like the murder of the journalist jamal kashoge, can he say, you know, saudi arabia, let's work together to isolate russia from opec plus, that be a faith-saving move but this is desperation that we need oil, because gas prices are up $ 0.17 in one week. stuart: so our president has to go to saudi arabia. lauren: begging. stuart: to beg them to produce more oil, but he won't do that in america. he will not open up america for the full potential of oil drilling which we have. won't do it. won't do it. but i digress, do i not. oh, we've got to get to the elon musk headline of the day. he doesn't like the way the economy looks and he doesn't

want to employ so many people at tesla, spell it out. lauren: okay, so musk says he has a super-bad feeling about the economy and he wants to cut 10% of staff at tesla that's about 10,000 jobs, that is according to an emajority ill that was seen by reuters. i'm going with scare tactic because two days ago elon musk warns you have to physically be in the office at least 40 hours a week or else, right? so we got that warning, and then he's looking at his margins. the price of everything going up , the lockdowns in china, production down there, he's getting hit really hard, so i see this as his way of getting ahead of what could be bad news for tesla. stuart: that's pretty good. a fine piece of analysis right there on a friday morning. that's very good. no objection to that at all. david lefkowitz is with us, all right, david, we have the jobs report i call that strong, musk saying the economy feels super bad down the road, jamie dimon about an economic hurricane coming right at us.

do those factors, those statements, does that effect your market outlook at all? >> it definitely does, stuart. look the big issue is the fed. the fed is trying to slow down this economy to get inflation back under control. everything you were just talking about earlier, in terms of inflation we're seeing in lots of places, and i think that's what jamie dimon is worried about, i think i'm assuming that's what elon musk is worried about, and look, there are headwinds. we are going to see a slowdown in the economy and that's still on the comp so i think, i think it's going to be hard for the markets to have a sustainable rally in the near term because of this slowdown that we are likely , we're just in the beginning of and it's likely going to last for several months , so we've actually downgraded our views on the equity market a bit, so we're looking for markets to be up a little bit by the end of the year, but we don't have strong confidence that we've

seen the bottom in this market, because of the slowdown that we are anticipating in the economy. stuart: now, you think, however, that we can avoid a recession, slowdown the economy but no recession? >> correct. look it's a tough call, but our economics team does believe that we will avoid a recession. i think there's a few factors that give us some comfort here. first, the fed is very aware of theish issue. if they raise rates too much that's a risk we will go into a recession. the fed is very aware of this which is i think why they want to raise rates a bit more and then go slowly, in terms of raising rates, to try to fine tune monetary policy. consumers, yes, inflation is a big problem, but consumers are sitting on $2 trillion of cash that was accumulated during the pandemic so there are some buffers there but yeah, the fed doesn't have, the track record on soft landings is tough. stuart: you're in a very difficult position.

>> yeah, why do you say that? stuart: you've got to figure out where this markets going when you've got rampant inflation, very strong labor market, rising interest rates, and all hell breaking loose. i mean, it's a very difficult job to figure out where to put your money. >> yeah, look, i do think we're going to see these headwinds for sometime, so i think you've got to be, you've got to position portfolios for a wider range of outcomes. i don't think there's reason to panic especially after nearly a 20% decline already, but i also don't think we're going to see a rally back to the highs anytime soon just given these headwinds until there's certainty on the outlook. stuart: okay fair enough, thanks for being here, appreciate it, always, thank you. president biden calling for tighter restrictions on purchasing guns. watch this , please. >> we need to ban assault weapons and high capacity magazines and if we can't ban assault weapons then we should raise the age to purchase them from 18 to 21. these are rational, common sense

measures. stuart: that was a national address on guns. todd piro joins me. is this the issue, guns, the democrats are going to take to the elections, as inflation rages? todd: it has to be, stuart, and let me explain who their target is. it is not the red state district it is not the blue state district. it is squarely the purple district, and specifically, the soccer moms in that purple district. trump won them in 2016, trump lost them in 2020, and then you sort of saw biden begin to lose them slowly. now, it is snowballing because of the combination of inflation, like you mentioned gas prices through the roof and crime. now hear me out on crime. crime versus what happens in school are different. the biden administration has done a horrific job on crime so far. you see not only the bad parts of cities but now the good parts of cities and suburbs are getting subject to crime. put them all in the mix, all of those trump, no pun intended, what we're seeing with regard to gun violence, and you have to figure, as we get closer to

november, gun violence is going to recede from the headlines, inflation as you've reported, not going away anytime soon and look, stuart, by november when election day is, we could see $6 a gallon gas. that's insane, and that is detrimental to that soccer mom. stuart: absolutely the politics of $6 gas unimaginable, quite frankly, but we're almost there. todd, good stuff. thank you very much indeed, todd we'll see you again later. got to get to the jubilee. day two kicked off with a verse of thanksgiving at st. pauls cathedral. the queen was not in attendance she felt discomfort after yesterday's celebrations. what we've seen so far, lauren, and i've been watching all morning it amounts to a royal split doesn't it? lauren: yeah, literally so the duke and dutchess of cambridge which is william and kate, on the right of the cathedral and across the aisle from them you have the duke and dutchess of sussex, harry and meghan. that's clearly a split, in fact the last time the four were seen

together was over two years ago. the queen is very popular among the british people, harry and meghan are not and it was very evident when she arrived at st. pauls. [cathedral bells ringing] lauren: that's the boo'ing as they were leaving the cathedral and look they took it in stride and they are smiling but i think they feel very uncomfortable inside. stuart: yeah, todd, are you still with us? todd: i am still, stuart. stuart: you watching the jubilee celebration? what do you think? todd: i was paid to watch it because i had to be backup in case they lost the shot in london, we were on the "fox & friends" couch, so i've been watching for eight hours and i just think it's sad. i have a brother. i would hate to see this be the situation with my brother but at the same time, my brother also didn't attack my family and call everybody racist, so, you know,

there you have it. stuart: yeah it's quite an unusual situation. i can never remember a situation where a british royal family member was booed at all, let alone like that coming oust of church. go ahead last word. todd: especially somebody like harry, who just a few years ago, was arguably one of the , if not the most popular royal, at least among, you know, teenage girls but now, now he's there. stuart: he is indeed. todd thank you very much indeed. see you again later. back to the markets and check futures i see a lot of red. we're down 200 on the dow, 170 on the nasdaq. how's this for a headline. listen up, new york, florida sucks, and you'll be back in five years. lauren: [laughter] stuart: sorry about that folks. i didn't write it, i did not, that's a new york post op-ed, karol markowicz is one of those new yorkers who fled to florida. she's on the show, and i don't think she's coming back, but she is on the show today. first though, the view tells us how they really feel about republicans.

roll tape. >> don't vote for republicans. >> i'm now with you, joy. get rid of republicans, get rid of the party. >> [applause] >> the party as it stands now, because it's a party of white supremacy. stuart: did you catch the vigorous applause there? republican congressman byron donalds is coming up next, i can't wait to hear what he has to say about that. we'll be right back. mind your own business ♪

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cloudy, 78 degrees. now this. the co-hosts of the view are making waves again. this time, they're not mincing words when it comes to the republican party. roll tape. >> don't vote for republicans, right now, you can go back to it after we get gun laws. >> i'm now with you, joy. get rid of republicans, get rid of the party. [applause] >> the party as it stands now, because it's a party of white supremacy. it's the party of massacres at this point. it's the party that you just, you can't trust. stuart: gee, do you think that's just a tad over-the-top? congressman byron donalds republican from the great state of florida joins me now. congressman, are you part of the party of the white supremacy >> no. i actually don't know what the view is talking about. look, for the ladies at the view , i've got one request. let me come on your show, because trust me, we will have a very vivid debate about what the

republican party actually is versus what your warped view of the republican party maybe. look they get to have these conversations on their show, with everybody clapping in the audience, with no give-back, no give-and-take, nobody challenging their world view, especially on the national stage it'll be my pleasure to challenge their view. that's all i've got to say about the ladies at the view. stuart: the challenge is on the table, and i hope they pick it up, good stuff. now let's get serious. president biden is going to cancel $5 billion worth of student loans, targeted at people who attended schools operated by corinthian colleges, now congressman, i know you're not happy about that, but my question to you is, do you oppose the cancellation of any student debt at all? >> yes, i oppose all cancellation of student debt. number one, there is a contract between the person who decided to take the loans and the loan company you owe the money to. you signed a contract. if you took student loans, you have to pay them back.

this creates a major moral hazard if we're going to set precedent that now loans can just simply be forgiven because the president of the united states sucks at his job and he needs to raise his poll numbers. that's a terrible way to do business anywhere. we should not allow debt to simply be waived because the president needs to get a bump in his poll ratings. stuart: is it an election issue? >> no. it's not an election issue. listen this is one of those things that the democrats like to promise, like they promise so many things they are going to take care of daycare and take care of you getting food, they are going to take care of the climate, but we've seen their plans in action. their plans are disastrous. our inflation that we're dealing with right now is the result of democrat promises to take care of people. it does not work that way. there are no free lunches in the world, and when democrat policies allowed to actually occur, things only get worse. we should not be forgiving student loan debt. i know people struggle with it. i made my student loan payments

as well, but people have to payback the money that they borrow. that's the way the entire financial system works. stuart: i was in florida last week, last weekend i should say. i paid $5 for a gallon of gas at one station. what are your constituents, you're just a bit north in fort myers that area, what do folks up there think about $5 gas? >> oh, they're furious. they are pissed about this , and it doesn't have to be this way. if joe biden didn't decide to have a war on fossil fuels and a war on gasoline, which by the way is hurting poor families all across the country, it's hurting seniors on fixed income all across the country, we be in a better spot. he's choosing to do this , america. stuart: congressman byron donald s we hope you have a great weekend and we'll see you again real soon that's a fact, thank you, sir. the administration's going to start paying their interns, youngsters working at the white house, going to make money. how much? lauren: $750 a week, it's spread over 14 weeks comes to just over

$10,000. it is the first time they will ever be paid, and fall intern class will be the first in- person since the pandemic. the reason is equity. the white house says they want students of all backgrounds to be able to participate in an internship without, you know, affordability holding them back. stuart: okay, so you've got to pay money, so that everybody has an equal shot of getting it. lauren: $750 a week for an intern not in finance is pretty good. stuart: yeah, okay. lauren: i never got paid to be an intern. stuart: all right, check futures we're on the downside folks, down 240-250 for the dow industrials down close to 180 on the nasdaq. plenty of selling this friday morning, we'll be right back. ♪

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stuart: all right, lots of red ink on the left-hand side of your screen the dow is down about 270, nasdaq down 200, mark mahaney is with us this morning. i want to talk about netflix. they had a really rough ride since they hit what 600 bucks a share now down to 200. you have a price target?

>> oh, yes, we do of 300. we're on the sidelines on this stock. this company went ex-growth the way i refer to it earlier this year we downgraded the stock. it was a phenomenonal service grade management team. it was a phenomenonal stock for a decade single best performing s&p 500 stock for the last decade, but if you go ex-growth and have a high multiple your stocks going to get punished and that's exactly what happened with netflix. there maybe a buy at some point but i think you have to wait a year or year and a half. they had a shareholder meeting earlier this week abdomen and the two biggest issues are how are you reigning in that cost structure you have and can you rollout effectively an add- supported solution and the answers to those especially the latter one will take a year or more to figure out. in the meantime it's a no-such stock. stuart: can you get your subscribers back is another issue i presume. let's have a look at chewy obviously the pet retail people got that. i know you're bullish on them. they are at $28 a share. why are you bullish? >> yeah.

well, i think it's one of the two leading pet retailers in the u.s. , the other one of course being amazon, and there's a bunch of other players in there too, walmart and pet co, so a lot of competition they started off with a negative but this company has built up 21 million very loyal customers and what they're seeing is people stay on with chewy over the years buy dramatically more. the first year people buy 200 of the 50 that are on chewy they are buying $500 a year providing for their pets and pets i think are a recessionary resistant. it turns out we're willing to stick with our spending on our dogs and cats and whatever pets we have largely through recessions it seems to be one of the few areas of consumer spend that's recession resistant so maybe a bit of a defensive play if we go into that. stuart: okay got it we have done chewy and the other one which i can't remember. lauren: amazon. stuart: mark, i'm getting confused it's friday, a long week and i've been watching the jubilee too much that's a fact. mark mahaney you're all right,

thanks for being here, fella. thank you very much. all right, the opening bell will ring in about 15-20 seconds. and i'm sorry to say that we're going to have some selling at the opening bell. >> [opening bell ringing] stuart: we've got a strong jobs report and interest rates on the 10 year treasury moved up very close to 3% that's kind of off-putting the stock market investors, and now the markets open this is a friday morning, we're off, we're running and here we go. i'm expecting to see a lot of red ink and that's what we've got right from the start the dow is down 300 points, and the vast majority of the dow 30 are in the red. i see only three winners, 27 losers. so the dow is down 260. the s&p has opened with a loss of just over 1%. i'm pretty sure we've got the same story on the nasdaq, actually down more than that at 218 point drop that is 1.7% down for the nasdaq. all the big tech stocks on the downside, amazon, microsoft,

alphabet, meta, apple, all down. i want to start with tesla. it's down again this morning, 41 points lower, 5% lower, on news that musk is thinking about cutting a lot of jobs. susan is with me. what more do we know? >> so super-bad feeling about the economy. that's what you heard from elon musk. not new, by the way, since he thinks there's going to be a recession coming and things will be tough for at least 12-18 months and you heard that in that 90 minute all-in podcast which i'm sure, stu listened to a few weeks ago. now tesla employees around 100,000 people around so 10% what is that 10,000 but also there's a lot of speculation on the market about whether or not this is just an excuse for elon musk to fire those workers who won't get back into the office full time, so instead of a lay off, it could be just a natural attrition, people don't want to go back to the office. that's not a lay off. it doesn't say anything about our business and what's happening in shanghai, berlin, austin, and freemont.

now i would also caution today's jobs number shows that the there's a pretty tight job market here in the u.s.. we're going to find the people to replace them, right? stuart: yup. >> okay so and then we talked about jamie dimon forecasting that hurricane. i would caution that jamie dimon isn't always correct. remember when he called 4% treasury yields in 2018? did we ever see anything close to 4% back then? stuart: okay. >> the answer is no. stuart: you can be wrong. he was wrong then. i hope he's wrong now. we'll see. >> yes. stuart: okta, software company used by people -- >> like you. stuart: yes indeed even though i don't know much about it but that's a big healthy gain, 16%. >> so i think cybersecurity is definitely the growth trend and i'll tell you more about the arguments in the markets for that so outperformance, well that's an understatement there for the id security company, big beat to start the year, better sales, higher profit, no impact they say from that hack in march and no impact from ukraine, china, or even

inflation. didn't have an impact on their bottom line so not only raising guidance for the springtime, but also the full year. stuart: crowdstrike. >> another cybersecurity company, fantastic business during covid and a great start to this year, making more sales, more profit. in fact profit tripled from last year. i mean, tripled. recurring revenue even jumped 60 % and you know what that tells me, that subscriptions are up. stuart: yeah, but why are they down? >> because the stock is down 15 % this year. they've outperformed in the last two to three years. this stock has almost doubled i think during that time. stuart: so it's kind of a natural take your money and run. >> if you're only down 15% on the year you're doing better than most of the nasdaq which is down 25% so that's out performance right there. stuart: outperformance, losing less than everybody else. outperformance. >> well i believe that didn't someone say, i think it was bill miller one of the famous investors says in a bear market if you don't lose money that's a win. stuart: that's right. he who loses least wins. >> correct. stuart: let's get to amazon.

what happens monday with the stock split. >> 20 for 1, so you're going to get amazon for 100 bucks and change and i'm laughing because i'm trying to think if stu be enticed by just a hundred bucks for one share. stuart: i know that these days if you want to buy 100 for a share of amazon you can do that. >> yeah, fraction it, that's right but let's say it gets when it's cheaper and it gets included in the dow, that also means that more index funds can buy the stock and what does that mean for the stock price? it goes up, right? i think that's probably the main motivating factor for amazon, so best five-day run in the companies seven-year history 20% over five days and don't forget google is splitting on july 15 so that's a 20 for 1 stock split there too. stuart: amazon, very slight pullback today. that's it. >> but still, a few weeks ago it was closer to $2,000, the fact you're up 2,500 in two weeks? stuart: that's pretty good and i missed it. lululemon, yoga pants people and they make a lot more than

yoga pants and they're dead flat didn't they raise their forecast >> they did, so yesterday when those numbers came out they actually had a great after-hour session better-than-expected start to the year, raising full year forecast and guidance and they say they are still seeing continued strong demand for their premium sportswear despite the fact more people are going back into the office and in fact is the best quarter since the pandemic for lulu, and they had targeted price hikes for some of their products do you know what that means though when you can raise prices and continue to keep people buying them? that means you outperform in this market and get bids basically. stuart: i can see it, yup, lululemon, great company. >> you haven't bought into the spandex? stuart: not yet. >> nor will we picture that. stuart: don't. kohl's, change the subject. have they found anybody to buy them yet? >> yes, so the wall street journal reporting the retailer has received numerous takeover bids talking about private equity group here

sycamore, also retail holding company, franchise group so the bid here is that sycamore is looking, well they are valuing kohl's in the mid-50s that's pretty good upside premium there , and franchise group is offering $60 so that's roughly 50% more than what they're currently trading at so we know kohl's has been on the market, lagging other retailers and we know that there's been active investors pushing for a sale. stuart: no sale just yet. >> not yet but a premium of 50% in this type of market? stuart: yeah, how about the airlines. >> numerous. stuart: all down. >> i'm surprised because remember when delta raised their guidance for travel and we saw this big pop in the stock, we had american doing that this morning as well talking about a recovery in travel demand despite the fact that you have airfares up 20% month-over- more we're at a record pace here in that price increase, but also, alaska just boosted its current quarter revenue outlook as well, saying

they are looking at sustained strong demand, right? and the stronger demand is offsetting the few higher fuel costs for them. i thought that was really interesting and then there's takeover, frontier is ponying up that $250 million break fee reverse break fee to get their deal to buy spirit to shareholders as you know jetblue is trying to go hostile and take spirit for shelves. stuart: i would never buy an airline stock. >> well you did in the past though. stuart: i lost my shirt, i'll never do it again. >> i forget the name of the airline. stuart: it was people express. >> by the way when do we celebrate your jubilee, on air? [laughter] stuart: well lauren simonetti drawing it up. my jubilee? >> yeah because we're celebrat ing 70 years of verse for the queen on the throne, right? stuart: i've already turned 70. >> i know but what about your verse to the world of television stuart: i've been in television for 48 years. >> two more years that wouldn't be a platinum obviously, that be a diamond?

lauren: gold. stuart: 50 is gold. >> we'll note that on the calendar. stuart: just buy me an ounce or two and i'll be happy. do we have any dow wins? johnson & johnson, chevron, ibm is there $140 a share. s&p 500 winners headed by twitter, $40.98 a share that's the price on twitter right there hormel foods, nasdaq winners ok ta up nearly 12%, kraft heinz, gillum gilead science, check the board in business for eight minutes down .70% that's 228 points the 10 year treasury just not quite at 3%, # .96 to be precise, gold 1,864, bitcoin as it made 30,000 again? no, 29, 600 at the moment, oil 117 bucks a barrel, nat gas 8.50 and the average price for a

gallon of gas that's the headline this morning, 4.76 will you look at that up just $ 0.05 overnight. california? 6.24 is the average for regular. all right coming up, elon musk now says his optimist robot could be ready by this fall and what you're seeing is an actor dressed up as a robot. the real thing is coming we're told and we've got details on it you ready for rolling blackouts this summer? yeah, it is a possibility, and not just in california. there's a big push to get workers back to the office, but some of them say they just can't afford the gas. full report on that, after this. ♪

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♪ working 9-5 what a way to make a

living ♪ stuart: is this classified as country music? lauren: yes it is. stuart: so we're only playing country music today, did you know that? lauren: uh-huh, did you request it? stuart: by my special request that's right looking at the country, oklahoma heading to 82 degrees this friday morning. a reminder, if you like the music we play follow us on spotify scan the qr code on your screen and hit "follow." away you go. gas prices, yeah, new high, $ 4.76 a gallon, now that has some employees hitting the pause on their return-to-work. hillary vaughn in virginia. what's this about employees signing petitions to keep working from home? reporter: well, stuart, that's because gas is above $5 in at least eight states right now in the u.s. including illinois, california, oregon, washington, nevada, arizona, alaska, and hawaii. california really is the key one , because that is where a lot

of tech workers are based, and a lot of them cannot afford to live right next to the office, so they're commuting pretty long hours so in response to a return -to-work order, google map contract employees put out a petition to try to get out of having to show up to the office, because gas prices right now are so high. cognizant technology solutions is the contractor for google maps. their employee petition wrote this. gas is around $5 per gallon currently and many of us in the office are not able to afford to live close to the office due to our low salaries and the high cost of housing right outside seattle in bothel. the alphabet worker union that represents google workers is also using the price of gas to push for higher pay saying when you're not even paid enough to make it to work there's a problem, so some alphabet employees were expected to be at work on monday, but the union protested and was able to get a

90 day return-to-work extension, but stuart, when you look at it, americans have saved a pretty penny over the pasture years, during the pandemic working from their living rooms instead of going into the office, collectively, u.s. workers saved $758 million a day by working from home in 2020 by the economist working at up-work , that's their analysis, but still the biden administration insists that president biden has taken extraordinary steps to try to blunt the pain at the pump. >> the president has taken extraordinary historic action to put a million barrels a day of oil on to the market right now as a bridge so for when the private sector -- >> it's not having an impact on prices though. >> that step blunted the impact of prices, independent analysts would confirm that that step blunted the impact and run-up in prices. reporter: and stuart, some businesses are trying to work with workers and make adjustments, offering

subsidies for fuel, even subsid ies for parking trying to get people to work, but other bosses are taking a different approach. you have someone like elon musk telling his tesla employees that they either need to show up to work in the office or they need to quit. stuart? stuart: yeah, we heard that loud and clear, hillary thank you very much indeed. check those markets, please. 16 minutes into the friday morning trading session and we got a lot of red ink. look at that, especially the nasdaq composite which is down 250 points that's better than 2% that's a significant loss. negative factors on the market this morning. inflation, you seen what's going on with gas prices. we have the very strong jobs report, not very strong, it's a strong jobs report, which has moved interest rates up close to 3%. investors don't like that. we also have statements from musk and jamie dimon about the future of the economy looking pretty grim. look at tesla. i'm going to say that's the standout downside mover of the day back to $717 a share,

that is down 7.5%. musk saying he doesn't like the look of the economy. he's saying we're going to drop 10% of the workforce, tesla stock straight down. coming up, how hard is it to hire new restaurant staff right now? what's the problems? i'll ask ceo of p. f. chang, he's on the show next and yes, let me show you london, on the second day of platinum jubilee celebrations for queen elizabeth. big royal split developing right before our eyes, and harry was booed, we'll hear more about that in a moment. ♪ i have patients coming in and they say they feel little twinges.

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we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 stuart: the ceo of p. f. chang's is with us this morning, lots of interesting stuff to talk about. he is the ceo and he joins us now. sir, last year, you had what, 2,000 unfilled job openings across your chain. i just want to know what is it?

what is it that people don't like, restaurant work? the pay? the hours? what's the big problem hiring people? >> yeah, you know, it's an economy-wide problem, so you look at kind of pre-pandemic to now, the labor participation is down materially, it's down from about 63.5% to 62.3% in the latest job report so that almost 2 million people that left the labor force, and there's a number of reasons for that. i think one has to be the stimulus that was received and asset prices appreciating, so some people felt like they didn't need to work and on top of that, there's, we have to look at ourselves and industry and make sure we're being competitive on pay, being thoughtful about employees as people, and making sure that we are attractive places for people to choose to come to work. stuart: well have you got all the workers you need because i think you're opening three flagship stores in different

locations. have you got everybody you need? >> we do for those locations we do but chain-wide, we're still understaffed in some locations, and it holds us back, right? there's a handful of locations where we're running limited hours or dinner-only, or closing on certain days and those are the locations where we're really focused on getting fully staffed so we can serve our guests and offer the best p. f. chang's experience we possibly can. stuart: what about this to go idea, i know it's take food out of the restaurant. what portion of your business is takeaway right now? >> you know it's about a third of our business, right? between delivery, take out, and catering so off-premise sales just over 35%, and that's much higher, when we bought the business three years ago it was about 18% so we saw a spike during the pandemic, and its come unsettled but now it's growing quarter-over-quarter so it wasn't a pandemic-only trend so things have settled and still

growing every quarter so this is a permanent change in the way that people behave, they are more comfortable with digital ordering, pickup, delivery so as it's a part of the business you have to be good at or else you'll be left behind. stuart: that is fascinating, p. f. chang's one-third of your business done out of the restaurant. >> 80% of that is digital so out of that one-third 80% is on the app, website or third party and again that was when we bought the business 30% of our off-premise sales were digital now it's 80. stuart: that's extraordinary. >> it is. stuart: i'm sorry i'm out of time, that was interesting. you came through for us that was really cool. thank you very much indeed. >> my pleasure. happy to be here, you take care. stuart: all right, i've got a story about fast food, chick-fil-a. lauren: yes. stuart: testing robots to deliver the food how is that going to work? lauren: the chicken is going to cross the road literally because you order chick-fil-a a pilot in

austin, texas you'll see it's shaped like a box, it's a robot on wheels. it delivers you your order, you get a text message and a code, and you open it up and there your order is. it's refraction ai is the name of the company. i thought we would see the robot , i'm sorry i was looking forward to seeing it so we're in the future. stuart: one of these days we'll get to see it thanks very much lauren. markets quick check, please, open for 26 minutes, in the red, 200 down for the dow, 200 down for the nasdaq, still ahead. ohio congressman jim jordan, brian kilmeade, steve hilton, tammy bruce, the 10:00 hour is next. ♪ (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right?

(fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. .. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause status. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor start an anti-diarrheal and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur.

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>> i have been watching you and my little butterflies running her wings into the future and that is why i want to give you a few shares.

stuart: i've got to get this. the background band, i like country news exiting in the middle of new york city. it is 10:00 eastern straight to the market and plenty of red ink, the dow is down 200 nasdaq by 186, the s&p down 1%, the 10 year treasury yield was getting close to 3%, still to 3%,

still is, 2.95%. oil, last time we checked was $1.17 per barrel. bitcoin last time we checked was below 30,000, still there, 29-6 is the level for bitcoin as we speak. the latest read on the service sector of the economy. do we have a number? lauren: it is an economic indicator, the very inflationary services sector. it is also the second month and much more than expected. when we got the job openings report a few days ago there were 2.2 million jobs open in business services so does this suggest a cooling? stuart: 2.2 million jobs. lauren: the most of all the categories. stuart: that did not impact the stock market. so let's do this. now this.

now we know, it is in the new york times, the progressives have spelled out what they would do to fight inflation. it is dangerous economic nonsense. congressman roe carter is a california democrat, leader of the progressive caucus. he writes this. there is way more biden can do to lower prices. his plan which he writes out, he goes over the top, he is a socialist, he demands an emergency task force to organize massive government buying of food and energy. the government would buy wheat, corn, natural gas, they would buy when the price dips. that is his word. he says the government will buy when they see a dip. this task force would buy in massive quantities when the bureaucracy thinks it's the use a dip. what does he think what happened when the government steps in with tens of billions of dollars?

the price would go up. that is how markets work, that would be inflationary. there is more. congressman carter wants to use the national guard and the. are, quote, to address the labor shortage. whatever that means. you wants wage subsidies for workers to offset inflation. none of these measures would lower prices. one last point about the emergency task force to do all that food buying on price dips congressman carter wants janet yellen on it even though the treasury secretary admitted being wrong on inflation. pete buttigieg failed to take the crisis, energy secretary jennifer graham is contributed mightily to energy price inflation. this is the bureaucracy that will spring into action, reprice food and energy. it is political poison and economic nonsense.

the second hour of varney just getting warmed up. let's get straight to this. i didn't realize we were going to do so quickly to the jubilee celebration in london. tammy bruce is with us and i want to talk about the queen's 70 years on the throne. is the queen a symbol for women worldwide? >> for one second here i am on the same screen with the queen. i love her. i think most of us do. she remains a symbol of humor, of duty, of commitment to family, of understanding responsibility, a woman and her generation understanding growing up through world war ii, responsible as that young woman who would eventually become queen, working on cars as a mechanic, as a driver, her

parents stayed in london with the blitz, she and her sister were sent out, she grew up at a time she understood about sacrifice and now we have a different generation but she remains as does her daughter-in-law kate, remarkable example that understanding responsibility and duty is not generational or even class-based. kate is a commoner. queen elizabeth is the ultimate experience in being the elite and diana, this is about character and queen elizabeth is an example of what is possible, the nature of what women can accomplish and responsibility to family, country and community. beautiful looks ordinary woman. stuart: we saw a royal split. put up that picture inside st. paul's cathedral, william on

the front row, harry in the second row on the other side, the a list royals and the b list royal, harry was. going in. >> the polls in england as they are here, harry and megan markel are not really well-liked and it is because they seem to be the opposite of the decorum, respect for family. we all have problems with family but you don't go on television and discuss it no matter who you are and those things aren't appreciated. the stability it offers, structurally, the thing to look up to and to aspire to when it comes not just to stability but respect for yourselves, for your family, for your country, these are things that are important, we need more of that here. our structure is important but too many people discuss messing with it and that disturbs the stability of what we look forward to and what brings us

our future. stuart: yet again tammy bruce and i agree on a friday morning. >> let me say about your "my take," the socialist plan, the fire department decided to put gasoline in their hoses. let's put gasoline on the fire. you can stay home. stuart: we agree on everything. elon musk making headlines again. he just endorsed a political candidate who is it? >> ever go to the grove in la? the real estate billionaire who developed the grove and many other shopping malls, rick caruso, former republican, now a democrat and this is what elon musk rights about him, los angeles is fortunate to have someone like that running for mayor, it is rare for me to endorse political candidates. my political leanings are moderate, neither fully

republican or democrat, which i'm confident is the case for most americans. exec it of competence, super under related in politics, we should care more about that. exec of competence but also common sense. caruso is a law and order candidate. he wants 1500 more police officers in los angeles and he just said i want you to go for a walk and feel safe doing so, something so simple is what he's campaigning on. feel safe in beautiful los angeles. stuart: i wonder what that will do with the district attorney. this is a republican who becomes a democrat so he can be elected. you can't get elected as a republican in california, >> reporter: affiliation and get elected. lauren: california is full of billionaires. it is unlikely, she poured a lot of money into the governors campaign, didn't work, someone like rick caruso, crime and

homelessness can the appeal to people who don't feel safe anymore. stuart: are got to get back to the markets. not a chronic selloff mode. dan tsuzuki, market watcher this morning. i read your stuff and i think you believe that tech is basically a bubble, that has not yet burst. make your case. >> it has been a while. the reason this part of the market is in a bubble is not just that it is expensive, not just a sign of speculation, you are seeing every participant out there in society trying to participate in the tech

investments, leverage coming, is part of our society. these parts of the market have their own stadium so that is how we know it is a bubble and we think the bubble is bursting. over a 6-month period you are off to the races, they usually go down more longer but they are never -- stuart: a lot of these big techs being chopped off at the knees. a lot of my down 25%, 30%. a haircut and 1/2 already. >> just because they go down, cheaper than they were doesn't make them cheap. by the way the point i was making before is when they go down even if they get to the point they are objectively cheap, the history of markets tells you future leadership is different, they may at some

point find a bottom but the bottom is not going to be the leadership of the next we 10 years so there is no rush to jump into these things. you saw worst carnage in the tech sector 30 days, 6 months into the tech bubble bursting into thousands. then another 56% lower, not to say that will go out to see but to the point just because they've gone down, doesn't mean they can't go down more. stuart: you just killed my retirement plan. come back again soon. looking at the movers micron is moving down 6%. lauren: they got there first barash rating in months. they cut them to underweight, oversized exposure to the consumer with mobile and pc market more susceptible to a slowdown in the lowest on the street price target which is $90, above where we are now.

blue one turning point therapeutics, do cancer treatment. >> $73 in change, bristol-myers squibb is buying them for $76 a share or $4.1 billion in cash. we when they came in with a high bid over the price of the stock. joann. >> 17%. they are quoting unprecedented. high inflation, typical reasons but more susceptible, stock is selling off big time. the retail environment has softened. blue when the baby formula shortage keeps getting worse. one in 5 states 90% out of it. more on that just ahead. listen up, new york.

florida sucks and will all be back in 5 years. carol markowitz made the move from new york to florida. is she going to come back? i doubt it but carol will join us next. ♪♪ ♪♪ what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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going to do country music. it is raining in miami right now. it is a headline in the new york post. florida sucks and you will all be back in five years. my next guest moved her family to florida during the pandemic, carol moscowitz is on the show now. what do you say, will you be back in 5 years? >> no i won't. it is funny to me that this piece, i see him vacationing in florida all the time, frequently in florida, he knows florida is so great, the greatest govern the country, sustained way of life. i won't be back in new york, a land that is still masking toddlers. stuart: the guy who wrote the piece says you got to pay

astronomical prices for flood insurance, very slow pace of life, people don't do anything and they are all trying to escape the summer rain. what do you say to that? >> i was back in new york last week, why is everybody honking all the time. there are a lot of things about new york i don't miss and the things he is highlighting are so per referral to lives of floridians, flood insurance, we don't have state income tax, get back to me when you can accomplish that. i love new york, i will never talk badly about it, i will never root against it but i have small kids, have to get to a place of sanity in florida with that place. stuart: i want to bring up masking very young children. in new york city parents are calling out the mayor because he is keeping the toddler mask mandate in place. two to four-year-olds are the only ones with a mask requirements. i don't understand that.

>> when you've done something so insane and anti-science, can't stop doing this crazy thing you've done for no reason at all, i think it is a real problem where the majority of new yorkers are not outraged about this. there are new yorkers fighting against this but the majority going on about their lives, haven't stuck all the pandemic restrictions on the youngest people in society. most places never masked 2-year-olds in 2,020-twenty one. the fact that new york is doing it in june 2022 says bad things about my beloved city. stuart: have any of your children, the whole time you've been in florida, have they ever had to wear a mask to school? or anything else? >> not at all. i don't know where their masks are.

the only time they have worn masks since they moved to florida was one flight to new york to visit family in march. ever since the restrictions were lifted on flights, they are never wearing them again. masking toddlers, a response column in tomorrow's new york post about what makes florida so great but those two things are deeply related. you can't have a crazy plate that masks toddlers and, the best city in the world and say they are doing the right thing because they are super not. crime and so much more. stuart: i think you made your point many times over and made it very well, carol markowitz, thanks for being here. what is this about the administration holding school lunch money hostage? lauren: if a school does not say in its policies the disco nation based on gender identity is prohibited, that school will

have their free or affordable lunch program revoked, 30 million students rely on that program per day. so right now the biden administration is trying to tie children's nutrition to social justice. >> we see the biden administration using children as ponds in the social justice gender ideology game they are playing. the federal government to come in and tie school nutrition and school lunch programs to this radical ideology is terrifying and appalling. >> if your school prohibits a transgender child thing certain sports or using a certain bathroom and your kid needs a discounted lunch they wouldn't be able to get it. the usda made this announcement but it is not official yet. they open up to public comment where you can weigh in and obviously it will be challenged. what an unfortunate link.

stuart: a stupid tie up between nutrition and social justice. there concept of social justice. they should not be linked to. in my opinion. of the one lauren: it is not moral if you ask me. stuart: dow industrials 180, it is down 210 points, the 10 year treasury yield, getting to 3%, it is not there, 2.93%, that still hurts big tech stocks. coming up, getting people back to the office wasn't hard already, soaring gas prices have workers pushing back on their costly commute. we have a report on it. violent robberies, marijuana shops spiking in places like seattle. a report on that too. we will be back.

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stuart: president biden is about to speak on the main jobs report, we will tell you if any headlines out of his presentation. markets market on the downside across the board.

the dow is down 200 them in nasdaq down 200 points. microsoft way down at the beginning, watch the story. lauren: they closed higher by. 8%. and and maybe that is an overreaction. it is a wash. there's a side story here. microsoft, $59 billion, activision blizzard voted to unionize their workers. the first for the videogame industry in recent times. microsoft very political. brad smith put out a blog, going to collaborate with workers who want to unionize. it is a different approach to amazon.

stuart: aux he petroleum of the leading stock of the dow, the s&p up 2%. lauren: oil prices rise after opec says they will cut a little more. adding supply to the market. it is not going to make much difference. stuart: it is inexplicable. the price goes up. rhs and restoration -- lauren: it was up, the forecast wasn't great. they sell expensive furniture but their first-quarter results, record earnings. they are not down. stuart: seattle has seen a spike in violent robberies, marijuana dispensaries, federal

legislation to allow credit card payments that would take a lot of cash. our seattle guys jason rans who joined me now. marijuana recreational marijuana. and the violence we have seen in downtown seattle. >> very easy targets for violent criminals, a huge surge of crimes, these are cash heavy businesses who can't do credit card work. in the into room. the police departments, when you have a 911 call, officers have a long time to get to the scene.

and basically said unless you have probable cause of violent crime occurred to pursue in the vehicle, so as long as you do that, get in the car, they are never tracked by police. stuart: you've been reporting and problems on downtown seattle. what does downtown seattle look-alike, sound like a war zone. >> no longer the war zone it was, things have gotten a lot better in the downtown court. a lot of that has to do with mayor bruce harrell trying to clean up downtown ahead of the tourist season. we expect to have more tourists in seattle now that covid hasn't gone away but is not

where it was a year or two ago so trying to clean up the space. the problem is he is still competing with decriminalization of drugs, in fairness to the jokes of legalized pot. not weed that is causing problems downtown across the state, lots of fentanyl use, meth and heroin, those are the drugs that are causing huge problems downtown so things have gotten better from where they were but still nowhere near where we needed to be. stuart: are you in favor of legalizing recreational marijuana? >> i go back and forth on this. i'm generally okay with this so long as it is regulated. the problem is in the state of washington they legalize weed without any understanding of the context of what it means like not using credit cards in a store which means making these shops more susceptible to crime. on top of that they tax it so

crazy that the black market is alive and well not just in washington but oregon also. it is much cheaper to purchase weed illegally, you will not get prosecuted for it so we are not doing anything other than giving a slightly different safer option for some people who don't want to buy on the streets. i find myself in the middle on this leaning toward legalization. of the when jason grants, good report on seattle. the city's police department staffing crisis is getting worse. what's the story? lauren: not taking any new sexual assault cases. they don't have detectives to investigate, they can't do it. i will give you an example, in 2,019 before the pandemic 12 detectives in that unit, they have four in the schools are open now which means more visible to teachers when a child or teenager might be a victim of sexual abuse and no one to do anything about it because it would be a new case

in the seattle police department can't investigate it because they literally don't have the staff. they said it would take 5 or 10 years for them to get back to normal after the riots of two years ago. blue when there is something else here. what is this about seattle canceling 7 months worth of parking? lauren: during the george floyd protest they took response ability away from the police department and gave them to the transportation department but never commissioned the city employees to issue parking tickets but they did. they issued 200,000 over 7 months of those tickets are now voided and for 100,000 drivers who paid them, they will get a refund starting monday. the cost to seattle $5 million. stuart: i think we got that. remember what an actor dressed up as a tesla spot?

elon musk just said when we are going to get the real one, sooner than you think. wasn't long ago when then candidate biden vowed to make saudi arabia a pariah. roll tape. >> president biden: going to make them pay the price and make them a pariah that they are. there is very little social or redeeming value in the present government in saudi arabia. stuart: that was then, this is now, gas prices at record highs, we are going to pay, president biden is going to pay saudi arabia a visit and ask them, beg them to pump more oil, that is next. ♪♪

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stuart: i am not going to call it stability because it is not, the dow is down 300, the nasdaq is down 280. that is the low of the day. plenty of selling, drivers are across the country hand over record gas price, the national average for regular is $4.76%. kelly o'grady, does the present have a solution to get this under control? >> reporter: doesn't seem like it and the president admitted there is little he can do to lower gas prices in the immediate term. that has not stopped the white house from touting their experts so far. brian steed arguing tapping the strategic petroleum reserve reduce the brunt of spice -- price hikes and offer temporary relief. >> the rest of the world is

adapting to the increase in prices and inflation as it should be and that is coming on to the person paying for the gas every day. it is a real shame. >> when is it going to end? you got to get it. that's the thing, you have to pay for the gas. >> reporter: today marks the second straight day of record highs. overnight the record jump to $4.76, just to cents shy of double the price when president biden took office. hopes are resting on opec plus, increasing the size of oil supply hikes by 50% and the president is hoping for more. he is set to visit market leader saudi arabia to rebuild relations with the nation he promised to punish as a pariah but there is growing skepticism that will improve pain at the pump. the opec increase will likely plug the hole from a year but he did russian oil ban but not increase supply from current levels.

i want to drive home how bad things are. los angeles a bit higher here. look at this, 15 gallons, $103 to fill up your tank but i want to mention before i went live with you they change that price to $6.99, that is $0.14 higher, 103, that is history. stuart: in the right place at the right time to see the price go up to $6.99 for regular. extraordinary. great stuff, thank you very much. energy price inflation is one of the reasons we have another heading south on the stock market, the dow is down $3.15, almost 1%, look at the nasdaq, down close to 300 points. you've got a lot of selling this friday morning. let's get to the baby formula shortage. it is getting worse and worse and worse.

lauren: it is 74% nationally but look at this map, it is worse than 74% in 10 states where it topped 90%. in arizona, mississippi, tennessee, louisiana, rhode island in the east and the worst in georgia 94% out of stock. i feel so bad for them. stuart: that is tough. no hope of serious supplies coming on stream within weeks. >> reporter: tomorrow the michigan plant will reopen but it has to get up and running and get the formula out to the supplier so it will take more weeks. stuart: i am just looking at my phone here trying to figure out why the dow is down so much. apple is a dow stock and apple is down nearly $6 and that is a big part of the dow's 300 point selloff. one more item for lauren here.

federal investigators looking into the fda's response to the baby formula recall. where does it start? >> reporter: the office of the inspector general will investigate the fda and what the to the february recall and release the findings next year. will take time to find out why. the whole timeline is uncomfortable for a lot of people. september 2021 the fda went to the abbott michigan plant and found they weren't washing their hands properly. the same day we learned an infant became sick after drinking the formula. fast forward one month, the whistleblower blasts abbott for bad practices but the fda waits until december to interview that person, recall happens in february when the white house said it knew of the severity of the problem even the president said it is june. we one bureaucratic mess. thank you very much.

yesterday's house hearing on guns quickly turned fiery. watch this. >> now we know where they want to go. their real beef is with the second amendment. >> enough with these bogus arguments about the second amendment. we when congressman jim jordan will be with us in the next hour. inflation out of control, the biden administration doesn't know what to do about it. brian kilmeade has that story, his opinion too after this. ♪♪ worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. ♪ ♪

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stuart: this looks kind of ugly. the dow is down 260. it is a fool to percentage points on the downside, a lot of red ink. let me show you apple leading the dow. apple is down 3.5%, a big drop, apple is back $145 a share.

lauren: no specific one but lump them in with big tech stocks. the jobs report early this morning gives the fed cover they could hike rates which is not good for the balance sheets of big tech companies. in the backdrop you have jamie dimon saying an economic hurricane is coming, elon musk has a super bad feeling about the economy. it is crypto winter. crypto does affect the nasdaq with heavily weighted nasdaq stocks selling off on this. underperformance of big tech when you look at the 5 big tech companies their earnings are down one. 4%. the larger s&p 500 that measure is up over 13% so they cite underperformance -- stuart: let's go where we go, dow is down 270 coming nasdaq down 260.

the yield on the 10 year treasury not reaching 3%, 2.93%. it is a time of inflation. bitcoin still below $30,000 a coin, 29-3 is your price, oil going up, opec says putting out a lot more oil. the price of oil is up one hundred $19 a share, natural gas close to $9 per british thermal unit and regular gas $4.76 is now your average. $10.51. here is brian kilmeade. we are tearing our hair out, gas is going up a nickel a day. where does it end? >> reporter: so many democrats are upset by this. you can do something about inflation -- stuart: did he say what he is going to do? did you read the story? honor is a progressive.

he writes a guest essay in the new york times saying what will cut inflation. he wants the government to go out and buy vast quantities of wheat, corn, oil, soybeans, all that kind of stuff. he thinks that will be a great time if the government buys at all and distributes it around the country. have you ever heard such bloodied nonsense? >> it is true, that and other interesting things to say, when the left, you know what he's he is doing? saying we could do something, throwing up your hands and say i can't do anything about it, it is not my fault, blame janet yellen, it is not transitory, it is not me, i am not a mind reader, stephanie murphy, democratic congresswoman said the stuff you are saying is not real, it is just for campaign talk, what no substance they are. that is important. when leon panetta says apologize, say you are wrong about the economy. get together and solve the problem.

it goes beyond your show, neil's show on the business channel and our network when people go to the gas pump, when they take out a loan to get their first house, interest rates are going up. the cookouts are canceled, the vacation no longer works, when prices on jet fuel is so high, when you can't staff a plane to get you where you want to go because they can't fill jobs in this country, that is when people go when did this happen, who started this and what is he doing? stuart: how does it look to foreigners who look at america? the shelves are empty and grocery stores, there is a formula shortage. gas prices are going to the moon. probably going to have rolling blackouts this summer. how does america look to foreigners at this point? looks pretty bad. >> if this was yemen, algeria,

if this was russia they would say what are you going to do? the economy is a mess, there's rolling blackouts because we are determined to go on this slow roll of a green transformation, this is all self-inflicted because the fda didn't listen to the baby manufacturer that if you shut down the abbott plans, 40% of the market will collapse. they call target, walmart and said get ready, start consolidating as much as possible because you are not going to believe what is going to hit us. one thing foreigners going to say is america has great wealth, going outside every day and throwing it in the street. the other thing i would say is josh brogan had a great column after world war ii, did a great job pulling off the best and brightest to come here, get away from nazi germany and communist soviet union and right now 140,000 russians who

want out of that crazy country, bunch of smart people in hong kong who had a mini democracy who want no part of china. let's start greasing the path to come here. people lined up to come here legally like stuart varney did legally, accelerate the process because we have so many open jobs and start -- those are the things you do if you want to make america better. stuart: exasperating to see everything going wrong and nothing being done about it. >> we have the natural resources and don't need any favors, just need competent leadership. it was all within our grasp. stuart: we are watching on one:00 nation on fox news channel. >> between 8:00 and 9:00 watching the show. stuart: still ahead, steve hilton, jonathan koenig and

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check out angi.com today. angi... and done. >> hard for the markets to have a sustainable rally because of the slowdown, we are just in the beginning and it will last several months. our economic scene does believe we will avoid a recession. >> being competitive, anyway in those locations it holds us back. there are ample locations and limited hours. the best experience the best we can. >> this part of the market is in a bubble not just that it is expensive.

that's a sign of speculation. really part of our society. when we think the bubble is bursting there's a lot further to go. >> the president of the united states sucks at his job and needs to raise his poll numbers. ♪♪ stuart: welcome to all country music friday on friday june 3rd, '11:00 eastern time. see what is happening here, not pretty. nasdaq down over 300 points. 2.5%. show me oil please, significant gain in the price up to $119 a barrel, energy price inflation doesn't help the stock market, the 10 year treasury yield at 2. 96%, we had been heading

towards 3%. another big sign for stock market investment. now this. here comes what i am going to call the summer of discontent. rolling blackouts on the way. people who run the electric grid issuing warnings for all across the country. parts of michigan and wisconsin and minnesota face, quote, a high risk of energy emergency. southern illinois in the same boat. new mexico's attorney general is prepared for, quote, worst-case scenarios. california on notice, the state faces a shortfall of electricity and texas, and extended heat wave. the grid is in bad shape because the climate crowd withheld investment and utilities are phasing out fossil fuels but renewables can't take up the slack.

states are having trouble getting electricity from other states because regulators and landowners can't agree on powerlines and number 4, you can't use natural gas through pipelines. how will america look and feel this summer? we already have chronic inflation, $5, $6 gas has arrived, store shelves not exactly loaded. water restrictions in california. rolling blackouts also on the horizon. this is not what democrats want to see right before the november elections but unless they do a 180 on energy and regulation that is what they are going to get and so are we. third hour of varney just getting started. steve hilton is the california guy and the california guy is with us now. you are going to have a rough

summer, aren't you? >> yes. as in previous years, the democrats don't want to see this before the election but it is what they want to see and biden laid that out in his op-ed in the wall street journal talking about the great transition. this is the plan. it is not just incompetence. there is plenty of incompetence but this is part of a deliberate plan they want to move people off of fossil fuels to a new green future. the trouble is they have magical thinking that they can stop fossil fuels and overnight out pops renewable alternatives. it doesn't work like that so in california solar production that can't be used, can't be stored so we are paying other states to take the energy. the windfarms don't work half

the time. we see it with the assault on natural gas which could provide a helpful transitional fuel for energy and other uses but the attack on nuclear power. everywhere you look, the same with the democrats, so superficial, they want to pretend it is going to be green but the actual planning, to have reliable energy in the meantime. stuart: we keep saying the same thing. californians don't seem to object very strongly. terrible things happening but same old same old politics, same old same old policies. >> we will see what happens with the primaries on tuesday. republican candidate state wide might do well for the first time, might even get republican elected statewide and lower position. that is looking good. you will see the far left district attorney in san francisco go down in the recall

tuesday. you will see the republicans making gains in congressional districts in california. it is moving but it is slow and it is a big hill to climb because the democrat machine in california is so strong but a big one to watch is los angeles where you have a mayoral candidate who until 5 minutes ago was a republican looking like he might win on the first round with 50%. that tells you the people are fed up and want change. is there an alternative that is attractive enough to focus on. stuart: find an alternative that is attractive please. i will leave the subject of california and turned to london in the jubilee. look at this. there's an image on the left-hand side of the screen from inside st. paul's cathedral, prince william gets the front row, the a-list royal, harry on the second row on the other side of d asounowry h aararist r

ooedthey ltht ththe the th tt ome e thiserthth ait pl am g the g ls, righri >> t hasn bas b mrfecpeyectl y and ce lly easi re thegr tp he thes he carrl y calw f rkthf thrchyte llwiwit wi ballyttttt causthus the ohethat atat take succession forward and everyone else is on the sidelines and that makes sense. the other point, you can't expect to get good reception in the uk if you attack the queen. whatever people's views on the monarchy there's no doubt that the queen if you're going to have a monarchy it is not possible to imagine a better

example, impossible to imagine a better public servant, lifetime of public service, if you look like you are attacking her you will be very unpopular. stuart: i hate to see harry and megan detract from the grandeur and duty and service of queen elizabeth ii, 96 years old. maybe you will be covering this on the next revolution, 9 p.m. eastern, you might have a word or two, they are californians. see you again soon. show me the markets, not looking good, the dow was down $3.20, the nasdaq is down $3.17, a big decline across the board. jonathan hoehn egg with us this friday morning. you are investing in platinum, the platinum jubilee. >> honoring the queen always, it is not the queen's platinum jubilee i am interested in but

platinum, the purchase metal as an investment. you look for what is working and what is working now, the best indicator of the market is the market and right now as we see in the tech stocks, yesterday's business, commodities are what is working, you talk about oil, platinum is breaking out, it is on my radar screen comes figures of my own money into this fund, this week it is ppt m, etf or cracks platinum prices, exactly where investors should be focusing their money now, not apple, not microsoft. stuart: is platinum and inflation hedge? it has some industrial use but you're buying it as an inflation hedge. >> you've got to buy it because it is going up. what is amazing is how rare platinum is, 30 times more rare than gold. all the plan nevermind would fit up to your ankles in an

olympic swimming pool. it is very rare, very scarce and there's not a lot of it. all the talk about elon musk, $57 billion bid for twitter. all the platinum that exists above ground is only $7 billion, this is a market we could see money flow into and always needs to be part of a diversified portfolio but platinum is an area you want to watch. we went to the last minute tell me why you think big tech will keep falling. >> the trends persist in the market. whether it be amazon or netflix, the market leader for so long, all among the market laggards. doesn't mean they are bad companies or going to go out of business but commodities we've been talking about, that is where the money has been following. that is the blue market so in my mind much better to work, go with what is working than take bottoms and lacking stocks in technology. stuart: you are killing my

retirement fund. >> don't blame the messenger, change retirement fund with all due respect. stuart: there is a thought. lauren: change your retirement. stuart: thanks very much, great to see you. i want to see some movers. american airlines down 7%. lauren: that is an overreaction because the carrier bumped up their revenue forecast for the current quarter, they see robust travel demand. inflation not impacting customers yet. they see revenue going up 13%, costs are going up too but the leisure traveler is back. stuart: they are down 7%. they are up 8%. lauren: they added 800 new customers and saw little impact from the march reach so all-around good news. stuart: how about doordash?

lauren: it is down 11%. the price target from 135 to 82. they are trying to expand in europe, they completed their acquisition, it is impacting today with the prospect of higher rates. stuart: a lot of stocks moving up 6 or 7%. next case abbott labs restarting baby formula production this weekend, but could still take weeks for the formula to reach store shelves. the president wants tighter restrictions on purchasing guns including banning assault weapons. congressman jim jordan calls gun control and attack on the second amendments. first was covid, now high gas prices keeping people out of the office. hillary vaughan has that story from outside dc. hillary is next.

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in heavy fog, rain or smoke. president biden just finished speaking about the jobs report and took a victory lap. what are the headlines? lauren: thanks to my economic plan americans achieve the most robust recovery in history. he says american manufacturing is booming according to the jobs report, 18,000 jobs added last month and families carrying less debt, we are swiping more on credit card to pay for gas and food inflation which he blamed russia for and said russia and putin are the root of inflation. we when that didn't work for investors, started speaking at 10:45 eastern time and at that point the market started to slide further south. am i right? you have the dow off 360,

significant losses on wall street today. gas prices new record high up $0.05 overnight to a national average of $4.76. record high prices complicating companies push to get people to go back to the office. hillary vaughan in arlington, virginia. i gas prices keeping workers at home there? >> reporter: they are. some google employees are protesting showing up to the office because they can't afford the commute to get their. out off about, google's parent company, he when you can't even afford, you are not paid enough to make it to work there's a problem and some google contractors say the cost of gas will wipe out their paycheck writing a petition gas is around $5 a gallon and many of us in the office are not able to afford to live close to the office due to our low salaries in the high cost of housing. not just tech workers, 22% of americans commute 30 minutes or more to work according to

status, some companies offered to lure their workers to the office by subsidizing cost of parking, paying them more to cover the cost of gas. black hawk network and e-commerce surveyed businesses and found bosses are offering all kinds of perks to get people to shop to work in person. a lot of them offering more pay but others getting more creative offering free lunch in the office but bottom line is workers saved a ton of money not showing up to work and that was before gas prices were this high. americans together saved $750 million a day not commuting to work during the pandemic at republicans say president biden's attempt to lower prices was not working. >> all time high prices, the question is who are they going to believe? president biden talking at them or their own two eyes and empty wallets? >> reporter: the president moments ago did admit out loud that people really don't care

why gas prices are so high, his solution for that is getting congress to pass the slimmed down version of build back better. stuart: we will take it. i want to bring in congressman jim jordan, republican from the great state of ohio. huge gas spike in ohio i believe regular in your state jumped more than $0.30 in three days. is that accurate? >> just a couple days it went up like crazy. you know when in your viewers know inflation is the worst tax possible on american families. twee 8 states where it is over $5 a gallon, ohio is on the way. we shouldn't be surprised. i heard when janet yellen said she was surprised about inflation, you spend like crazy, pay people not to work

and drive up the cost of energy and you are surprised, part of me says this is intentional and we started to hear that from president biden, this is a transition period we've got to go through. no it isn't if we do the right energy policies like we have under donald trump we shouldn't have a high price for a gallon of gasoline. stuart: i've got to move on, very important subject of guns, i want to talk about that. president biden calling for title restrictions. roll it please. stuart: we need to ban assault weapons and high-capacity magazines. if we can't ban assault weapons we should raise the age to purchase them from 18 to 20 one. these are rational commonsense measures. stuart: i am pretty sure you don't care for either of those measures. my question would be do you support any new laws to control guns or access to guns at all. >> i don't support anything

that will restrict law-abiding citizens. how to help schools making sure we have trained security personnel, teachers and the overall learning environment, the answer is not an attack on the second amendment. understand what democrats want to do. when you can get a gun, what kind of gun you can get and where and how you stored in your home. that is a direct attack on the second amendment. we've seen what they have done to the first amendment liberties over the last year and 1/2 and here they come for your guns. this is today's radical left. bend the knee, where the mask, give us your guns and pay $5 a gallon for gas, that is president biden's america and -- stuart: how do the republicans address the feeling in this country that something has got to be done? we can't have these mass

shootings on and on and on? how do republicans respond to that feeling? >> you address the problem, don't address the bill that wouldn't address the tragedy that took pl. in texas or tulsa or buffalo, you address the situation and make sure schools around the country are secure, the locks work, security, the school is hardened like it is supposed to be and have trained personnel to protect the. focus on that. that is the right approach, not taking away law-abiding citizens second amendment rights, second amendment liberties. stuart: thanks for being on the show. sorry it is so short but stuff to report. jim jordan, thank you very much. back to the markets heading south big time, dow was off 360, nasdaq is off 330, s&p is down 75. check marriott, the hotel chain, they are suspending all operations in russia along with the rest of the market. do you remember elon musk's dancing humanoid robot?

just an actor in a costume but musk says the real thing could be ready in a few months. we are on it. prince harry and maggie booed as they made their first appearance in the uk since 2020. watch this again. stuart: if you hold on to that you will hear them booing. i never heard a member of the royal family being booed ever. no longer a list royals. we will deal with that next. ♪♪

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stuart: arbeit country music. this is friday and we are playing country music.

that is austin, texas and elon musk, the company may have its humanoid robot up and running within a couple months. here is the two. tesla ai day pushed to september 30th as we may have a prototype working by than. i would love to see it. >> i don't think so. stuart: susan is with us going on about tesla. susan: artificial intelligence working robot by september 30th. you think that is possible? stuart: he likes headlines. susan: you have to take his timeline with the grain of salt. tesla down significantly but if you look at twitter there is some outperformance, twitter spiked this morning by 2%, 3%, the reason is the waiting period has expired to get the elon musk deal through because

that is another hurdle that has been covered in that 54-20 deal but tesla stock falling in a slowing economy, promising a 10% job cut, and even bigger hurdle to get the deal through. stuart: i've got to turn to apple, they were down $5 or $6, 4%, worldwide developers performance monday. susan: they will announce new software upgrades and new operating system called ios 16. we could get hints on a rumored virtual reality glass, the ar glasses, not goggles. apple only does high end devices. they will only release devices once it is ready to go and might cost $3000 but you will be getting high end specs. also we are expecting an announcement of a lighting force usb charger, you had the

year but he did mandating a single mobile charging port by tuesday next week in terms of hardware, a new ipad with superfast and one chips and apple is one of the largest chipmakers. stuart: what is a single port? susan: i will be going to ww bc, you see the charger here, this is an apple exclusive charger meaning it is only an apple shape. the you but he did mandate everybody, any android phone users the same charging type of device. stuart: will reopen as soon as apple? lauren: it needs to change and that is what we are spec the monday. stuart: wise apple down 4%? susan: for treasury yield we are seeing, this isn't a broad selloff.

stuart: let's get to curtos, coin base. susan: we talked about tesla freezing hiring, over coin base, even rescinding accepted job offers which confused me and gemini cutting 10% of their staff, crypto prices might not bounce back. stuart: this is brutal across the board. thank you very much. good luck in california. susan: i will see you in austin right afterwards. stuart: quick check of the markets. the dow is down 300, the s&p down 370. to the queen's platinum jubilee. image from st. paul's cathedral, prince william gets the front row, harry on the second row, when harry and megan left the church they got booed.

the lady in the bottom right-hand corner of the screen, a british royals commentator joins me now. this is an extraordinary situation. a complete split between the brothers and a complete split in the royal family. i've never seen anything like it before. have you? >> i have not and neither have you. last time i was here you asked me what the royal family think of them coming back to the uk. there were concerns about blueing and you said if i was over there i would. too, you're saying a sentiment, you have been an american by choice for many years and many of us have but the british public paid for their wedding. the hypocrisy, during that interview with oprah when he said he wished he had a chance to be on the back of a bicycle like he is and wished he had that, within 43 seconds i had photographs from relatives in england, a photograph of him on the back of a bicycle with

prince charles, the hypocrisy and the taxpayer money, also if you bash the queen and throw her under the royal bus you could expect it. stuart: the queen, the royal family must have invited megan and the duchess of sussex with a view to getting them together. i guess it hadn't worked. >> i beg to differ in a slight way. one should hold one's friends close and when's enemies closer. we all know the queen is wiser than she might seem and i think this was the right thing to do. she is a lady of forgiveness. one reason she has divided without confrontation over such a degree of stability over the years is she tries to rise above and take the high road. she is a perfect example to us all. who hasn't done this in some way, this was the right thing

to do and they got what they deserved. stuart: i am entirely in agreement with you. one last one. at some point it will be king charles, we don't know when but it will happen. what is the public feeling in britain about prince charles? >> no one can speak to the feeling of the british public. what i shall do is to quote the polls for you. the queen remains 80% popularity. even those that aren't royal, nicholas sturgeon, first scottish minister, not exactly pro-english as we know and she likes the queen, respect the queen, nothing positive things to say about her. we can say she's popular and admired. prince charles does not enjoy 80% approval rating, he only enjoys according to the recent poll about 47%. the nation is very split according to the polls. what we can't calculate and no

one can, we all remember the sound outside westminster abbey going back to the valid point about the booing, that sound outside westminster abbey, we didn't know it was, thought it might be rain on the roof. what was it? it was the clapping that started in hyde park when charles spencer, princess diana's brother started talking about blood brother and how she had been treated, that came into westminster abbey, that was the public sentiment then and the sea of flowers, my question to you is where his that sentiment gone? we don't know, we can't calculate. my answer is the nation's split. stuart: i think we are in agreement on that one. absolutely fascinating. thank you for joining us. i'm sure you will be back, a subject we like to talk about. let's get on to the new york city -- in a clickable to me, toddlers in new york city are still being forced to mask up in the city, parents are

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stuart: lake george, new york. we are showing it to you because that is where the last remaining howard johnson restaurant just closed its doors. it was once the largest restaurant chain in the country. the hotel change with the same name still has hundreds. abbott will restart baby

formula production in michigan this weekend. grady trimble is outside the factory. how long will it take for the formula to hit the store shelves? >> reporter: complicated, they start with a specific formula that wasn't impacted, wasn't part of the voluntary recall. that could hit shelves as early as june 20th but the company has not said when the specific brands that were part of the voluntary recall will be made again and even once they start making it again at this factory it could be up to two months before that hits store shelves. while the plant has been closed abbott has been shipping formula from its facility in ireland. the biden administration arranged for formula to be flown from as far as the united kingdom. that's us but despite those efforts the shortage of baby formula has gotten worse in the past couple weeks. you can see it in this chart. if you look across the country

most stores are at 75% out of stock which in some states it is up to 95% like georgia, florida, arizona. robert caleb cast doubt on the reopening of this plant in sturgis, michigan. he said at a hearing on capitol hill it could be several weeks away before it is ready to reopen but abbott told us as early as this morning it is planning to go ahead with the restart tomorrow. health and human services looking into the fda's involvement in this ordeal specifically looking into the inspection which is what caused the factory to be shut down in the first place, looking at initiation of the recall and fda's involvement in that. relief is on the way once the facility restarts tomorrow but it could be sometime before we are close to back to where we were when shelves were stocked.

stuart: that is the lasting parents wanted to hear. covid vaccines for children under 5 could be available this summer. lauren: as in june 21st. stuart: why do we 21. stuart: why do we care? i don't see a lot of parents running out to get their under 5-year-old babies, toddlers vaccinated. lauren: the numbers back that up, 29% of 5 to 11-year-olds are fully vaccinated but i will tell you are story. i held a birthday party at a big trampoline park in new jersey and not one person was wearing a mask. my new york city friends came with their 4 and under children and they were all wearing masks. it is not my position to question what a parent does but wearing a mask, i feel bad for so and so. they don't have the opportunity to be vaccinated yet. that is the mindset. if you look at new york city come mayor adams says if you

want a job working for the city come to work 5 days a week. what if someone gets covid? the take care shut like that, if there is one covid case it is the daycare. stuart: what a mess. still a mess. we do this at this time. the vast majority, the dow is down 330 points. friday feedback is next. ♪♪ because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want

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♪♪ stuart: this is the song i requested. country music friday. she thinks my tractor's sexy. i am old, i remember this. lauren: is that a competent you want, your tractor look sexy? stuart: i have a tractor and i ride it. lauren: it is friday, let's go. stuart: this comes was from

larry, the plan of jubilee, i agree with lauren. we are obsessed with the pomp and circumstance and grandeur, wonderful family. you can continue to show as much as you like of the platinum jubilee. interesting question. how much of it do we show on a show that is all about politics and money. have you enjoyed our coverage? lauren: i like the fashion. the smart suits and beautiful hats. my time living in london. in buckingham palace, the british can do so well. lou when you live right next to the palace. you can see the changing of the guard and grenadier's marching up and down the mountain. lauren: i walked and mile myself a few times. stuart: all right. this is from bill. explain the significance of the

members of the royal family and their location who are included in the balcony photograph. show me the balcony shot. there is a protocol here. the clean has to be the center of attention and the heir to the throne, prince charles to her immediate right and then you have to have the other people in line for the throne on the other side, prince william and prince, what's his name, george, his son, he is in line and you have a reigning queen, upcoming king and two other upcoming kings. susan: the closeness of the upcoming clean and kate next to the queen. any significance to that? stuart: she has to stand there by protocol, charles there, kate there. william, and missing from that shot is hairy. and megan. i am trying to move on.

the end of jubilee coverage. there must be a few perks for being a member of the "varney and company" crew. can you divulge a few? the answer is very simple. we are a totally egal ontarian society. we are all equal and nobody's more equal than others, isn't that right? lauren: any perks to working here on this show? stuart: you get to work with me. >> one perks that only stu gets is the extra meet he gets in the cafeteria. so happy to see him. you get your own lunch. stuart: occasionally. susan: sometimes giuliana brings you your lunch. b1 we are egalitarian's. randy writes this. last week i noticed the beatles entered a segment and the backstreet boys finished out the segment.

are these stuart's favorite boy bands? excuse me, the beatles are not a boy band. susan: the original boy band, they started the trend. we when the extension boy band was unknown until the 1980s or even the 1990s. lauren: it is derogatory to call the beatles a boy band. what about the rolling stones? are they are boy band? stuart: all man band. if you like the music we play follow us on spotify, scan the qr code on your screen right now. from jim. a month or so ago stuart said his middle name was anthony. and then startled me by quipping and saying anthony. is anthony original english pronunciation for anthony? nothing to do with english pronunciation. it has to do with a guy i used to work with from new jersey, and italian guy, tony, he used

to call me anthony, that is what he would do every time. lauren: i didn't know your middle name was anthony. stuart: stuart anthony barney. lauren: i always wondered why it was anthony. can we come up with middle names for you instead? i was thinking melvyn. melvin varney. stuart: elon. >> wouldn't have wanted that a few years ago but it is en vogue for you. stuart: all right, thank you to everyone who sent in their feedback. a friday trivia question. what percentage of households in america have a landline phone, 23, 43, 56? the correct answer after this.

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stuart: all right, the question was, what percentage of households in america have a land line telephone. i'm not so sure that all of our children would know what it is. lauren: my kids put the phone in front of their face, thinking it's a facetime call, 33.7 is my answer. stuart: susan? >> less than 50 i'll go with 41 stuart: i'll go with 33.7 do you know why? because i saw the answer before. down to one-third. >> but then how many households have two mobile phones, that's a question i have. stuart: well you've got three. >> at least.

stuart: that's according to, 33% according to the cdc's national centers for health statistics. 1.8% of those households have only a land line, no cell phone. all right check the markets one more time i'm afraid we're heading south across-the-board dow is down 300 and so is the nasdaq. sell-off friday, i'm very sorry to say it. my time's up, neil, it's yours. neil: so that was a cdc survey did i hear you right? stuart: i believe that's where they got the figures from, yeah. neil: they are spread a little thin if they have time for that don't you think? stuart: that's for sure. neil: have a great weekend stuart thank you very very much. all right let's see what we got going here, a steep sell-off at the rate we're going here folks it looks like a losing week unless we can change things around in the next few hours. there's been a lot of back and forth on the employment data out today we had 390,000 more jobs so the first time the better part of the year we seen a month where we had less than 400,000 jobs added to the economy, unemployment rate as you've been