maria: dagen mcdowell and mark tepper great to be with you guys this morning. dagen: great to be with you. likewise. maria: all right, markets completely turned around dow industrials down 60 points let's hand it over to "varney" & company stuary varney take it away. stuart: good morning, maria, and good morning, everyone. you can't get away from it. it is the dominant issue for the financial markets and for politics too. i'm talking about yes, the inflationary spiral, which we are now in, and a new quinnipiac poll shows voters think inflation is by far the most urgent issue facing the nation. double the number who are concerned about guns and this is why inflation tops the worry list. gas up again, yes, 4.97 is the national average as of this

morning and there are now 20 states plus d.c. where it's $ 5 or more on average per gallon of regular and look at california. they've reached $6.40 a gallon, and that's an average. this will catch the attention of truckers and farmers. yeah, another new high for diesel, 5.74 a gallon. the president though, he's not changed his inflation plan. in a softball interview with jimmy kimmel he still says his plan is to spend big money to cut costs for families. not prices. this morning, the president is in los angeles, hosting the summit of the americas. it's not going well. mexico and some other leaders have snubbed biden's invitation. they are no-shows. there will be no press conferences, but there will be a statement offering help to central america to counter china 's influence. to the markets. i'm going to start with oil today. earlier this morning it was at $122 a barrel. down a bit, 121.63 right now but that is not going to lower gas

prices, is it? stocks, on the downside turning around in the last half hour, dow is off about 60 point, s&p 13, nasdaq down about 60. no major losses but some red ink interest rates they're holding well-above the 3% level. in fact they have gone to 3.05%. maybe that's what hurt the market. bitcoin hovering around $30,000, just holding on. it's at 30, 075. next, the intimidation of federal officials continues, deep into the night protesters kept up the noise outside justice kavanaugh's house. that's intimidation. it's in legal but attorney general merit garland has yet to enforce the law. wednesday, an armed man was arrested outside the justice's house. he was going to assassinate him. if that's not intimidation, what is? thursday, june 9, 2022. "varney" & company is about to begin.

♪ stuart: it's a popular new song to sing, this time of the day, because it's trying to get you going. it's what you do to start the entire show, so here we go. another day, another new high for gas as we showed you earlier it's 4.97 good morning, lauren. lauren: well it's 20 states now, where the state average is $5 plus washington d.c., gasbuddy says it's going to five everywhere as your national average tomorrow. stuart: really, tomorrow? lauren: tomorrow. they update by about a week. let me tell you what's going on overseas in the uk the average family car, they have smaller cars there, it now costs 100 pounds to fill up on average , that's $125, a lot of people say well, yeah, gas is expensive here, but it's even worse over in europe. it doesn't matter. a budget is a budget and we're

running out of money. triple a says in april, they fielded more than 50,000 calls from drivers needing roadside assistance, because they ran out of gas. they didn't have money to fill up the gas tank and one more thing? i'm a debbie downer, i know it's going to get worse and here's why. there's a major liquefied gas plant in texas shut for at least three weeks after an explosion. that freeport plant processes a fifth of our natural gas, 1 million tons, now off the market. stuart: well that's a series of bad news items. lauren: sorry. i did it with a smile. >> so pleasantly. stuart: so did i. we'll get to you in a minute. now, president biden joins comedian, that's what he is, jimmy kimmel for an interview last night. he wasted no time blaming oil companies for the rise in gas prices, roll it. >> oil companies instead of everybody says biden won't let them drill.

they have 9,000 drilling sites that they've already owned, that are there. they aren't doing it. do you know why? because they make more money not drilling and buying back their own stock. it's all screwed up, and that's the thing. >> well it is screwed up but we are only a few votes away from being able to straighten it out. stuart: what? what? [laughter] oh, stop i'll be back, boys. brian brenberg is here. >> what? he was doing that wisper voice again did you notice going down into the wisper voice? nobody is listening to him at all on this , because it's so obvious. all these same oil companies who apparently can't get it together now, boy they could get it together under president trump couldn't they because we had oil & gas flowing everywhere but biden, it's not him. it must be the oil companies and their greed, which they just discovered now. stuart: astonishing to me he's making that argument at this point. nobody believes that argument. i mean, its been, to take it to

the cleaners that particular argument. >> yeah, and it's like he doesn't care about his credibility at this point and maybe he doesn't. maybe the project is high gas prices, and he actually just doesn't care what happens to his credibility. that's the only way you can explain what he keeps doing with this. stuart: one of these days he will be interviewed by a journalist who knows what he's talking about to give valid questions and answers. >> sounds like stuary varney. stuart: you think that president biden will sit down with an interview with me? [laughter] >> i think you could lull him into submission and take it right to him. stuart: i doubt, but nice try on your part. all right, stay there, please because you're with me for the hour, i believe. let's get to twitter. are they going to come fly with musk's demand for information about those fake accounts? lauren: they certainly are. they are going to give him the internal numbers it's about 500 million posts per diabetes day and then his team will analyze those , so if they can find discrepancies about bots, and they can prove that to have a materially adverse effect, he

can walk from the deal or have the price cuts. stuart: well, wait a second. brian you've been following this closely, i know you have. i think musk gets twitter, at a lower price. >> i think so too. stuart: that's my end game. >> i agree. he has all the leverage. absolutely all the leverage right now and so he's saying give me everything i can look at under the hood, so i can get the best price possible. and he has every right to do that. lauren: do you think he still wants it? >> i do but i don't think he wants it at 54.20. lauren: what price? >> i think he's somewhere close to $40 a share and twitter has no future without him. stuart: got it we'll see about that. it's at $40 a share right now. that's twitter stock price. check futures, please. we are 13 minutes away from the market opening. on the downside, but not by much that's where stocks are this morning, at this time. gary kaltbaum is with us. you've told us before you got out of the market. do you still think this is not a good time to put your money back

in? >> i just don't think it's investable and we talk markets, but we have to talk fundamentals here, that if oil prices drop 20 % from here, they still be at $100, which is ridiculously elevated. 10 year yield now back above 3%. that's a one-two punch and i have to mention the shear inepti tude of the people running the country from the white house to the treasury secretary to the central bank that just don't get it, have no understanding of the economy or what's going on and i have zero confidence in them so i think this probably is more to go in price in time and of course, if we break the recent lows, they all have to pay. there will be another pretty good leg down if institutions will be selling. stuart: but you're saying it is not an investable market at this point. that was your quote? >> no. it's treatable here and there, but i look for clues. yesterday the transports were down 555 points. that is huge, and if they start

getting other areas and other areas start running into a wall which is starting to happen a little bit here we will get another leg down. you just got to back away, be patient, wait for a better day, at lower prices. stuart: what happens on the market tomorrow when the consumer price index is released 8:30 eastern time. what happens to the market? if that report shows inflation well-above the 8% level? >> well, it's going to be way up whether it's well-above or at 8%, for me, i watch oil prices. energy is everything to inflation and you could also look at food and other things that are way up and elevated so i think no matter what, watch energy prices. if they keep going higher, nothing good comes of it and the next worry is earnings reports. companies are going to have to start accounting for higher energy costs as it's going all the way through the food chain from start-to-finish and i think we're going to be warning citi

as we move forward. stuart: okay we have been warned gary kaltbaum thank you very much, sir, see you again soon. next, parts of big cities in china, they are going back to lockdown. what do you have on this? lauren: after one week of freedom it was, now, parts of shanghai, seven districts, they're going to have their residents stay home for two days and then they start testing, mass testing, every resident in these districts on saturday, five different rounds of covid testing. it ends june 23, okay? then you go to beijing and some entertainment venues, internet cafes are going to start closing today. economic impact cannot be over stated but i think the psychological impact is bigger here. stuart: it's extraordinary. lauren: how do you live in china with this kind of regime? stuart: the bottom line is they're sticking with zero-covid going back to mass testing and sticking with it. >> it's insane. completely insane. they are going to wreck their

economy doing this. lauren: apparently a couple people went to one of the hair salons there and they had a couple of cases of covid, which they are saying came from that salon so now nobody can get a hair cut or do anything else. stuart: can you imagine doing lockdowns for that length of time in america? >> no. stuart: you can't do that. you could not do that in america lauren: i don't think you can do that in china. stuart: well they're doing it. lauren: i think there's going to be -- >> how repress ever does the regime have to be? there is zero liberty. stuart: got it. check futures please the market opens in 19 minutes we're opening on the downside but not by much. coming up protesters swarm the streets outside the home of justice kavanaugh, only hours after an armed man was arrested in that neighborhood. he said he wanted to kill kavanaugh. details, coming up. the white house insists clean energy will help lower costs for american families right away , just watch this. >> well here's something we can do right now. congress could help ease the

cost for families right away bypassing my clean energy investment proposal. stuart: next guest says that is a pipe dream. economic expert diana is here after this. sweet dreams are made, who am i to disagree ♪

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dollar stores. lauren: you are correct that's where their paycheck goes further and it doesn't matter how much money you make we're seeing higher income shoppers trade down, we're seeing folks actually drive to the closest dollar store, so they save money on gas prices and dollar general , by the way, is more accessible to people. they have more of them, and then i just wanted to talk about the 52-week charts of these stocks. dollar tree is up 63% in the past year. stuart: 63%? lauren: with inflation. stuart: slight loser today, but 63% up, that's a big deal. okay, i've got this poll show it to you again, please. it shows inflation is the most urgent issue facing the country today, 34% of people listed as their number one issue. diana roth is with us a former chief economist with the labor department and a long-time guest on this program, whose not been with us for many years. welcome back, diana, good to see you again. >> it great to be with you, stu , wonderful to be back in studio in the washington d.c. studio. stuart: excellent.

now, inflation, clearly the number one issue for voters. what is your inflation outlook? >> well, it's clear that inflation is still serious for many many months to come. we're getting new numbers on friday. it'll be certainly above 8%, and what americans are focused on, the gas prices. they hit the poor most and this is something that president biden is obviously not interested in doing anything about. he has the defense production act for renewables but not for gasoline or oil, which is what we need right now. stuart: will investing in renewables, as the president suggests, lower inflation? >> well, no, of course it won't , because renewables are just a very small share of electricity prices. most of our electricity is generated by natural gas, coal, and other fossil fuels, and epa, the sec, the federal reserve all those other acronyms are all making it absolute clear as

possible to be working against those and to discourage companies and banks from invest ing in fossil fuels. stuart: all right what's your outlook for the economy? if we got inflation lasting way through the summer, what happens to the economy? >> if we have another quarter of a decline in gdp we're technically in a recession but the important thing is do we have policies for sustainable growth, and the answer is, unfortunately, no we do not. we are not trying to lower energy costs. americans are going to be facing higher electricity, higher gasoline prices, all through the summer, and it hurts the poor most. it hurts all of us but hurts the poor most. stuart: do you think the worst is still to come for inflation? >> it's not clear if the worst is going to come for inflation but we're certainly going to see higher energy prices through the summer, higher electricity prices when people are going to want to have air conditioning, higher gasoline prices when people are going to want to drive on vacation. that's really hitting people in

their bottom line. stuart: before we close, what be a true growth policy in your opinion? >> a true growth policy be for president biden to stand up and say circumstances have changed. we need to increase fossil fuels production in the economy because we are going to need this for decades to come and americans are hurting and america is the largest oil and natural gas producer in the world. we have the largest oil reserves in the world. that be a pro-growth policy. stuart: and he's not going to take that route, i'm sure. >> i don't think so. stuart: great place to have you back and i hope you won't be a stranger to us. >> thanks very much, stuart. stuart: the ceo of uber says his company is recession-resistant. what's that mean? lauren: it means people still need to go places and still want to go places so they will still book cars. we're stuck at home for too long but i do want to make a point on inflation. there's a lot of talk in differentiating services inflation which is very hot right now from goods inflation, which with excess inventory as

we heard from target and walmart that could be deflationary. uber is services inflation. they said there might be a hiring freeze but they aren't cutting jobs. they're keeping drivers, they want more drivers they have the fuel surcharge and they're hoping if they have a bigger supply of drivers the price can go down for riders because yeah, it's expensive to hail an uber. stuart: it is. lauren: or a lyft or anything else. stuart: there's a surcharge on just about everything. lauren: everything. stuart: whatever. lauren: and it's not acceptable because it really pinches the consumer, but the businesses are getting pinched too. stuart: trader joe's, or workers at trader joe's some of them at least are trying to unionize. lauren: i was so surprised by this because you think it's a great place to work. the workers are so friendly but in hadley, massachusetts workers there filed with the national labor relations board to hold a union election, they want better pay and better benefits and they actually say trade in joe's is fooling its customers. >> the customers right now really really have this idea that trader joe's is this

amazing place to work and they take such good care, because it used to be true. i think everything we're asking for is what trader joe's is pretending to give us. lauren: they say trader joe's just made so many cuts, and they are, you know, to save money and they are getting hurt by it. stuart: okay, that's trader joe 's. lauren: i was surprised those workers wanted to unionize >> i'm sad because trader joe's is one place in the city where you shop and people are friendly and you ask them for something, they will do it for you even if it's not their job. lauren: he's never been in a trader joe's. stuart: yes i have. lauren: what was your take? >> it was by accident. stuart: i didn't notice that there were particular friendly with customers. lauren: it's also very forward- thinking company. at one point, they gave benefits to their part-time workers, that was huge. they don't do that anymore, so the workers are just annoyed in general. stuart: the bottom line is that workers these days have leverage , because there are so many jobs available, you can go

and get another one if you don't like the one you've got now, and a lot of people are doing exactly that. so you've got leverage, form a union. let's see how it works. back to the futures, look at futures, please. down 80 or 90 for the dow, down 60 for the nasdaq, the opening bell is next. ♪ if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen...

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ion energy is ready to meet the demand of asia's booming yeah... oh. lithium market. ion's flagship lithium brine project in mineral rich mongolia, is strategically located next to the world's largest ev market. ion energy: mongolia's premier battery metals explorer stuart: i'm going to put twitter stock on the screen for you $40 a share. greg smith is with us. all right, greg, i know you've been following this i think musk gets twitter at a lower price. i know it's complicated, what say you? >> good morning, stuart with all the talk about bots in the last few weeks we would think we be talking about a new star wars trilogy coming out but bots are the key crucial piece of diligence evidence that the market is focused on here after we saw twitter hand over diligence to musk just this week , so by musk's own admission from a tweet that he put out on april 25, he acknowledged the presence of bot s, and you can grab any 12- year-old off the street that will tell you that social media

is riddled with bots so as we sit here today there's probably going to be three distinct paths for this company ahead in the game of twitter. one, the deal will close at 54.20 as previously agreed to by elon and the company. however, if you look where twitter stock is trading at $40, the markets saying i don't think that's going to happen. stuart: no. >> but the second path is elon is kicking and screaming over the bots. this bot issue, and again, this diligence, the information that he's going to review in the coming days or weeks, will determine if the companies going to be able to keep his feet to the fire and close. if it's determined that bots are only approximately 5% plus or minus of twitter's user base, i think the board and the company has a really good shot of getting elon to close this deal at the previously-agreed to price. stuart: that's only if the fake accounts are just 5%. >> correct. if there's a material difference if they come in at 15 or 20% he's going to have a very good argument for material adverse change and he'll be able to walk so i have to think that the company and the board by handing over this information to

him they must have a strong belief they are going to stand by the bots are probably 5%. so i think they are going to be able to hold his feet to the fire to be able to close this deal. i think we will see a close now the question will be, at what price? so, the board might just come to the determination that look, elon might kick and scream and w hine. is it worth challenging him in court over the coming years and months to have an outcome? shareholder value be probably further destroyed in that battle , or do they just cave at the last minute and agree to a lower price and get the transaction done? so i think until we know the outcome of what's going to happen with the bots it's wait and see but i think if it's within that range of 5% there's a strong chance this deal is closing and they put the company to elon. stuart: okay are you buying twitter? >> i'm not buying twitter. i own twitter here, i'm sitting with my position and hoping for a reasonable outcome. stuart: and a reasonable outcome what are you actually hoping for >> well, -- stuart: if you own twitter already you're hoping for a

higher price. >> i'm hoping for a higher price of 40 where the stock is trading today. do i think it happens at 54.20? i think chances are, you know -- stuart: slim-to-none. >> i would reasonably expect the deal price gets renegotiated and they move ahead. >> [opening bell ringing] stuart: greg smith thank you very much, always appreciate it. and here we go just a couple of seconds and we're opening up the trading floor. here we go. 9:30 eastern time, it is thursday, i think it's june 9, all day, and the dow is opened with a small loss. i say small, because it's about 100 points, 114 points, there you go. i'm looking at the big board of the dow 30 i can see just four stocks on the upside. five stocks on the upside at the moment there is a lot of selling going on in the rest of that marketplace so that's the dow, down 100. here's the s&p down a fraction of 1% down one-third of 1%, 15 points and the nasdaq also on the downside, at a very very early going a half percentage

point lower. big tech all over the place, recently. mostly, lower as of this morning i want to take a look at tesla. rallying on some good news today , up 2.8%, 7.46 is the price what's the news? lauren: a lot of good news in china. look at the lockdowns in shanghai, they did have the closed loop able to operate but they delivered more than 32000 vehicles there last month and then when you look at what they produced in may in china it was triple the april number. i mean, you pull that out of a rabbit hat that was amazing. stuart: he had the workers asleep on the factory floor i believe. lauren: correct, live, eat, work , do everything there, and then i just want to point you to the $1,100 price target that they got from ubs, whichs also upgraded tesla, and they say we believe the operational out lack for tesla is stronger than ever thanks to record order backlog and the two new gigafactories being austin and berlin. stuart: so ubs is going to 1,100 but we have pierre feragu on the

show a little bit later on he says it's going higher. lauren: wow, doubling. stuart: nio, a chinese electric vehicle maker way, way down 9% what's the problem? lauren: competing with tesla but the problem is the outlook. still losing money, not as much as we thought, but they're los ing money still and saw a steep drop in their imagines and that overshadowed the fact that for them they delivered a record number of vehicles. stuart: got to start remembering margins. it's not just sales volume and which profit you make per-car. what's the margin is the important one. oh, i want to take a look at disney. it's still just above $100 a share. i know they are expanding their streaming service. where are they going? lauren: they're saturated in the u.s. so going to the middle east, north africa where stream ing is in the early stages and that's actually where netflix leads. they have near 7 million subscribers in that area. digital tv research says netflix is going to grow that to 11 million, and disney is going to get a 6.5 million share of that middle east market by 2027.

stuart: hasn't done the stock much good has it at $106 a share lauren: new customers and new content. stuart: five below they are a discount retailer why are they down 6%? lauren: yeah, so sales miss for the first quarter and then a warning for the second quarter. it's interesting, because it's a discount store. you'd think that the customer would shop there when inflation is very high, but that's not exactly what they're saying. stuart: you were telling us about stores doing good business but that one is not. lauren: reduced guidance for the full year, and it's just shocking to investors. in fact four brokerages at least cut their price targets on the stock today and they think it's going to get worse and they are going to see five below come out and cut their forecast for the year again, which they did today. they think they are going to have to do it again. stuart: that's pretty negative i would say. lauren: yes. stuart: how about target? they took a huge hit recently when they talked about having to sell their inventory at lower

prices. what are they doing, raising the dividend? lauren: by 20% to $1.08 a sharon top of the 32% increase last year, and you brought up their warning. well their first warning on profits came in the middle of may. since then, they lost 27% of their value, in just a couple of weeks. so first they warned that the profits are going to take a hit and then they said well we have so much inventory we'll have to discount the shopper shopping differently and down 27 % in that time. stuart: retailers really have a hard time they don't? they come out of a pandemic, they can't keep up with demand, the supply chain shortages, now you got inflation to throw at it margins are squeezed. who be a retailer now? really? i wouldn't go into that line of business. lauren: or the airlines. stuart: there's so many squeezed industries. let's have a look at signet jewelers they own kay, zales, and some others. they're up 7% what's so great about the jewelry retailing business? lauren: because richer people buy jewelry. it really comes down to that,

trying to predict the consumer here. they had a strong report card. their sales rose by 9%. i do want to point out they do have some lower-priced items and they did see a softening in that area, stimulus checks anymore coming to that population but they have a more affluent shopper and that shopper is able to epidemic koala up their spending so retail, because this has been the story i'd say for over the past month, the companies are trying to predict the shopping habits of the consumer which keeps getting stung by inflation at all levels. stuart: hard to predict isn't it i'd like a breakdown of sales of real diamonds dug out of the ground and lab-grown diamond s what's the breakdown? >> i don't know. stuart: is it 90% out of the mine and 10% lab made? lauren: why do you want to know? stuart: because lab-grown is cheaper. i would have thought there be a drift towards lab-grown. lauren: but a man about to

propose are buying more of the lab-grown diamonds and you think that's the trend happening because of high inflation? stuart: i think they should consider lower-priced lab-grown diamonds don't you? >> what does that signal though about the relationship, stuart, this is about more than dollars and cents. stuart: the relationship is based on thrift. there's nothing wrong with that. lauren: you get the ring and the bride-to-be says oh, wow this isn't a real diamond? this marriage is off. stuart: [laughter] okay, then it might not work. >> [laughter] stuart: there's virtue but we better get away from this. look at the big board down 58 points .18% that's not a big move by any means. the winner on the dow headed by, can i see them, yes i can. home depot, right at the top there. lauren: walmart. stuart: walmart is a retailer doing well. >> yeah. lauren: p &g. stuart: s&p 500 nxp semiconductor, campbell 's soup. they can well yesterday, tesla

is on there too, and there you go. tesla is on that one too. lauren: costco is on that one. stuart: oh, now look at that. you see that's on there now, that is 3.03% on the 10 year treasury when rates go up like that watch out for big tech. the price of gold 1,852 not much movement. bitcoin, desperately trying to hold on to $30,000, $30, 190 right now. oil is 121, it was 122 earlier. nat gas watch out. that is down this morning, 6% down, even though there was a fire at that texas place where -- lauren: the freeport lng plant. stuart: a big fire takes supply out, but the stock is down, nat gas is down 6% now let's get back to gasoline, sorry, 4.97 is the average for regular, new high. california, look at this. $6.40 and that is the average for regular, in the form early

golden state. president biden's chief of staff says, it's not all bad news. america is starting to look like itself again, roll tape. >> is there, you know, updates on progress that's been made since baby formula and other things have been in the news you want to share? >> well sure, obviously when the president got here our first challenge was try to make progress on covid. america feels more like itself again since that. stuart: [laughter] really? what world is he living in? ben domenech will take it on in next hour. the wild, wild west of weed. deep red oklahoma becoming a haven for the marijuana ins. connell mcshane is there with a full report. police officers feeling the pain at the pump. one sheriff's department says he just don't have the gas to respond. ♪

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stuart: gas just $0.03 away from hitting the $5 mark nationwide. costco has usually been able to offer cheaper gas to anyone who drove up in new jersey, but that's going to change. maddie soon all worth at costco in new jersey, what the are they changing, madison? reporter: stuart they're now changing saying that you have to be a member in order to fill up with costco gas in new jersey. take a look. we saw this morning the sign that is now posted at the pump that says there starting july 5, you're going to need to have a membership to get that discount ed gas. now, in new jersey membership has not been required up to this point, but in most states, you do have to be a member to get gas at costco. so, this is obviously going to be a real bummer for non-members in new jersey who have been lining up to fill up because gas , it just keeps climbing

higher. for the 13th day in a row, we have hit a new record high of $ 4.97 per gallon. you know that's $0.03 away from $5. 20 states and d.c. are already paying that once unthinkable amount, four new states added to that $5 club overnight that's utah, new york, vermont, and rhode island. it's a threshold that experts say will have major consequences >> there's a lot of pain as far as drivers are concerned. most drivers don't have the e also tis it in their budgets to be able to deal with fluctuating gasoline prices like we're seeing, how would you like your rent or food prices to fluctuate like gas prices? inflation maybe has us doing that, but it's a big problem. reporter: so the gas here at the station is 4.85. that's about $0 point 18 cheaper than the state average so you can understand why people line up for costco gas, but starting july 5 the people in that line, they are only going to be costco

members. you have to wonder if there's someone out there whose on the line thinking whether or not they've been wanting to join costco this might be the thing that pushes them over, because $0.18 in a market like this where you're paying over $5 a gallon can make a real difference for the real average american family. stuart? stuart: it could indeed. i'll pay the fee, madison thank you very much indeed. president biden sat down for his first interview in 118 days last night. he was on the attack. roll tape. >> oil companies instead of everybody says biden won't let them drill. they have 9,000 drilling sites that they've already owned that are there. they're not doing it. do you know why? because they make more money not drilling and buying back their own stock. >> it's all screwed up. >> well it is screwed up but we are only a few votes away from being able to straighten it out. stuart: man, that's quite a statement, we're only a few votes away from straightening it all out. the gentleman on the right hand side of your screen is senator

john barrosso a republican from wyoming which is an energy state what do you make of the president's statement that these oil companies have 9,000 whatever it is sites they're not drilling, what do you make of that? >> well the democrats are going to get wiped out in november, because they have wiped out the savings as well as the paychecks of the american people. gasoline will soon be $5 a gallon, and there's no end in sight so yeah, we've just watched the president on jimmy kimmel. people at home in wyoming say is the president completely out out of touch like he was with infant formula or does he want high gas prices and let me give you the evidence of why democrats liberals wanted high gas prices for what they've done? for 17 months joe biden has attacked pipelines, not allowed permits to drill and just last week, stuart, in wyoming, he froze his administration froze another 2,000 of those drilling permits. you can't get the leases. they canceled thousands more leases across the rocky mountain

west just last week, so i've said for a long time, the democrats have one high gas prices because their liberal policies are to try to force people into electric cars. stuart: do they give any reason why they shutdown those 2,000 leases in wyoming? >> oh, they want to do more environmental studies. they want to talk about that. they've gone after 2,000 there it's over 4,000 across the rocky mountain west so i don't know if the president isn't being informed, but look, his secretary of energy, his secretary of transportation, they say you don't like high gas prices? just go buy an electric car. the fact that they're costing over $50,000 on average for an electric car, families cannot afford that. they can't even afford to put food on the table under this joe biden inflationary economy with 40 year high inflation. this is a president whose out of touch with the american people, and tone deaf to the pain that he is causing people all across this country. stuart: i just want to talk to

you about intimidation of federal officials. a man was arrested near justice kavanaugh's house, he was carrying a begun and wanted to kill kavanaugh. overnight protesters gather around his house. mr. senator, in my opinion, that is intimidation. i think it's illegal and i think it should be stopped. what say you? >> well i agree. that man yesterday was charged with attempted murder, and i believe that chuck schumer, leader of the democrats in the senate, has added to this atmosphere by standing on the steps of the supreme court and shouting out by name, he said i'm telling you, kavanaugh, you will pay the price. you won't know what hit you, and now you have a man attempting murder there. nancy pelosi, what happens with her? there's a bill on the floor of the house of representatives. she won't bring it up for a vote to provide the protection that all nine members of the supreme court should have at times like this , when emotions are running so high, and the democrats are

doing nothing to lower that temperature. my concern, stuart, is it's going to get worse. stuart: indeed. mr. senator thanks very much for joining us, sir, very important subjects today. >> thank you, stuart. stuart: yup. going to pick out michigan for a second because gas prices are soaring there. the average in michigan for regular is 5.21. the point here is that is up $ 0.40 in michigan in a week. is that, is it in michigan that you've got that police officer that can't respond to all calls because of gas? lauren: it's isabella county and the sheriff says look, we've exhausted our fuel funds so if you live nearby, and call the local police station and you have an emergency, they might or might not come. they are prioritizing the calls they are going to respond to, because they don't have enough money to keep filling the cars and gas prices are $0.40 in a week. stuart: okay we got the point. coming up, mexico's lead snubs an invite from president biden to attend the summit of the

americas. would you have done the same thing under president trump? javier becerra kept a low profile as hhs secretary, some call him the invisible cabinet member but we tracked him down, we'll tell you where he's going to make a public appearance. ♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank.

stuart: we still got a baby formula shortage, even though we're getting some shipments from overseas. kacie stiegal has our report, i want to talk to you about health and human services secretary, javier becerra. he's been invisible during this crisis but he's popping up today. is this connected with the baby formula crisis? >> well it's connected with the plane filled with baby formula that's landing later here today at dfw international airport for distribution. the fedex cargo plane left germany by the way more than five hours ago scheduled to be wheels down here in the lone star state just before 1:30 eastern time. it is the third operation fly formula flight to land in the u.s. , and this one is

carrying 110,000 pounds of nestle formula which translates into 1.6 million 8-ounce bottles or more than 63,000 cans. as you said today's flight is going to be greeted by the hhs secretary among some other dignitaries from local and private sectors, but more importantly, all of the plane's precious cargo will be unloaded and then distributed across the country to help replenish those empty store shelves. >> this will provide nutrition for some of our sickest babies here in texas, here at texas children's and relieve some of that stress for our families. reporter: so how did we get here remember, a driving force behind the shortage was the fact that a major manufacturing plant, one of the largest, if not the largest in the u.s. , in michigan, run by abbott, was closed back in february, over health concerns. it did just reopen this past

weekend, but exclusive reporting from the wall street journal shows that abbott was alerted by employees about issues at that plant months earlier than we have publicly known. that is according to a complaint filed with osha, and now, that has left many wondering, stuart, if an employee blew the whistle about conditions at that plant, months ago, could have the problems been addressed and fixed, without the whole thing going offline, and help causing the shortage. stuart: i'm just pleased to hear that we'll catch a glimpse of javier becerra that's the good news. thanks very much indeed. let me say thank you to brian actually. >> we kept you in line this hour. stuart: you did indeed. the whole hour. still ahead, look what we have. byron donalds, mercedes schlapp, ben domenech and the governor mike huckabee, next. ♪

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stuart: edison:00 eastern. look at your money. the dow has turned up 44 points as we speak, not that much price movement so far today. we have movement in the 10 year treasury, the yield going up to 3.03%. that is a negative first talks, crude oil $122 a barrel earlier to $121.63 right now. bitcoin struggling to stay at 30,000. you know what happens? you get the latest mortgage rate read. lauren: 5.42% for 30 year fixed. a year ago one. 6%. there is good news, you have higher rates which cools demand which will cool prices helping the housing market may be return to a more normal level for prospect of buyers. stuart: good luck with that. now this. the democrats are hoping,

praying that tonight's january 6th hearings will be just like the watergate hearings 50 years ago, they want to break through the wall of negative headlines about these crisis, with an issue they think helps them in november. it's really desperation, political theater but it will not change the public's dismal view of this administration. not even good theater, witnesses plotting through the arcane details of who said what to who is not likely to drag many people away, not likely to change minds much less votes, january 6th gets a lot of attention and liberal media but it is not a hot topic around most dinner tables. inflation, the price of gas, grocery bill, crime, failing public schools is what people are talking about because that is what is hurting them. not 15 months ago. tomorrow morning the media will be all over the horror revealed in the hearings, it will be an

altering of contempt for general -- republicans in general donald trump in particular, they will completely ignore the inflation report that comes out first thing tomorrow morning. inflation is the big concern, not january 6th. second hour of varney just getting started. mercedes flappers with us this morning, welcome back, good to see you, democrats want to make january 6th a really big issue in november you think it will work for them? >> i thought your monologue was perfectly written and i'm a tough critic but i've got to tell you these are desperate

democrats during desperate times when they are trying everything they can to change the subject from inflation, gun violence, dealing with the economy to focusing on january 6th, the ideas that they almost colluded with the liberal media to ensure prime time coverage of these hearings shows how out of touch these democrats and some of these republicans who are part of this committee are and i think it is going to backfire on the democrats because the american people are looking at gas prices and saying we are dealing with a lot bigger problems than having to go back to her to-year-old arrive yet. stuart: next one, this new quinnipiac poll we have been showing all morning, inflation is ranked as the most urgent issue of the day, way over gun violence, immigration, election laws and everything else. inflation is the number one concern, president biden's approval rating has sunk to just 33%, that ties is lowest approval yet to date. how many seats do you think

republicans will win in the house in november? give me a number. >> some republican pollsters give very big numbers, in the realm of 30 to 50 seats. get g under control, between the baby

food formula shortage, food prices going up, it is really hurting the pockets of the american families and they've just had it. stuart: i know you want to win 50 seats in the house for the republicans, you just don't want to appear overconfident. >> cautiously optimistic. one thing you learn in politics, things change quickly. i think we are going to have to see how plays out as we get to labor day, closer to the november elections, you can never take anything for granted. stuart: see you again soon, back to the markets, where are we? reading, the dow is down 30, nasdaq down 26, s&p down 70. i have a question. usually bad news for the markets. >> it is counterintuitive but

when the numbers are too strong, employment nevers in particular that means the fed seems aggressive which means the odds of a fed induced recession go up so they go up exponentially, time will tell. the markets have been remarkably resilient with the exception of yesterday's market stopping at stow the fed is the swing factor so investors have to watch what they wish for here. they want jobs and the economy to slow but not to fall off a cliff, talk about threading a needle. stuart: talk about the market tomorrow after we get the consumer price index figures that come out of 8:30 eastern time, the market opens at 9:30. how will the market respond if the inflation rate year-over-year is above 8.2% which it was last month. how does the market respond? >> the market will be waiting with baited breath. tomorrow's spot is going to be

pretty binary, the number just needs to come off the boil slightly to have a little but of a sigh of relief. fit is more than a come of the boil and we are starting to see peak inflation, we should be setting up for a 500.12,000 point rally. that's not a game changer. my expectation is a moderate modestly, markets will get jittery and calm down. i wouldn't expect big printed either direction. stuart: we will all be watching and he will too. see you again later. more companies are looking for employees to return to the office full-time. however we hear that some workers are pushing back saying their performance at home has improved. lauren: 45% of fully remote or hybrid workers say their performance is increased in the past two years, 34% of workers who physically show up say their performance has improved. it gets better because 96% of

remote workers says my boss trust me to get my job done at home. is the bottom line, work from home, that approaches to work might work? stuart: as opposed to better performers, they like staying at home. lauren: they say i get more done in the office because with fewer distractions but they prefer to stay at home. thanks. wait a second. some movers for me. and xp semiconductor. lauren: samsung wants to buy them. you. bet on chips for the automobile sector. stuart: dear as in john deere, my tractor makers. >> i see moderate to flat growth, demand in the next two years. stuart: john deere tractor costs exactly double to fill it with diesel today than it cost a year ago.

how about that? billy billy, chinese video sharing site i think. what's the news on that? >> they saw their slowest revenue growth since they went public in 2018, stock down 9.5%. b1 repeat the story you gave us earlier about drivers being stranded because high gas prices, is this a aaa think? lauren: have you almost run out of gas? it is scary, probably did it by mistake didn't realize you are running that low i didn't know where the gas station was. 51,000 people last month alone called aaa needing roadside assistance because they ran out of gas, gas prices started to push closer to $5 a gallon. this isn't because they forgot to fill up, it is because they couldn't fill up. that was in april. when you add 10 or $20 to your to your name in your pocket, you've got to make the choice, can i afford another couple gallons of gas. blue on what are you going to do if there is a rolling blackout and you are driving an electric car?

might need roadside assistance there. thank you. more than 12,000 migrants are marching towards our southern border and we are learning the white house plans using tax dollars to send migrants to cities deeper and deeper inside the united states. remember when senator schumer said conservatives in court justice would pay a price, watch this. >> i want to tell you brett kavanaugh and neil gorsuch, you release to the world and you will pay the price. stuart: most interesting. a man was just arrested or trying to assassinate brett kavanaugh. i call that intimidation. congressman byron donald next.

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stuart: just getting this to us. the pga, professional golfers association says it has suspended all players taking part in the saudi back l i v tournament that is about to start in london and that suspension includes phil mickelson. president biden hosted the first day of the summit of the americas, jeff paul has the story. what was biden's message? >> reporter: president biden kicking off the summit with the americas in la speaking to world leaders from all over the western hemisphere. he put heavy emphasis on protecting democracy calling it the essential ingredient of american futures. president biden along with first lady jill biden greeted heads of state from more than 20 different countries including canada and brazil but it is who isn't attending that

unlawful migration is not acceptable, we and

brazilian president bolson aro. the table's legal with a dinner. stuart: but no press conferences i believe, thank you very much indeed. congressman byron donald's, there you are. republican from the state of florida. always got a great smile. we don't have much to smile about from the summit of the america. the president of mexico snubbed president biden's invitation to visit. what does that say to you? >> a disaster for the united states, a disaster for our standing in the world, this is a thing where the big media, the media on the left loves talking about our standing in the world but our standing is awful right now, the mexican president telling the american president i'm not coming to your event because we won't let the cubans and venezuelans come, that makes no sense at all and demonstrates president biden's lack of leadership on the world stage. it is an embarrassment for the united states. stuart: i believe the president

said we will enforce our borders, don't know how he can stand up there in los angeles and say we will enforce our borders when and million migrants are straining through every 6 months. it is just unreal, isn't it? >> that is an absolute joke. every leader of countries in south and central america know it is a joke. the mexican president is letting people move through mexico because he doesn't want people staying in mexico illegally, he knows present bible at the borders be open but he is like go to the united states but you are not staying here, very different scenario than donald trump was in charge because what he did was tell the mexican president we are not letting them and so what is your problem and the mexican president, you can't come to mexico either and actually cleaned up the illegal immigration issue throughout all of north america, central america and south america. stuart: i would like to get your comment on what i see as an unfortunate trend, the

intimidation of federal officials, a california man arrested for the attempted murder of brett kavanaugh. constitutional lawyer jonathan turley blames the democrats and their divisive rhetoric, listen to this for a second. >> politicians need to understand this type of rhetoric we saw from senator schumer has consequences. the image of this black clad assassin standing outside the home of one of how justices should be a sobering moment for the entire nation that this has gone too far, this age of rage, we are becoming addicted to rage as a nation. we have to come together as sensible people. stuart: our democrats to blame? >> yes specifically chuck schumer. cannot have a situati

where you're pushing people to intimidate justices of the supreme court already court. stuart: those demonstrations outside brett kavanaugh's house are illegal. that is a form of intimidation and that is illegal but attorney general merrick garland will not put a stop to what you are seeing on screen now. he won't stop it. >> course not, he supports the democrat narrative and democrat agenda. there's a bill in the house that nancy pelosi will not here and will not put up for a vote about providing security presence for supreme court justices, enhanced security for the. she won't let it go to a vote not because she's concerned about the safety of the justices. if this was sonya sotomayor she

would make sure the bill got past but she won't do it because of the political agenda of the democrats because the truth is they want the intimidation of the court because roe v wade is far more important to congressional democrats and president biden than protecting the republican protecting our institutions. blue when you think the age of rage gets worse this summer? >> i hope not. my message to everybody is we've got to be people, we have to be americans, we can have our differences what what we cannot do is treat each other as human beings and we need to get back to that standard in the united states. i won't coffer summers of rage. it is discussed mention not happen. let's have political this agreement, this be vehement in our disagreement but we have to respect each other as humans and as americans. stuart: congress and byron donald, thank you for being with us today, always appreciate it. there is another warning about an impending worldwide food crisis. who is saying this and what is the warning about?

>> it is a health crisis being caused by a shortage of food. centralized and vulnerable system, the food system in the nation right now. talking earlier, it is a big deal when a head of lettuce in australia cost $12. a head s $12. a head of lettuce in australia costs $12. a confluence of factors that come together and make food can if you can find it, unaffordable.

stuart: another warning. the british, uk warning coastal communities in britain and abroad, i guess coastal communities about rising sea levels. lauren: absolutely, rising sea levels and coastal erosion that you can't get back. that is irreversible. hundreds of millions of people who live there will be forced out, scary warning to people who live in places like that. stuart: thank you very much. if you are a small business owner and you sell on ebay the irs is coming for you. they want to tax that income which they believe is going unreported. the at ministration is considering waving donald trump's tariffs thinking believes inflation, the move will benefit china more than america. edward lawrence as that story from the white house next.

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the thursday morning trading session, dow is down hundred, nasdaq is down 6. the 10 year treasury yield, we are at 3. 04%, that's not doing the stock market much good because that yield is that. we are looking at the movers and we start with the cruise lines, they all down? lauren: bank of america sees ongoing price -- lasting two more years. the cruise industry will see a customer recovery but kind of stalled out and may extend the timeline for that. stuart: i got a reporter earlier this morning that the beijing china government were easing the restrictions on tech companies and i saw ali baba go straight up on that. why is it straight? lauren: they say we haven't considered letting and group which is an affiliate of ali baba, ipo in shanghai and hong kong, they are denying that. the market was hopeful that would happen because beijing has clamped down on its tech

sector so much, they have this ipo pool last year, jack ma, ali baba's automate negative comments, couldn't find him for a while. stuart: don't make negative comments in china. roblol x. >> the engagement is worsening. they were popular when people were stuck at home and now it is hard to keep up the number of hours you spend playing. stuart: just not is engaged with the screen as we were. stuart: they didn't downgrade the stock and raised it by $6 to 38, not quite sure about the price, not down on the negativity. stuart: it is 32 now. the administration is debating whether to waive, get rid of donald trump's china tariffs, they want tes inflation. critics say the move will intod

states sooner rather than later, the treasury secretary has testified that in the coming weeks the administration could remove the tariffs but failed to mention what the administration would get in return.

>> china has not lived up to the agreement, last time jimmy kimmel, president biden touting he has more experience with the chinese president xi than anyone. >> i wish i had more time with xi jinping than anyone and when i travel from 17,000 miles all told and the difference between when i would do that and others would do what i handed in my notes. >> he handed in his notes but some republican say get be handing over manufacturing to china if they remove all of these tariffs on chinese goods coming into the us. stuart: you will be pleased to know we will follow your report with the stock going up.

here we go. thanks, we are talking tesla by the way, pierre has not been on the show for some time but is back today. you think tesla is going to one thousand $580 per share. i want to know why you will think it will go up so much and when it will hit that level. >> let me tell you first, the environment of tesla creating this opportunity. we are not situation where tesla has to stop policing cars in china for some time. that means the selling will come down sequentially between q1 and q2. in the business of manufacturing and selling cars, you build a car, you sell it, you get the cash and you wait and pay your suppliers

has to do in the last year, these collections, people are not waiting anymore.

that means they are going back strongly, it will instantly turn into very positive revenues. gross margins, twice the gross margin of their competitors. and as i expect earnings expectations for next year to end up 50% above where they are today. stuart: so you get to $15.80 next year because of this pent-up demand that will satisfy that demand with half million vehicles produced and sold. interesting argument, thanks for being with us, we will be watching that stock closely. thank you, sir. $15.80 from $7.63. almost an exact doubling if i am not mistaken. i do the math occasionally. small business owners who use

services such as paypal, ebay, airbnb about to find a digital payments face more scrutiny. the irs is checking up. lauren: because it is an administrative headache, your regular person, you sell your stuff on sites like ebay, you face a tax bill so the irs wants to report transactions over $600 on a 10909k form for every platform you use, these platforms are so popular, so common. it is an administered of headache for small businesses especially in the rules have changed. it used to be $20,000, now $600, for things like appliances for instance you are selling on this site is not a lot of money. stuart: a bureaucratic nightmare on both sides, and the irs, you plow through all that detail. meta is facing twee 8 new lawsuits, they are accused of getting teenagers addicted to social media.

we have that story later in the show. it is meta today. the conservative state of oklahoma has become the mecca for marijuana. connell mcshane is there and will show us, excuse the pun, the budding industry of weed in the west right after this. ♪♪ ♪♪ you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those.

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♪ ♪ but if you don't have the right auto insurance coverage, you could be left to pay for this... yourself. call a local agent or 1-888-allstate for a quote today. stuart: the market all over the place, the nasdaq is up 5, the dow is down 105, not that much but again, deep red oklahoma has become the new epicenter for marijuana. connell mcshane is in gold b, oklahoma. you are talking to a guy who

moved his whole family to oklahoma for the marijuana business which how are they doing? >> reporter: it is a booming business out here. josh operates this greenhouse where we are, picked up and moved the family to oklahoma. this is a real field of dreams for a lot of people. all you need to get a license is $2,500 compared to hundreds of thousands of dollars in other states. want to show his retail location, a video we shot about where the end product after is grown here ends up, billable go shopping and need a medical card but those are easy to get, literally one in 10 people in oklahoma have them so that's the name of the game here. a low barrier to entry, important for a guy like josh who told us originally he thought about moving to colorado. >> colorado, 2 million plus, here we started with one hundred $50,000 to really get

going and today $3 million invested in everything we've done. in colorado we would have done everything we've done here, 10 or $20 million at this point. >> reporter: he has partnered up with a company called bison and rose, the founder is a retired bio pharmacist named doctor stanley mills, who came out of retirement because of the business opportunity. >> if anybody could get a license, and there was no limit, it took a long time for the regulatory body to actually tool up to the point where they are now. >> that's the new twist to the story, the government has stepped in and imposed a two year moratorium on new licenses because things have gotten so out of hand, they are way behind on inspection so as of 1 august no new licenses and critics will tell you a common-law element has moved in, cartels and the like that

it will crackdown on that, here in oklahoma of all places, the wild west of weed. stuart: a good expression, the wild west of weed, excellent, see you again soon. enjoy your location. staying on marijuana, dc as in the district of columbia just passed a new bill concerning workers who failed her marijuana test, you can't get fired? lauren: you can't get fired if you lose marijuana or guest test positive for it, you can't smoke on the job, can't sell marijuana on the job and we work in a state with a sensitive job like law enforcement or construction, or if you're a federal worker, the dc council voted unanimously to approve this. they are used to it because recreational marijuana has been legal there since 2015. stuart: took 7 years? lauren: this is no big deal for

them. stuart: not just baby formula we are running out of, we are now facing a petfood shortage too. we will tell you about that but if you ask president biden's chief of staff you think america is recovering, back to normal. >> updates on progress they made since baby formula and other things have been in the news? >> when the president got here our first challenge was to make progress on covid. it's more likely to sell. stuart: more likely to sell? what about inflation? what about crime? failing public schools? been dominic has all after this. ♪♪ crazy ♪♪ i'm crazy ♪♪ for feeling so lonely ♪♪ ♪♪ i'm crazy

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tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist stuart: the dow is down one hundred 40, the nasdaq down 28, we take a little bit of a dip southward in the past half-hour. parents across the nation

struggling to feed their babies but are people having a hard time feeding their pets? lauren: you can find petfood but it takes a long time in many cases this is been going on for months as part of the supply chain, the wrong ingredients, aluminum kinds hard to come by so you can find petfood but not the exact when you want, the size of the bag you want, this is an issue for a lot of pet owners. stuart: is a true across the board, cat food, dog food. lauren: i've heard reports that it is across the board and you've got to keep checking but you can get it but i'm thinking of the baby formula shortage because i was using baby formula, and all of a sudden you couldn't get it at all. of course you can feed pets other food, not as dire, not trying to say this is worse than the baby formula crisis, not even close but -- stuart: it is another shortage,

very obvious too. look at this headline, new york times, here it is, white house struggles to talk about the problem from hell. that the headline in the times. ron klain, chief of staff to the president ignores issues plaguing the white house, he says america feels more like itself again. watch this please. >> i their updates in progress that have been made since baby formula and other things have been in the news? >> our first challenge was to try to make progress on covid. america feels more like itself again. stuart: less interesting. been dominic is with me. i want to know does america feel more like itself again? >> absolutely not. every indication we have is indication of concern whether justified or not, we don't feel we have any confidence in our leadership and for ron klain to continue to advance this

completely fanciful approach in the teeth of all these poll numbers indicating how bad things will go for his party in november i think it is completely unjustifiable and irresponsible for him to do this. it is whistling past the graveyard and i think it is going to be something that turned into a backlash because people will say this was the white house that was asleep at the wheel, didn't have what they needed to get things done and were in denial all the way. stuart: you can probably say that after the election, won't be many firings from the cabinet or anyplace else before the election. that would not be good going to the election but afterwards is another story. listen to what the view cohost joy be easy but hai said. >> most ar 15 owners are former military -- not just crazy

people. >> black people get guns, the gun laws will change. >> look it up. stuart: i'm not sure i could hear all of that but the bottom line is in 2,020 black gun ownership jumped 56%, more than any other demographic, i don't understand why she introduced race into the gun debate. >> another example of the left injecting race into everything but the thing that is so interesting, it is so historically ignorant so incompetent when it comes to dealing with the actual issue of black ownership of guns historically, gun control was something that was used against black americans over and over historically, the black panthers standing up with guns, the situation in california was something that was an item of significant controversy. this is not ancient history so she's familiar with ancient history, should be well aware

of the way this actually played out, something that was negative in terms of trying to keep guns away from black americans, treat them as less than fully american in so many ways and ultimately their ability to be armed and to defend themselves, something that has been a great benefit to those people who want to keep their communities safe as i'm sure someone who bought guns in the last couple years have. and when do you think we will get any change in the gun laws? there's a bill that would pass the house, unlikely to succeed in the senate, waiting period, 20 one years is the youngest you could buy something, do you think we will get any change at all? >> this is the thing, the gun issue is so controversial, people want the

media likes to use to scare people you would not see significant drop off in gun crime in america. stuart: thanks for being here, see you again soon. back to the market and we are down 200 points for the dow industrial, we take that southward turn down 200 on the dow, the 10 year treasury yield, 3.04% for the market selloff and price of gold down $11.

bitcoin just holding on, or your $1.22 earlier. natural gas down sharply a fraction now. and in california, it is $6.40, average for regular in the golden state. florida congressman brian mask, mike huckabee, tom homan, dan heninger to an armed man arrested outside brett kavanaugh's home, he planned an assassination, that is intimidation in the extreme. i say attorney general merrick garland should enforce the law and stop this intimidation now. more on that next. what if you were a gigantic snack food maker? and you had to wrestle a massively complex supply chain to satisfy cravings from tokyo to toledo?

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stuart: the american people are saying president biden, democrats, what have you done for me lately to get this inflation under control, it's hurting the pockets of american families and they have had it. >> all around the country from the white house to the treasury secretary to the central bank, the just don't get it, have no understanding of the economy and what is going on and i have 0 confidence in them.

>> the declining gdp, do we have policies for sustainable growth and the answer is unfortunately no, we did not. >> i said for a long time democrats want high gas prices because their liberal policies are to force people into electric cars. families cannot afford that. they can't afford to put food on the table. this is a president who is out of touch with the american people. stuart: these are our new digs. are they pretty cool? i like them. it is 11:00 eastern time at it is thursday june 9th. quick look at the market, dow is down one hundred 50, nasdaq down 50. some selling today. the price of oil from one hundred $22 a barrel early this morning to $121.90. it is way up. that means gas prices not going to come down soon, the 10 year

treasury yield going up to 3.05%, that is a problem especially for the nasdaq. now this. the intimidation of federal officials started during the capital hearings. here is senator schumer on march 4, 2020. >> i want to tell you gorse a chance kavanaugh, you have released the whirlwind and you will pay the price. you will -- if you go forward with these awful decisions. stuart: you will pay the price, you won't know what hit you. dear me. let's get to the present, wednesday, yesterday. and armed man arrested outside brett kavanaugh's home. he planned an assassination. i call that intimidation big time. pro-abortion groups published a map online showing brett kavanaugh's residence.

that is how the would-be assassin found that residents, that is intimidation and so is this. demonstrators night after night banking drums and shouting slogans at brett kavanaugh's front door to liberally designed to disrupt his life and his family. that is intimidation it is illegal. attorney general merrick garland should enforce the law and stop this intimidation, stop it now. it is not parents who are acting like terrorists as garland suggested but the left-wing mob. this is not an argument about abortion. it is about intimidation and that at this moment is a real challenge to democracy. third hour of varney starts now. governor mike huckabee joins me now. why hasn't merrick garland done anything to stop this intimidation? >> i'm sure you haven't heard the big headline is lose cheney

is going to be part of an investigation in congress to find out why we haven't dealt with these insurrectionist going to the home of supreme court members. i guess i just made that up because she's not and this is the problem. we have a two

merrick garland, do your job. stuart: intimidation is a true threat to democracy. it really is. you go on like this, you can't have, you can't have senior officials forced to almost change their mind or change their policy, you can't have that. and the president's approval rating is sinking 33%, that is tied for the lowest rating to date, the same paul, quinnipiac poll shows 46% think inflation is the most urgent issue, more important than all the other issues, gun violence, immigration, etc. . the democrats can't get away from inflation. by all accounts it gets worse

this summer so their political position gets worse this summer and don't know how to answer for it. >> and they are continuing to attack the wrong things, these hearings, talking about abortion and americans want to

and nobody is talking, >> democrats are the only people trying to continue to put fishing boat in the dead sea, throw hooks in the water and think they will come out with something. there's nothing living there and they are still fishing in the dead sea. for republicans let's hope they keep doing it because they are not going to win elections when fishing in the dead sea. when you come up with good analogies. you read them somewhere, you get them online or not? >> they usually just blurt out, some blurt out they shouldn't and that is where i get in a lot of trouble. we when you are doing all right. you are all right and we will see you again soon. back to the markets. here we go, the dow is down 200, nasdaq is down 80. a little choppy today, dr barton is with us. if you are in for the long-term

and by that i mean say 2 to 3 years down the road, where should your money be right now? i like

because they play the game the way that keeps their shareholders happy. stuart: was the yield 3%? 3%? >> 3.5%. stuart: that is a secure dividend. >> very secure dividend, secure for decades. stuart: we will take a look at

it. 3.5%, not altogether unattractive. see you again soon. let's get back to lauren who is looking at rent the runway. stuart: why are they down now? lauren: they are expecting another noss -- loss. inflation is good, they save money by having their membership events which they raised prices on 5% but they. stuart: rent the runways where they send a bunch of nice clothes. figure out what you want and send the rest back. lauren: some of them are inexpensive. we when you were talking about dollar general. what do you have? lauren: more people shopping at the dollar store because of inflation and dollar general is looking to cut its own cost by testing self checkouts. to have you check yourself out and don't pay workers to do it

for you that is a win/win. we when i saw that at an airport, self checkout. you walk in and flash your credit card and walk out. i don't trust that. i am backwards. amazon. lauren: the video if you trying to do it would be great but the reason amazon is down is the 10 year yield at a 1-month high. the story on amazon, virtual shoe try on, augmented reality will show what it looks like on your foot small -- from all different angles and you can send that to your friends on social media and they can weigh in. stuart: sounds interesting. lauren: not moving the stock that way. stuart: i am not sure i could handle that technology. now this.

meta is accused of luring in teenagers to get them addicted to social media facing twee 8 new lawsuits. two of china's biggest cities are locking down again. we have details. the president will meet with world leaders at the summit of the americas, teasing what he calls groundbreaking innovative approach to manage migration. the report from the summit next. ♪♪ rocking in the free world ♪♪ ♪♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get

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harder to make legals meet. th to migration throughout our history. >> reporter: president biden will announce in a declaration with regional leaders despite mexico's president skipping the summit. they are signing on. and share responsibility. this will involve steps toward

destination countries as he put it. we will see biden in a couple hours when he gives or marks today but no clear opportunity to ask questions. he got that out of the way in an interview with jimmy kimmel. >> it is very difficult now to have even with notable exceptions, really good reporters have to get a number of clicks so instead of asking the question anyway, everything gets sensationalized. >> the president has an interview with a journalist, taking the question out of the white house or following remarks, doing far fewer. than trump, obama, bush, clinton, george hw bush and ronald reagan at this time in

their presidency and holding no news conference during this major summit even though anthony lincoln said at this summer couple days ago the criticism for latin american countries for their efforts to suppress journalistic freedom. stuart: thanks very much. see you again soon. let's bring in congressman brian mass. republican congressman. >> you give up a couple thousand dollars, we can get you to the american board and you will be let in because of this policy the president put

up, they are advertising directly. stuart: there are actual ads by the cartels encouraging people to come in and we will get you to the border, actual ads are being run. is that true? >> actual ads. this is their business model. to take what the administration is saying whether it is president biden or mayorkas, talking about immigration policy and translate that into a commercial that says you can come in 2 american we can get you across the border, give us the money to do so. stuart: the president of mexico snubbed our president, not going to come to the la summit. what does that tell you about america's standing in the world? >> two terrifying things, either for relators -- leaders don't see value in your the united states or our president or they believe our president is directly lie in, not

truthful, not being sincere about what he is saying. stuart: treasury -- changing the subject, treasury secretary janet yellen says the white house is looking to reconsider tariffs on china. >> this administration inherited a set of 300 one tariffs imposed by the trump administration that weren't designed to serve our strategic interests. china is i think guilty of unfair trade practices, but i believe some of the tariffs did not serve, ended up being paid by americans. we won what is your opinion? should be left those tariffs on china's products coming here? >> we shouldn't lift tariffs on china's products coming in. you used two words on this was

one was renegotiate and hostage. they should be renegotiating with america's energy, they will renegotiate with china and saudi arabia, venezuela and iran but won't talk to american energy producers, that is the number one place they need to renegotiate with and realize there's nothing more dangerous than being a hostage of china and that's what we will be without tariffs on china. stuart: they will televise the january 6th hearings. we have been talking about it quite a bit on the program. i don't think the people of america are talking about january 6th. i think they are talking about inflation. what say you? >> americans are talking about the gas pump and the grocery store and how much more expensive it is to do everything. they shouldn't be looking at the january 6th hearings with any credibility. i tell people that is like this. imagine you put somebody's head in a guillotine and it is lying in the basket and afterwards, let's go ask questions and find

out if there's anything wrong that was done. that the equivalent of what is done with these january 6th hearings. they did an impeachment before they asked any questions so after somebody's head is in the basket they want to go after the fact and justify what they did. it is inherently an obstructed process that should not be taking place. stuart: thanks for being here. and unfortunate analogy with the guillotine but interesting. thanks very much indeed. shanghai eased their lockdown restrictions a week ago. are they reversing course? >> they are. this is bad news for a couple reasons. the crystal ball i'm looking at says more supply-chain problems and with gas prices this high, demand from china low we could see gas prices go higher but we did see restrictions eased up a couple weeks ago, two months,

lockdowns in shanghai of the chinese saying we are seeing a spike in cases, we need to reimpose lockdowns but their rate is relatively low on a global basis. some people think xi jinping is sounding the alarm for whatever reason he's doing it, being too aggressive. blue when you couldn't do that here. couldn't locked people down for months on end and put them back in lockdown but you can in china. >> you can do what you want in china if you are xi jinping. stuart: the results will be awful for the economy and the supply-chain. >> it could be one reason he is doing it because there are global ramifications. stuart: he is taking a risk. stay there please. >> i'm not going anywhere. show me tesla. they are moving ahead with a hiring event in china after musk threatened to cut jobs at tesla saying the company was overstaffed. show me neo, electric car company from china.

they lost $280 million just in the first quarter because of these covid shutdowns, stock is down 7%. check market, dow down 140 on nasdaq down 60, s&p is down 20 one points. a sheriffs department rethinking the way they respond to emergencies to save on gas, they are trying to handle calls over the phone instead of driving to people's homes. san francisco overwhelmingly voted to recall the district attorney, does this mean progressives are finally waking up to crime? dan heninger says it depends. dan heninger next. ♪♪

for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... stuart: you are looking at the statue of liberty. a nice day in new york city. check the market please. we do this frequently. we are a financial show. we do a lot of politics too. the dow is down 170, s&p is

down 25 points. microsoft launching a x box tv apps later this month so users can play x box games without a videogame console. microsoft stock is up $0.50. meta facing twee 8 new lawsuits. what this about? >> you've got twee 8 suits saying meta designed its platform to suck people in intentionally into destructive addiction. these lawsuits say using meta lead people to actual suicide, attempted suicide, depression, sleeplessness. other issues as well was one of the attorney said these applications could have been designed to minimize potential harm but the decision was made to aggressively addict adolescents in the name of corporate profit. 5 years ago i noticed this is all about meta, instagram,

talktalk, you do get sucked in into this virtual world and i've got to step back from this and took a complete step back and felt so much better. it has an impact on mental health, i can only imagine how it is for teenagers. stuart: good story. this is what tiktok is doing in response to this, rolling out new screen time features. they say it will prevent users from getting addicted. this includes two new controls for monitoring and managing screen time and a new digital well-being guide to their safety center to schedule screen time breaks if they want to cut down on daily use. >> if you need those checks in place, the tear to your point profits sometimes. override. stuart: i would be inclined to go for profits. supporters of san francisco's da, mixed reactions to him

being recalled. >> most of them say this. a general good, all over, it is bad and how it went down. >> knocking somebody down, he is a soldier, he will stand up and keep going up. stuart: the recall vote by a large amount 60-40. now this. president biden claims tuesday's election losses among progressives prove both parties need to step up their action on crime. look at this headline. chesna bodine loses san francisco, they want out of the suicide pact to that is the doctrine of progressivism.

times are changing in california politics? >> looks like it. 60% of san franciscans voting against bodine. san francisco arguably the most progressive city in the united states. in los angeles rick caruso beat progressive karen bass, got more votes than she did in the democratic may role primary. the real estate developer switched parties at the last minute republican to democrat and gets more votes than the progressive. at the level of the street things are changing. progressives have had enough, kicking their way through discarded hypodermic needles, shops shut down. they have had enough. the professional progressives gotten the message, that

includes prosecutors, elected officials, school board members, activists. i don't think they will never change their tune. stuart: probably not but will the message that was launched in san francisco and los angeles ripple out of the rest of the country and have an impact on district attorneys, philadelphia, new york and elections in november. that was a progressive failure, they got beaten. does that follow through in november? >> yes it does. the tragedy is prosecutors in other cities like la, philadelphia, will not change. they are so ideological they will not change. george gascon faces a recall election in los angeles, assuming it will be recalled. it is up to the voters to change course and next november, people running on

unchanging, unwavering progressive ideology are going to be voted out of office. how many democrats running are going to recognize those realities, spending more money on the police like president biden. is about more than spending money, but prosecuting and taking an aggressive stance toward crime. stuart: inflation, the times are changing in california but i think it is shaping up is the big issue in november. the president and his party have no answer. >> they are so behind the curve saying inflation was transitory, blaming it upon vladimir putin. even the treasury secretary, janet yellen, agrees it will be high for a long time and we could be facing a period of stagflation. imagine what the november election will be like if we have high inflation and low growth? it will be curtains for democrats in november. stuart: i believe it right

there. that was your last word, we are going to leave it. hope to see you again soon. a new bill would require the department of homeland security to take biometric data including dna samples from migrants at the border, they say it will help crack down on fraud and human trafficking. acres and acres of new cars lined up at the port of brunswick in georgia. they don't have enough truckers to move them out. we sent ashley to georgia to get the report next. ♪♪ ♪♪ i got into debt in college

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♪♪ stuart: that is connecticut lake in pennsylvania near the

border with ohio and it is 58 ° there today. next, a sheriff department in michigan being forced to cut down on deputy responses. this is got to be because of the price of gas. >> the national average at $4.97, isabella county, the sheriff's office, essentially saying if it is not an emergency we will not send a patrol car to your house, they will try to do remote policing using the telephone to guide people through problems and situations. their budget doesn't reset for a couple months and they have blown through their gas money and this is what they have to do. when it comes to people safety it is $5.20 one cents a gallon in michigan and it is only going higher. stuart: i know that. on a similar note members of the european parliament just

voted to ban the sale of gas powered cars by 2035. no gas powered cars by 2035. that ruling must be approved by the european council but last year, 18% of new cars sold in the european union were electric or hybrid. i thought they were all electric but it is electric or hybrid. the port of brunswick in georgia, the second largest port for car shipments, it is huge. ashley webster is there. we've seen video of acres of new cars. why can't they move them out? ashley: good question. one is the truck driver shortage played a role. acres and acres of cars that get stored, waiting to get out to the dealerships and demand is outflanking supply. we have good news on the truck driver end of things. it is improving and i will get to that in a minute.

the inventory at the port are down. automakers cannot produce enough cars to meet demand. it is the chip shortage. it is wreaking havoc. i stopped by a ford dealership in brunswick and the owner told me normally he has 125 new cars to sell. right now he has four. let me bring in griff lynch, executive director of georgia port authority, thanks for having us here. the chip shortage, you have a lot of cars here, 32,000 but you are way under capacity. >> this is the second-largest carport in the united states of american and a couple years from now we will be number one. it is a temporary setback and hopefully we will get this worked out in the coming year or year and a half. the good news is demand is there. ashley: stuart just mentioned truck driver shortage, we have better news on that end.

>> you have been with us in garden city. we have hundreds of truckers coming to register to use our facilities every week. that is a great sign, good indication and we can build on that. they are coming from the northeast. i see a smile on your face, some from the midwest looking for new jobs in a few great stories from truckers in the northeast, the great experience. ashley: more optimistic news. more drivers get these cars to vehicles on the way. the latest average price, hard to get, prices going up. $46,426, the average cost of a new car for a new vehicle. 13% year-over-year, up 23% year over year. cannot meet demand, these cars

very quickly, the car behind me is for export, not import. it is going to moscow, russia. we wonder if it was mr. putin's. stuart: if it is bulletproof it might well be. thanks, ash. quite a video. the market down 90, nasdaq down for a, s&p down 14 points. just getting this, new reports that disney fired their tv content chief. they will take over, dana waldron will take over his duties. rice was an ill fit with disney's corporate culture. he is out. disney stock at one hundred $25 a share. the white house will use your

tax dollars to transport migrants to cities like los angeles and albuquerque. dom homan will deal with that next, the new series of flights from the border, deep into america. tom homan is next. ♪♪ we got the house! you did!

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stuart: one republican congressman introduced a bill that would expand the use of biometrics at the southern border. how would that look? >> a new proposal, lance gooden saying if you're coming into the country and we are able to know you are coming in, you're not a got away. and the migrants in the country, donald trump said something similar which is you you are in the country receiving immigration, any benefits from the government wanted to take the data and

start, the democrats wouldn't have that. that the it was destructive to reduce the barriers in the immigration system. stuart: the biden administration will never agree, they would not agree with that. the invasion of privacy. the privacy of illegals, that migrant caravan marching toward the southern border has surged 12,000 people and internal documents show the white house using tax dollars to keep sending migrants deeper and deeper inside america. tom homan knows more about this. these flights in the middle of the night will continue ferrying these migrants all over america. can nothing be done about this?

>> let me talk about the dna thing. under the trump administration they did dna testing on the border, the mother and father a child, pilot program, el paso as high as 30%, weren't even related. children were being trafficked by criminal organizations. that's why the dna testing was important to the trump administration and biden killed the program. that has resulted in a record number of children being trafficked by common-law organizations because we don't know who the parents really are. as far as transportation you are right, the cartels use a talking point to sell their wares to more vulnerable people, get you to the border and united states government at taxpayer expense will fly you to your final destination. in my day you had to pay a smuggler to get a buddy to new york been out to the mexican border in the biden at ministration, given the rest the way on the taxpayer dime. stuart: is there nothing that

can be done about this? >> i have written more affidavits doing the biden administered in and from texas, arizona, florida, missouri, we are 5-0 and we need to take back the house and senate in the next election and start holding this administered in accountable. the thing no one is talking about it is not just an immigration issue, not just immigration but public safety, criminals, go across the border, 70% of border, border patrol is tied up with a humanitarian crisis, it is about, there are 750,000 got aways recorded on video. we know who they are. how many of them on the terrorist watch list. a record number of migrants died in the first year president biden, more migrants died than any time in the 35 year career, more americans are

dying. 's policies are inhumane and killing people and putting the country at great risk of terrorist attack. blue one stuart: deardorff or any preparations being made for the arrival of 12,000 people or more in the latest caravan? >> they will spend a billion dollars, ngos and the health process and released quicker because this admit straight and cares about one thing the optics. they care more about the optics of those migration surge than the surge itself but 15,000 haitians on the bridge heard them. they don't want to seem like overcrowding because overcrowding will admit it is a problem so their entire focus how quickly processed how quickly released and released before vetting is done. we had bill. and break the story a couple weeks ago. the bedding came back and it was hot. that will continue. these policies, i tell you what will happen this year. more americans will die of the drug overdose because the border is open, more migrants

will die because of criminal cartels because of promises made by this administration and god help us, an incident is going to happen on that border we will be sorry for and i fear for the safety and health, the cartels are out of control. stuart: what a way to end the interview but that is the way we are going to do it. thanks for being here and telling our viewers what is really going on. thank you very much indeed. check the market comes in red ink, the dow is down one hundred 50, down 75 on the nasdaq, 20 on the s&p. look at the time, 11:55, time for the thursday trivia question. which year did the number of television sets in america surpass one million? was at 1941, 1945, 49 or 53? the correct answer after this. meet jessica moore. jessica was born to care.

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>> here's the question. which year did the number of television sets in america surpass one million? there is your choices, jackie. you want to have a guess at this? >> i always get them wrong, stu, i abstained. i don't have any idea. i feel like that time span is so close. maybe 1949? stuart: i'm 1953. >> first one i ever got right. stuart: you will be on the show again if you're not careful. 1949 is the answer.

thethe numb doubled in two mill. tvs were big in 49. send your comments to varneyviewers@fox.com. we also want your fan friday videos. record yourself, tell us where you're from, say you're watching "varney & company." who knows, you could be on television. neil, it is yours. neil: thank you very much, stuart. we're following developments from the white house on inflation by the way. we have a new culprit behind rocketing from ising apparently shipping costs. president tweeting out, one of the reasons prices have gone up because a handful of companies who control the market raised shipping prices by as much as 1000 percent. it is outrageous he says. i'm calling congress to crack down. how widespread of this problem or sort of a head fake for us. edward lawrence with more from